16 Dec 2020listing compliance notice▼ BadMajor
SandRidge Mississippian Trust II 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.
14 Sept 2020asset acquisition disposition▼ BadMajor
On September 10, 2020 the Trust sold all of its overriding royalty interests to SandRidge Exploration and Production, LLC, a wholly owned SandRidge Energy subsidiary, for $5,250,000. The sale closed the same day with an effective date of July 1, 2020, so the Trust will receive no further production proceeds and will make no more regular quarterly distributions. The trustee will distribute the net sale proceeds (after sale expenses) to unitholders on the November 2020 distribution date, as the trust agreement requires. This sells the assets the Trust was created to hold in 2012 and is a step toward the liquidation and wind-up referenced in the February 2020 amendment, though the filing does not itself state a wind-up date or terms. The buyer is the original sponsor's subsidiary, so this is a related-party sale.
20 Feb 2020material agreement● Neutral
On February 18, 2020 the Trust and SandRidge Energy signed an amendment (dated February 14, 2020) to the 2012 Administrative Services Agreement, changing the events that end it. This lets the Trust keep receiving SandRidge's services until the Trust is finally liquidated and wound up under its trust agreement. The filing refers to eventual liquidation but gives no date or terms.
26 Nov 2019listing compliance notice● NeutralMajor
SandRidge Mississippian Trust II's exchange filed to remove a class of its securities from listing.
12 Nov 2019listing compliance notice▼ BadMajor
The Trust did not regain compliance by the end of the cure period on November 10, 2019, so the NYSE suspended trading of the units after the close on November 11, 2019 and started delisting proceedings. The Trust expected the units to trade on the OTC Pink market under 'SDRMU' from November 12, 2019, which the filing says is a more limited market and may be less liquid. This follows the 2018-2019 series of below-$1.00 notices.
24 June 2019auditor change● Neutral
This amendment only adds the engagement date for the new auditor: Deloitte & Touche was formally engaged on June 20, 2019 for the year ending December 31, 2019. It completes the auditor change reported in May 2019 and changes nothing else.
14 May 2019auditor change● Neutral
PricewaterhouseCoopers resigned as the Trust's auditor on May 8, 2019, a day after SandRidge Energy's audit committee dismissed it as SandRidge's auditor. The filing says its reports for 2017 and 2018 had no adverse opinions and there were no disagreements. The trustee approved Deloitte & Touche as the new auditor for 2019 on May 14, 2019, subject to Deloitte's customary client acceptance procedures.
13 May 2019listing compliance notice▼ BadMajor
On May 10, 2019 the NYSE sent a further below-$1.00 notice (30-day average ended May 8, 2019), with another six-month cure period. This is the third such notice since January 2018.
4 Jan 2019listing compliance notice▼ BadMajor
On December 31, 2018 the NYSE again notified the Trust that its units averaged below $1.00 over the 30 trading days ending December 26, 2018, starting a new six-month cure period. This repeats the January 2018 notice, so the price problem was not resolved.
22 Jan 2018listing compliance notice▼ BadMajor
On January 16, 2018 the NYSE told the Trust it fell short of the continued listing standard because its units averaged below $1.00 over the 30 trading days ending January 10, 2018. The units stay listed during a six-month cure period with a '.BC' marker, and the Trust and trustee said they do not intend to try a reverse split or other action to lift the price.
24 Apr 2012capital raising announcement● NeutralMajor
The Trust closed its initial public offering of 29,900,000 common units on April 23, 2012. In return for royalty interests in oil and gas properties in northern Oklahoma and southern Kansas, it gave SandRidge E&P and Mistmada (SandRidge subsidiaries) 7,393,750 common units, 12,431,250 subordinated units and about $590 million of net offering proceeds. SandRidge also agreed to a $300,000-a-year administrative services fee, to drill wells under a Development Agreement (secured by mortgages), and to provide hedges. Part of the hedged oil volumes (458,494 barrels at $107 in 2012, 446,118 at $104 in 2013, 338,243 at $99 in 2014) was transferred to the Trust, secured by liens on its royalty interests. The subordinated units convert to common units one-for-one at the end of the fourth full calendar quarter after SandRidge completes its drilling obligation.
18 Apr 2012material agreement● NeutralMajor
The Trust and SandRidge Energy signed an underwriting agreement on April 17, 2012 to sell 26,000,000 common units to the public at $21.00 each, with underwriters holding a 30-day option for 3,900,000 more units. This sets the terms of the Trust's initial public offering.
16 Apr 2012listing compliance notice▲ GoodMajor
the New York Stock Exchange certified SandRidge Mississippian Trust II's securities for listing, clearing them to begin trading.