All restricted shares were provided with “registration rights” through the IPO. There was a 180-day “lock-up” on all shares. After 180 days shareholders had the right to have 1/3 of their shares registered by the Company. Another 1/3 of their holdings have registration rights after 365 days.
The timing of the filing in front of the Anadarko announcement is a little disturbing. So is the fact that none of the newswires picked it up. In fairness to the Company, they are always doing deals so there may not have been a better time to file. It may also have been a function of some shareholders exercising their registration rights before yearend. And it may have been that attorneys have had their hands full all year.
It would be naïve to assume that none of these shares will be sold. But I want to retract any statement that may have indicated that anyone is definitely selling shares at this time.
The author currently has no position in XCO.