Page 4 of 8 – SEC Filing
| Item 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
| The Reporting Person used a total of $20,365,967.96 to acquire the Class A Common Stock reported in this Schedule 13D. The source of the funds used to acquire the shares of Class A Common Stock reported herein is the working capital of Fir Tree Funds. |
| Item 4. | PURPOSE OF TRANSACTION |
| The Reporting Person acquired the Class A Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business. The Reporting Person acquired the Class A Common Stock because it believed that the Ordinary Shares reported herein, when purchased, represented an attractive investment opportunity. | |
| On September 18, 2017, Fir Tree issued a press release announcing its intention to support Q Investments, L.P. in its pursuit of value-maximizing strategic alternatives for the Issuer (the “Fir Tree Press Release”), including, but not limited to, recommending that the Issuer’s management pursue strategic alternatives, including selling certain or all of its assets, exploring potential DrillCo structure options or merging with another company that has a strong balance sheet and available development capital. The foregoing summary of the Fir Tree Press Release is qualified in its entirety by the full text of the Fir Tree Press Release, which is filed as Exhibit A to this Schedule 13D, and is incorporated herein by reference. | |
| The Reporting Person and its affiliates and representatives may engage in discussions with management, the Board of Directors of the Issuer, other stockholders of the Issuer including Q Investments, L.P., and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Person’s investment in the Class A Common Stock and the Issuer, including, without limitation, matters concerning the Issuer’s business, operations, board composition and representation, governance, management, capitalization and strategic plans. The Reporting Person may exchange information with any of the foregoing persons or other persons pursuant to appropriate confidentiality or similar agreements or otherwise, work together with any persons pursuant to joint agreements or otherwise, propose changes in the Issuer’s business, operations, board appointments, governance, management, capitalization or strategic plans, or propose or engage in one or more other actions set forth under subparagraphs (a)-(j) of Item 4 of Schedule 13D. | |
| The Reporting Person intends to review its investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by management or the Board of Directors of the Issuer, price levels of the Class A Common Stock, other investment opportunities available to the Reporting Person, conditions in the securities market and general economic and industry conditions, the Reporting Person may in the future take such actions with respect to their investment in the Issuer as it deems appropriate, including, without limitation, purchasing additional shares of Class A Common Stock or selling some or all of their shares of Class A Common Stock, engaging in short selling of or any hedging or similar transactions with respect to the Class A Common Stock and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D. The Reporting Person may, at any time and from time to time, review or reconsider its position and/or change its purpose and/or formulate plans or proposals with respect to its investment in the Class A Common Stock. |
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