Past year: ▼ 99%(1.00c – 1.87 USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2014capital raising announcement● NeutralMajor
Magnum Hunter formally launched its all-stock takeover offer for ASX-listed Ambassador Oil and Gas, offering one Magnum Hunter share for every 23.6 Ambassador shares (implying about $49.7 million total) - an unusual bet on Australian exploration acreage layered on top of an otherwise US-focused, deleveraging strategy.
30 May 2014capital raising announcement▲ GoodMajor
Magnum Hunter raised $150 million in a private placement of stock and warrants to activist investor Relational Investors, earmarked for accelerating Marcellus/Utica drilling in Ohio and West Virginia, buying more leasehold there, and paying down its revolving credit facility - a large new institutional shareholder brought in as the company doubled down on Appalachia.
21 Mar 2014capital raising announcement● Neutral
Magnum Hunter raised $30.1 million in a private placement of 4.3 million common shares to institutional investors, earmarked for its Marcellus/Utica Ohio and West Virginia leasehold buildout and related gas-transportation letters of credit - funding the Appalachian growth even as it kept selling off North Dakota, Eagle Ford and Canadian assets.
What it means for a shareholder
4.3m new shares at about $7.00 to raise about $30.1m. That's 2.4% dilution: every existing holder's slice gets 2.4% smaller. If you held $1,000 of shares (143 at the issue price), your slice goes from 0.0000833% to 0.0000813% of the company. To keep it you'd need 4 more shares - about $28 at the issue price.
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8 Nov 2012capital raising announcement▲ GoodMajor
Magnum Hunter closed the Virco acquisition, paying the agreed $106.7 million in cash and new Series E convertible preferred depositary shares, and set up the depositary arrangements for the new preferred stock - completing the deal announced two weeks earlier.
30 Oct 2012capital raising announcement▲ GoodMajor
Triad Hunter agreed to buy Viking International Resources (Virco) for about $106.7 million - $37.3 million cash plus $69.4 million in a newly created 8.0% Series E convertible preferred stock, convertible into common stock at $8.50/share - another acquisition funded partly with a new layer of preferred equity stacked below the existing Series C and D preferred.
27 Mar 2012capital raising announcement▲ GoodMajor
Magnum Hunter brought in outside capital for its midstream arm: Ridgeline Midstream Holdings, an affiliate of ArcLight Capital Partners, committed up to $200 million to buy preferred units in Eureka Hunter Holdings (the parent of the Eureka Hunter pipeline), funding an initial $60 million purchase - the pipeline business's first outside institutional investor.
22 Aug 2011capital raising announcement▲ GoodMajor
Magnum Hunter's Eureka Hunter Pipeline subsidiary set up its own $150 million financing (a $100 million SunTrust-led revolver plus a $50 million second-lien term loan from PennantPark) separate from the parent's bank line, non-recourse to Magnum Hunter, and used an initial $31 million draw partly to repay corporate debt.
5 Aug 2011capital raising announcement▲ GoodMajor
Magnum Hunter's Williston Hunter ND subsidiary agreed to buy North Dakota oil and gas properties from Eagle Operating for $57 million ($55 million cash, $2 million in stock) - the company's first big push into the Bakken/Williston Basin, alongside its established Appalachian and Eagle Ford positions.
30 Dec 2010capital raising announcement▲ GoodMajor
Magnum Hunter's Triad Hunter subsidiary agreed to buy more Appalachian oil and gas properties, this time in Wetzel and Lewis Counties, West Virginia, from Quest Eastern Resource and PostRock MidContinent Production for about $39.75 million - half cash, half roughly 3.2 million new restricted shares (about 4% dilution) - continuing the regional build-out started with the 2010 Triad Energy acquisition.
