Pacific Rubiales takeover situation gets truly weird

I never thought I’d just repost a press release from Orlando Alvarado on my blog. An Orlando Alvarado was at one point CFO of Derwick Associates, according to a lawsuit that company filed in 2012, and Alek Boyd says he confirmed somehow that one of these companies includes in its owners the chairman of Derwick Associates. So, this all looks terribly Derwicky, though the documentation is as yet a bit thin.

And I don’t even know what to say about this. All very strange. Theories and speculation are welcome in comments or in my inbox.

O’HARA ADMINISTRATION CO., S.A. ANNOUNCES FILING OF EARLY WARNING REPORT RELATING TO PACIFIC RUBIALES ENERGY CORP.

PUNTA PACIFICA, PANAMA, May 7, 2015 – O’Hara Administration Co., S.A. (“O’Hara”) announced today that it has filed an Early Warning Report as required by National Instrument 62-103 in relation to its beneficial ownership of common shares (the “Common Shares”) of Pacific Rubiales Energy Corp. (the “Company”).

On May 5, 2015, Agency Partner Corp., who may be considered to be acting jointly or in concert with O’Hara, acquired beneficial ownership of 770,000 Common Shares at a price of $4.93 per Common Share, representing approximately 0.24% of the issued and outstanding Common Shares. Immediately following the acquisition, O’Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O’Hara, held beneficial ownership of 38,150,200 Common Shares, representing approximately 12.07% of the issued and outstanding Common Shares.

On May 6, 2015, Agency Partner Corp., who may be considered to be acting jointly or in concert with O’Hara, acquired beneficial ownership of 6,000,000 Common Shares at a price of $6.25 per Common Share, representing approximately 1.90% of the issued and outstanding Common Shares. Immediately following the acquisition, O’Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O’Hara, held beneficial ownership of 46,650,200 Common Shares, representing approximately 14.76% of the issued and outstanding Common Shares.

On May 7, 2015, IPC Investment Corp., who may be considered to be acting jointly or in concert with O’Hara, acquired beneficial ownership of 1,000,000 Common Shares at a price of $6.21 per Common Share, representing approximately 0.32% of the issued and outstanding Common Shares. Immediately following the acquisition, O’Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O’Hara, held beneficial ownership of 51,110,900 Common Shares, representing approximately 16.17% of the issued and outstanding Common Shares.

Also on May 7, 2015, Adar Macro Fund, who may be considered to be acting jointly or in concert with O’Hara, acquired beneficial ownership of 9,000,000 Common Shares at a price of $6.29 per Common Share, representing approximately 2.85% of the issued and outstanding Common Shares. Immediately following the acquisition, O’Hara, together with its affiliates, who may be considered to be acting jointly or in concert with O’Hara, held beneficial ownership of 60,110,900 Common Shares, representing approximately 19.02% of the issued and outstanding Common Shares.

O’Hara now has beneficial ownership of 4,000,000 Common Shares, representing approximately 1.27% of the issued and outstanding Common Shares. IPC Investments Corp., an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 4,001,000 Common Shares, representing 1.27% of the issued and outstanding Common Shares. Telmaven Overseas Inc., an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 29,535,900 Common Shares, representing 9.34% of the issued and outstanding Common Shares. Volbor Trading Ltd., an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 4,960,000 Common Shares, representing 1.57% of the issued and outstanding Common Shares. Memphis Investment Limited, an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 230,000 Common Shares, representing 0.07% of the issued and outstanding Common Shares. Agency Partner Corp., an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 8,350,000 Common Shares, representing 2.64% of the issued and outstanding Common Shares. Orlando Alvarado, an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 37,000 Common Shares, representing 0.01% of the issued and outstanding Common Shares. Fundación Nemone, an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 24,000 Common Shares, representing 0.01% of the issued and outstanding Common Shares. Adar Macro Fund, an affiliate of O’Hara, who may be considered to be acting jointly or in concert with O’Hara, now has beneficial ownership of 9,000,000 Common Shares, representing 2.85% of the issued and outstanding Common Shares.

On an aggregate basis, O’Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund have beneficial ownership of 60,137,900 Common Shares, representing approximately 19.03% of the issued and outstanding Common Shares.

O’Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund acquired the Common Shares for investment purposes only and not for the purpose of exercising control or direction over the Company. Each of O’Hara, IPC Investments Corp., Telmaven Overseas Inc., Volbor Trading Ltd., Memphis Investment Limited, Agency Partner Corp., Orlando Alvarado, Fundación Nemone and Adar Macro Fund will review their holdings from time to time and may continue to acquire and/or dispose of additional securities of the Company according to market conditions and other relevant factors in the future.

An Early Warning Report reflecting the above-noted acquisitions of Common Shares has now been filed, a copy of which is available on SEDAR at http://www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT: Orlando J. Alvarado O’Hara Administration Co., S.A.

3 thoughts on “Pacific Rubiales takeover situation gets truly weird

  1. Francisco Alzuru

    This looks like someone had inside information. Mexico’s Alfa, an industrial group wanting to get bigger in its oil ops in light of Mexico’s reforms, owned +/- 20% of Pacific Rubiales before the recent news. They believe they can use PR’s experience in Colombia (where the reform was successful and in a way was a model for Mexico’s own reform), as well as the expertise of its executives and professionals searching for, and developing Mexico’s reserves. Everyone in the market speculated Alfa would eventually take over PR, so either they had inside info (as for the timing) or simply took a big gamble and it paid off.

    1. Steven/Setty Post author

      Thanks. Does this seem at all accurate to you? The idea that these guys are motivated by ideology strikes me as laughable.

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