20 Dec 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2023business combination▼ BadMajor
Sable and Exxon amended their asset-purchase agreement again, this time targeting a February 1, 2024 closing (outside date February 29, 2024) -- the deal's third timeline reset.
18 Dec 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
18 Dec 2023capital raising announcement▲ GoodMajor
On December 12, 2023, Sable's holding company signed additional PIPE subscription agreements for 18,045,000 shares at $10.00, about $180.45M. Together with the earlier PIPE of 7,450,000 shares (about $74.5M), that totals about $254.95M of commitments (my arithmetic). The investors become Flame shareholders if the merger closes. Metamorphic Pecan, LLC gets the right to nominate one director while it holds at least 10% of Flame's Class A shares. This raises the PIPE well above the $71.5M initial figure in the 2022 proxy, though the merger had still not closed.
What it means for a shareholder
18.0m new shares at US$10.00 to raise about US$180m. That's 58% dilution: every existing holder's slice gets 58% smaller. If you held US$1,000 of shares (100 at the issue price), your slice goes from 0.000752% to 0.000319% of the company. To keep it you'd need 136 more shares - about US$1,360 at the issue price.
Create a free account to see this worked out for your own holding.
13 Dec 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
13 Dec 2023business combination● Neutral
Flame and Sable posted another investor presentation to attract new PIPE investors ahead of the deal's expected early-2024 close.
15 Nov 2023director interest notice● Neutral
Duenner Anthony became a Sable Offshore Corp. EVP, General Counsel and company insider (initial ownership filing).
15 Nov 2023director interest notice● Neutral
Bourgeois Doss R became a Sable Offshore Corp. Chief Operating Officer and company insider (initial ownership filing).
14 Nov 2023quarterly activities report▼ Bad
Sable Offshore Corp. reported quarterly revenue of $0 and a net loss of $23.1 million for the period ended 2023-09-30.
31 Aug 2023agm notice● Neutral
Sable Offshore Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
31 Aug 2023debt financing● Neutral
Flame issued two more, larger sponsor notes -- $635,000 and $495,000 -- as the sponsor continued bankrolling the now-extended process.
23 Aug 2023capital raising announcement● Neutral
On August 22, 2023, Flame converted 7,187,500 founder Class B shares into Class A shares held by the sponsor, affiliates, independent directors and some officers. That leaves 15,620,245 Class A shares outstanding and no Class B, with the sponsor holding about 27.3%. The converted shares keep their restrictions, including waived redemption rights and a duty to vote for a business combination. The filing also notifies shareholders of an August 29, 2023 meeting to vote on extending the deadline to complete a deal, a sign the Sable merger had not closed in time. The share count of 15,620,245 is after the conversion, and the filing does not say what redemptions had already happened.
23 Aug 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
14 Aug 2023quarterly activities report▼ Bad
Sable Offshore Corp. reported quarterly revenue of $0 and a net loss of $23.1 million for the period ended 2023-09-30.
11 Aug 2023substantial holder notice● Neutral
Harraden Circle Investments, LLC, Harraden Circle Investors GP, LP, Harraden Circle Investors GP, LLC, Harraden Circle Investors, LP disclosed a new substantial Sable Offshore Corp. shareholding (9.48% of votes).
10 Aug 2023business combination● Neutral
Flame and Sable posted a further investor presentation for potential PIPE investors, working to raise additional capital beyond the original $74.5 million ahead of closing.
10 Aug 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
9 Aug 2023agm notice● Neutral
Sable Offshore Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
3 Aug 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
3 Aug 2023material agreement▲ Good
The last remaining PIPE investor signed on, so all $74.5 million of the original PIPE commitments were now extended to the new March 2024 deadline.
27 July 2023material agreement● Neutral
More PIPE investors signed on to the extension, bringing the total to $64.5 million of the $74.5 million committed.
27 July 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
21 July 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
21 July 2023material agreement● Neutral
PIPE investors holding $57 million of the $74.5 million in committed Sable private-placement funding agreed to extend their own funding deadlines to match the new March 2024 merger deadline.
14 July 2023agm notice● Neutral
Sable Offshore Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
30 June 2023material agreement▼ BadMajor
Flame and Sable extended their merger agreement's outside date from June 30, 2023 to March 1, 2024, the second such extension, as the deal continued to take longer than planned.
30 June 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
26 June 2023debt financing● Neutral
Flame issued two more small sponsor notes, $50,000 and $100,000.
16 June 2023business combination▼ BadMajor
Sable and Exxon amended their asset-purchase agreement, pushing the target closing date to June 30, 2023 (with an outside date of December 31, 2023) and lowering the minimum cash Sable must hold to close the deal to $150 million -- a sign the timeline was slipping and the cash bar was being eased to keep the deal alive.
16 June 2023agm notice● Neutral
Sable Offshore Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).