RE:RE:RE:Newstar bidding closed yesterdaylargeinvestor wrote: I hope he does buy Spyglass, that company could give us at least a 1c dividend hike given their payout ratio is 75% and NAV $4.50, very accretive. Good find!
Some color from Stockwatch. Just wondering if SGY is buyng SGL would insiders still be able to trade?
2014-09-19 19:04 ET - Market Summary - (From IV/Carswell) Another company enjoying insider buying is Spyglass Resources Corp. (SGL), up three cents to $1.45 on 919,000 shares. It has been making some big changes of its own. When it was formed as the result of a three-way merger of Alberta-focused companies in April, 2013 -- hitting a high of $2.60 that month -- it was producing 17,000 barrels of oil equivalent a day, paying a 2.25-cent monthly dividend and dreaming of joining the big leagues. Investors, however, grew concerned about its heavy debt, which stayed stubbornly around $300-million despite about $34-million in asset sales from formation through the spring of 2014. Those asset sales, along with shut-ins and a hard winter, took production to 14,500 barrels a day in the first quarter. By the time the first quarter results came out in May, Spyglass's dividend was yielding a generous 14.5 per cent. In June, Spyglass appointed president Dan O'Byrne as CEO, replacing Tom Buchanan, who is now chairman. (He is also about to become president and CEO of Athabasca Oil Corp. (ATH: $6.16) on Sept. 30.) In August, Spyglass announced $51-million of asset sales -- these closed last week -- and slashed its dividend to 1.5 cents a month. This yields a still-generous 12.4 per cent, but insiders seem confident. From Sept. 2 to 17, five of them bought nearly 218,000 shares, with director John Wright accounting for 144,400. He now owns 1.07 million of Spyglass's 128 million shares.