Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
You are referring to New Source Energy LP (NSLP) http://bit.ly/16mqcaf It is trading for a valuation multiples far higher than Equal. This despite Equal's larger production and reserves, which arguably create greater efficiencies and margins on the necessarily costly Electric and water infrastructure needed in De-watering play of the Hunton.
It is a natural for NSLP to be making a bid for Equal. NSLP is loaded with newly raised (from the IPO) cash and currency from a continuing higher multiple. NSLP will have this one opportunity to seize upon such a synergistic play in its backyard. Should a larger player acquire EQU, then the relative valuation multiples between the two companies the next time may not be as favorable to NSLP. If I were a board member of NSLP I would be pounding the table to consider what accretive price (to NSLP) makes sense and enter the fray.
We are preparing a letter for EQU's board that expresses our expectations and concerns over recent events and the upcoming process.
How does one objectively define, after only a few months and no subscriber churn or subscriber growth data, whatsoever, that House of cards was a "huge success" relative to the $100MM+ paid for the series???
Equal Energy Responds to Unsolicited Proposal [View article]
I have no idea how that is possible either. I am also concerned about the multiple hundreds of thousands of shares that were issued between the year end balance sheet and the date on the cover of the 10-K. The issuance of those shares was highly dilutive to shareholders and, if done with the same knowledge, that is wrong too.
Reading's 2012 10-K Highlights Continued Value Creation [View article]
Too bad you chose to submit this article as Alpha Pro as it will leave and go behind paywall in 30 days. A mismatch in maturity with this kind of deeply undervalued investment. This is why I don't choose to write and submit in SA's Alpha Pro program. I can't even refer and link to your article in my future article as readers won't be able to access your article without going beyond paywall.
Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
"In response to Equal's receipt of the afore-mentioned Proposal and a number of verbal non-binding and conditional expressions of interest for a potential transaction, the board of directors of Equal formed a special committee (the "Special Committee") of independent directors in early March to investigate and evaluate all proposals presented to Equal. Global Hunter Securities, LLC and Scotia Waterous Inc. were engaged as financial advisors to assist the Special Committee. The Special Committee, with the assistance of its financial and legal advisors, intends to consider such expressions of interest in a deliberate and thoughtful manner with a view to the best interests of Equal before undertaking any specific course of conduct."
Equal has engaged in discussions with a number of potential suitors, including Montclair, to understand the terms and conditions of their expressions of interest and the value proposition they represent. Montclair's unsolicited and conditional proposal was rejected, as Montclair requested a response prior to the completion of the Special Committee's process. Equal would be pleased to consider further proposals from Montclair as part of the Special Committee's process.
Equal Energy Responds to Unsolicited Proposal [View article]
Lawndale Capital Management and its affiliate activist funds hold over 1.5MM shares or 4.4% of Equal Energy EQU. Lawndale is evaluating Montclair's proposed bid in conjunction with other bids and strategic alternatives Equal could pursue to maximize shareholder value.
Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
Lawndale Capital Management & its affiliate funds hold >1.5MM shares of EQU, or approximately 4.4% of Equal's recently increased share count. We are evaluating the proposed bid in conjunction with other strategic alternatives Equal could pursue to maximize shareholder value.
Gulfport Energy Corporation: What Shines Like Gold May Be Hay [View article]
Slim - why is no one discussing the related party transactions going on with the Utica acreage. Wasn't Chesapeake (CHK) and Sandridge (SND) enough of a warning sign for investors to the sliminess (pardon the pun) of this industry?
The seller of the Utica acres is Windsor Ohio LLC, an affiliate of Wexford Capital. The purchase have been funded with newly issued and sold GPOR shares. After Wexford gets preferential payouts from Windsor Ohio, the residual (equity) payouts are shared among Wexford and Mike Liddell, Gulfport's CHAIRMAN of the Board, who gets 10% of these residual profits. Thus, in effect, an equity raise by GPOR puts cash into Windsor Ohio and possibly into the hands of GPOR's Chairman.
GPOR shareholders can sleep at night of course - "The transaction was approved by a special committee of Gulfport's Board of Directors"
Challenging Future For The Medical Devices Industry [View article]
These shifts may also include companies more likely to narrow their specializations and to increase outsourcing device manufacturing to companies specializing in that function. That trend certainly would benefit device contract manufacturers with higher engineering and design skills like Sparton Corp (SPA)
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
P would likely lose a considerable amount of user base if there was service charge. Its unclear whether there is a equilibrium balance of lower users, modest advertising and modest subscription fee that would result in a profitable business. Its quite possible. However regardless of the answer, the company's fair market valuation would be far lower than today's price.
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
The content costs are such a high % of revenues vs SIRI because Pandora's business model CHOOSES to give away the artist's creative work for no subscription cost. Pandora doesn't make enough revenues as it CHOOSES not to subject its users to a multitude of ads. If they did stuff us with ads of course listeners would flee to other services. So its a vicious or virtuous circle depending on how you look at it. For content charge rates to be changed and lowered to help this business model Pandora CHOSE to financially make sense, would take revenues directly away from the artists who create the content.
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]
I know when DPTR filed for bankruptcy as we bought the bonds at a big discount which were subsequently converted into PARR equity in the BK reorg plan that greatly de-levered the company.
Lawndale Capital Management Sends Letter To Equal Energy Board Regarding Montclair Offer [View article]
Lawndale Capital Management Sends Letter To Equal Energy Board Regarding Montclair Offer [View article]
http://1.usa.gov/YStyQj stating a record date of April 5, 2013.
That proxy has not yet been blessed by the SEC and gone definitive.
The letter or release never used the word surprised.
Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
It is a natural for NSLP to be making a bid for Equal. NSLP is loaded with newly raised (from the IPO) cash and currency from a continuing higher multiple. NSLP will have this one opportunity to seize upon such a synergistic play in its backyard. Should a larger player acquire EQU, then the relative valuation multiples between the two companies the next time may not be as favorable to NSLP. If I were a board member of NSLP I would be pounding the table to consider what accretive price (to NSLP) makes sense and enter the fray.
We are preparing a letter for EQU's board that expresses our expectations and concerns over recent events and the upcoming process.
Netflix's Second Growth Story [View article]
Equal Energy Responds to Unsolicited Proposal [View article]
Reading's 2012 10-K Highlights Continued Value Creation [View article]
Equal Energy: Broken Management And A Broken Board [View article]
http://bit.ly/11J5uim
Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
Equal Energy Responds to Unsolicited Proposal
http://bit.ly/11J5uim
"In response to Equal's receipt of the afore-mentioned Proposal and a number of verbal non-binding and conditional expressions of interest for a potential transaction, the board of directors of Equal formed a special committee (the "Special Committee") of independent directors in early March to investigate and evaluate all proposals presented to Equal. Global Hunter Securities, LLC and Scotia Waterous Inc. were engaged as financial advisors to assist the Special Committee. The Special Committee, with the assistance of its financial and legal advisors, intends to consider such expressions of interest in a deliberate and thoughtful manner with a view to the best interests of Equal before undertaking any specific course of conduct."
Equal has engaged in discussions with a number of potential suitors, including Montclair, to understand the terms and conditions of their expressions of interest and the value proposition they represent. Montclair's unsolicited and conditional proposal was rejected, as Montclair requested a response prior to the completion of the Special Committee's process. Equal would be pleased to consider further proposals from Montclair as part of the Special Committee's process.
Equal Energy Responds to Unsolicited Proposal [View article]
Alabama’s Montclair Energy makes a hostile $4/share takeover proposal to Equal Energy (EQU +11.2%), which is quickly rejected by EQU's board; it says it will consider requisitioning a special meeting of EQU’s shareholders. [View news story]
Gulfport Energy Corporation: What Shines Like Gold May Be Hay [View article]
The seller of the Utica acres is Windsor Ohio LLC, an affiliate of Wexford Capital. The purchase have been funded with newly issued and sold GPOR shares. After Wexford gets preferential payouts from Windsor Ohio, the residual (equity) payouts are shared among Wexford and Mike Liddell, Gulfport's CHAIRMAN of the Board, who gets 10% of these residual profits. Thus, in effect, an equity raise by GPOR puts cash into Windsor Ohio and possibly into the hands of GPOR's Chairman.
GPOR shareholders can sleep at night of course - "The transaction was approved by a special committee of Gulfport's Board of Directors"
Challenging Future For The Medical Devices Industry [View article]
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]