5 Feb 2004listing compliance notice▼ BadMajor
PETROCORP INC's securities were notified for removal from listing and registration on its exchange.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2004listing compliance notice▲ GoodMajor
PetroCorp stopped reporting to the SEC and came off the American Stock Exchange days later, the Unit Corporation merger having been approved by shareholders in January. Holders were bought out for cash and Unit stock; the company did not go dark or fail.
2 Jan 2004business combination● NeutralMajor
PetroCorp filed the final proxy statement for a special shareholder meeting on January 30, 2004, to vote on the Unit Corporation merger. Terms are unchanged at a minimum of $13.37 cash per share at closing, with up to $0.50 more held back for three contingent liabilities but capped so the total does not exceed $13.87. Shareholders will also vote on letting management adjourn and reconvene the meeting up to May 31, 2004; the board's approval is described as approval, no longer 'unanimous' as in the preliminary version.
17 Sept 2003business combination● NeutralMajor
PetroCorp filed a preliminary proxy statement asking shareholders to approve a merger in which Unit Corporation would acquire it, following the July 2003 letter of intent. Shareholders would receive a minimum of about $13.37 in cash per share at closing, plus up to $0.50 per share set aside for three contingent liabilities (up to about $13.87 total), with the deal valued at a maximum of $182,120,000. Approval needs two-thirds of outstanding shares, holders of about 51% of voting power have agreed to vote in favour, and the board unanimously recommends it; the meeting date is still blank.
1 July 2003business combination▲ GoodMajor
PetroCorp agreed in principle to sell itself to Unit Corporation for about $190 million - 2 million Unit shares plus cash - just over three months after announcing a buyback of a quarter of its stock. Management called it the final step in returning maximum value to shareholders.
20 Mar 2003asset acquisition disposition▲ GoodMajor
PetroCorp's board authorised buying back up to a quarter of its 12.7 million shares, calling the stock cheap - a much larger follow-on to the 2001 programme that had taken in 305,907 shares for $2.7 million. Within a year the company had deregistered and left the American Stock Exchange.
21 June 2001asset acquisition disposition● NeutralMajor
PetroCorp completed its acquisition of Southern Mineral Corporation on June 6, 2001, by merging a PetroCorp subsidiary into it, at a price of about $74 million including assumed debt. Southern Mineral holders could take PetroCorp stock, but elections exceeded the 4 million shares available, so those electing stock get about 0.416 PetroCorp shares plus $0.55 cash per share (down from 0.471 shares), and others get $4.71 cash per share. Financial statements for the acquired business are to follow by amendment.