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although i had requested two banks in europe to issue me with the proxy documents in order to vote ,the issuing bank denied to release the documents ,as this a a flagrant violation of shareholder rights i am considering a class action to declare this vote null and void ,anybody else experienced this
Hard choice but the only buy out deal is on the table so ave to go with it or watch eroc go to .25 . BAD BAD environment for small companies the next few years
I am so disappointed...I've held on, losing about 70% of my investment, hoping things would turn around. I've even purchased more on the way down (originally bought at 6!)...it doesn't look like it will every return anything close to what my per share investment is. Probably going to just sell and take the loss. Live and learn....
You are getting 0.185 shares of VNR, not $3.07 per share of EROC. The stock is dropping IMOP because of the reduced output of oil predicted in the market, this is due IMHOP to the price decline over the last three months. The merger will most likely happen as planned. It appears the market is pricing EROC and VNR as if OIL prices remain low for along period of time.
So, I got the proxy for the merg... It will happen in a little over 2 weeks... they will be paying .0467 per share in Div. on October 15... then they are paying us 3.07 per share... Am I missing something? Why is the stock dropping?
From the announcement it's pretty much one sided in VNRs favor...as for the "supposed" unit price premium that has vanished....revised offer should be at least .245 VNR for each EROC....
Transaction Benefits to VNR
Eagle Rock's long-life, low-decline, mature assets are well-suited for Vanguard's upstream MLP model;
Eagle Rock's low leverage will positively impact Vanguard's debt metrics and credit profile;
Eagle Rock's oil and gas production is approximately 80% and 70% hedged in 2015 and 2016 respectively, with additional hedges in place through 2019;
Proved R/P of approximately 12 years;
Balanced reserves mix of 53% natural gas, 21% oil, and 26% natural gas liquids;
Assets add scale in Vanguard's existing East Texas and Permian basins and establishes a new operating platform in the SCOOP/STACK play in the Anadarko basin;
Significant potential for cost savings through G&A synergies;
Opportunity to attract and retain experienced personnel from Eagle Rock to expand Vanguard's employee base;
Q1 2015 production of approximately 79.7 MMcfe/d, increasing Vanguard's Q1 2015 production by 20%;
Proved reserves at December 31, 2014 (SEC pricing) of approximately 318 Bcfe, increases Vanguard's estimated proved reserves by 16%;
Adds approximately 1,778 producing wells and approximately 202,632 net acres; and
The transaction is expected to be neutral to cash flow in 2015 and accretive in 2016 and beyond.