Past year: ▼ 93%(5.50c – 78.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2011listing compliance notice● Neutral
Pengrowth confirmed that, following the December 31, 2010 conversion to a corporation, its common shares will start trading on the TSX as PGF on or about January 10, 2011, and the old trust units (PGF.UN) will be delisted. Shares continue on the NYSE as PGH. This completes the conversion announced in October.
21 Oct 2010dividend declaration● NeutralMajor
Pengrowth's board approved converting the trust into a dividend-paying corporation, expected to complete December 31, 2010 subject to a unitholder vote on December 16, 2010 and regulatory and court approvals. Holders would get one common share per trust unit, with an expected initial dividend of $0.07 per share monthly (the same as today's distribution). The release also declared a Cdn $0.07 per unit distribution for November 16, 2010 and gave a hedging update, and states that about $2.7 billion of tax pools means no income tax is expected until after 2014.
16 Sept 2010business combination▲ GoodMajor
Pengrowth completed its business combination with Monterey Exploration Ltd., approved by 100% of votes cast at the Monterey meeting on September 15, 2010. Monterey holders received about 28,018,194 trust units and 4,994,426 exchangeable shares, which adds a focused, operated Groundbirch Montney position in northeast British Columbia (21 sections, 19.0 net) and raises 2010 capital spending guidance from $285 million to $350 million pro forma. Monterey's shares are to be delisted from the TSX.
12 May 2010capital raising announcement● Neutral
Pengrowth closed a U.S. $187 million private placement of unsecured notes: U.S. $71.5 million at 4.67% due 2015 and U.S. $115.5 million at 5.98% due 2020. They were issued as U.S. $150 million of private debt placed in 2003 matured, so this refinances existing debt and adds to it; the notes rank equally with the bank facilities and existing term notes.
