Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BANKERS PETROLEUM LTD. We currently have 41 research reports from 3 professional analysts.
|29Aug16 11:00||PRN||Bankers Petroleum Announces Results of the Binding Third-Party Audit Regarding the 2011 Tax Dispute|
|11Aug16 12:00||PRN||Bankers Petroleum announces 2016 second quarter financial and operational results|
|21Jul16 01:00||PRN||Bankers Petroleum provides corporate transaction update|
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BANKERS PETROLEUM LTD
BANKERS PETROLEUM LTD
Final Approval to Close Acquisition by GeoJade Petroleum Received
12 Sep 16
Geo-Jade Petroleum has received Chinese State Administration of Foreign Exchange (SAFE) approval to complete the acquisition of Bankers Petroleum for C$2.20 per share. There are no additional regulatory hurdles for Geo-Jade to acquire Bankers. It is expected that completion of the agreement to acquire Bankers will take approximately two weeks, and will be finalized prior to September 30, 2016. Bankers stock will be delisted prior to the end of September 2016. With this positive update, and due to the stock being halted at $2.18 per share prior to the announcement, we have adjusted our ranking from Outperform to Tender. Our target price of $2.20 per share matches the acquisition price.
ANNOUNCES THE SUCCESSFUL RESOLUTION OF THE TAX ASSESSMENT DISPUTE
29 Aug 16
Market Impact: Positive. Bankers has announced that the tax assessment dispute has been positively resolved. As expected, a third-party auditor determined that Bankers did report its expenses properly. The Company has paid a total of US$37 mm (equivalent to C$0.18 per share) that can now be recaptured. Recall, the original tax assessment was for US$57 mm (equivalent to C$0.28 per share). The acquisition of Bankers by Geo-Jade Petroleum is ongoing. Resolution of the tax dispute should be viewed positively in the context of the acquisition proceeding.
ANNOUNCES 2Q16 RESULTS
11 Aug 16
Market Impact: Neutral. The pending acquisition by Geo-Jade at a price of C$2.20 per share outweighs 2Q16 results. The acquisition is expected to close by September 30, 2016 and only remains subject to regulatory approval of the Chinese State Administration of Foreign Exchange (SAFE). If SAFE approval is not received by September 30, 2016, Bankers is entitled to the US$20 mm (equivalent to C$0.10 per share) reverse termination fee, should Bankers elect to terminate the agreement.
ANNOUNCES EXTENSION TO ACQUISITION AGREEMENT WITH GEO-JADE PETROLEUM
31 Jul 16
Market Impact: Neutral. The acquisition agreement between Bankers and Geo-Jade has not yet closed, due to delays in receiving regulatory approval from the Chinese Stare Administration of Foreign Exchange (SAFE). The delay is not unexpected, given the timing to date and the typical nature of government bureaucracies. Bankers stock is already trading at a discount of 9% to the acquisition price of $C2.20 per share.
REPORTS 2Q16 OPERATIONAL UPDATE
06 Jul 16
Market Impact: Neutral. The acquisition of Bankers by Geo Jade is still expected to close in July 2016e, which outweighs a small production curtailment in 2Q16 due to an interruption at the port facility and the shut-in of production for some maintenance and optimization work.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.