13 Feb 2017substantial holder notice● Neutral
Capital Research Global Investors ** reported no remaining Transocean Partners LLC shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2017substantial holder notice● Neutral
Adage Capital Partners, L.P, Adage Capital Partners GP, L.L.C, Adage Capital Advisors, L.L.C, Robert Atchinson, Phillip Gross reported no remaining Transocean Partners LLC shareholding in its periodic institutional filing.
19 Dec 2016listing compliance notice▼ BadMajor
Transocean Partners LLC terminated the registration of a class of securities, ending its reporting obligation for them.
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC director Michael David Lynch-bell exercised stock options for 11,435 shares and disposed of 24,370 shares.
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC director Norman J Szydlowski exercised stock options for 11,435 shares and disposed of 25,870 shares.
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC director Glyn Anthony Barker exercised stock options for 11,435 shares and disposed of 22,870 shares.
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC 10%+ owner Transocean Partners LLC bought 19,782,315 shares on the open market at $0.00.
13 Dec 2016director interest notice● Neutral
Mark-anthony Lovell Mey became a Transocean Partners LLC director and company insider (initial ownership filing).
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC President, CEO and CFO Kathleen S Mcallister acquired 169,838 shares and disposed of 255,409 in a set of related equity transactions.
13 Dec 2016director interest notice● Neutral
Brady K Long became a Transocean Partners LLC director and company insider (initial ownership filing).
13 Dec 2016director interest notice● Neutral
Transocean Partners LLC director John Kirby Plaxton exercised stock options for 11,435 shares and disposed of 23,870 shares.
9 Dec 2016securities registration● Neutral
Transocean Partners LLC amended an already-effective registration statement.
9 Dec 2016listing compliance notice● NeutralMajor
Transocean Partners LLC's exchange filed to remove a class of its securities from listing.
9 Dec 2016asset acquisition disposition● NeutralMajor
On December 9, 2016 the merger with Transocean Ltd. closed, with Transocean Partners surviving as an indirect wholly owned subsidiary of Transocean. Each public common unit was converted into 1.2000 Transocean shares (the raised ratio from the November 21 amendment). The NYSE filed to delist the units and the company intends to file a Form 15 to suspend its reporting obligations. All of the company's directors and the CEO/CFO (Kathleen McAllister) left; Garry Taylor became President, CEO and CFO, with Ian Paterson and David Walls elected as directors. This resolves the merger thread: public unitholders are bought out for Transocean shares and the units no longer trade.
21 Nov 2016business combination▲ GoodMajor
On November 21, 2016 Transocean Ltd. and Transocean Partners amended the July 31 merger agreement, raising the payment to public unitholders from 1.1427 to 1.2000 Transocean shares per common unit (about 23.8 million shares to be issued in total). The conflicts committee approved the increase and the board and committee recommend a 'FOR' vote. Approval by about 9.9 million (~50.1%) of the ~19.7 million public units is still required, and the adjourned meeting reconvenes December 6, 2016; the company expects closing in early December 2016. This changes the terms of the pending buyout after the earlier votes fell short of the threshold (the filing itself does not state why the ratio was raised).
16 Nov 2016business combination● NeutralMajor
On November 16, 2016 the meeting was reconvened and adjourned again without a vote, to December 6, 2016 at 3:00 p.m. in London. The company continues to solicit proxies and says a non-vote is effectively a 'No'. The filing does not give a new vote count, so the merger still has not been approved.
14 Nov 2016business combination● NeutralMajor
The November 11 unitholder meeting was opened and adjourned without a vote, and will reconvene November 16, 2016, to gather more votes. A preliminary count showed about 46.8% of public common units intending to vote for the merger, short of the roughly 50.1% required, and about 7.4 million units (about 37.6%) had not submitted a proxy. The company says about 75% of the units that did submit proxies were in favour. The vote threshold was not yet met.
3 Nov 2016quarterly activities report● Neutral
Transocean Partners LLC reported quarterly revenue of $160.0 million and net income of $42.0 million for the period ended 2016-09-30.
6 Oct 2016business combination● NeutralMajor
The definitive proxy statement/prospectus, mailed around October 6, 2016, asks unitholders to vote on the Transocean merger at the November 11 meeting. It repeats the fixed 1.1427 Transocean shares per common unit, which it values at about $250 million in total at the July 29 price, and says public holders would own about 5.8% of Transocean afterwards. Approval needs 31,084,637 of 40,914,962 common units; Transocean's unit holder (21,254,310 units) has committed to vote for it, so another 9,830,327 units (about 50.1% of the public units) are needed, and non-votes count as 'against'. The conflicts committee and board unanimously recommend voting for it, and the units would stop trading publicly after closing.
5 Oct 2016business combination● Neutral
The company announced a special meeting of common unitholders on November 11, 2016 at 3:00 p.m. in London to vote on the July 31 merger with Transocean, open to holders of record as of September 22, 2016. A proxy statement with details was still to be filed. This is a procedural step in the pending merger and does not change its terms.
3 Aug 2016quarterly activities report● Neutral
Transocean Partners LLC reported quarterly revenue of $155.0 million and net income of $36.0 million for the period ended 2016-06-30.
3 Aug 2016quarterly activities report● Neutral
Transocean Partners LLC reported quarterly revenue of $155.0 million and net income of $36.0 million for the period ended 2016-06-30.
1 Aug 2016business combination● NeutralMajor
On July 31, 2016 Transocean Partners agreed to be acquired by its parent Transocean Ltd. Each public common unit not held by Transocean would convert into 1.1427 Transocean shares (a fixed ratio), with about 22.7 million Transocean shares to be issued. Closing needs approval by about 50.1% (roughly 9.9 million) of the ~19.7 million common units not held by Transocean, an effective S-4 registration statement and NYSE listing of the new shares. The Q3 2016 distribution will be at least $0.3625 per unit unless the conflicts committee approves otherwise. A $15 million termination fee or up to $2.5 million of expense reimbursement may be payable by the company to Transocean in certain terminations, and either side can terminate if the merger is not completed by January 31, 2017. This turns the 'possible dropdowns' thread into a buyout of the public units by the parent.
21 July 2016production update● Neutral
The July 21, 2016 fleet status report shows the same contracts and dayrates as April, with no out-of-service days listed for 2016. Q1 2016 fleet revenue efficiency was 93%, with Clear Leader at 83% (down from 103% in Q4 2015) and Inspiration at 97%. Development Driller III's BP contract is still listed as ending Nov-16, so the filing gives no information on what follows it.
26 May 2016director interest notice● Neutral
Brady K Long became a Transocean Partners LLC director and company insider (initial ownership filing).
9 May 2016director interest notice● Neutral
Transocean Partners LLC director Samuel J. Merksamer exercised stock options for 4,980 shares and disposed of 7,221 shares.
6 May 2016director interest notice● Neutral
Transocean Partners LLC director Glyn Anthony Barker received a stock option grant for 6,455 shares.
6 May 2016director interest notice● Neutral
Transocean Partners LLC director Norman J Szydlowski received a stock option grant for 6,455 shares.
6 May 2016director interest notice● Neutral
Transocean Partners LLC director John Kirby Plaxton received a stock option grant for 6,455 shares.
6 May 2016director interest notice● Neutral
Transocean Partners LLC director Michael David Lynch-bell received a stock option grant for 6,455 shares.