24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. director Cary D Brown received 3,915,131 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. CAO and Controller Micah C. Foster received 302,381 shares as part of the equity award.
24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. EVP and CDO Kyle A Mcgraw received 1,436,885 shares as part of the equity award.
24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. director Kyle D Vann received 204,726 shares as part of the equity award.
24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. President and CFO James Daniel Westcott received 2,516,764 shares as part of the equity award.
24 Sept 2018director interest notice● Neutral
Legacy Reserves Inc. director William R Granberry received 144,859 shares as part of the equity award.
21 Sept 2018capital raising announcement● NeutralMajor
With the conversion into a corporation apparently done (the filing is by Legacy Reserves Inc.), the company swapped $21.004 million of 2020 notes and $109 million of 2021 notes for new 8% convertible notes due 2023, plus 105,020 shares for the 2020 note holders. The new notes convert at $6.00 a share, so they could add shares later, and holders converting early get a cash payment ($80 per $1,000 through Nov 30, 2018). Lenders on the revolving credit facility and term loan also agreed to amendments allowing senior notes to be redeemed with refinancing debt, equity sale proceeds or equity exchanges.
21 Sept 2018director interest notice● Neutral
Baines Creek Capital, LLC became a Legacy Reserves Inc. 10%+ owner and company insider (initial ownership filing).
3 Aug 2018securities registration● Neutral
Legacy Reserves Inc. filed the final prospectus for a registered offering.
1 Aug 2018business combination● NeutralMajor
Amendment No. 3 keeps the amended merger terms and now sets the unitholder vote for September 19, 2018 at 10:30 a.m. at Midland Country Club in Midland, Texas. Unitholders will vote on the merger, the board classification, the 2018 Omnibus Incentive Plan, an advisory vote on executive compensation tied to the deal, and a possible adjournment. The board unanimously recommends voting for all of them.
16 July 2018business combination● NeutralMajor
Amendment No. 2 refers to an 'Amended and Restated' merger agreement, so the deal terms were reworked after the first draft, and adds a new vote on how the new company's board of directors would be classified. The maximum number of shares to be registered rises to 106,096,736 (from 95,331,756), now also counting phantom units that vest on completion, with a further $26,650 fee paid; the filing does not itself explain the other changes to the exchange terms. The meeting date is still blank.
14 May 2018business combination● Neutral
Amendment No. 1 to the registration statement for the same conversion from a partnership to a corporation. The visible text repeats the earlier terms (unit-for-share exchange, $3.0 million purchase of the general partner from Lion GP Interests, LLC, LGCY listing on Nasdaq) and the meeting date is still blank. The risk factors section now starts on page 29 rather than 28, so the document was revised; the truncated text does not show what else changed.
6 Apr 2018business combination● NeutralMajor
Legacy Reserves Inc., a new Delaware corporation, filed to register up to 95,331,756 shares of common stock for a plan to convert Legacy Reserves LP from a master limited partnership into a corporation. Holders of the LP's common units and its 8% Series A and Series B preferred units would receive the new company's shares in a merger, and the new company would also buy the general partner from Lion GP Interests, LLC for $3.0 million in cash. The filing says the board wants the change to remove the general partner members' negative control rights and widen the pool of investors; the new shares are expected to list on Nasdaq as LGCY, and a unitholder vote is still to be scheduled.