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EXPAND ENERGY Corp Director's Dealing 2012

May 22, 2012

30206_dirs_2012-05-22_704973bf-bd33-410d-af29-126afd677fa8.zip

Director's Dealing

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SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CHESAPEAKE ENERGY CORP (CHK)
CIK: 0000895126
Period of Report: 2012-05-14

Reporting Person: SOUTHEASTERN ASSET MANAGEMENT INC/TN/ (10% Owner)

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 87455895 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
5.75% Cumulative Non-Voting Convertible Preferred Stock $ 2049-12-31 Common Stock (2719256) Indirect
5.75% Cumulative Non-Voting Convertible Preferred Stock $ 2049-12-31 Common Stock (1849942) Indirect

Footnotes

F1: Each share of 5.75% Non-Voting Convertible Preferred Stock is convertible at any time at the option of the holder into approximately 37.037 Common Shares of Chesapeake which is based on an initial conversion price of $27.00 per Common Share, subject to certain adjustments.

F2: As of the date of this Form 3, Southeastern holds 73,420 shares of 5.75% Cumulative Non-Voting Convertible Preferred Stock. Each Preferred Share is convertible into 37.037 Common Shares of Chesapeake. The number of Common Shares issuable upon conversion of the Preferred Shares is subject to customary adjustment as set forth in the Certificate of Designations.

F3: 5.75% Cumulative Non-Voting Convertible Preferred Stock (Series A)

F4: Each share of 5.75% Cumulative Non-Voting Convertible Preferred Stock (Series A) is convertible at any time at the option of the holder into approximately 35.7961 Common Shares of Chesapeake which is based on an initial conversion price of $27.94 per Common Share, subject to certain adjustments.

F5: As of the date of this Form 3, Southeastern holds 51,680 shares of 5.75% Cumulative Non-Voting Convertible Preferred Stock (Series A). Each Preferred Share is convertible into 35.7961 Common Shares of Chesapeake. The number of Common Shares issuable upon conversion of the Preferred Shares is subject to customary adjustments as set forth in the Certificate of Designations.