2 June 2005securities registration● Neutral
SEITEL INC filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2005securities registration● Neutral
SEITEL INC registered a securities offering with the SEC using its shelf eligibility.
6 May 2005debt financing▲ Good
The buyback offer closed with $4 million of the 11.75% Senior Notes tendered, paid on May 5, 2005 along with $143,600 of accrued interest. This leaves $189 million of the notes outstanding, down from $193 million, and resolves the April offer.
4 Apr 2005debt financing▲ Good
Because the company generated excess cash flow of about $9,859,000 in 2004, its note indenture required it to offer to buy back up to $4,759,000 of the 11.75% Senior Notes at par plus accrued interest, open until May 2, 2005. Seitel's obligations only change if holders actually tender notes.
28 Mar 2005material agreement● NeutralMajor
Seitel set pay terms for its leadership: a new COO, Kevin Callaghan, gets a $330,000 salary and 160,000 restricted shares. CEO Robert Monson's employment agreement was restated, including full vesting of his 1,000,000 restricted shares on a change in control or death or disability. The filing also covers standard restricted-stock forms and the 2005 bonus plan. These awards add to the share count and give executives accelerated vesting if control changes.
24 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
22 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
21 Mar 2005securities registration● Neutral
SEITEL INC amended an already-effective registration statement.
11 Mar 2005material agreement● Neutral
The compensation committee amended the February restricted stock awards to Simon (126,000 shares) and Kendrick (40,000 shares) so they vest fully on death or disability and immediately before a change in control of Seitel.
16 Feb 2005material agreement● Neutral
The board approved a $48,440 cash bonus for Marcia Kendrick for her 2004 work as chief accounting officer and acting CFO. Seitel also awarded 126,000 shares to Robert Simon (president of Seitel Data, Ltd.) and 40,000 restricted shares to Kendrick under the 2004 Stock Option Plan. Kendrick's restricted shares vest in three equal annual parts from 2006 to 2008.
14 Feb 2005substantial holder notice● Neutral
Contrarian Capital Management, L.L.C, Contrarian Equity Fund, L.P reported no remaining SEITEL INC shareholding in its periodic institutional filing.
12 Jan 2005securities registration● Neutral
SEITEL INC filed the final prospectus for a registered offering.
7 Jan 2005material agreement● Neutral
On January 3, 2005 Seitel granted 16,129 restricted shares to each of its eight non-employee directors under the 2004 Stock Option Plan, vesting after three years or earlier on death, disability or a change-in-control termination. This is routine director pay that adds to the share count.
4 Jan 2005material agreement● Neutral
On December 31, 2004 Seitel signed a third amendment to its April 2004 loan agreement with Wells Fargo Foothill, changing the minimum cash operating income covenant. The filing does not say how the covenant was changed or why.
21 Dec 2004business combination● Neutral
Seitel filed a registration statement offering to swap its outstanding $193,000,000 of 11 3/4% Senior Notes due 2011 for new notes with the same terms, except that the new notes are registered with the SEC. This follows the notes issued under the reorganization plan; Seitel receives no cash from the swap, and the filing notes the notes will not be listed on an exchange. Robert D. Monson is named as President and CEO.
15 Nov 2004late filing notice▼ Bad
SEITEL INC notified the SEC that its quarterly report would be filed late.
18 Oct 2004auditor change● Neutral
Seitel's audit committee engaged BKD, LLP as its new auditor on October 15, 2004, filling the vacancy left by Ernst & Young's announced resignation. BKD will start with the review of the quarter ended September 30, 2004, and the company says it expects to file that 10-Q on time.
13 Oct 2004substantial holder notice● Neutral
Daniel S. Loeb, Third Point Management Company L.L.C. I.D. # disclosed a new substantial SEITEL INC shareholding (5.40% of votes).