Past year: ▲ 2033%(45.5c – 16.00 USD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2019capital raising announcement▲ GoodMajor
Raised $25 million in fresh equity: $12 million from new, unaffiliated investor Viktor Tkachev at $1.4286/share and a further $13 million from SK Energy at a premium price, broadening the investor base slightly beyond the CEO.
12 Aug 2019capital raising announcement● NeutralMajor
An amended report on the May 2019 raise: SK Energy bought 6,818,181 shares at $2.20, a premium to market, for $15.0 million, lifting Kukes's holding from 78.2% to 81.0%, alongside 1,500,000 shares sold to two unaffiliated buyers at $2.00. The money went into the 2019 Permian drilling programme and further Permian acquisitions.
What it means for a shareholder
6.8m new shares at US$2.20 to raise about US$15.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (455 at the issue price), your slice goes from 0.000844% to 0.000749% of the company. To keep it you'd need 58 more shares - about US$128 at the issue price.
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21 May 2019capital raising announcement▲ GoodMajor
SK Energy invested a further $15 million in cash at $2.20/share — a premium to market — to fund the 2019 Permian development and acquisition program, raising Dr. Kukes' stake from 78.2% to 81.0% of the company.
4 Mar 2019capital raising announcement▼ BadMajor
Made SK Energy's $7.7 million June 2018 note convertible, and SK Energy separately bought out more than $1.5 million of other insiders' and directors' notes — further consolidating the company's convertible debt under the CEO's control.
19 Feb 2019capital raising announcement▼ BadMajor
Removed the 49.9% ownership cap on SK Energy's convertible notes, after which SK Energy converted over $22 million of principal and interest (the January 2019 and October 2018 notes) into roughly 14.1 million shares, taking Dr. Kukes' vehicle to 47.1% of the company.
14 Jan 2019capital raising announcement▲ GoodMajor
Acquired Permian Basin (San Andres play) assets from Manzano LLC and Manzano Energy Partners II for $700,000, and closed a further $15 million convertible note from SK Energy/Dr. Kukes (convertible at $1.50/share) to fund a 16-well horizontal drilling program, the first four wells of which had already reached total depth.
26 Oct 2018capital raising announcement● NeutralMajor
SK Energy put in another $7 million on a three-year 8.5% convertible note at $1.79 a share, to drill the first four Permian wells and fund non-operated DJ Basin activity -- the third Kukes financing in four months.
3 July 2018capital raising announcement▼ BadMajor
SK Energy LLC, an investment vehicle wholly owned by CEO Dr. Simon Kukes, converted all 66,625 shares of preferred stock it held (issued in the 2015 Golden Globe DJ Basin deal) into 6,662,500 common shares — 45.8% of shares outstanding — triggering a change of control under NYSE American rules and marking the start of Kukes' financial takeover of the company.
26 June 2018capital raising announcement▲ GoodMajor
The day PEDEVCO stopped being a distressed borrower. Simon Kukes's SK Energy lent $7.7 million at 8%, and the proceeds retired essentially all the old debt: $5.7 million of Tranche A notes settled for $3.8 million, and about $67.7 million of junior notes owed to RJ Credit, MIE Jurassic and the Tranche B holders settled for $3.88 million. SK Energy separately bought Golden Globe's Series A preferred -- convertible into 47.6% of the company -- for $100,000. More than $75 million of debt erased at roughly ten cents on the dollar, and control of the company handed to one man.
17 May 2016capital raising announcement▼ BadMajor
Restructured roughly $39 million of senior debt (capitalizing accrued interest, extending maturities to 2019, and creating a new $26 million Tranche A facility at 15% interest) while the pending GOM Holdings merger — announced the prior December — remained unclosed; management called it 'weathering the storm' of the oil-price downturn.
1 Sept 2015capital raising announcement▼ BadMajor
Persuaded its senior lenders (including RJ Credit and a group of insurance-company noteholders) to defer principal and much of the interest due August 2015-January 2016 — at a higher 17% rate — specifically to buy the runway needed to close the pending Dome Energy AB merger.
3 Dec 2014capital raising announcement▼ Bad
Raised $1.86 million net from 74 investors at $0.65/unit — a steep drop from the $3.00/share paid by institutional investors the year before.
21 July 2014capital raising announcement▲ GoodMajor
Reduced debt by about $1.87 million through Bridge Note conversions and settlement of legacy director fees, and announced plans to begin its first drilling operations — three horizontal DJ Basin wells — in mid-August 2014.
18 Dec 2013capital raising announcement▼ Bad
Amended its $4 million Bridge Notes to extend maturity to July 2014 at a higher 12% rate, with partial principal repayment and deferral by the note holders — CEO Frank Ingriselli and EVP Clark Moore both personally deferred portions of their own notes alongside outside investors.
13 Aug 2013capital raising announcement▲ GoodMajor
Raised $22 million in a private placement at $3.00/share — $20 million from Yao Hang Finance (Hong Kong) Limited and $2 million from another investor — earmarked for asset development, debt repayment, an NYSE MKT uplisting, and up to $20 million toward a prospective Asian (Kazakhstan) oil and gas acquisition.
27 Nov 2012capital raising announcement▲ GoodMajor
Paid off the Guijarral Hills lender (Centurion Credit Funding) for $200,000 plus conversions, retiring that expensive debt; separately deferred a $1 million cash payment owed to its DJ Basin/Niobrara sellers (Esenjay Oil & Gas, Winn Exploration, Lacy Properties and Crain Energy) to February 2013 in exchange for $100,000 now plus preferred stock.
2 Mar 2011capital raising announcement▼ BadMajor
Entered a farmout with Solimar Energy and Neon Energy to drill a test well in the Guijarral Hills field (San Joaquin Basin, California), earning a 50% working interest if successful, financed by up to $2.52 million in expensive secured notes (10% interest, original issue discount, royalty and penalty warrants if the well underperforms) from an outside lender — costly financing typical of the company's weak bargaining position at the time.
13 Jan 2011capital raising announcement▼ Bad
Extended Berg McAfee's $1.12 million note to February 2013, subordinated it to new drilling and Sun Resources debt, and cut its conversion price to $0.08/share — more debt deferral and dilution to keep the lender on side.
21 Oct 2008capital raising announcement▲ GoodMajor
Using proceeds from a favorable litigation settlement with Quicksilver Resources, paid off its $2.1 million Laurus senior lien and a $125,000 McClain County, Oklahoma note, redeemed $1 million of preferred stock held by insiders Clyde Berg and McAfee Capital, and converted $191,000 of deferred board compensation into stock — a real turning point emerging from the post-bankruptcy debt overhang.
