22 Apr 2019listing compliance notice▼ BadMajor
ROWAN COMPANIES PLC terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Apr 2019substantial holder notice● Neutral
Canyon Capital Advisors LLC, Mitchell R. Julis, Joshua S. Friedman reported no remaining ROWAN COMPANIES PLC shareholding in its periodic institutional filing.
11 Apr 2019listing compliance notice● NeutralMajor
ROWAN COMPANIES PLC's exchange filed to remove a class of its securities from listing.
11 Apr 2019business combination● NeutralMajor
The Ensco deal closed on April 11, 2019: each Rowan share was converted into 2.750 Ensco shares (cash for fractions), the final ratio after the January increase from 2.215. Rowan shares stopped trading on the NYSE and Rowan is now an indirect wholly owned subsidiary of the combined company, with deregistration to follow. Both the 2014 and 2018 credit agreements were terminated. All Rowan directors except Thomas Burke resigned, with P. Carey Lowe and Jonathan Cross joining. All officers except Burke, Darin Gibbins and Dennis Baldwin left their officer roles. This completes the open Ensco thread.
11 Apr 2019securities registration● Neutral
ROWAN COMPANIES PLC amended its automatic shelf registration statement.
4 Mar 2019debt financing● Neutral
On Feb 28, 2019 Rowan amended its May 2018 credit agreement: lender commitments are cut by $191 million to $764 million, and a change-of-control default triggered by the Ensco deal is waived for six months. The amendment only takes effect if the old 2014 credit agreement is terminated and the Ensco transaction closes, which still needs final regulatory approval and other conditions.
12 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a ROWAN COMPANIES PLC shareholding of 12,035,218 shares (9.47% of votes) in a periodic institutional filing.
1 Feb 2019substantial holder notice● Neutral
Odey Asset Management Group Ltd, Odey Asset Management LLP, Odey Holdings AG disclosed a new substantial ROWAN COMPANIES PLC shareholding (9.50% of votes).
31 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a ROWAN COMPANIES PLC shareholding of 14,951,891 shares (11.80% of votes) in a periodic institutional filing.
29 Jan 2019material agreement▲ GoodMajor
On Jan 28, 2019 Rowan and Ensco amended their deal so Rowan shareholders get 2.750 Ensco shares per Rowan share instead of 2.215; the press release calls this a 24.2% increase. All other terms stay the same. This changes the exchange ratio set in October and gives Rowan holders a larger share of the combined company than the earlier roughly 39% (the filing does not state the new percentage). The press release also says Odey Asset Management, a major Rowan shareholder, supports the amended agreement.
11 Dec 2018business combination● NeutralMajor
Rowan filed the final joint proxy statement (dated Dec 11, 2018) for the Ensco deal first previewed in the October preliminary version. Rowan holders would get 2.215 Ensco shares per Rowan share, ending with about 39% of the combined company (Ensco holders about 61%), with an Ensco meeting set for Jan 23, 2019. The deal still needs Ensco and Rowan shareholder votes and UK court sanction. Ensco also plans a 1-for-4 reverse split, which is not a condition of the deal.
30 Nov 2018substantial holder notice● Neutral
Canyon Capital Advisors LLC, Mitchell R. Julis, Joshua S. Friedman reported a ROWAN COMPANIES PLC shareholding of 9,040,178 shares (7.10% of votes) in a periodic institutional filing.
7 Nov 2018substantial holder notice● Neutral
Canyon Capital Advisors LLC, Mitchell R. Julis, Joshua S. Friedman disclosed a new substantial ROWAN COMPANIES PLC shareholding (6.00% of votes).
31 Oct 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $192.9 million and a net loss of $144.1 million for the period ended 2018-09-30.
31 Oct 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $192.9 million and a net loss of $144.1 million for the period ended 2018-09-30.
30 Oct 2018business combination● NeutralMajor
Rowan filed a preliminary proxy statement for a deal under which Ensco plc, under a Transaction Agreement of October 7, 2018, would acquire all of Rowan through a UK court-sanctioned scheme of arrangement. Rowan shareholders would receive 2.215 Ensco shares per Rowan share, ending with roughly 39% of the combined company (Ensco holders about 61%); Ensco also plans a 1-for-4 reverse split. It needs votes from both companies' shareholders and court sanction; the company would be renamed Ensco Rowan plc. This is a new thread that would change Rowan shareholders' holdings into Ensco shares, but it is not yet completed.
24 Aug 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $241.3 million and a net loss of $76.7 million for the period ended 2018-06-30.
24 Aug 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $241.3 million and a net loss of $76.7 million for the period ended 2018-06-30.
1 Aug 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $241.3 million and a net loss of $76.7 million for the period ended 2018-06-30.
1 Aug 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $241.3 million and a net loss of $76.7 million for the period ended 2018-06-30.
23 May 2018debt financing● NeutralMajor
On May 22, 2018 Rowan signed a new $955 million unsecured revolving credit facility (maturing May 2023, or February 2022 if the 4.875% notes are not refinanced by then) and cut its existing facility to about $310.7 million, with nothing currently borrowed under it. Wilmington Trust replaced Wells Fargo as agent on the old facility. The new facility carries financial covenants, including a $300 million minimum liquidity and debt-to-capitalisation limit of 55%.
11 May 2018securities registration● Neutral
ROWAN COMPANIES PLC filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
1 May 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $211.2 million and a net loss of $112.3 million for the period ended 2018-03-31.
1 May 2018quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $211.2 million and a net loss of $112.3 million for the period ended 2018-03-31.
8 Feb 2018substantial holder notice● Neutral
The Vanguard Group reported a ROWAN COMPANIES PLC shareholding of 10,705,847 shares (8.47% of votes) in a periodic institutional filing.
19 Jan 2018substantial holder notice● Neutral
BlackRock, Inc reported a ROWAN COMPANIES PLC shareholding of 13,159,340 shares (10.40% of votes) in a periodic institutional filing.
10 Jan 2018substantial holder notice● Neutral
Blue Harbour Group, LP, Blue Harbour Holdings, LLC, Clifton S. Robbins reported a ROWAN COMPANIES PLC shareholding of 5,809,800 shares (4.60% of votes) in a periodic institutional filing.
8 Jan 2018director interest notice● Neutral
Alan Quintero became a ROWAN COMPANIES PLC SVP - Business Development and company insider (initial ownership filing).
5 Dec 2017director interest notice● Neutral
ROWAN COMPANIES PLC EVP & CFO Stephen M Butz had 6,199 shares withheld for taxes on vesting stock.
1 Nov 2017quarterly activities report▼ Bad
ROWAN COMPANIES PLC reported quarterly revenue of $291.6 million and a net loss of $20.9 million for the period ended 2017-09-30.