8 Mar 2018director interest notice● Neutral
Ronald Verdier became a Royale Energy, Inc. director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Mar 2018director interest notice● Neutral
Stephen M Hosmer became a Royale Energy, Inc. CFO and Secretary and company insider (initial ownership filing).
8 Mar 2018director interest notice● Neutral
Harry Hosmer became a Royale Energy, Inc. director and company insider (initial ownership filing).
8 Mar 2018director interest notice● Neutral
Jonathan Gregory became a Royale Energy, Inc. Chief Executive Officer and company insider (initial ownership filing).
8 Mar 2018director interest notice● Neutral
Rod Eson became a Royale Energy, Inc. director and company insider (initial ownership filing).
19 Oct 2017securities registration● Neutral
Royale Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
6 Oct 2017business combination● Neutral
Amendment No. 4 fixed 29 September 2017 as the record date for both companies' meetings, with 21,839,592 Royale shares entitled to vote, and finally filed Strasburger & Price's tax opinion -- previously only listed in the exhibit index -- as Annex M.
25 Sept 2017business combination● Neutral
Amendment No. 3 rebuilt the pro forma accounts to give effect to Matrix's Sansinena acquisition, which the earlier versions had left out, and corrected two errors in the process: a concentration figure that had put the Sansinena field at 87.6% of Matrix's total proved reserves now reads 88.6% of its proved developed reserves, and the Matrix accountant's tax opinion, previously described as covering the Royale merger, in fact covers the Matrix merger. The balance-sheet contrast is stark: at 30 June 2017 Royale had a $5.4 million shareholders' deficit against $7.2 million of equity on the Matrix side.
11 Sept 2017business combination● Neutral
Amendment No. 2 explained how the Matrix side divides the consideration -- each entity in the Matrix group carries an allocation factor and the factors sum to one, with the preferred limited partners of Matrix Investments excluded from the share consideration -- and named the management of the combined company: Gregory stays chief executive, Matrix's Johnny Jordan becomes president and chief operating officer, and Matrix keeps its Santa Barbara office.
21 July 2017business combination● Neutral
Amendment No. 3 to the Royale-Matrix registration statement, the third revision in five months as SEC review ran on. The combined holding company would still be split about evenly between Royale and Matrix shareholders.
16 June 2017business combination● Neutral
Amendment No. 2 to the Royale-Matrix joint proxy statement and registration statement. The deal it describes still splits the combined holding company roughly 50/50 between Royale and Matrix shareholders, with the Matrix preferred holders taking all of the new Series B preferred.
4 May 2017business combination● Neutral
Amendment No. 1 set out what Royale's shareholders give up by moving from California to Delaware, including California's 50/90 rule, which blocks an all-cash merger by a buyer holding between 50% and 90% of a California company unless every holder is cashed out or a court signs off. It also disclosed that Matrix's own officers and directors hold 89.3% of Matrix, more than enough to approve the merger on their own, and explained why Royale's Jonathan Gregory keeps the chief executive's job: he had been the banking officer on Matrix's lending and was the one who brought the two companies together.
14 Feb 2017business combination● NeutralMajor
Royale Energy and privately held Matrix Oil Management agreed to combine under a new Delaware holding company that keeps the Royale name. Royale's California shareholders convert one for one; the Matrix group -- the operating company plus its several partnerships, each with its own allocation factor -- collectively receives a number of shares equal to Royale's own fully diluted count, so the two sides come out roughly level. Matrix brings producing oil properties in the Los Angeles and San Joaquin basins, including the Sansinena field.