The Bonterra Offer
Bonterra Energy Corp. ("Bonterra") has made an offer to acquire all of the issued and outstanding common shares of the Company (the "Bonterra Offer"). Pursuant to the terms of the Bonterra Offer, the shareholders of Spartan will receive 0.1169 of a common share of Bonterra ("Bonterra Share") for each Spartan Share. In addition, subject to the execution of a definitive agreement and completion of the transaction, Bonterra has covenanted to increase its dividend to $0.28 from $0.26 per month commencing March, 2013. Based on a closing price of $42.46 per Bonterra Share on December 10, 2012, the Bonterra Offer represents a deemed price of $4.96 per Spartan Share. Based on a closing price of $1.62 per Pinecrest Share on December 10, 2012, this represents a 12% premium to the implied trading price of the Spartan Shares of $4.44 per share under the Pinecrest Offer. In addition, to the extent that the Bonterra Shares continue to trade at the same effective yield as they are currently trading (7.35%) following the increase in the monthly dividend to $0.28 from $0.26, this represents an incremental $0.39 of value to Spartan shareholders, for a total potential value (based on Bonterra's December 10, 2012 closing price) of $5.35 per Spartan Share. This amount represents a 20% premium over the current implied trading price of the Spartan Shares under the Pinecrest Offer.
Pursuant to the Pinecrest Arrangement Agreement, Spartan has provided Pinecrest with a notice of the Superior Proposal. Under the terms of the Pinecrest Arrangement Agreement, Spartan has agreed to negotiate in good faith with Pinecrest for a period of three business days ending on Thursday, December 13, 2012, to make such adjustments in the terms and conditions of the Pinecrest Offer as would enable Spartan to proceed with the Pinecrest Offer, as amended, rather than the Bonterra Offer. Pinecrest is under no obligation to make any amendments to the current Pinecrest Offer, in which case Spartan intends to accept the Bonterra Offer. Under this scenario, Pinecrest would be entitled to a $12.5 million non-completion fee payable by Spartan.
Eipä ole kovin parempi ehdotus tämä, mutta itse otan kyllä mielummin Bonterran paperia kuin Pinecrestin. Uuden Pinecrestin osingot olisi rahoitettu ensisijassa STO:n tuotannolla ja nimenomaan tuon osingon avulla Pinecrest kuvitteli saavansa tulevaisuudessa rahoitusta paremmilla ehdoilla.
STO:n johto ei ilmeisesti löytänyt riittävän tuottoisaa käyttöä yhtiön kassavirralle, joten he päättivät hypätä pois pelistä hyväksymällä ensimmäisen vastaan tulleen tarjouksen.
Bonterra tuskin kasvattaa tuotantoaan kovin hurjaa tahtia tulevaisuudessa(ainakin selvästi hitaammin kuinPRY), eikä yhtiön lappuja ole arvostettu halvaksi tässä tarjouksessa, mutta BNE tekee kuitenkin selvää plus-merkkistä tulosta, toisin kuin esim. PWT tai CPG.
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