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LLEX

Lilis Energy

$0.42

-0.0653 (-13.54%)

06:03
01/13/20
01/13
06:03
01/13/20
06:03

Lilis Energy receives cash take private offer from major shareholder

Lilis Energy announced that it has received a non-binding offer from Varde Partners, on behalf of various entities affiliated with Varde Partners, proposing to acquire all of the outstanding shares of common stock of the company not owned by Varde in a cash merger transaction for 25c per common share. The Varde offer is subject to obtaining customary financing, the recommendation of the company's special committee, approval by the company's board of directors and Varde's investment committee and entering into a definitive merger agreement with the company. Any proposed merger transaction would also be subject to requisite approval by the company's shareholders. The offer letter indicated the Varde offer would expire on February 17, 2020 and may be withdrawn at any time. The special committee of the board of directors of the company, which was formed last November, will evaluate the recent Varde offer as it continues its process of evaluating the potential for other strategic alternatives with the assistance of its financial advisor, Barclays Capital. Varde holds approximately 23.6M of the 91.7M outstanding shares of the company's common stock and all of the outstanding preferred stock of the company, including all of its Series E convertible participating preferred stock. The Series E participating preferred stock currently votes as a single class with the common stock on an as-converted basis as approximately 25.7M converted shares. The special committee of the board of directors cautions the company's shareholders and others trading in its securities that it has only received a preliminary offer proposal that does not constitute a binding commitment and that no decision has been made with respect to the company's response to the offer. There can be no assurance that a definitive agreement will be executed or that the transaction contemplated in the offer or any other transaction will be consummated. The company does not anticipate making further public statements about this matter or the activities of the special committee unless it determines to enter into a definitive agreement for a transaction or the board of directors determines that no such transaction will be affected.

LLEX Lilis Energy
$0.42

-0.0653 (-13.54%)

08/12/19
RHCO
08/12/19
DOWNGRADE
RHCO
Hold
Lilis Energy downgraded to Hold from Buy at SunTrust
SunTrust analyst Neal Dingmann downgraded Lilis Energy to Hold from Buy.
08/12/19
08/12/19
DOWNGRADE

Hold
Lilis Energy cut to Hold at SunTrust on reduced capacity
As previously reported, SunTrust analyst Neal Dingmann downgraded Lilis Energy to Hold from Buy, forecasting its Q3 to be "soft" on earnings and production with 4 of its wells currently shut for H2S levels in the gas stream. The analyst notes that the company is taking operational steps with more staff and cost saving measures like closing of some of its Texas offices, but has less certainty in its prospects given the "large production fluctuations".
10/10/19
GHSC
10/10/19
DOWNGRADE
GHSC
Neutral
Lilis Energy downgraded to Neutral from Buy at Seaport Global
10/10/19
GHSC
10/10/19
DOWNGRADE
GHSC
Neutral
Seaport Global downgrades Lilis Energy to Neutral among 13 E&P downgrades
As previously reported, Seaport Global analyst Mike Kelly downgraded Lilis Energy to Neutral from Buy. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess." On Lilis specifically, he said the company "screens poorly across the board" on capital efficiency, leverage, free cash flow and growth.

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