13 Feb 2018substantial holder notice● Neutral
Evergreen Capital Management LLC reported a Pacific Coast Oil Trust shareholding of 3,675,058 shares (9.50% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2017substantial holder notice● Neutral
Evergreen Capital Management LLC reported a Pacific Coast Oil Trust shareholding of 2,858,353 shares (7.40% of votes) in a periodic institutional filing.
4 Oct 2016debt financing▼ BadMajor
The trust restated a promissory note to PCEC, which has lent it money because it lacked cash to pay ordinary administrative expenses; the original note on February 25, 2016 was for $232,000 and $1,037,463 is now outstanding. The note matures March 31, 2018, bears 4.0% interest since August 10, 2016 (8.5% before), and is repaid by offsetting amounts PCEC owes the trust.
2 Mar 2016listing compliance notice▼ BadMajor
On February 25, 2016 the NYSE told the trust it was out of compliance because its average unit price was below $1.00 over 30 trading days. It must tell the NYSE by March 10, 2016 that it intends to cure, which would give it six months; units stay listed meanwhile but face delisting if not cured.
9 Feb 2016substantial holder notice● Neutral
Evergreen Capital Management LLC disclosed a new substantial Pacific Coast Oil Trust shareholding (5.30% of votes).
24 Nov 2014dividend declaration▼ Bad
The trust declared 7.291 cents a unit for December, $2.8 million in total and 17% below the previous month, on net profits generated in October 2014 as the oil price began its slide.
13 June 2014material agreement● Neutral
Selling unitholders affiliated with PCEC sold 2,654,436 trust units at $13.00 each through Morgan Stanley in June 2014, a lower price than the $17.10 in the September 2013 sale. The trust and PCEC's management received no proceeds; the sale was made under the 2012 Registration Rights Agreement.
11 June 2014securities registration● Neutral
Pacific Coast Oil Trust filed a prospectus supplement covering resales by selling shareholders.
10 June 2014securities registration● Neutral
Pacific Coast Oil Trust filed a prospectus supplement covering resales by selling shareholders.
26 Sept 2013director interest notice● Neutral
Pacific Coast Oil Trust 10%+ owner Metalmark Breitburn Holdings LLC sold 4,410,944 shares at $17.10.
26 Sept 2013director interest notice● Neutral
Pacific Coast Oil Trust 10%+ owner Greenhill Capital Partners II L P sold 3,299,877 shares at $17.10.
25 Sept 2013material agreement● Neutral
PCEC and other selling unitholders sold 13,500,000 trust units at $17.10 each in a follow-on offering (plus a 30-day option for 2,025,000 more), closing September 24, 2013. The trust received no proceeds; the filing says it was required to do this under the 2012 Registration Rights Agreement.
20 Sept 2013securities registration● Neutral
Pacific Coast Oil Trust filed a prospectus supplement covering resales by selling shareholders.
18 Sept 2013securities registration● Neutral
Pacific Coast Oil Trust filed a prospectus supplement covering resales by selling shareholders.
4 Sept 2013securities registration● Neutral
Pacific Coast Oil Trust amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
17 June 2013securities registration● Neutral
Pacific Coast Oil Trust registered a securities offering with the SEC using its shelf eligibility.
8 May 2012capital raising announcement● NeutralMajor
The trust's IPO closed: on May 8, 2012 sponsor Pacific Coast Energy Company LP (PCEC) conveyed to the trust net profits interests and an overriding royalty interest in California oil and gas properties, entitling it to 80% of net profits from the proved developed reserves as of Dec 31, 2011, and either 25% of net profits or a 7.5% royalty on the remaining properties. PCEC received 38,583,158 trust units for the conveyance and sold 18,500,000 units to the public at $20.00 each (the trust receives no proceeds); PCEC expects royalty-type payments on the remaining properties until a payout around 2020.
What it means for a shareholder
18.5m new shares at US$20.00 to raise about US$370m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 May 2012listing compliance notice▲ GoodMajor
Nasdaq certified Pacific Coast Oil Trust's securities for listing, clearing them to begin trading.