Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2012dividend declaration● Neutral
Pengrowth declared a Cdn $0.04 per share dividend payable November 15, 2012 (record date October 22), unchanged from the reduced rate. The company's description of its assets now refers to the 'Lindbergh thermal bitumen project' rather than the SAGD wording used before.
Pengrowth declared a Cdn $0.04 per share dividend payable October 15, 2012 (record date September 24), the same reduced rate as the prior two months. DRIP/Premium Dividend terms are unchanged.
Pengrowth declared a Cdn $0.04 per share dividend payable September 17, 2012 (record date August 22), holding the new lower rate set in July. DRIP and Premium Dividend terms are restated unchanged.
Pengrowth confirmed that its August 15, 2012 dividend will be Cdn $0.04 per share (record date July 23), down from the Cdn $0.07 paid monthly until now. The filing refers to a July 6 announcement of the cut, which is not among the filings seen, and does not give a reason. This reverses the long-unchanged dividend and is a reduction for shareholders.
Pengrowth declared a Cdn $0.07 per share dividend payable July 16, 2012 (record date June 22), unchanged from before and the first declared after the NAL closing. DRIP/Premium Dividend terms are restated, and second-quarter results are planned for after markets close on August 10, 2012.
Following the NAL closing, NAL's shares and debentures will stop trading under NAL's symbols at the close on June 5, 2012, and the debentures begin trading as Pengrowth debentures (PGF.DB, PGF.DB.A, PGF.DB.B) on June 6. Pengrowth has made the promised repurchase offer: 101% of principal for the 6.75% and 6.25% Series A debentures and 100% for the 6.25% Series B, plus accrued interest; holders who decline keep their debentures as Pengrowth obligations. This carries out the post-closing step flagged earlier. The filing gives no take-up results.
Pengrowth completed its combination with NAL Energy on May 31, 2012, as scheduled. NAL shareholders received 0.86 of a Pengrowth share per NAL share, the deal was valued at approximately $1.6 billion, and Pengrowth took on NAL's three convertible debentures. Existing Pengrowth holders are now diluted by the new shares issued (the earlier announcement put NAL holders at about 26%). Kel Johnston and Barry Stewart joined the board. This resolves the main open thread from the March deal.
Shareholders of both companies approved the NAL combination on May 23, 2012: about 96% of NAL votes cast, and about 98% of Pengrowth votes cast for issuing up to 163,964,889 Pengrowth shares. Court approval was expected May 24 and closing is scheduled for May 31, 2012, so the main vote hurdles in the March deal are cleared.
Pengrowth declared a Cdn $0.07 per common share dividend payable June 15, 2012 (record date May 23), unchanged. It confirms the NAL combination special meeting on May 23, 2012 and that the circulars have been mailed.
Pengrowth filed the full amended and restated arrangement agreement with NAL (originally dated March 22, 2012, amended effective April 20, 2012), repeating an expected closing date of May 31, 2012. It documents the deal announced March 23; the excerpt shown does not reveal what the April amendment changed.
Pengrowth declared a Cdn $0.07 per common share dividend payable May 15, 2012 (record date April 23), unchanged. It also set the annual meeting and first-quarter results for May 2, 2012, and the special meeting on the NAL combination for May 23, 2012.
Pengrowth and NAL Energy Corporation signed an arrangement agreement under which NAL shareholders get 0.86 of a Pengrowth share per NAL share (a 9.7% premium on March 22 prices); former NAL holders would own about 26% of Pengrowth, so existing Pengrowth holders are diluted to roughly 74% but the companies say it should add to funds from operations and production per share. NAL's enterprise value including debt is about $1.9 billion; Pengrowth would assume NAL's convertible debentures, plans to sell about 10% of non-core assets, and expects closing around May 31, 2012 subject to shareholder, court and regulatory approvals, with a $45 million reciprocal non-completion fee. This is a new major deal, and it adds light-oil inventory and funds for the Lindbergh project mentioned earlier.
Pengrowth declared a Cdn $0.07 per common share dividend payable April 16, 2012 (record date March 22, 2012; ex-dividend March 20), unchanged. It restates the DRIP/Premium Dividend terms (5% discount, or 102% cash for Canadian holders) added in January.
Pengrowth declared a Cdn $0.07 per common share dividend payable March 15, 2012 (record date February 23, 2012), unchanged. It will release 2011 fourth-quarter and full-year results and reserves after markets close on February 28, 2012, and hold Investor Days in Calgary (February 29) and Toronto (March 1) on strategy and 2012 plans.
Pengrowth declared a Cdn $0.07 per common share dividend payable February 15, 2012 (record date January 23, 2012), unchanged, and restated the new Premium Dividend/DRIP terms from January 3. The 2012 operating plan and guidance are still promised for the week of January 23, 2012.
Pengrowth added a Premium Dividend component to its dividend reinvestment plan. Shareholders can take new shares at a 5% discount, and Canadian participants can instead have them sold by Canaccord Genuity for cash equal to 102% of the reinvested dividends (not available to U.S. residents). Dividend record dates move to between the 21st and 23rd of each month, while payment stays on the 15th. Optional share purchases of up to $1,000 per month continue. The filing states no change to the dividend amount.
Pengrowth declared a Cdn $0.07 per common share dividend payable January 16, 2012 (record date December 30, 2011), unchanged. It also said it renegotiated its syndicated revolving credit facility, extending it to November 29, 2015, with lower borrowing costs (spreads of 160 to 325 basis points over floating rates), $1.0 billion committed and a $250 million expansion feature for up to $1.25 billion. The DRIP now offers shares at a 5% discount, and the transfer agent is now Olympia Trust. 2012 guidance is promised for the week of January 23, 2012.
Pengrowth declared a Cdn $0.07 per common share dividend payable September 15, 2011 (record date August 31, 2011), unchanged. The boilerplate project list now also names Olds/Garrington in south-central Alberta.
Pengrowth declared a Cdn $0.07 per common share dividend payable August 15, 2011 (record date July 29, 2011), unchanged. The company's boilerplate description now presents it as an intermediate producer focused on unconventional resource-style plays, naming Swan Hills, Groundbirch, Lindbergh and Bodo.
Pengrowth declared a Cdn $0.07 per common share dividend payable June 15, 2011 (record date May 31, 2011), unchanged from prior months. It is designated an eligible dividend for Canadian tax purposes.
Pengrowth declared a Cdn $0.07 per common share dividend payable May 16, 2011 (record date April 29), unchanged from prior months. It repeats the May 5, 2011 annual meeting date.
Pengrowth declared a Cdn $0.07 per common share dividend payable April 15, 2011 (record date March 31), designated an eligible dividend for Canadian tax. It also confirmed the annual meeting for May 5, 2011 at 3:00 p.m. in Calgary, with circulars expected to be mailed in the first week of April.
A routine transfer-agent notice (Computershare) giving the date of the annual general meeting: May 5, 2011 in Calgary, with a record date of March 21, 2011. No other substance.
Pengrowth said the Swan Hills gas gathering system, which ruptured and caught fire (reported January 1, 2011), remains shut, with about 1,500 boe/d net to Pengrowth shut in; restart is anticipated in early March subject to regulatory approvals. New Swan Hills wells came on at initial rates of 300 to 1,200 boe/d, and the Groundbirch gas plant was commissioned December 18, 2010 with five wells on production and five more drilled to fill it to capacity.
Pengrowth declared a Cdn $0.07 per common share dividend payable February 15, 2011 (record date January 31). This is the same amount as the earlier monthly distribution, consistent with the dividend level planned at conversion.