10 Aug 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it filed notice of an exempt private placement.
5 Aug 2010quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $4.1 million and net income of $1.1 million for the period ended 2010-06-30.
5 Aug 2010quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $4.1 million and net income of $1.1 million for the period ended 2010-06-30.
5 Aug 2010quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $4.1 million and net income of $1.1 million for the period ended 2010-06-30.
5 Aug 2010quarterly activities report● Neutral
ROYALE ENERGY FUNDS, INC reported quarterly revenue of $4.1 million and net income of $1.1 million for the period ended 2010-06-30.
5 Aug 2010financial restatement● NeutralMajor
On August 4, 2010 Royale said its 2009 annual and the September 30, 2009 and March 31, 2010 quarterly financial statements should no longer be relied on, and filed corrected versions. The fix is to record shares of a start-up received in a 2000 legal settlement at market value after that company's September 2009 IPO; Royale says it learned of the public market only in June 2010. This raises current assets, total assets and stockholders' equity, while net income and earnings per share are unchanged.
30 July 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it filed notice of an exempt private placement.
20 July 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
6 Jan 2010securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
14 Dec 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
18 Nov 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC registered a securities offering with the SEC using its shelf eligibility.
16 Nov 2009listing compliance notice▲ Good
Royale says Nasdaq staff found it had failed to meet shareholder-approval requirements (Rule 5635(d)(2)) in a recent equity offering. Royale agreed to modify some offering terms, and Nasdaq's November 11, 2009 letter says it has regained full compliance. The filing does not say which terms changed. The press release says Royale raised $4.2 million in equity over the prior 90 days in two transactions. This resolves the new approval problem; the filing does not address the earlier $10 million stockholders' equity issue.
22 Oct 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
21 Oct 2009capital raising announcement● NeutralMajor
On October 16, 2009 Royale agreed to sell 623,053 shares at $3.21 to an institutional investor (closed October 20) for about $2.0 million gross and about $1.88 million net, plus warrants for 342,679 shares at $3.53 for 5 years. The placement agent also received warrants for 33,994 shares at $3.53. Royale says the money will speed up drilling after a recent discovery, including the Wylie well starting that week and permitting for the Vann and Magnum prospects. The investor (Cranshire, per the waiver exhibit) again waived the upward share adjustment on its 2008 warrant. This is a second raise after the August placement and adds further dilution potential through the warrants.
What it means for a shareholder
623,053 new shares at US$3.21 to raise about US$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
21 Aug 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
19 Aug 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
6 Aug 2009capital raising announcement● NeutralMajor
On August 4, 2009 Royale agreed to sell 552,764 shares at $1.99 each to one institutional investor, closing August 5, for about $1.1 million gross and about $999,000 net. The investor also received four series of warrants (329,850 at $2.19; 1,808 at $2.19; 511,628 at $2.15; 306,977 at $2.19, the last only if the Series B warrants are exercised), and the placement agent got warrants for 33,166 shares at $1.99. Royale says the money will go to developing its Sacramento basin properties and it must file a resale registration within 30 days of closing. Cranshire Capital waived the upward share adjustment on its June 2008 warrant, whose exercise price resets to $1.99 from $7.30 as a result of this sale. This is the capital raise the board was weighing earlier in the year, and it adds dilution risk through the warrants.
What it means for a shareholder
552,764 new shares at US$1.99 to raise about US$1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
24 July 2009listing compliance notice▼ BadMajor
On July 20, 2009 Nasdaq determined Royale had not completed the plan it filed April 16 to restore the $10 million equity minimum, and Royale intends to appeal and request a hearing. Royale says it requested SEC approval of an S-3 registration on April 22, 2009 to raise capital, which is part of its compliance plan, and it needs time for the SEC process. This continues the April listing problem and the delisting risk is still open.
15 July 2009substantial holder notice● Neutral
Royale Energy, Inc. reported a ROYALE ENERGY FUNDS, INC shareholding of 308,400 shares (4.25% of votes) in a periodic institutional filing.
25 June 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC filed notice of an exempt private placement.
23 Apr 2009securities registration● Neutral
ROYALE ENERGY FUNDS, INC registered a securities offering with the SEC using its shelf eligibility.
7 Apr 2009listing compliance notice▼ BadMajor
Nasdaq notified Royale that its stockholders' equity of $7,394,467 at December 31, 2008 is below the $10 million needed to stay on the Nasdaq Global Market. Royale has until about April 16, 2009 to submit a plan or seek a Nasdaq Capital Market listing, and its board has authorized seeking additional equity by issuing stock, so more dilution is possible. The filing text says April 1, 2008, an apparent typo for 2009.
26 Mar 2009substantial holder notice● Neutral
Royale Energy, Inc. reported a ROYALE ENERGY FUNDS, INC shareholding of 363,300 shares (5.00% of votes) in a periodic institutional filing.
9 Mar 2009substantial holder notice● Neutral
Royale Energy, Inc. disclosed a new substantial ROYALE ENERGY FUNDS, INC shareholding (4.87% of votes).
9 Mar 2009business combination● NeutralMajor
Royale terminated its exchange offer for Aspen Exploration shares and asked to withdraw the S-4 registration statement. The filing gives no reason. This ends the thread, so no new Royale shares will be issued for Aspen, and Royale keeps its small existing Aspen stake (353,125 shares per the February filing).
6 Mar 2009listing compliance notice▼ Bad
ROYALE ENERGY FUNDS, INC withdrew a registration statement, abandoning the offering it covered.
19 Feb 2009material agreement● NeutralMajor
On February 13, 2009 Royale signed a $15 million revolving credit line with Texas Credit Bank, replacing its Guaranty Bank line. Interest is the greater of the bank's prime rate or the Federal Funds Rate, with a 3% floor. Covenants bar cash dividends and require minimum earnings-to-interest, current-ratio and tangible-net-worth levels. The filing does not say how much is drawn.
18 Feb 2009business combination● Neutral
Amendment No. 3 only attaches a press release issued February 18, 2009; the filing text itself does not describe the release's contents, and no terms of the Aspen offer are changed in it.
13 Feb 2009business combination● Neutral
Royale filed its own Amendment No. 2 to the tender offer statement to match the amended registration statement. It restates the 1-for-3.5 exchange ratio and adds no new terms.