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Harvest Natural Resources Inc. Message Board

  • softsteal1 softsteal1 Mar 31, 2014 6:54 AM Flag

    From Proposed Proxy Statement filed with the SEC on the 27th

    Link to proposed Proxy Statement is on their web site dated the 27th
    I like the part about the cash distribution to stockholders. If they pony up a 100 million, that would be $2.40 a share, $150 million would be $3.57 a share.

    Use of Proceeds and Nature of Our Business Following the Proposed Sale
    We used a portion of the $125 million in proceeds from the sale of the First Closing Shares that we received on December 16, 2013, to redeem all of our 11% Senior Notes due 2014. The notes were redeemed on January 11, 2014, for $80.0 million, including principal and accrued and unpaid interest. The remaining $45.0 million of the proceeds from the sale of the First Closing Shares have been or will be used to pay costs associated with the sale of our Venezuelan interests, to pay severance costs, to make capital expenditures, to pay taxes related to the sale and for general operating expenses. Those remaining proceeds will also be used to repurchase certain outstanding warrants if our stockholders approve the sale of our remaining Venezuelan interests, and if a “Fundamental Change” is consummated under the terms of those warrants.

    If the proposed sale of our remaining Venezuelan interests is completed, a significant portion of our assets will be cash from the proceeds of the sale. The timing of the second closing is beyond the control of the Company. Operating and capital requirements related to the portfolio of retained assets at the time of the second closing will influence the determination by our Board of Directors of the size of any cash distribution to the stockholders from the proceeds of the second closing. For clarity, the possible sale of non-Venezuelan assets before the second closing would diminish the need for the Company to retain proceeds from the second closing.

    Sentiment: Buy

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