According to this article, CPP owns way more than 10% of Halcon Resources.
CPP Investment Board closes $300 million Halcón Resources investment
December 12, 2012 By Ted Liu
CPP Investment Board closes $300 million Halcón Resources investment.
CPP Investment Board (CPPIB) has closed its previously announced $300 million investment in Halcón Resources Corporation (NYSE: HK).
CPP Investment Board, through CPP Investment Board PMI-2 Inc., purchased 41,899,441 newly issued shares at $7.16 per share for $300 million.
Vinson & Elkins, L.L.P. acted as legal counsel to CPPIB in connection with the investment.
The CPPIB investment is part of con-current $1.45 billion acquisition by Halcón Resources of two wholly owned subsidiaries of Petro-Hunt Holdings, LLC and Pillar Holdings, LLC , which own a total of approximately 81,000 net acres prospective for the Bakken and Three Forks formations primarily located in Williams, Mountrail, McKenzie and Dunn Counties, North Dakota.
“CPPIB’s investment aligns with our strategy to provide strategic, long-term capital to well-positioned companies like Halcón and work with management to help create value now and in the future,” said R. Scott Lawrence, CPPIB’s Vice-President, Head of Relationship Investments.
Following the closing of the investment, CPPIB owns approximately 16.1% of Halcón Resources outstanding common stock or 11.5% on a fully diluted basis.
In conjunction with the closing of the financing, Halcón and CPPIB entered into a Stockholders Agreement providing, among other things, that for as long as CPPIB beneficially owns at least 5% of Halcón’s outstanding common stock, Halcón will recommend to its stockholders the election of one designee of CPPIB to Halcón’s board of director.
As a result of the Stockholders Agreement, Kevin E. Godwin, Senior Portfolio Manager of CPPIB, has joined Halcón Resources board of directors