16 Sept 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Robert L Cabes Jr. bought 2,500 shares on the open market at $1.76.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Robert L Cabes Jr. bought 10,000 shares on the open market at $1.93.
3 Sept 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Executive Officer Peter G Schoonmaker bought 2,000 shares on the open market at $2.11.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director F Gardner Parker received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Thomas G Mcgonagle received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Financial Officer Ronald T Barnes received 25,000 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Jeffrey P Gunst received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Robert L Cabes Jr. received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Susan C Schnabel received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director S P Johnson IV received 12,500 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Executive Officer Peter G Schoonmaker received 35,000 shares as part of the equity award.
25 Aug 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. director Steven A Webster received 12,500 shares as part of the equity award.
8 Aug 2008material agreement▼ Bad
Pinnacle corrected the borrowing figures in its Aug 4 filing: actual availability at June 30, 2008 was $6.6 million (not $7.4 million) due to covenant limits, and $10.3 million (not $11.1 million) after the Second Amendment. The borrowing base of $17.8 million and about $5.0 million of debt were unchanged.
6 Aug 2008material agreement● NeutralMajor
Effective Aug 4, 2008, Pinnacle signed a Second Amendment to its Feb 2007 credit agreement with Royal Bank of Scotland and the other lenders. It raises the allowed senior debt to EBITDA ratio, raises LIBOR interest rates, changes how utilization is calculated, and requires an amendment fee. At June 30, 2008 the borrowing base was $17.8 million with about $5.0 million drawn, and a letter agreement from April 2008 was already stepping the base down from $18.5 million to $16.5 million by Oct 1, 2008. The availability figures in this filing were later corrected.
18 June 2008production update● Neutral
Pinnacle began meetings with analysts on June 17, 2008 to give a financial and operational update, with the presentation posted on its website for about 30 days. The filing itself contains no figures or results.
12 June 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Financial Officer Ronald T Barnes bought 10,000 shares on the open market at $2.55.
6 June 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Executive Officer Peter G Schoonmaker bought 2,000 shares on the open market at $2.24.
5 June 2008director interest notice● Neutral
Pinnacle Gas Resources, Inc. Chief Executive Officer Peter G Schoonmaker bought 4,000 shares on the open market.
20 May 2008material agreement termination▼ BadMajor
On May 16, 2008 Quest gave notice terminating the amended merger agreement, which either side could do if the deal had not closed by that date. The planned acquisition by Quest is therefore off, and Pinnacle continues as a standalone listed company. The filing gives no reason for the termination and mentions no fee.
14 Feb 2008substantial holder notice● Neutral
Credit Suisse disclosed a new substantial Pinnacle Gas Resources, Inc. shareholding (33.10% of votes).
6 Feb 2008material agreement▼ BadMajor
Pinnacle and Quest restated the merger agreement on Feb 6, 2008, cutting the exchange ratio from 0.6584 to 0.5278 Quest shares per Pinnacle share (about 15.5 million Quest shares in total, down from about 19.1 million). This is a less favourable ratio for Pinnacle holders than the original terms. The new terms also drop the Quest Energy Partners IPO condition listed in the original, set two Pinnacle nominees on a six-member board, and add a $5 million fee payable by Quest if its board changes its recommendation; the May 16, 2008 outside date is unchanged.
25 Oct 2007substantial holder notice● Neutral
Quest Resource Corporation disclosed a new substantial Pinnacle Gas Resources, Inc. shareholding (33.10% of votes).
16 Oct 2007business combination● NeutralMajor
Five months after the IPO, Pinnacle agreed on Oct 15, 2007 to be acquired by Quest Resource Corporation in an all-stock deal: each Pinnacle share would convert into 0.6584 of a Quest share, about 19.1 million Quest shares or roughly $207 million at Oct 15 prices. Closing needed approval from both companies' stockholders and completion of the planned Quest Energy Partners IPO; Pinnacle would owe Quest a $3 million fee if terminated in specified circumstances, and either side could end the deal if not completed by May 16, 2008.
27 Sept 2007securities registration● Neutral
Pinnacle Gas Resources, Inc. amended a filing by which it registered a securities offering with the SEC.
24 Aug 2007director interest notice● Neutral
Thomas G Mcgonagle became a Pinnacle Gas Resources, Inc. director and company insider (initial ownership filing).
23 Aug 2007securities registration● Neutral
Pinnacle Gas Resources, Inc. amended a filing by which it registered a securities offering with the SEC.
25 July 2007securities registration● Neutral
Pinnacle Gas Resources, Inc. amended a filing by which it registered a securities offering with the SEC.
28 June 2007securities registration● Neutral
Pinnacle Gas Resources, Inc. amended a filing by which it registered a securities offering with the SEC.
25 June 2007director interest notice● Neutral
Pinnacle Gas Resources, Inc. 10%+ owner Suisse/ Credit sold 166,382 shares at $9.00.
18 June 2007securities registration● Neutral
Pinnacle Gas Resources, Inc. filed a free-writing prospectus - marketing material for an offering in progress.