28 Dec 2020listing compliance notice▼ BadMajor
TRANSATLANTIC PETROLEUM LTD. 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.
18 Dec 2020listing compliance notice● NeutralMajor
TRANSATLANTIC PETROLEUM LTD.'s exchange filed to remove a class of its securities from listing.
18 Dec 2020business combination▼ BadMajor
Completed the going-private merger effective December 18, 2020: every common share not already held by the buying group was cancelled for $0.13 cash, and the shares were delisted from NYSE American - ending TransAtlantic's run as a public company after 13 years, with ownership consolidated in the hands of Chairman Mitchell's family and the other Series A Preferred holders.
25 Nov 2020debt financing● Neutral
Got its 2019 DenizBank term loan's interest rate cut and repayment schedule eased for the final year, one of the last financing adjustments before the going-private merger closed.
13 Nov 2020listing compliance notice▼ BadMajor
Received a NYSE American listing-deficiency notice after reporting a $17.3 million shareholders' equity deficit and net losses in each of the last five fiscal years - a stark confirmation of the financial deterioration behind the pending buyout.
30 Sept 2020capital raising announcement▼ Bad
Paid its Q3 2020 Series A Preferred dividend in stock once more, at a share price down to $0.24 - about a tenth of its 2013 highs - as the going-private deal moved toward closing.
22 Sept 2020debt financing● Neutral
Had Chairman Mitchell personally pledge Turkish real estate (including the Gundem resort and Diyarbakir property) to secure continued DenizBank support, restructured through the same buying group now taking the company private.
7 Aug 2020business combination▼ BadMajor
Signed a definitive merger agreement: a new entity controlled by 100% of its Series A Preferred holders (essentially Chairman Mitchell's family and a handful of other preferred investors) would buy out every other common shareholder for $0.13 cash per share - taking the company fully private under the same insiders who had financed and partly owned it for over a decade.
3 Aug 2020capital raising announcement▼ Bad
Paid its Q2 2020 Series A Preferred dividend in stock again, even as the going-private buyout talks with its own preferred holders were underway.
2 July 2020material agreement▼ BadMajor
Disclosed a non-binding letter of intent for a going-private buyout: a group holding about 80% of its Series A Preferred Shares - led by Chairman Mitchell's own Longfellow and Dalea entities - proposed buying out all remaining common shareholders at $0.13 cash per share.
2 Jan 2020capital raising announcement▼ Bad
Paid its Q4 2019 Series A Preferred dividend in stock again (4.5 million shares) rather than cash, continuing a pattern stretching back to late 2017.
28 June 2019material agreement● Neutral
Amended its pledge agreement with Dalea so that dividends on preferred shares Dalea had pledged as collateral would be applied first against the balance the chairman's company still owed the company - another independent-director-approved tweak to the insider debt from the 2012 Viking sale.
17 Apr 2019material agreement● Neutral
Amended its long-running services agreement covering Longfellow, Viking Drilling, Riata Management and several other Mitchell-linked entities for the third time, keeping the web of related-party service contracts current.
28 Feb 2019debt financing● NeutralMajor
Took on a new $20 million DenizBank term loan while simultaneously amending the Dalea promissory note and the PSIL services agreement (both Mitchell-linked) - insider financing arrangements and bank debt kept being renegotiated in parallel.
7 Aug 2018material agreement termination● Neutral
Terminated its Addison, Texas office lease with Longfellow Energy (a Mitchell family company) in favor of a cheaper sublease arrangement - a small cost-cutting move.
6 July 2018production update▲ Good
Reported Q2 2018 production of about 2,777 BOEPD (rising to ~3,082 BOEPD since), converted its West Molla block to a full production license, and said its asset marketing process - running since 2015 - was still ongoing.
25 June 2018auditor change● Neutral
Named RBSM LLP as its new independent auditor for fiscal 2018, completing the transition after PMB Helin Donovan's exit two weeks earlier.
13 June 2018auditor change● Neutral
Lost its auditor, PMB Helin Donovan, after the firm decided to exit public-company audit work entirely - not a dispute over TransAtlantic's own books.
1 June 2018debt financing● Neutral
Borrowed a further $10 million from DenizBank under its master credit agreement, its third layered term loan with the bank.
6 Apr 2018material agreement● Neutral
Adopted a form of Executive Retention Incentive Agreement for its leadership team, disclosed alongside a routine investor-conference presentation.
29 Nov 2017debt financing● NeutralMajor
Borrowed a further $20.4 million from DenizBank at 6% to launch a new drilling program at Selmo, deepening its reliance on Turkish bank debt, and decided to pay the upcoming dividends on its 12% preferred shares in cash; a related party pledged Ankara real estate as extra collateral in return for a fee of 5% a year on its $5.2 million deemed value.
2 Oct 2017capital raising announcement▼ Bad
Paid its Series A Preferred dividend in newly issued common shares rather than cash for the first time - another sign the cash cushion from the 2016 note-to-preferred exchange was already thinning.
3 May 2017material agreement▼ Bad
Got its DenizBank term loan's maturity pushed back four months (to June 2018) and monthly payments reduced, easing near-term cash pressure.
28 Feb 2017asset acquisition disposition● Neutral
Filed pro forma financials for the TBNG/Valeura disposition and declared its first quarterly cash dividend on the new Series A Preferred Shares, $1.50 per share, alongside an investor conference presentation.
4 Nov 2016capital raising announcement▼ BadMajor
Exchanged most of its 13% convertible notes for a new 12% Series A Convertible Redeemable Preferred Stock at $50/share, plus a small $5.3 million cash raise - swapping one expensive security for another rather than paying down debt with cash it didn't have.
13 Oct 2016material agreement▼ BadMajor
Agreed to sell Thrace Basin Natural Gas Turkiye - the asset it fought to keep for itself back in 2011 rather than let Valeura Energy have it - to that same Valeura Energy for $22 million, a fraction of what it had once been prepared to pay to acquire it.
7 Sept 2016debt financing● NeutralMajor
Refinanced away from its longstanding Standard Bank/BNP Paribas/IFC senior facility onto a new $30 million term loan with Turkey's DenizBank, unwinding hedges and freeing up $8.5 million of previously restricted cash in the process.
5 July 2016capital raising announcement▼ Bad
Extended the ANBE Holdings note's deadlines and paid a chunk of its 2017 convertible-note and ANBE interest in shares rather than cash, at a steep discount to market - a sign cash was tight enough that even insider lenders were being paid in equity.
13 May 2016auditor change● Neutral
Filed a routine KPMG letter confirming the terms of its prior auditor-change disclosure, with no new substantive information.
22 Apr 2016material agreement▼ BadMajor
Reduced the $11.5 million note it was owed by Dalea (from the 2012 Viking sale) to about $7.96 million, in exchange for canceling a $3.5 million payable a former subsidiary owed to Viking International - effectively forgiving debt in the chairman's favor rather than collecting it in cash.