On Wednesday, Shares of Royal Dutch Shell plc (ADR) (NYSE:RDS.B), gained 5.88% to $47.35.
Royal Dutch Shell plc, published a circular and a prospectus for the recommended combination with BG Group plc (“BG”), ahead of a General Meeting, planned for 10:00 (Central European Time) on Wednesday 27 January 2016 at the Circustheater, Circusstraat 4, 2586 CW The Hague, The Netherlands. In addition, BG has published a scheme document ahead of its shareholder meetings.
As declared on 8 April 2015 under the terms of the combination, BG shareholders will be entitled to receive:
for each BG share: 383 pence in cash; and
0.4454 of a Shell B share (note 1).
As at close of business on 18 December 2015, this offer reflects:
- a value of about 1,037 pence per BG share (note 2)
- a total value of about £35.6 billion ($53.0 billion) in cash plus shares (notes 2 and 3).
- The combination with BG should lead to:
- Improved free cash flow - the addition of BG’s portfolio growth, especially from Brazil and Australia, combined with pre-tax synergies (note 4) of $3.5 billion should enhance Shell’s free cash flow. This enhances Shell’s dividend potential in any reasonably predictable oil price environment. In particular it underpins the company’s intention to pay a dividend of $1.88/share in 2015 and at least $1.88/share in 2016, and plans for share buybacks in the period 2017-2020.
- Acceleration of liquefied natural gas (LNG) and deep water leader - Shell is a leading IOC player in world-wide LNG and deep water. The combination with BG complements Shell’s strategy to grow in these themes. We expect the combination to accelerate and de-risk our strategy.
- Springboard to reshape Shell - planned asset sales of $30 billion between 2016-18 and refocused spending would result in a simpler, more focused group, concentrated around three pillars: upstream and downstream cash engines, deep water and LNG.
Royal Dutch Shell plc operates as an independent oil and gas company worldwide. It operates through Upstream and Downstream segments. The company explores for and extracts crude oil, natural gas, and natural gas liquids. It also converts natural gas to liquids to provide fuels and other products; markets and trades natural gas; extracts bitumen from mined oil sands and converts it to synthetic crude oil; and generates electricity from wind energy.
Shares of Vanguard Natural Resources, LLC (NASDAQ:VNR), inclined 23.75% to $3.23, during its last trading session.
Park Lane Advisor has initiated coverage on the following equities: Pengrowth Energy Corporation (PGH), Vanguard Natural Resources LLC (VNR), Eclipse Resources Corporation (ECR), and Seadrill Partners LLC (SDLP). Free research report on Pengrowth Energy can be accessed at http://www.parklaneadvisor.com/ On Friday, December 18, 2015, the NASDAQ Composite ended at 4,923.08, down 1.59%, the Dow Jones Industrial Average declined 2.10%, to finish the day at 17,128.55, and the S&P 500 closed at 2,005.55, down 1.78%. The losses were broad based as all the sectors ended the session in negative. Register for your complimentary reports at the links given below.
Vanguard Natural Resources LLC’s stock gained 3.81%, to close the day at $3.00. The stock recorded a trading volume of 4.91 million shares, much above its three months average volume of 1.34 million shares. Vanguard Natural Resources LLC’s shares have lost 49.56% in the last one month and 66.18% in the previous three months. Furthermore, the stock has plummeted 77.46% since the start of this year. The company’s shares are trading 52.39% below their 50-day moving average. Additionally, Vanguard Natural Resources LLC has an RSI of 28.46.
Vanguard Natural Resources, LLC, through its auxiliaries, acquires and develops oil and natural gas properties in the United States. It owns properties, and oil and natural gas reserves primarily located in nine operating basins, counting the Arkoma Basin in Arkansas and Oklahoma; the Permian Basin in West Texas and New Mexico; the Big Horn Basin in Wyoming and Montana; the Piceance Basin in Colorado; the Gulf Coast Basin in Texas, Louisiana, and Mississippi; the Wind River Basin in Wyoming; the Williston Basin in North Dakota and Montana; the Green River Basin in Wyoming; and the Powder River Basin in Wyoming.
Finally, EnteroMedics Inc (NASDAQ:ETRM), ended its last trade with -8.27% loss, and closed at $0.122.
EnteroMedics Inc. (ETRM), declared shareholder approval for three proposals: (1) an amendment to the Company’s Fifth Amended and Restated Certificate of Incorporation to effect a reverse split of its issued and outstanding shares of common stock; (2) an improvement in the number of shares of common stock authorized for issuance effective after the reverse stock split; and (3) the issuance of shares of the Company’s common stock underlying convertible notes and warrants issued by EnteroMedics following the terms of a securities purchase agreement dated November 4, 2015.
With shareholder approval, the EnteroMedics Board of Directors has authorized a 1-for-15 reverse stock split of the Company’s common stock, which will be effective for trading purposes as of the commencement of trading on January 7, 2016. As of that date, each 15 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole share and any fractional shares of common stock issuable following stock options or warrants will be rounded down to the nearest whole share. EnteroMedics stockholders will receive instructions from its transfer agent, Wells Fargo Bank National Association, as to procedures for exchanging existing stock certificates for new certificates or book-entry shares.
Under the terms of the November 4 securities purchase agreement, the Company will issue to five institutional investors $25.0 million of Senior Amortizing Convertible Notes (the “Notes”) and warrants (“Warrants”). $1.5 million of the Notes and Warrants were issued at the initial closing, with the balance to be issued in two tranches of $11.0 million and $12.5 million. The second closing will occur after the implementation of the reverse stock split, and the third closing will occur 45 days after the second closing. The Company presently intends to use the net proceeds from this offering to continue its commercialization efforts for the vBloc® Neurometabolic Therapy, for clinical and product development activities and for other working capital and general corporate purposes.
EnteroMedics Inc., a medical device company, focuses on the design and development of devices that use neuroblocking technology to treat obesity, metabolic diseases, and other gastrointestinal disorders. The company’s proprietary neuroblocking technology is designed to intermittently block the vagus nerve using electrical impulses.
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