10 Jan 2002listing compliance notice▼ BadMajor
TRITON ENERGY 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.
10 Jan 2002listing compliance notice▼ BadMajor
TRITON ENERGY LTD terminated the registration of a class of securities, ending its reporting obligation for them.
17 Aug 2001listing compliance notice▼ Bad
TRITON ENERGY LTD withdrew a registration statement, abandoning the offering it covered.
17 Aug 2001listing compliance notice▼ Bad
TRITON ENERGY LTD withdrew a registration statement, abandoning the offering it covered.
14 Aug 2001business combination▲ GoodMajor
Hess's $45.00 per share tender offer for Triton expired at midnight on August 13, 2001, with 63,751,116 ordinary shares (about 99.6%, including 22,899,985 covered by guarantees of delivery) validly tendered and not withdrawn, and Hess's Cayman subsidiary accepted all of them for payment. This resolves the open question of whether the 90% minimum would be met; the press release says Hess intends to compulsorily acquire the remaining ordinary shares under Cayman law as soon as the law permits, so that final step is not yet complete. The tendered shares include those issued on conversion of the preference shares held by Hicks Muse.
3 Aug 2001business combination▲ GoodMajor
Hess reported that the US FTC granted early termination of the antitrust waiting period on July 27, 2001, clearing that condition of the $45.00 tender offer. It also disclosed a July 30 credit agreement with Citibank for a revolving facility that can be drawn once Hess has accepted at least a majority of Triton's shares on a fully diluted basis. The offer had not yet closed as of this filing.
30 July 2001business combination● Neutral
Hess amended its tender offer documents with wording changes: it disclaims responsibility for the accuracy of Triton projections, reserves the right to delay payment pending government approvals, and states that all conditions other than regulatory approvals must be satisfied or waived before the offer expires. The $45.00 price and terms are unchanged.
17 July 2001business combination▲ GoodMajor
Triton filed its formal response to the Hess tender offer at $45.00 per share. It states that if Hess ends up with at least 90% in value, the remaining shares will be compulsorily acquired at the same $45.00. If Hess gets less than 90% (or buys none), Hess can request a court-sanctioned scheme of arrangement paying $45.00 per ordinary share and $180.00 plus unpaid dividends per 8% convertible preference share. The Hicks Muse-led principal shareholders (1,733,573 ordinary and 5,058,685 preference shares) agreed to tender, and as of July 13 there were 38,057,231 ordinary and 5,180,265 preference shares outstanding. The offer is not yet complete. The text provided is truncated, so the board's recommendation in this filing is not visible here, though the July 10 announcement said it was unanimous.
17 July 2001business combination▲ GoodMajor
Amerada Hess, through its Cayman subsidiary, formally launched its cash tender offer for all Triton ordinary shares at $45.00 each, the price announced on July 10. The offer expires at midnight New York time on August 13, 2001 unless extended, and requires at least 90% of the shares in value to be tendered (Hess may lower this to a majority of votes) plus expiry of the US antitrust waiting period. Triton's main holder group (about 37.7% of shares assuming conversion of its preferred) has agreed to sell, and an Amendment No. 1 to the Acquisition Agreement dated July 17 is also listed. This moves the pending Hess deal from announcement to an open offer; it has not closed.
10 July 2001business combination● Neutral
Amerada Hess filed a preliminary notice of its planned tender offer for Triton Energy's shares. This is a repeat of the earlier same-day filing, now with Triton named as the subject company, and has no price or terms of its own.
10 July 2001business combination▲ GoodMajor
Triton and Amerada Hess announced a definitive agreement for Hess to launch a cash tender offer at $45.00 per share, about $3.2 billion in total including roughly $500 million of assumed Triton debt, a 50% premium to the July 9, 2001 close. Triton's board unanimously recommends acceptance, Hicks Muse (about 38% holder) has irrevocably committed to sell, and closing is expected in the third quarter of 2001, subject to regulatory approvals and customary conditions. The offer has not yet closed.
10 July 2001business combination● NeutralMajor
Amerada Hess filed a preliminary notice (a draft, with the subject company name left as a placeholder) that it and a Cayman subsidiary plan a tender offer for Triton's ordinary shares. The filing has no price or terms; the terms are in the companion Triton announcement the same day.
25 Apr 2001production update● Neutral
Triton announced investor presentations: its CFO at a Bear Stearns conference on April 25, 2001, a management investor meeting in New York on April 26, and its exploration head at a West Africa symposium on April 30. The filing contains no new production figures or results.
4 Jan 2001drilling progress report● Neutral
Triton said the Ceiba-1 well offshore Equatorial Guinea is mechanically complete but connecting its controls to the floating production vessel is delayed, with production now targeted by mid-February 2001. Three Ceiba wells were producing about 38,200 barrels a day in late December 2000, against a targeted initial rate of 52,000 that Ceiba-1 is meant to help reach. Ceiba-7 was spudded January 1, 2001, with four more wells planned for 2001.
6 Nov 2000business combination▼ Bad
Triton amended its note exchange registration, now setting the exchange offer to expire December 7, 2000 and giving a revised Cusiana/Cupiagua outlook: about 334,000 barrels a day gross in 2000 and 270,000 to 280,000 in 2001. The earlier draft said 2001 output would fall about 15% from the 2000 level (the 2000 estimate was then about 340,000), so the new 2001 forecast is lower than before.
25 Oct 2000business combination● Neutral
Triton filed to register $300 million of 8 7/8% Senior Notes due 2007 so holders of its existing unregistered notes of the same amount can swap them for freely tradable ones on the same terms. This is a swap of existing debt, not new borrowing. The filing describes core operations in Colombia (12% interest in the Cusiana and Cupiagua areas, 20% in Recetor), Equatorial Guinea (85% operated interest in Blocks F and G, Ceiba field discovery) and Malaysia-Thailand, with 265 MMboe of proved reserves at December 31, 1999.