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Stock Market & Financial Investment News

News Breaks
June 11, 2014
09:21 EDTBTEBaytex Energy announces closing of Aurora acquisition
Baytex Energy announces the closing of its previously announced acquisition of all of the shares of Aurora Oil & Gas to a scheme of arrangement under Australian law. We expect to provide revised guidance for FY14 in early July. The guidance will include a full update incorporating the acquisition of Aurora and any modifications to our current capital spending plans. Based on cash consideration payable for Aurora of A$4.20 per share, the total purchase price is estimated at C$2.8 billion. To partially finance the acquisition, Baytex completed the issuance of 38,433,000 subscription receipts C$38.90 each on February 24, raising gross proceeds of approximately C$1.5B. Upon completion of the Arrangement, each holder of Subscription Receipts became entitled to receive one common share for each Subscription Receipt held. Holders of Subscription Receipts will also receive a payment of C88c in cash per Subscription Receipt, less any applicable withholding taxes, representing the four dividends declared from the date the Subscription Receipts were issued to the date of the closing of the Arrangement. Baytex expects that holders of Subscription Receipts will receive their common shares and the Dividend Equivalent Payment to which they are entitled in their brokerage accounts within a few days. Holders of Subscription Receipts are not required to take any action in order to receive their common shares and Dividend Equivalent Payment. We expect that trading in the Subscription Receipts on the TSX will be halted prior to market open and will be de-listed after market close.
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October 9, 2014
09:38 EDTBTEBaytex Energy downgraded to Market Perform from Outperform at Raymond James

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