Each one in plain English, with the numbers worked through for a shareholder.
9 July 2013substantial holder notice● Neutral
CLCH, LLC, Jeff Hastings, Seismic Management Holdings Inc, Seismic Management, LLP, Brian A. Beatty, Sheri L. Beatty, Brent Whiteley disclosed a new substantial SAExploration Holdings, Inc. shareholding (39.50% of votes).
The merger closed on 24 June 2013 and the blank-cheque company became SAExploration Holdings. Holders of 987,634 public shares took their cash back at about $10.08 instead of staying in; the sellers - Jeff Hastings, Brian Beatty and Brent Whiteley - ended up with 38.4% outright and voting control of 50.5%, making this a controlled company from day one. They also received a $17.5 million ten-year note at 10% on top of the shares, and the new group joined an existing 2012 credit agreement.
Riverview Group LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial SAExploration Holdings, Inc. shareholding (4.30% of votes).
The merger agreement was amended to change how consideration would be split among SAExploration's option and restricted-stock holders, putting those shares in escrow with the controlling shareholder voting them.
Polar Securities Inc, North Pole Capital Master Fund reported a SAExploration Holdings, Inc. shareholding of 714,700 shares (9.10% of votes) in a periodic institutional filing.
HighVista Strategies LLC, HighVista GP, LLC, HighVista GP Limited Partnership, HighVista I Limited Partnership, HighVista II Limited Partnership, HighVista III, Ltd, HighVista V Limited Partnership, XL Re Ltd, Brian H. Chu, Andr&# reported a SAExploration Holdings, Inc. shareholding of 690,000 shares (8.80% of votes) in a periodic institutional filing.
Brian Taylor, Pine River Capital Management L.P, Pine River Master Fund Ltd reported a SAExploration Holdings, Inc. shareholding of 42,500 shares (0.50% of votes) in a periodic institutional filing.
Trio found its target: SAExploration Holdings, a seismic data acquisition business working on land, in transition zones and shallow water across North America, South America and southeast Asia. Trio would take the SAExploration name; the private company's majority holder CLCH would come across as a controlling shareholder.
With the trust money untouchable until a deal closed, chairman Eric Rosenfeld funded day-to-day costs himself, lending $200,000 across April and September on interest-free notes convertible into warrants at $0.50.