9 Sept 2021listing compliance notice▼ BadMajor
SandRidge Mississippian Trust I 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.
26 Apr 2021asset acquisition disposition▼ BadMajor
On April 22, 2021 the Trust sold all of its overriding royalty interests to SandRidge Exploration and Production, LLC, a SandRidge subsidiary, for $4,850,000, effective April 1, 2021. SandRidge used its right of first refusal to match a third-party offer at the same price. This follows the winding up that began November 13, 2020, after cash available for distribution for the four quarters ended September 30, 2020 was about $815,000, below the $1.0 million trust-agreement threshold. The Trust will receive no further production proceeds and make no more regular quarterly distributions, apart from a final quarterly distribution of about $0.3 million ($0.0110 per unit) for the quarter ended March 31, 2021, expected on or before May 28, 2021 to holders of record May 14. The sale proceeds are due to be distributed in the third quarter of 2021 (August per the 8-K), less reserves. Because of the securities litigation, the Trustee does not expect cash to be available for distribution until that litigation is resolved. The Trust's share of reimbursement to the losing third-party bidder is about $50,000. The press release says units are expected to be canceled after that.
8 Jan 2021material agreement● Neutral
The Trust and SandRidge Energy amended the 2011 administrative services agreement (amendment dated November 13, 2020, signed January 6, 2021) so that SandRidge keeps providing services until the Trust is finally liquidated and wound up under its trust agreement. The filing shows the Trust is heading toward winding up, but gives no timing or payout.
11 Dec 2020substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen reported a SandRidge Mississippian Trust I shareholding of 1,894,205 shares (6.80% of votes) in a periodic institutional filing.
8 Sept 2020substantial holder notice● Neutral
Olesen Value Fund L.P, Olesen Value Fund GP LLC, Christian Olesen disclosed a new substantial SandRidge Mississippian Trust I shareholding (5.70% of votes).
4 Dec 2019listing compliance notice● NeutralMajor
SandRidge Mississippian Trust I's exchange filed to remove a class of its securities from listing.
19 Nov 2019listing compliance notice▼ BadMajor
The Trust did not regain compliance within the cure period that ended November 16, 2019, so the NYSE suspended trading after November 18, 2019 and began delisting proceedings. Units were expected to trade on the OTC Pink market as 'SDTTU' from November 19, a more limited market that could be less liquid. This ends the listing issue raised in 2018 and 2019.
24 Oct 2019asset acquisition disposition● Neutral
The filing only furnishes a press release dated October 24, 2019 (the filename suggests a third-quarter distribution announcement, an inference). The filing text itself gives no figures, and no asset was bought or sold despite the event label.
24 June 2019auditor change● Neutral
This amendment only corrects the earlier auditor filing to state that the Trust formally engaged Deloitte & Touche on June 20, 2019 for the year ending December 31, 2019. Nothing else changed.
20 May 2019listing compliance notice▼ BadMajor
On May 16, 2019 the NYSE sent a third notice that the average unit price was below $1.00 over the 30 days ending May 14, 2019, starting another six-month cure period. Units continue as SDT with '.BC' during the period.
14 May 2019auditor change● Neutral
PricewaterhouseCoopers resigned as the Trust's auditor on May 8, 2019, after SandRidge Energy's audit committee dismissed it as SandRidge's auditor. The Trust's trustee approved Deloitte & Touche for 2019. The filing reports no disagreements and no adverse opinions for 2017 and 2018.
4 Jan 2019listing compliance notice▼ BadMajor
On December 31, 2018 the NYSE sent a new notice that the Trust's 30-day average unit price was again below $1.00, starting another six-month cure period. Units keep trading as SDT with '.BC'. This repeats the January 2018 problem, which implies the earlier compliance was regained (inference; not stated in this filing).
12 Jan 2018listing compliance notice▼ BadMajor
The NYSE told the Trust on January 8, 2018 that its units no longer met listing standards because the 30-day average price was below $1.00. The Trust has six months to cure, units continue trading as SDT with a '.BC' marker, and the Trust says it will not attempt a reverse split.
16 Mar 2016late filing notice▼ Bad
SandRidge Mississippian Trust I notified the SEC that its annual report would be filed late.
24 Oct 2012securities registration● Neutral
SandRidge Mississippian Trust I registered a securities offering with the SEC using its shelf eligibility.
9 Oct 2012substantial holder notice● Neutral
SandRidge Energy, Inc, SandRidge Exploration and Production, LLC reported a SandRidge Mississippian Trust I shareholding of 528,063 shares (2.50% of votes) in a periodic institutional filing.
2 Oct 2012director interest notice● Neutral
SandRidge Mississippian Trust I 10%+ owner Sandridge Energy INC sold 688,000 shares at $22.98.
20 June 2012substantial holder notice● Neutral
SandRidge Energy, Inc, SandRidge Exploration and Production, LLC reported a SandRidge Mississippian Trust I shareholding of 1,216,063 shares (5.80% of votes) in a periodic institutional filing.
18 June 2012director interest notice● Neutral
SandRidge Mississippian Trust I 10%+ owner Sandridge Energy INC sold 950,000 shares at $26.00.
24 Feb 2012substantial holder notice● Neutral
SandRidge Energy, Inc, SandRidge Exploration and Production, LLC reported a SandRidge Mississippian Trust I shareholding of 2,166,063 shares (10.30% of votes) in a periodic institutional filing.
22 Feb 2012director interest notice● Neutral
SandRidge Mississippian Trust I 10%+ owner Sandridge Energy INC sold 1,583,937 shares at $33.05.
19 Apr 2011substantial holder notice● Neutral
SandRidge Energy, Inc, SandRidge Exploration and Production, LLC disclosed a new substantial SandRidge Mississippian Trust I shareholding (17.90% of votes).
18 Apr 2011capital raising announcement● NeutralMajor
On April 12, 2011 the Trust closed its initial public offering of 17,250,000 common units and received perpetual royalty interests in oil and gas properties in Alfalfa, Garfield, Grant, Major and Woods Counties, Oklahoma, plus 20-year term royalty interests, from SandRidge subsidiaries. In return SandRidge E&P and Mistmada received 3,750,000 common units, 7,000,000 subordinated units and the net offering proceeds. SandRidge also agreed to drill horizontal wells (secured by a mortgage), provide hedges through 2015 and administrative services for $200,000 a year, and gained registration rights.
12 Apr 2011director interest notice● Neutral
SandRidge Mississippian Trust I 10%+ owner Sandridge Energy INC bought 10,750,000 shares on the open market.
8 Apr 2011material agreement● NeutralMajor
On April 6, 2011 the Trust and SandRidge Energy signed an underwriting agreement for a public sale of 15,000,000 common units at $21.00 each, with underwriters holding a 30-day option for 2,250,000 more units. This sets the terms of the offering registered in the earlier filings.
7 Apr 2011securities registration● Neutral
SandRidge Mississippian Trust I filed the final prospectus for a registered offering.
7 Apr 2011securities registration● Neutral
SandRidge Mississippian Trust I filed a free-writing prospectus - marketing material for an offering in progress.
6 Apr 2011securities registration● Neutral
SandRidge Mississippian Trust I registered additional securities for an offering already underway.
5 Apr 2011listing compliance notice▲ GoodMajor
the New York Stock Exchange certified SandRidge Mississippian Trust I's securities for listing, clearing them to begin trading.
5 Apr 2011director interest notice● Neutral
Sandridge Energy INC became a SandRidge Mississippian Trust I 10%+ owner and company insider (initial ownership filing).