27 June 2014listing compliance notice▼ BadMajor
Weatherford International Ltd./Switzerland 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.
23 June 2014listing compliance notice● NeutralMajor
Weatherford International Ltd./Switzerland's exchange filed to remove a class of its securities from listing.
29 Apr 2014quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported a quarterly net loss of $41.0 million for the period ended 2014-03-31.
24 Apr 2014quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported a quarterly net loss of $41.0 million for the period ended 2014-03-31.
17 Apr 2014agm notice● Neutral
Weatherford International Ltd./Switzerland shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
10 Apr 2014debt financing● Neutral
On April 10, 2014 Weatherford took out a new $400 million, 364-day term loan, fully drawn and maturing April 9, 2015, with terms substantially similar to the existing $300 million 364-day loan that was due April 30, 2014. The proceeds will refinance that $300 million loan (taken out May 1, 2013) and go to general corporate purposes, including repaying short-term debt. This is a rollover of the 2013 facility, enlarged by $100 million.
2 Apr 2014business combination● NeutralMajor
On April 2, 2014 Weatherford's board approved moving the company's incorporation from Switzerland to Ireland by merging it into a new Irish subsidiary, to be renamed Weatherford International plc. Each existing registered share would be cancelled in exchange for one Irish ordinary share, and treasury shares would be cancelled without any new shares issued for them. The company would seek delisting from SIX Swiss Exchange and NYSE Euronext Paris, remain subject to SEC reporting and NYSE rules, and intends to keep Swiss tax residency. A shareholder vote is expected on or about June 16, 2014, with completion targeted by the end of Q2 2014, though the company may postpone or abandon it even after approval. The 2014 annual meeting would be pushed to September 2014 if the merger goes ahead. About 980,000 shares held in an executive deferred compensation trust would have to be disposed of before the merger because of Irish treasury-share limits. This is a new thread, and it would end the Swiss-company structure the company has had since the 2009 redomestication from Bermuda.
14 Feb 2014substantial holder notice● Neutral
Clearbridge Investments, LLC reported a Weatherford International Ltd./Switzerland shareholding of 61,913,655 shares (8.05% of votes) in a periodic institutional filing.
13 Feb 2014substantial holder notice● Neutral
Dodge & Cox disclosed a new substantial Weatherford International Ltd./Switzerland shareholding (8.80% of votes).
5 Feb 2014substantial holder notice● Neutral
Invesco Ltd. IRS # reported a Weatherford International Ltd./Switzerland shareholding of 54,071,450 shares (7.00% of votes) in a periodic institutional filing.
5 Nov 2013quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $3820.0 million and a net loss of $271.0 million for the period ended 2013-09-30.
31 July 2013quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $3868.0 million and a net loss of $118.0 million for the period ended 2013-06-30.
30 July 2013quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $3868.0 million and a net loss of $118.0 million for the period ended 2013-06-30.
3 June 2013agm notice● Neutral
Weatherford International Ltd./Switzerland announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
3 May 2013quarterly activities report● Neutral
Weatherford International Ltd./Switzerland reported quarterly revenue of $3868.0 million and net income of $22.0 million for the period ended 2013-06-30.
3 May 2013quarterly activities report● Neutral
Weatherford International Ltd./Switzerland reported quarterly revenue of $3868.0 million and net income of $22.0 million for the period ended 2013-06-30.
2 May 2013material agreement● NeutralMajor
On May 1, 2013 Weatherford took out a $300 million, 364-day term loan, fully drawn and maturing April 30, 2014, with terms substantially similar to its $2.25 billion revolver. It is for general corporate purposes, including repaying other credit facility borrowings and reducing commercial paper. The same filing carries first-quarter 2013 results: revenue of $3,837 million, GAAP net income of $22 million ($0.03 per share), or $117 million ($0.15 per share) excluding $95 million of after-tax losses, which included $61 million from the Venezuelan bolivar devaluation and $18 million of professional fees for income tax remediation. Net debt rose $308 million from the prior quarter, which the company attributes mainly to the timing of interest payments plus higher working capital. The tax remediation effort is described as still ongoing.
30 Apr 2013agm notice● Neutral
Weatherford International Ltd./Switzerland shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
4 Mar 2013late filing notice▼ Bad
Weatherford International Ltd./Switzerland notified the SEC that its annual report would be filed late.
26 Feb 2013quarterly activities report● Neutral
Weatherford International Ltd./Switzerland reported quarterly revenue of $3837.0 million and net income of $22.0 million for the period ended 2013-03-31.
14 Feb 2013substantial holder notice● Neutral
ClearBridge Investments, LLC reported a Weatherford International Ltd./Switzerland shareholding of 43,812,158 shares (5.73% of votes) in a periodic institutional filing.
11 Feb 2013substantial holder notice● Neutral
Invesco Ltd. IRS # reported a Weatherford International Ltd./Switzerland shareholding of 70,260,824 shares (9.20% of votes) in a periodic institutional filing.
17 Dec 2012quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $4058.0 million and a net loss of $122.0 million for the period ended 2012-12-31.
17 Dec 2012quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $4058.0 million and a net loss of $122.0 million for the period ended 2012-12-31.
17 Dec 2012quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $4058.0 million and a net loss of $122.0 million for the period ended 2012-12-31.
13 Nov 2012late filing notice▼ Bad
Weatherford International Ltd./Switzerland notified the SEC that its quarterly report would be filed late.
14 Aug 2012material agreement▼ BadMajor
After bondholders consented in a solicitation that began August 2, 2012, Weatherford signed supplemental indentures extending the deadline for its second- and third-quarter 2012 Form 10-Q filings under its note indentures, covering all series of its outstanding publicly traded senior notes. The press release says the new deadline is March 31, 2013 (the 8-K text says 'March 31, 2012', which appears to be a typo). Noteholders who consented were offered $2.50 per $1,000 of notes, and the company expects to pay about $29 million in total including fees and solicitation costs. This mirrors the August 6 extension granted by the revolver lenders.
10 Aug 2012late filing notice▼ Bad
Weatherford International Ltd./Switzerland notified the SEC that its quarterly report would be filed late.
6 Aug 2012material agreement▼ BadMajor
Weatherford's lenders under its senior unsecured revolving credit facility waived the company's financial reporting obligations for the second and third quarters of 2012 and extended them to no later than March 19, 2013, and also gave a limited waiver of default over representations about its existing financial statements. The company says it had no borrowings outstanding under the facility and is in compliance with its covenants after the amendment. This follows from the unresolved tax material weakness and restatement, which is why the quarterly reports are delayed; the filing itself does not say that, so linking them is an inference. The filing says additional requirements apply during the waiver period but does not describe them.
27 July 2012quarterly activities report▼ Bad
Weatherford International Ltd./Switzerland reported quarterly revenue of $3747.0 million and a net loss of $849.0 million for the period ended 2012-06-30.