The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
2005
- 24 Aug
KESTREL ENERGY INC deregistered its securities, ending its obligation to file reports with the SEC.
listing compliance notice
- 24 Aug
Kestrel completed the 100-for-1 reverse split on August 23, 2005, after shareholders approved it at the August 5, 2005 special meeting. Holders left with less than one share have those shares cancelled and are owed $1.42 per pre-split share in cash; holders with one or more post-split shares remain shareholders (fractions rounded up). Kestrel is filing a Form 15 to end registration of its common stock under Section 12(g), which ends the going-private process begun in May.
business combination
- 7 July
On June 30, 2005 Kestrel entered a new three-year revolving credit agreement with Samson Oil & Gas N.L., described as its majority shareholder, with a $3,500,000 note at 5.25% interest, paid monthly. Samson can convert unpaid principal and interest into Kestrel shares at $1.50 per share, and Kestrel director Neil MacLachlan is also a Samson director. This follows Samson's conversion of the earlier $200,000 note earlier in June.
capital raising announcement
- 6 June
Samson Oil & Gas N.L. converted the full $200,000 outstanding under a 2003 revolving credit note (originally from former officer/director Barry D. Lasker, assigned to Samson in February 2004) into 500,000 Kestrel shares at $0.40 per share. The note was secured by the company's Campbell County, Wyoming oil and gas interests and had been extended to May 2006; this conversion retires that debt and adds shares.
capital raising announcement
- 20 May
Kestrel began a going-private process by proposing a 100-for-1 reverse stock split to shareholders. Holders of fewer than 100 shares would be cashed out at the greater of 125% of a recent average price or 125% of the average price just before the split (the fee table assumes $1.42 per share, about 18,000 shares, $25,560 total); holders of 100 or more would stay shareholders. The proxy statement's headings refer to 'going dark' and Pink Sheet quotation, but the full text of this filing is truncated, so details of its effects are not shown here.
business combination