High Arctic Energy Services Inc T.HWO

New Press Release - High Arctic Announces Completion of Previously Announced Reorganization and Intention to Announce 2024 Second Quarter Results

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWCALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or...read article.

[auburn2]

"each shareholder of the Corporation ("Shareholder") received as consideration, one-quarter of one (1/4) common share of SpinCo ("SpinCo Common Share") and one-quarter of one (1/4) common share of post-Arrangement High Arctic (the "New High Arctic Common Share") for each common share of High Arctic ("Common Share") held;" Held on which date? What

[colourama]

As far as I understand, any shareholder who bought shares up until the close today (Monday) will have their shares converted. I imagine a trading halt will be applied on the old HWO ticker starting tomorrow because the arrangment has been completed, so no further trading will be permitted until the new shares are issued. "The Corporation will announce by way of a further press release the

[AVALONSHARK]

.....and in other news Papua LNG pushed back to 2026, it is close to being shelved at this point. The project was supposed to get FID in 2019 !! Now the Spinco has almost no revenue right now and also for the next forseeable future. Unless they are somehow able to come up with a strategy to recover value, I dont understand the reason to remain public with all the costs involved.

[auburn2]

Where do you see 2026?

[AVALONSHARK]

https://www.businessadvantagepng.com/day-1-report-from-the-2024-papua-new-guinea-investment-conference/

[auburn2]

Well, we have Chris Fraser as VP of Strategy and Growth. There's lots they can do to grow within PNG. Let's wait and see what they have in store for us. Maguire: "$295,946 +198,622 vol $1.49 each" and Binnion: "$443,800 +296,658 vol $1.50 each." That's significant insider buying in July. If you are nervous why not sell your shares?

[auburn2]

Could also be a near-term buyout of either or both of our companies. Both are inexpensive and presumably for sale.

[AVALONSHARK]

I'm mostly out of the company (owned a significant portion - more than 1.2%). The PNG goldrush keeps getting pushed and there are better options out there.

[askQuestions1]

They don't even know if the new companies are approved yet for trading.  They will announce the conversion date after everything is approved. Not sure why they just didn't wait a few more days if they expect apprival later this week.

[colourama]

Whoops - looks like I am wrong on the trading halt. Guess the old HWO just continues to trade until the new tickers become active later in the week.

[colourama]

Interesting that HWO retains just 5 mill working capital (4 million cash), while PNG spinco has the rest. With barely any working capital to kickstart a Canadian M&A strategy, I wonder if this suggests HWO is likely to be acquired relatively soon? Or is the cash generation significant enough that they can sustain a M&A strategy out of cashflow?