Key Developments: Contango Oil & Gas Co (MCF)
35.03USD
18 Jun 2013
$0.67 (+1.95%)
$34.36
$34.46
$35.09
$34.38
29,115
53,459
$61.16
$33.91
Latest Key Developments (Source: Significant Developments)
Contango Oil & Gas Co And Crimson Exploration Inc Enter Into Merger Agreement
Contango Oil & Gas Co and Crimson Exploration Inc. jointly announced that they have signed a merger agreement for an all-stock transaction pursuant to which Crimson would become a wholly owned subsidiary of Contango. Upon consummation of the merger, each share of Crimson stock will be converted into 0.08288 shares of Contango stock resulting in Crimson stockholders owning 20.3% of the post-merger Contango. Crimson stockholders will receive per-share consideration consisting of 0.08288 shares of Contango common stock for each Crimson share. Based on Contango's closing stock price on April 29, 2013, this transaction represents an implied price per share for Crimson of $3.19, a premium of approximately 8% to the recent closing price of Crimson common stock. Aggregate consideration in the transaction is approximately $390 million based on the assumed issuance of approximately 3.9 million shares of Contango common stock and the assumption by Contango of approximately $244 million of long-term debt of Crimson. The merger is expected to close in the third quarter of 2013. Mr. Joseph Romano will serve as Chairman of the Board of Directors and Chairman of the newly-created Investment Committee of the Board of Directors of the combined company. Mr. Allan D. Keel will become President, Chief Executive Officer and a member of the Investment Committee and Mr. E. Joseph Grady will become Senior Vice President and Chief Financial Officer of the combined Company. Full Article
Contango Oil & Gas Co Elects New Chief Executive Officer; Declares Special Dividend
Contango Oil & Gas Co announced that the Company had expanded its Board to seven Directors and elected Mr. Joseph J. Romano as a Director, President and Chief Executive Officer. The Board of the Company declared a special dividend of $2.00 per share of common stock to be paid on December 17, 2012 to each holder of record of the Company`s common stock as of the close of business on December 3, 2012. Full Article
Contango Oil & Gas Co. Implements Second Share Repurchase Program
Contango Oil & Gas Company announced that its Board of Directors has approved the adoption of a $50.0 million share repurchase program, effective upon completion of purchases under the Company’s existing $100.0 million share repurchase program. The shares will be purchased in the open market from time to time by the Company or through privately negotiated transactions. The repurchases will be made subject to market conditions and certain volume, pricing and timing restrictions to minimize the impact of the repurchases upon the market. Repurchased shares of common stock will become authorized but unissued shares, and may be issued in the future for general corporate and other purposes. Full Article
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