Announcement • Dec 21
Cub Energy Inc. Approves Special Distribution, Payable on January 5, 2023 Cub Energy Inc. at its Annual General and Special Meeting of Shareholders held on December 19, 2022 approved to pay a Special Distribution to shareholders. The Special Distribution will be CAD 0.03 per share in the course of the amendment of the Company's articles and an exchange of outstanding shares for new shares and cash. The Special Distribution will be paid on approximately January 5, 2023 to shareholders of record as of the close of business on December 23, 2022. Announcement • Dec 20
Cub Energy Approves Special Distribution, Payable on January 5, 2023 At the shareholders Meeting of Cub Energy Inc. voted overwhelmingly to proceed with a reorganization of the Company's share capital to permit the Company to pay a Special Distribution to shareholders ("Special Distribution"). The Special Distribution will be C$0.03 per share in the course of the amendment of the Company's articles and an exchange of outstanding shares for new shares and cash (collectively, the "Reorganization of Capital"). The Special Distribution will be paid on approximately January 5, 2023 (the "Payment Date") to shareholders of record as of the close of business on December 23, 2022 (the "Record Date"). The Special Distribution will be subject to the "Due Bill" trading requirements of the TSX Venture Exchange (the "Exchange"). Announcement • Nov 09
Cub Energy Proposes to Pay Special Distribution Cub Energy Inc. announced that its board of directors has determined to seek the approval of the holders of its common shares to complete a reorganization of its share capital to permit the Company to pay a special distribution to shareholders of up to CAD 0.03 per Share (up to approximately CAD 9.4 million or USD 6.9 million in aggregate), subject to final cost estimates and foreign exchange rates, in the course of an amendment of the Company's articles and an exchange of outstanding Shares for new shares and cash . An annual and special meeting of Shareholders will be held on December 19, 2022 to consider the Reorganization of Capital. Shareholders of record on November 8, 2022 . Announcement • Nov 03
Cub Energy Inc.'s Listing to Transfer from TSX Venture Tier 2 to NEX In accordance with TSX Venture Policy 2.5, Cub Energy Inc. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on Friday, November 4, 2022, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Calgary to NEX. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.001 (vs US$0 in 3Q 2021) Third quarter 2022 results: EPS: US$0.001 (up from US$0 in 3Q 2021). Net income: US$188.0k (up US$248.0k from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Oct 15
Cub Energy Inc., Annual General Meeting, Dec 19, 2022 Cub Energy Inc., Annual General Meeting, Dec 19, 2022. Reported Earnings • Aug 23
Second quarter 2022 earnings released: US$0.001 loss per share (vs US$0.002 profit in 2Q 2021) Second quarter 2022 results: US$0.001 loss per share (down from US$0.002 profit in 2Q 2021). Net loss: US$221.0k (down 146% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Aug 18
Eugene Chaban, Sergey Panchuk and others completed the acquisition of Tysagaz LLC from Cub Energy Inc. (TSXV:KUB). Eugene Chaban, Sergey Panchuk and others entered into a letter agreement to acquire Tysagaz LLC from Cub Energy Inc. (TSXV:KUB) for $1 on July 8, 2022. As per the terms of the deal, the buyers assumes all of 3P's and Tysagaz' liabilities including the Ukraine bank debt that is guaranteed by Cub and all provisions for reclamation costs. The deal is subject to several conditions which include entering into a definitive agreement, regulatory approval, Cub is to be fully released from all Tysagaz liabilities, including Cub's guarantee of Tysagaz' repayment of the Ukraine bank loan and shareholder approval. Cub Energy intends to satisfy the shareholder approval by written consent. The transaction is expected to close in the next month. As of July 29, 2022, Eugene Chaban, Sergey Panchuk and others signed a definitive Share Sale and Purchase Agreement to acquire 100% interest in 3P International Energy Ltd and its wholly-owned Ukraine subsidiary, Tysagaz LLC from Cub Energy. Cub Energy received conditional approval from the TSX Venture Exchange and the Company obtained written shareholder consents representing approval of approximately 54% of the currently issued shares.
Eugene Chaban, Sergey Panchuk and others completed the acquisition of Tysagaz LLC from Cub Energy Inc. (TSXV:KUB) on August 17, 2022. In conjunction with the closing, Sergey Panchuk has resigned as Chief Operating Officer of the Cub Energy. Board Change • Jul 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Jules Mermoud was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
Full year 2021 earnings released: EPS: US$0.03 (vs US$0.007 loss in FY 2020) Full year 2021 results: EPS: US$0.03 (up from US$0.007 loss in FY 2020). Revenue: US$10.6m (up 81% from FY 2020). Net income: US$8.26m (up US$10.4m from FY 2020). Profit margin: 78% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Jules Mermoud was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 03
An unknown buyer completed the acquisition of 35% stake in KUB-Gas Holdings Limited from Cub Energy Inc. (TSXV:KUB) for approximately $10.9 million. An Unknown buyer entered into a letter agreement to acquire 35% stake in KUB-Gas Holdings Limited from Cub Energy Inc. (TSXV:KUB) for approximately $10.6 million on September 3, 2021. The consideration comprises a cash payment of $2.6 million and the settlement of approximately $8.0 million in debt that the Company owes KUBGAS, subject to adjustments on the completion date. The transaction is subject to the parties entering into a definitive agreement and the Company obtaining TSX Venture Exchange approval.
An unknown buyer completed the acquisition of 35% stake in KUB-Gas Holdings Limited from Cub Energy Inc. (TSXV:KUB) for approximately $10.9 million on February 2, 2022. The sale was for a deemed consideration of approximately $10.9 million. The consideration was comprised of a cash payment of $2.6 million and the settlement of $8.3 million in debt. The $8.3 million in debt was settled in full through the repayment of debt. Announcement • Dec 22
Nafta International B.V. completed the acquisition of 50% stake in CNG Holding Netherlands B.V. from Cub Energy Inc. (TSXV:KUB). Nafta International B.V. entered into a share purchase agreement to acquire a 50% stake in CNG Holding Netherlands B.V. from Cub Energy Inc. (TSXV:KUB) for €0.8 million on April 30, 2021. The consideration consists of €0.6 million in cash on closing and €0.2 million is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval. The transaction is expected to complete in approximately one to two months’ time. As of August 25, 2021, the transaction is expected to close in the fourth quarter of 2021. Cub Energy Inc. will use the cash proceeds for general working capital. Atanas Bangachev of CMS von Erlach Poncet acted as legal advisor to Nafta International in the transaction.
Nafta International B.V. completed the acquisition of 50% stake in CNG Holding Netherlands B.V. from Cub Energy Inc. (TSXV:KUB) on December 21, 2021. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: US$0.11 (up from US$0.001 loss in 3Q 2020). Revenue: US$3.67m (up 187% from 3Q 2020). Net income: US$1.39m (up US$1.77m from 3Q 2020). Profit margin: 38% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 08
An Unknown buyer entered into a letter agreement to acquire 35% stake in KUB-Gas Holdings Limited from Cub Energy Inc. (TSXV:KUB) for approximately $10.6 million. An Unknown buyer entered into a letter agreement to acquire 35% stake in KUB-Gas Holdings Limited from Cub Energy Inc. (TSXV:KUB) for approximately $10.6 million on September 3, 2021. The consideration comprises a cash payment of $2.6 million and the settlement of approximately $8.0 million in debt that the Company owes KUBGAS, subject to adjustments on the completion date. The transaction is subject to the parties entering into a definitive agreement and the Company obtaining TSX Venture Exchange approval. Reported Earnings • Aug 27
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.15m (up 126% from 2Q 2020). Net income: US$483.0k (up US$1.68m from 2Q 2020). Profit margin: 22% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 29
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$1.76m (down 22% from 1Q 2020). Net income: US$263.0k (up US$969.0k from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Executive Departure • May 25
Director has left the company On the 18th of May, John Booth's tenure as Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under John's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Apr 02
Full year 2020 earnings released: US$0.01 loss per share (vs US$0.035 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$4.81m (down 59% from FY 2019). Net loss: US$2.11m (loss narrowed 81% from FY 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 16
Cub Energy Inc., Annual General Meeting, May 18, 2021 Cub Energy Inc., Annual General Meeting, May 18, 2021. Reported Earnings • Nov 19
Third quarter 2020 earnings released: US$0.007 loss per share The company reported a soft third quarter result with weaker revenues and control over expenses, though losses reduced. Third quarter 2020 results: Revenue: US$946.0k (down 63% from 3Q 2019). Net loss: US$374.0k (loss narrowed 25% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. 
