Crew Energy announces strategic transaction with Tourmaline Oil Corp. (2.83)
- Co announce that, with the unanimous support of its Board of Directors (the "Crew Board") and endorsement from Crew's largest institutional shareholder, the Company has entered into a definitive arrangement agreement (the "Agreement") with Tourmaline Oil Corp. ("Tourmaline") (TSX: TOU) pursuant to which Tourmaline has agreed to acquire all of the issued and outstanding common shares of Crew ("Crew Shares") in an all-stock transaction (the "Transaction"). The Transaction is valued at approximately $6.69 per Crew Share (the "Purchase Price") or $1.3 billion, including Crew's net debt, which is estimated to be $240 million (including closing costs) as at the targeted closing date of October 1, 2024. Based on the closing prices of common shares of Tourmaline ("Tourmaline Shares") and Crew Shares at the close of markets on August 9, 2024, the Purchase Price represents a premium of approximately 72%.
- Under the terms of the Agreement, holders of Crew Shares ("Crew Shareholders") will receive 0.114802 of a Tourmaline Share in exchange for each one (1) Crew Share held (the "Exchange Ratio"). The proposed Transaction is to be completed by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) and, subject to satisfaction of conditions typical for a transaction of this nature, is expected to close on or about October 1, 2024.
- Significant Premium and Attractive Value: The Exchange Ratio implies a value of approximately $6.73 per Crew Share based on the 20-day volume weighted average trading price of Tourmaline Shares of $58.66 on August 9, 2024, resulting in a premium of approximately 70% to the 20-day volume weighted average trading price of Crew Shares of $3.96 on August 9, 2024. The Purchase Price aligns closely with the highest closing price achieved on Crew Shares in the last seven years. The meaningful premium attributes immediate value for Crew's significant inventory of future drilling locations and the inherent value in the Company's underlying Montney resource, which were not being reflected in Crew's existing market valuation.
Early premarket gappers
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Gapping up:
- KEY +8.5%, NIU +5.5%, TBRG +4.9%, BORR +4.6%, APGE +3.7%, CDRE +3.5%, BEKE +3.3%, GPMT +3.1%, RKLB +3%, SBUX +2.8%, DDD +2.4%, AIOT +2.3%, SMLR +2.1%, GOLD +2.1%
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Gapping down:
- RNA -14.8%, HUMA -13.3%, SCPH -8.5%, HE -6.9%, SKLZ -3.6%, SSL -2.4%, SHIM -2.1%, AMTX -1.6%, RIOT -1.5%, SKYE -1.5%, CLSK -1.4%, CPNG -1%
>>> Up
* Atlantic Lithium Raised to Outperform at Macquarie; PT 20 pence
* Beazley PT Raised to 1,025 pence from 1,000 pence at RBC
* Bellway Raised to Add at Peel Hunt; PT 3,020 pence
* BE Semiconductor Raised to Buy at Stifel; PT 140 euros
* Bittium Raised to Accumulate at Inderes; PT 8 euros
* Diageo Raised to Sector Perform at RBC; PT 2,400 pence
* Freenet Raised to Buy at Kepler Cheuvreux; PT 30 euros (++)
* Hargreaves Lansdown Raised to Neutral From Sell by Citi, PT raised from 700p to 1,100p
* Hargreaves Lansdown Raised to Neutral at UBS; PT 1,110 pence (++)
* Lundin Gold Raised to Buy at Pareto Securities; PT C$28.70
* Puma Raised to Buy at Baader Helvea; PT 45 euros
* Puma Raised to Buy at Baader Helvea; PT 45 euros
* Rheinmetall Raised to Buy at M.M. Warburg; PT 600 euros (+)
* Stratec Raised to Hold at mwb research AG; PT 40 euros (++)
>>> Down
* 1&1 Cut to Hold at Kepler Cheuvreux; PT 14 euros (++)
* Grenke Cut to Neutral at Oddo BHF; PT 27.30 euros
* Hilton Grand Vacations Cut to Neutral at JPMorgan; PT $36
* Hilton Grand Vacations Cut to Neutral at JPMorgan; PT $36
* JD Sports Cut to Sell at Deutsche Bank; PT 110 pence (+)
* Pihlajalinna Cut to Accumulate at Inderes; PT 11 euros
>>> Initiation
* Aoti Rated New Buy at Peel Hunt; PT 169 pence
>>> Initiation
* Aoti Rated New Buy at Peel Hunt; PT 169 pence
* Baltic Classifieds Group Rated New Hold at Wood & Company
* Cargotec Rated New Neutral at BNPP Exane; PT 48 euros (+)
* Conagra Rated New Buy at Goldman; PT $36 (+)
* General Mills Rated New Buy at Goldman; PT $76 (+)
* Hershey Rated New Sell at Goldman; PT $185 (+)
* Kalmar Rated New Outperform at BNPP Exane; PT 33 euros (+)
* Kalmar Rated New Buy at Danske Bank Markets; PT 34 euros (++)
* Kellanova Rated New Neutral at Goldman; PT $75 (+)
* Kraft Heinz Rated New Sell at Goldman; PT $34 (+)
* Mondelez Rated New Buy at Goldman; PT $80 (+)
* Restore Rated New Buy at Cavendish; PT 430 pence (++)
* Uniqa Rated New Neutral at UBS (++)
* Vienna Insurance Rated New Buy at UBS; PT 38.10 euros (++)
* Ypsomed Rated New Equal-Weight at Barclays; PT 450 Swiss francs (++)
>>> Call
* Bellway Raised to Add at Peel Hunt After Strong End to Year
>>> Call
* Bellway Raised to Add at Peel Hunt After Strong End to Year
* Deutsche Bank Strategists Say Equity Positioning Now Underweight (++)
* Diageo Has Opportunity to Reset Expectations, RBC Upgrades
* Hannover Re Beats, Jefferies Says Guidance Likely to Be Exceeded (+)
* JD Sports Cut to Sell at Deutsche Bank on ‘Unwarranted’ Premium (+)
* Thyssenkrupp’s Steel Business Plans Lack Clarity: Morgan Stanley (+)
Israeli Minister Tells US That Large-Scale Iranian Attack Expected, Axios Reports
WASHINGTON (Reuters) - Israeli Defence Minister Yoav Gallant told U.S. Defense Secretary Lloyd Austin on Sunday that Iran was making preparations for a large-scale military attack on Israel, Axios reporter Barak Ravid said in a post on X, citing a source with knowledge of the call.
In a statement on Monday, Gallant's ministry confirmed the call took place overnight. It said Gallant and Austin discussed operational and strategic coordination and the Israeli military's readiness in the face of Iranian threats.
Austin has meanwhile ordered the deployment of a guided missile submarine to the Middle East. The U.S. military had already said it would deploy additional fighter jets and Navy warships to the region to bolster Israeli defences.
On Friday, an Iranian Revolutionary Guards deputy commander was quoted as saying by local news agencies that Iran was set to carry out an order by Supreme Leader Ayatollah Ali Khamenei to "harshly punish" Israel over the assassination on July 31 of the leader of Palestinian militant group Hamas in Tehran.
>>> Up
* Atlantic Lithium Raised to Outperform at Macquarie; PT 20 pence
* Beazley PT Raised to 1,025 pence from 1,000 pence at RBC
* Bellway Raised to Add at Peel Hunt; PT 3,020 pence
* BE Semiconductor Raised to Buy at Stifel; PT 140 euros
* Bittium Raised to Accumulate at Inderes; PT 8 euros
* Diageo Raised to Sector Perform at RBC; PT 2,400 pence
* Hargreaves Lansdown Raised to Neutral From Sell by Citi, PT raised from 700p to 1,100p
* Lundin Gold Raised to Buy at Pareto Securities; PT C$28.70
* Puma Raised to Buy at Baader Helvea; PT 45 euros
* Puma Raised to Buy at Baader Helvea; PT 45 euros
* Rheinmetall Raised to Buy at M.M. Warburg; PT 600 euros (+)
>>> Down
* Grenke Cut to Neutral at Oddo BHF; PT 27.30 euros
* Hilton Grand Vacations Cut to Neutral at JPMorgan; PT $36
* Hilton Grand Vacations Cut to Neutral at JPMorgan; PT $36
* JD Sports Cut to Sell at Deutsche Bank; PT 110 pence (+)
* Pihlajalinna Cut to Accumulate at Inderes; PT 11 euros
>>> Initiation
* Aoti Rated New Buy at Peel Hunt; PT 169 pence
>>> Initiation
* Aoti Rated New Buy at Peel Hunt; PT 169 pence
* Baltic Classifieds Group Rated New Hold at Wood & Company
* Cargotec Rated New Neutral at BNPP Exane; PT 48 euros (+)
* Conagra Rated New Buy at Goldman; PT $36 (+)
* General Mills Rated New Buy at Goldman; PT $76 (+)
* Hershey Rated New Sell at Goldman; PT $185 (+)
* Kalmar Rated New Outperform at BNPP Exane; PT 33 euros (+)
* Kellanova Rated New Neutral at Goldman; PT $75 (+)
* Kraft Heinz Rated New Sell at Goldman; PT $34 (+)
* Mondelez Rated New Buy at Goldman; PT $80 (+)
>>> Call
* Bellway Raised to Add at Peel Hunt After Strong End to Year
>>> Call
* Bellway Raised to Add at Peel Hunt After Strong End to Year
* Diageo Has Opportunity to Reset Expectations, RBC Upgrades
* Hannover Re Beats, Jefferies Says Guidance Likely to Be Exceeded (+)
* JD Sports Cut to Sell at Deutsche Bank on ‘Unwarranted’ Premium (+)
* Thyssenkrupp’s Steel Business Plans Lack Clarity: Morgan Stanley (+)
Commences second €125M tranche of previously announced €250M share buyback
- Company continues share buyback program, targeting up to €250M of ordinary shares to reduce share capital.
- Second tranche of up to €125M starts 12 August 2024, expected completion by November 2024.
- Follows first tranche of €125M completed on 1 July 2024.
- Buyback will comply with Market Abuse Regulation 596/2014 and related EU rules, executed under a discretionary agreement with a financial institution.
- Buyback authorized by shareholders on 31 May 2023, valid until 30 November 2024.