Past year: ▼ 20%(3.12 – 6.16 USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2015capital raising announcement● Neutral
The Kauffman acquisition closed on October 20, 2015, with 4,418,413 new shares issued to the seller as part of the payment. The filing describes about 4,100 net acres (the earlier announcement said about 4,300). The company's address has also changed, from Platteville to Denver. This resolves the pending Kauffman purchase.
16 Sept 2015capital raising announcement▲ GoodMajor
On September 14, 2015 the company agreed to buy about 4,300 net acres of DJ Basin leasehold and related assets from K.P. Kauffman Company for $35 million cash plus about 4.4 million shares (the press release puts the total at $78 million and notes non-operated interests in 25 gross horizontal wells producing about 1,200 BOED), with closing expected in October 2015. The same filing carries an operations update (fiscal 2015: 46 gross operated wells drilled; one rig under contract through calendar 2015, no long-term drilling commitments for fiscal 2016), a restatement of the articles with no substantive changes, and notice of an October 16 earnings call. The signer and call hosts are President Lynn Peterson, CFO James Henderson and COO Craig Rasmuson, so the leadership team differs from the Co-CEO/Jennings team in earlier filings (inference: a management change, not explained in this filing).
31 Mar 2014capital raising announcement● Neutral
On March 28, 2014 Synergy issued restricted shares for assets: 62,877 to 16 people and 40,435 to director George Seward for oil and gas leases, and 20,626 to two people for a disposal well. This is small further dilution and continues paying for leases in stock, including to Seward.
3 Jan 2014capital raising announcement● Neutral
On December 30, 2013 Synergy issued 15,883 restricted shares to director George Seward and 14,201 to two other people for helping obtain oil and gas leases. This is a small further dilution and continues paying Seward in shares for leases.
6 June 2013capital raising announcement● Neutral
On May 31, 2013 Synergy issued restricted shares: 202,824 to 21 persons and 22,202 to director George Seward for leases, 101,512 to one person for producing properties, 100,000 to an oil and gas exploration company under the earlier agreement disclosed in an 8-K (apparently the Vecta deal), and 36,334 to employees under the Stock Bonus Plan. This adds modest dilution and continues paying for leases in stock, including to director Seward.
30 Dec 2011capital raising announcement● Neutral
On December 30, 2011 Synergy issued 188,137 shares to director George Seward for helping acquire leases, 225,146 restricted shares to 16 persons for leases and joint venture interests, and 5,000 shares to an employee for services. It adds a small amount of dilution and continues paying a director in stock for lease work, as in March 2011.
23 Mar 2011capital raising announcement● NeutralMajor
On March 21, 2011 Synergy issued 1,312,796 restricted shares to fourteen people in exchange for oil and gas leases covering 89,805 gross (80,334 net) acres in the D-J Basin. Director George Seward received 337,523 of those shares for leases covering 19,852 net acres, so part of this was a related-party deal. It adds acreage and dilutes existing shareholders.
14 Jan 2011capital raising announcement▲ GoodMajor
Synergy completed its $18.0 million private placement of 9,000,000 shares at $2.00, in two closings (December 23, 2010 and January 11, 2011), netting about $16.7 million. Proceeds are for acquisitions, the 2011 drilling program and working capital. Oppenheimer was lead placement agent with GVC Capital as co-agent, and the company agreed to file a registration statement for resale of the shares. This completes the raise started in December.
What it means for a shareholder
9.0m new shares at $2.00 to raise about $18.0m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held $1,000 of shares (500 at the issue price), your slice goes from 0.0037% to 0.00222% of the company. To keep it you'd need 333 more shares - about $666 at the issue price.
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29 Dec 2010capital raising announcement● NeutralMajor
On December 23, 2010 Synergy sold 6,502,500 shares of common stock to private investors at $2.00 per share, for net proceeds of $12,075,323. This is a new equity raise, the first stock sale in this record since the 2009 private placement, and it dilutes existing holders. The filing gives no use of proceeds.
What it means for a shareholder
6.5m new shares at $2.00 to raise about $12.1m. That's 32% dilution: every existing holder's slice gets 32% smaller. If you held $1,000 of shares (500 at the issue price), your slice goes from 0.0037% to 0.0025% of the company. To keep it you'd need 241 more shares - about $482 at the issue price.
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16 Mar 2010capital raising announcement▲ GoodMajor
The convertible note offering closed finally on March 12, 2010 with all 180 units sold, after the company raised the size from 150 units. Net proceeds were about $16.6 million after placement agent commissions (GVC Capital LLC) and expenses; all investors get 50,000 warrants per unit. Proceeds go to the 35-well Wattenberg program, and as of March 15, 2010 the company had drilled 12 wells, completed 9, with 4 producing. This completes the note raise; the notes can convert into shares at $1.60 after May 31, 2010, which could dilute shareholders.
8 Mar 2010capital raising announcement● Neutral
Synergy reports that as of March 4, 2010 it had sold 162.23 units of its 8% convertible note offering (41.65 closed December 29, 2009 plus 120.58 more), up from 117.61 units reported in February. All investors get 50,000 warrants per unit instead of 37,000. Notes are due December 31, 2012, convertible at $1.60 after May 31, 2010, and secured by wells drilled or acquired with the proceeds; as of March 5, 2010, 11 wells were drilled, 9 completed and 4 in production, unchanged from the earlier update. This continues the note raise and adds potential dilution.
22 Feb 2010capital raising announcement● Neutral
This updates the convertible note offering: a further 23.16 units closed February 19, 2010, bringing total units sold to 117.61 (about $11.8 million at $100,000 each, an inference), with the higher 50,000-warrant-per-unit terms applying to all of them. Terms are otherwise unchanged (8% notes due December 31, 2012, convertible at $1.60 after May 31, 2010). The well count is unchanged from the prior update: eleven drilled, nine completed, four producing.
1 Feb 2010capital raising announcement● NeutralMajor
Synergy reported selling units of 8% promissory notes plus warrants: 41.65 units at $100,000 each closed December 29, 2009, and another 52.8 units by January 28, 2010 (94.45 units in total, about $9.4 million by simple multiplication, an inference). The notes mature December 31, 2012, are convertible into common stock after May 31, 2010 at an initial $1.60 per share, and are secured by wells drilled or acquired with the proceeds. Warrants per unit were raised from 37,000 to 50,000 (exercise price $6.00). Proceeds fund a 35-well 2009/2010 Wattenberg program; the company had drilled eleven wells, completed nine and put four into production as of January 29, 2010. This adds convertible debt and potential dilution.
30 June 2009capital raising announcement● NeutralMajor
On June 29, 2009, Synergy completed a private sale of 1,000,000 units at $3.00 each, each unit made up of two common shares, one Series A warrant ($6.00 exercise price) and one Series B warrant ($10.00 exercise price). That implies about $3 million raised (inference from units times price; the filing does not state the total) and more shares and warrants outstanding, which dilutes existing holders. A $47,600 commission was paid to Scottsdale Capital Advisors on 158,667 units.
What it means for a shareholder
1.0m new shares at $3.00 to raise about $3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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