On Monday, Cenovus Energy Inc (USA) (NYSE:CVE)’s shares declined -1.49% to $13.21.
Cenovus Energy Inc. (CVE) (CVE) has reached an agreement to sell Heritage Royalty Limited Partnership (HRP), a wholly-owned subsidiary, to Ontario Teachers’ Pension Plan (Teachers’) for gross cash proceeds of approximately $3.3 billion. HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba. In the first quarter of 2015, HRP had associated third-party royalty interest volumes of approximately 7,800 barrels of oil equivalent per day (BOE/d). Additional royalties have also been added to HRP – a royalty on Cenovus’s working interest production with implied first quarter volumes of approximately 5,400 BOE/d (pro forma), as well as a Gross Overriding Royalty (GORR) on Cenovus’s Pelican Lake heavy oil property in northern Alberta and its enhanced oil recovery project in Weyburn, Saskatchewan, with implied first quarter volumes of 1,600 BOE/d (pro forma). The GORR represents less than 15% of HRP’s cash flow.
Cenovus’s decision to sell HRP to Teachers’ is the outcome of a rigorous marketing process that attracted significant interest. Over the past several months, the company considered several alternatives to generate value from the business, including a potential initial public offering. After a thorough review, the transaction with Teachers’ was determined to be the best alternative to maximize value for Cenovus shareholders.
Cenovus Energy Inc., an integrated oil company, develops, produces, and markets crude oil, natural gas liquids (NGLs), and natural gas in Canada with refining operations in the United States. The company’s Oil Sands segment engages in the development and production of bitumen assets at Foster Creek, Christina Lake, Narrows Lake, and the Athabasca natural gas assets, in addition to projects in the early stages of development, such as Grand Rapids and Telephone Lake. Its Conventional segment develops and produces conventional crude oil, NGLs, and natural gas in Alberta and Saskatchewan, counting the heavy oil assets at Pelican Lake.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN)’s shares dropped -4.72% to $8.28.
Achillion Pharmaceuticals, Inc. (ACHN) the Company’s stockholders approved the Company’s 2015 Stock Incentive Plan (the “2015 Plan”). The 2015 Plan replaced the Company’s 2006 Stock Incentive Plan, as amended (the “2006 Plan”). Upon the approval of the 2015 Plan by stockholders, the 2006 Plan terminated, and all then outstanding awards under the 2006 Plan will remain in effect, but no additional awards will be made under the 2006 Plan. However, the terms of the 2006 Plan will continue to apply to awards formerly granted under the 2006 Plan.
The 2015 Plan allows for the issuance of 6,900,000 new shares of common stock plus up to 1,894,444 shares of common stock that remained accessible for issuance under the formerly approved 2006 Plan right away prior to the effectiveness of the 2015 Plan, all of which shares rolled over and became accessible for issuance under the 2015 Plan upon its effectiveness. Solely to the extent that any of the 8,726,686 shares of common stock subject to awards that were issued and outstanding under the 2006 Plan right away prior to the effectiveness of the 2015 Plan expire, terminate, are surrendered, cancelled or forfeited, such shares also will become accessible for the future grant of awards under the 2015 Plan. All of the foregoing share numbers are subject, in the case of incentive stock options, to any limitations under the Internal Revenue Code of 1986, as amended (the “Code”), and are also subject to adjustment upon stock splits, stock dividends, and other specified events. Certain sub-limitations apply to the shares accessible for issuance under the 2015 Plan. The 2015 Plan allows for the issuance of incentive stock options intended to qualify under Section 422 of the Code, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The maximum number of shares with respect to which awards may be granted to any participant under the 2015 Plan may not exceed 1,500,000 shares per fiscal year (subject to adjustment upon stock splits, stock dividends, and other specified events). The maximum aggregate number of shares with respect to which awards may be granted to directors who are not employees of the Company at the time of grant will be 10% of the maximum number of shares authorized for issuance under the 2015 Plan.
The material terms of the 2015 Plan are summarized on pages 18 through 27 of the Company’s definitive proxy statement on Plan 14A filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2015, which description is attached hereto as exhibit 99.1 and incorporated herein by reference. The description of the 2015 Plan is qualified in its entirety by reference to the full text of the 2015 Plan, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Achillion Pharmaceuticals, Inc., a biopharmaceutical company, discovers, develops, and commercializes anti-infective drug therapies in the United States and internationally. It focuses on developing combination therapies for the treatment of chronic hepatitis C (HCV) infection and drug-resistant bacterial infections.
At the end of Monday’s trade, Electronic Arts Inc. (NASDAQ:EA)‘s shares dipped -1.48% to $71.22.
Electronic Arts Inc. (EA) launched EA SPORTS™ Rory McIlroy PGA TOUR® for Xbox One®, the all-in-one games and entertainment system from Microsoft and PlayStation®4 computer entertainment system. The power of Frostbite™ 3, in addition to customizable gameplay styles and numerous ways to play all combine to truly deliver Golf Without Limits.
Electronic Arts Inc. develops, markets, publishes, and distributes game software content and online services for video game consoles, Internet-connected consoles, personal computers, mobile phones, and tablets worldwide. The company operates through EA Studios, EA Mobile, and Maxis divisions. It develops and publishes digital interactive entertainment games primarily under the The Sims, Madden NFL, EA SPORTS FIFA, Battlefield, FIFA Soccer, Need for Speed, Dragon Age, and Plants vs. Zombies brand names.
Helix Energy Solutions Group Inc (NYSE:HLX), ended its Monday’s trading session with -4.51% loss, and closed at $8.46.
Helix Energy Solutions Group, Inc. (HLX) stated a net loss of $(2.6) million, or $(0.03) per diluted share, for the second quarter of 2015 contrast to net income of $57.8 million, or $0.55 per diluted share, for the same period in 2014 and net income of $19.6 million, or $0.19 per diluted share, for the first quarter of 2015. Net income for the six months ended June 30, 2015 was $17.0 million, or $0.16 per diluted share, contrast with net income of $111.5 million, or $1.05 per diluted share, for the six months ended June 30, 2014.
Helix Energy Solutions Group, Inc., together with its auxiliaries, provides specialty services to the offshore energy industry primarily in the Gulf of Mexico, North Sea, the Asia Pacific, and West Africa regions. The company operates through four segments: Well Intervention, Robotics, Production Facilities, and Subsea Construction. It engineers, manages, and conducts well construction, intervention, and abandonment operations in water depths ranging from 200 to 10,000 feet; and operates remotely operated vehicles (ROVs), trenchers, and ROVDrills for offshore construction, maintenance, and well intervention services.
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