BOGOTA - GeoPark Limited (NYSE: NYSE:GPRK), an independent oil and gas company operating in Latin America, has announced the preliminary results of its recent tender offer for its common shares. The offer, which concluded at 5:00 p.m. New York City time on Wednesday, saw shareholders tender approximately 4.44 million shares at or below the maximum price of $10.00 per share.
The tendered shares represent about 8.01% of GeoPark's issued and outstanding common shares as of April 17, 2024. The company expects to accept all of the shares tendered for purchase at the maximum price offered. Payment for the accepted shares will be made in cash and without interest, with the transaction occurring promptly following the final confirmation of validly tendered shares.
This repurchase is subject to the confirmation of the proper delivery of all shares, including those delivered through notices of guaranteed delivery, which are part of the settlement process. The final purchase price and the exact number of shares to be repurchased will be announced after the completion of the confirmation process and the expiration of the guaranteed delivery period.
BTG Pactual US Capital, LLC served as the Dealer Manager for the offer, with Georgeson LLC acting as the Information Agent and Computershare Trust Company, N.A. as the Depositary. The tender offer was conducted in accordance with the terms and conditions described in the materials distributed to shareholders and filed with the Securities and Exchange Commission (SEC).
This press release is intended for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell shares. The tender offer was made solely by the offer to purchase, the letter of transmittal, and related materials that GeoPark distributed to its shareholders. Shareholders and investors were advised to read these documents carefully as they contain important information regarding the tender offer.
The details of the tender offer, including the terms and conditions, are available on the SEC's website or by contacting the information agent for the tender offer. This announcement is based on a press release statement from GeoPark Limited.
InvestingPro Insights
GeoPark Limited (NYSE: GPRK) has shown a proactive approach in its share management and shareholder value strategies. Notable recent activities include the company's aggressive share buyback program, as evidenced by the preliminary results of its recent tender offer. This aligns with one of the InvestingPro Tips that highlights management's initiative in repurchasing shares. Such buybacks can often signal a management's confidence in the company's prospects and a commitment to creating shareholder value.
The company's commitment to its shareholders is further underscored by the fact that GeoPark has raised its dividend for five consecutive years, another InvestingPro Tip. This consistent increase in dividends could be attractive to income-focused investors, especially considering the company's substantial dividend yield of 5.63% as of the latest data.
InvestingPro Data also paints a positive financial picture of GeoPark, with a robust gross profit margin of 69.86% over the last twelve months as of Q4 2023. Coupled with an attractive P/E ratio (adjusted) of 4.59, GeoPark stands out as a company trading at a low earnings multiple, which may appeal to value investors looking for potentially undervalued opportunities.
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