Past year: ▲ 41%(84.14 – 136.90 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
4 June 2009capital raising announcement▲ GoodMajor
The rights offering closed with the maximum 34,441,950 trust units issued for gross proceeds of about $103.3 million. Proceeds will repay the remaining balance on the unsecured credit facility, reduce the secured facility and fund general purposes; allocation of additional units is still being tallied.
27 May 2009capital raising announcement● Neutral
Precision reminded unitholders that rights must be delivered with payment to Computershare before 4:30 PM Calgary time on June 3, 2009. This is a reminder only and adds no new terms.
30 Apr 2009capital raising announcement● Neutral
The US registration statement for the rights offering is now effective, clearing the way to launch it. The terms are unchanged (seven rights buy one unit at $3.00); the rights trade on the TSX and NYSE until May 28 (NYSE) and June 3 (TSX), and expire at 4:30 PM Calgary time on June 3, 2009.
28 Apr 2009capital raising announcement● NeutralMajor
Precision announced a rights offering to unitholders to raise up to about $103 million: one right per unit, with seven rights buying one new unit at $3.00, and up to 34,441,950 units (about 14.5% of units outstanding) to be issued. Proceeds will repay what remains on the unsecured credit facility, reduce the secured facility and cover general purposes. Unitholders who don't take part will be diluted (inference); rights expire June 3, 2009.
23 Apr 2009capital raising announcement● NeutralMajor
Precision closed a private placement of $175 million of senior unsecured notes plus 35,000,000 trust units at $3.00 each, for about $280 million gross, including 15,000,000 warrants to buy more units at $3.22 for five years. The proceeds will reduce the $296 million (US$235 million) unsecured bridge facility, replacing the senior notes offering postponed in February. The new units and warrants add further potential dilution for existing unitholders (inference).
18 Feb 2009capital raising announcement● NeutralMajor
Precision closed the offering of 46,000,000 trust units at US$3.75 each for gross proceeds of US$172.5 million, completing the raise priced on February 9. Proceeds go to repurchase the Grey Wolf convertible notes under the change-of-control obligation, with any excess for general corporate purposes. The filing does not say whether the underwriters' extra-unit option was exercised.
10 Feb 2009capital raising announcement● NeutralMajor
Precision priced a public offering of 46,000,000 trust units at US$3.75 each, for gross proceeds of US$172.5 million (up to US$198.375 million if underwriters use their extra 6.9 million unit option), expected to close February 18, 2009. The money is meant to pay for repurchasing the Grey Wolf convertible notes that Precision assumed in the December 2008 merger and for which it made a change-of-control offer on January 22, 2009, with any excess going to capital spending and general purposes. New units dilute existing unitholders, who also had Grey Wolf holders added in December.
