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News Breaks
June 9, 2014
16:37 EDTCVEOJana Partners reports 11.5% stake in Civeo Corp.
Jana Partners acquired the shares in a spin-off of the company from Oil States and believes that the shares are undervalued and represent an attractive investment opportunity. Jana has had and may continue to have discussions with the company’s management regarding a potential REIT conversion, the company’s capital structure and capital allocation policy, strategic acquisition strategy, corporate structure and assets, and board composition. Jana may also seek to discuss other topics including management, strategy and future plans. Jana Partners expects to continue to have such discussions with the company’s management as well as with its board of directors, shareholders and other parties relating to such matters, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals.
News For CVEO From The Last 14 Days
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September 29, 2014
12:18 EDTCVEOOn The Fly: Midday Wrap
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11:40 EDTCVEOOptions with increasing implied volatility
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06:47 EDTCVEOCiveo Corp. to host business news update conference call
Conference call to be held on September 29 at 8:30 am. Webcast Link
06:15 EDTCVEOCiveo Corp. sees FY15 revenue, margins to be materially lower than FY14
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06:13 EDTCVEOCiveo Corp. sees FY14 revenue $900M-$920M, consensus $956.7M
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06:13 EDTCVEOCiveo Corp. sees Q4 revenue $200-$210M, consensus $248M
Sees Q4 EBITDA margin of 32%-34%. The company anticipates reduced customer room demand in Canada that will negatively impact occupancy and rates at its Canadian lodges. Incremental customer projects that were expected to generate room demand have been delayed or their status remains uncertain.
06:11 EDTCVEOCiveo Corp. backs Q3 revenue $220M-$230M, consensus $228.75M
Backs Q3 EBITDA margin of 33%-34%.
06:10 EDTCVEOCiveo Corp. completes assessment, to continue as C Corp, redomicile to Canada
Civeo announced that its board has completed its assessment of structural alternatives for the company and concluded that continuing as a corporation and redomiciling the company to Canada is in the best interests of shareholders and best positions Civeo for sustainable shareholder value creation. The board considered, among other things, a potential conversion to a real estate investment trust. In reaching the determination, Civeo conducted a comprehensive review assisted by a team of financial, accounting, tax and legal advisors, including Green Street Advisors, Lazard, Ernst & Young and PricewaterhouseCoopers, as well as the board including certain members of the board with real estate industry and REIT experience. The primary factors considered include: The fact that over 90% of Civeo's earnings are generated outside the United States, which is not typical for companies that pursue a REIT conversion. Conversion to a REIT for Civeo would not reduce taxes paid by the company in Canada and Australia. The board also considered the significant cash expenditures that would be incurred in connection with a REIT conversion. The company would incur cash expenditures of approximately $720 million in order to fund tax payments of over $300 million, the cash portion of a required earning and profits distribution and transaction costs, which collectively would meaningfully increase leverage metrics. These factors result in the REIT conversion being net present value negative, which the board took into account in concluding that redomiciling the company to Canada offers a better alternative. Further, the company's C-corp structure offers superior operational and financial flexibility coupled with a lower tax rate under the migration transaction without the significant upfront costs. Civeo expects to execute a "self-directed redomiciling" of the company which is allowable under U.S. tax code.
September 26, 2014
08:33 EDTCVEOCiveo Corp. likely to convert to REIT, says Sterne Agee
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