Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2012security holder rights change▼ Bad
Settled with the investors from a March 2010 placement whose warrants carried a price-ratchet and who were owed $715,200 in penalties because Miller had missed its registration deadlines -- an old, small obligation surfacing as the company restructured its share capital.
Created a Series B redeemable preferred ranking ahead of the common stock, with Apollo's consent and on Apollo's conditions: dividends payable in cash only while Miller stays inside its loan covenants, and no changes to the terms without Apollo's sign-off. The equity raise Apollo had demanded was being structured as more preferred stock.
Refinanced Guggenheim with Apollo Investment Corporation: a $100 million facility with a $55 million base, $40 million drawn at once -- at 18% a year. The rate went up, not down, and the second $15 million was conditional on Miller proving it could raise $15 million of fresh equity.
Raised $10 million by selling 100,000 shares of a new 10% Series A redeemable preferred, plus warrants, to twenty investors. The $84,000 finder's fee went to Dimirak Securities -- a firm 49% owned by chief executive Scott Boruff, who was also a director of it.
2 Apr 2012security holder rights change● NeutralMajor
Miller Energy amended its Tennessee charter to create 150,000 shares of a new Series A Redeemable Preferred Stock ranking ahead of the common. The board did it under authority the charter already gave it, so common shareholders had no vote on it.
Locked in an offtake contract for all of Cook Inlet Energy's crude with an independent Alaskan refiner, priced off West Texas or Alaska North Slope benchmarks less transport, with a floor of 200 and a ceiling of 24,000 barrels a day.