18 Feb 2014securities registration● Neutral
Lone Pine Resources Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2014substantial holder notice● Neutral
Northwoods Capital Management Partners, LLC, Northwoods Master Fund, Ltd, David L. Shuman reported a Lone Pine Resources Inc. shareholding of 3,584,220 shares (4.10% of votes) in a periodic institutional filing.
14 Feb 2014substantial holder notice● Neutral
Owl Creek I, L.P, Owl Creek II, L.P, Owl Creek Overseas Master Fund, Ltd, Owl Creek SRI Master Fund, Ltd, Owl Creek Advisors, LLC, Owl Creek Asset Management, L.P, Jeffrey Altman reported no remaining Lone Pine Resources Inc. shareholding in its periodic institutional filing.
31 Jan 2014listing compliance notice▼ BadMajor
Lone Pine Resources Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
15 Jan 2014bankruptcy or receivership▼ BadMajor
The CCAA court sanctioned (and a U.S. court recognized) Lone Pine's restructuring plan: all 86.9 million existing common shares were cancelled for nothing, its Senior Notes were exchanged for new equity, and noteholders funded $100-110 million of new preferred equity to repay the existing bank debt in full -- closing out the case with shareholders wiped out and noteholders becoming the new owners.
12 Dec 2013debt financing▼ Bad
Lone Pine amended both its credit agreement and its DIP facility to require new hedging arrangements covering about 75% of production and pushed back the deadline for the CCAA court to sanction its restructuring plan from December 31, 2013 to January 31, 2014 -- the restructuring taking longer than first planned.
8 Nov 2013quarterly activities report▼ Bad
Lone Pine Resources Inc. reported quarterly revenue of $26.4 million and a net loss of $15.0 million for the period ended 2013-09-30.
30 Oct 2013debt financing▼ BadMajor
Lone Pine secured a Cdn$10 million debtor-in-possession credit facility from its existing lenders (led by JPMorgan) to fund operations during the CCAA proceedings, maturing March 2014, with a covenant requiring it to line up a replacement lender by mid-November.
18 Oct 2013listing compliance notice▼ BadMajor
The NYSE moved to formally delist Lone Pine's stock (effective October 22) after trading had already been suspended in mid-September; the Toronto Stock Exchange halted trading too, pending the CCAA restructuring.
11 Oct 2013listing compliance notice● NeutralMajor
Lone Pine Resources Inc.'s exchange filed to remove a class of its securities from listing.
25 Sept 2013bankruptcy or receivership▼ BadMajor
Lone Pine and its subsidiaries filed for creditor protection under Canada's CCAA (recognized in the U.S. under Chapter 15), having reached a restructuring support agreement with holders of 75% of its 10.375% Senior Notes: existing common stock would be cancelled, the notes converted into new equity, and noteholders would inject $100 million of new capital to repay the roughly Cdn$180 million owed under the bank facility. A Cdn$10 million debtor-in-possession facility and existing cash were expected to fund operations through the restructuring, targeted to close by year-end 2013.
9 Sept 2013director interest notice● Neutral
Lone Pine Resources Inc. V.P., General Counsel & Sec. Charles R Kraus exercised stock options for 12,695 shares and disposed of 25,390 shares.
8 Aug 2013quarterly activities report▼ Bad
Lone Pine Resources Inc. reported quarterly revenue of $31.0 million and a net loss of $15.8 million for the period ended 2013-06-30.
8 Aug 2013quarterly activities report▼ Bad
Lone Pine Resources Inc. reported quarterly revenue of $31.0 million and a net loss of $15.8 million for the period ended 2013-06-30.
29 July 2013debt financing▼ BadMajor
Lone Pine's lenders raised the maximum debt-to-EBITDA covenant to 5.75x through Q2 2013, after the company disclosed it would otherwise have breached the 4.5x limit -- and warned it likely wouldn't comply even with relief by Q3. It also flagged that missing the upcoming $10.4 million August 15 interest payment on its Senior Notes would trigger default and cross-default on its bank debt, and that it might not be able to continue as a going concern without a restructuring.
27 June 2013director interest notice● Neutral
Lone Pine Resources Inc. VP, Finance & CFO Shane K. Abel exercised stock options for 8,000 shares and disposed of 16,000 shares.
24 June 2013director interest notice● Neutral
Lone Pine Resources Inc. VP, Operations Shona F. Mackenzie exercised stock options for 10,727 shares and disposed of 21,454 shares.
24 June 2013director interest notice● Neutral
Lone Pine Resources Inc. Vice President, Exploration Douglas W Axani exercised stock options for 10,727 shares and disposed of 21,454 shares.
19 June 2013listing compliance notice▼ BadMajor
Weeks later, the NYSE issued Lone Pine a second deficiency notice, this time for falling below the $75 million minimum average global market-capitalization threshold; Lone Pine had 45 days to submit a plan to regain compliance.
18 June 2013director interest notice● Neutral
Lone Pine Resources Inc. VP, Finance & CFO Shane K. Abel received a stock option grant for 424,348 shares.
7 June 2013director interest notice● Neutral
Lone Pine Resources Inc. VP New Ventures & Technology Lyle H. Burke exercised stock options for 230,941 shares and disposed of 467,392 shares.
7 June 2013director interest notice● Neutral
Lone Pine Resources Inc. V.P. Operations Mark E Bush exercised stock options for 264,176 shares and disposed of 500,501 shares.
29 May 2013listing compliance notice▼ BadMajor
The NYSE warned Lone Pine its stock had traded below the $1.00 minimum average price required for continued listing -- the first public sign of serious trouble.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. President & CEO Timothy S. Granger received a stock option grant for 534,239 shares.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. director Donald Mckenzie received 108,696 shares as part of the equity award.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. director Loyola G. Keough received 108,696 shares as part of the equity award.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. director Dale J. Hohm received 108,696 shares as part of the equity award.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. director Patrick R Mcdonald received 163,044 shares as part of the equity award.
16 May 2013director interest notice● Neutral
Lone Pine Resources Inc. director Rob Wonnacott received 108,696 shares as part of the equity award.
9 May 2013quarterly activities report▼ Bad
Lone Pine Resources Inc. reported quarterly revenue of $28.8 million and a net loss of $28.3 million for the period ended 2013-03-31.