NOVA Chemical Corp (NCX)

[MWM]

I was very close myself to making some big loot on this one, it was clear they were not going under... I got very close, makes me sick to think about i, the calls were up 1000's of a %...

[Stock]

There is a February 5 2009 tout site mention of this stock in the iHub news archive.

Wall Street News Alert: Updates, Advisories and Breaking News! February 5, 2009

WESTON, FL -- (Marketwire) -- 02/05/09 -- Wall Street News Alert's "stocks to watch" this morning are: Striker Oil & Gas, Inc. (OTCBB: SOIS), NOVA Chemicals (NYSE: NCX), GT Solar International, Inc. (NASDAQ: SOLR) and NiSource Inc. (NYSE: NI).

To receive FREE Mobile Stock Alerts formatted especially for your cell phone, text the word "press" in the subject line to 68494.

*** This free service can be discontinued at any time by replying to any one of the alerts with the word "stop."

Having recently announced that its fiscal 2008 revenue increased by 24% to $3,800,000, Striker Oil & Gas, Inc. (OTCBB: SOIS) should have investors monitoring the company's progress. Yesterday after the markets closed, the company, an upstream U.S. oil and gas company, issued a press release announcing that it has connected the Catfish Creek #2 to its recently completed pipeline gathering system and it is currently flowing gas and associated condensate to sales prior to stimulating (fraccing) the Pettit formation.

After the stimulation, the expectations are for a significant increase over the current flow rates. The well was completed in the Pettit formation with perforations at 10,435-10,438' and 10,448-10,458'.

Great news for the company! This prospect consists of over 12,800 gross acres with full development of this prospect potentially yielding 30 to 50 wells testing the Pettit and Rodessa formations. Striker has approximately 33% working interest before payout (25% after payout) on this prospect.

"We are happy that we have this well tied into our new gathering system and are very optimistic that the stimulation of this well will meet or exceed our expectations." said Kevan Casey, Chief Executive Officer of Striker.

"Future field plans will be to immediately begin stimulation operations on our Catfish Creek #1 well which has been flowing oil for over the past sixteen months un-stimulated and then follow that with the completion of our recently drilled Catfish Creek #3 well."

Last week the company also reported it has re-established production on its LeJeune #1 well in its North Edna prospect located in Jefferson Davis Parish, Louisiana, at an average daily rate of 71 barrels of oil per day.

According to that release, the North Edna prospect also has an additional well location that has been classified as a Proven Undeveloped Drilling (PUD) location and has been assigned gross reserves of 428,000 barrels split evenly between the PUD and Probable Undeveloped categories by our independent third party reserve engineers. This additional well is forecasted to be drilled in fiscal 2009 to a depth of approximately 9,000 feet to test several zones that have been previously identified in the prospect area.

Striker has a 25.9% net revenue interest in the initial well and an approximate 18% net revenue interest in any subsequent wells on the North Edna prospect.

The company previously reported that its fiscal 2008 revenue increased by 24% to $3,800,000 compared to the same period in 2007. The company missed its previous guidance of $5,000,000 due to a disruption in its production from both Hurricanes Gustav and Ike and also the significant drop in hydrocarbon prices; however, the company has since restored production and does not anticipate any further issues caused by the previous hurricanes.

Investors are urged to carefully monitor the progress of this company!

SOIS closed yesterday at around Six cents a share.

For an in-depth profile of Striker Oil & Gas, visit http://www.WallStreetNewsAlert.com/HotStocks/SOIS020409/default.aspx.

In case you are not familiar with the company: Striker Oil & Gas, Inc. is an upstream U.S. oil and gas company. The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Striker's objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Striker is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets.

NOVA Chemicals (NYSE: NCX) up 47.2% on 18 million shares traded.

NOVA Chemicals produces plastics and chemicals that are essential to everyday life.

GT Solar International, Inc. (NASDAQ: SOLR) up 31.3% on 2.8 million shares traded.

GT Solar International, Inc. is a leading global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon utilized in the solar power industry.

NiSource Inc. (NYSE: NI) up 9% on 11.3 million shares traded.

NiSource Inc. is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution.

Market Commentary:

The ISM's non-manufacturing index rose to 42.9% last month from 40.1% in December.

Let Wall Street News Alert help advertise for your company using our effective awareness campaigns. If you're interested in telling your story, we can help. Contact us at [e-mail] or see our services at http://www.wallstreetnewsalert.com/tPage.aspx?PAGE_TYPE=AU.

WSNA's email alert service is free to those investors who sign up on the WSNA home page. The alert service is designed to notify investors of undervalued and often overlooked stocks. Subscribers are introduced to Special Situation companies that have the potential of showing increased activity. The Wall Street News Alert home page has experienced over 100 million hits. To subscribe to this free service, visit the Wall Street News Alert home page at http://www.wallstreetnewsalert.com and select the "join now" button.

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Wall Street News Alert is a division of Wall Street Capital Funding LLC (WSCF). WSCF also maintains a contractual, working relationship with Stock Market Alerts LLC and its Wall Street Enews brand. WSCF is not a registered broker/dealer and may not sell, offer to sell or offer to buy any security.

WSCF profiles are not a solicitation or recommendation to buy, sell or hold securities. An offer to buy or sell can be made only with accompanying disclosure documents from the company offering or selling securities and only in the states and provinces for which they are approved. The material in this release is intended to be strictly informational. The companies that are discussed in this release have not approved the statements made in this release nor approved the timing of this release. All statements and expressions are the sole opinion of WSCF and are subject to change without notice. Information in this release is derived from a variety of sources including that company's publicly disseminated information, third parties and WSCF research. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. WSCF disclaims any and all liability as to the completeness or accuracy of the information contained and any omissions of material fact in this release. The release may contain technical inaccuracies or typographical errors. It is strongly recommended that any purchase or sale decision be discussed with a financial adviser, or a broker-dealer, or a member of any financial regulatory bodies. Investment in the securities of the companies discussed in this release is highly speculative and carries a high degree of risk. WSCF is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment if they make a purchase in WSCF profiled stocks.

This profile is not without bias, and is a paid release. WSCF has been compensated for dissemination of company information on behalf of one or more of the companies mentioned in this release. In 2009, WSCF has been currently compensated Eighteen Thousand Dollars (Nine Thousand for current services and Nine Thousand for previous services) for coverage of Striker Oil & Gas, Inc. (formally Unicorp Inc) (OTCBB: SOIS), by the company, for services provided including dissemination of company information in this release. In 2008, WSCF was also compensated Fifty Nine Thousand Dollars for coverage of Striker Oil & Gas, Inc. (OTCBB: SOIS), by the company. WSCF was also previously compensated for services rendered in 2006 & 2007; the previous compensation can be viewed by looking at a previous WSNA, UCPI press release. WSCF holds no shares of the stock. WSCF may receive additional compensation for extension of its services. Any additional compensation will be disclosed at such time that WSCF is aware of a client's desire to extend the original services. WSCF may have received shares of a company profiled in this release prior to the dissemination of the information in this release. WSCF may immediately sell some or any shares in a profiled company held by WSCF and may have previously sold shares in a profiled company held by WSCF. WSCF's services for a company may cause the company's stock price to increase, in which event WSCF would make a profit when it sells its stock in a company. In addition, WSCF's selling of a company's stock may have a negative effect on the market price of the stock.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and WSCF undertakes no obligation to update such statements.

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http://ih.advfn.com/p.php?pid=nmona&cb=1258655418&article=36118945&symbol=NY%5ENCX

[MWM]

What a dumbass... Wish he would have told me thought lol!

[Stock]

Someone had an unfair advantage:

SEC SETTLES INSIDER TRADING ACTION AGAINST ABU DHABI NATIONAL

Litigation Release No. 21307 / November 19, 2009

SEC v. Khaled Mohammed Sharif Al Sayed Al Hashemi a.k.a Khaled Al Hashemi, Civil Action No. 09-CV-6650 (S.D.N.Y.) (HB)

SEC SETTLES INSIDER TRADING ACTION AGAINST ABU DHABI NATIONAL

The Securities and Exchange Commission ("Commission") today announced the settlement of its claims against Khaled Al Hashemi, a citizen and resident of Abu Dhabi, United Arab Emirates, for unlawful insider trading in the securities of Nova Chemicals Corporation ("Nova") before a February 23, 2009 merger announcement with International Petroleum Investment Company ("IPIC"). Hashemi, without admitting or denying the Commission's claims, consented to the entry of a final judgment enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and directing him to pay a total of $875,000, comprised of disgorgement in the amount of $458,760, $9,620 in prejudgment interest, and a penalty of $406,620.

According to the Commission's Complaint, filed in the United States District Court for the Southern District of New York, Hashemi purchased 120,000 shares of Nova common stock through his online brokerage account in the two weeks leading up to the merger announcement. These purchases began to accelerate as the merger date approached, as he made 54 percent of his total purchases on the last trading day before the announcement. Hashemi funded these purchases by liquidating nearly 80 percent of the value of his stock portfolio, and by wiring approximately $100,000 into his trading account. The complaint also alleges that, immediately prior to the merger announcement, Hashemi placed pre-market limit orders to sell some of the Nova stock that he had purchased in the preceding weeks at prices significantly higher than the previous trading day's closing price. On February 23, after the merger was announced, Nova's stock price increased 289 percent, and Hashemi sold his entire Nova position.

The Commission acknowledges the assistance of New York Stock Exchange Regulation in this matter.

http://www.sec.gov/litigation/litreleases/2009/lr21307.htm

[Xplosivestocks]

Nice

[MWM]

I was so close on this one... Disgusting!

[Tuff-Stuff]

CONGRATS! Have a few March calls, and bought stock pmkt earler before latest news hit...



IPIC and NOVA Chemicals Announce Friendly, Recommended All-Cash Acquisition of NOVA Chemicals

* Monday February 23, 2009, 8:23 am EST

* Yahoo! Buzz
* Print

Related:

* Nova Chemicals Corp.

CALGARY, Alberta--(BUSINESS WIRE)--International Petroleum Investment Company (“IPIC”) and NOVA Chemicals Corporation (“NOVA Chemicals”) (NYSE:NCX - News)(TSX:NCX - News) announced today that they have entered into an agreement (the “Arrangement Agreement”) providing for the acquisition by IPIC of all of NOVA Chemicals’ outstanding common shares (the “Shares”) for a cash consideration of US$6.00 per Share. The acquisition will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the “Arrangement”).
Related Quotes
Symbol Price Change
NCX 1.34 0.00
Chart for NOVA CHEMICALS CORP
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The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange (“NYSE”) and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange (“TSX”) and NYSE up to and including February 20, 2009. The total value of the Arrangement, including assumption of NOVA Chemicals’ net debt obligations, is approximately US$2.3 billion.

Based on a C$/US$ exchange rate of 1.2541, the cash consideration equates to C$7.52 per Share. The actual C$ equivalent cash consideration per Share will be based on the C$/US$ exchange rate at the time when the Arrangement is closed.

NOVA Chemicals’ operations are geographically complementary, bringing together IPIC’s existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America.

The Arrangement is intended to enable NOVA Chemicals to meet all of its obligations to all of its stakeholders and will strengthen NOVA Chemicals’ balance sheet so that its strong assets will continue to operate and expand. As part of the Arrangement, IPIC has agreed to a US$250 million credit backstop facility (the “Credit Agreement”) to provide NOVA Chemicals with sufficient liquidity.

Under the Arrangement, NOVA Chemicals will operate as an independent chemicals and plastics company. It will continue to invest substantially in its Alberta and Ontario operating facilities, and also in its large and very productive research and development facilities in Calgary, AB.

“This acquisition will provide enhanced balance sheet strength for NOVA Chemicals and facilitate NOVA Chemicals’ growth internationally. We can provide stability and allow NOVA Chemicals to meet its operational and financial requirements while continuing to expand and invest in its business,” stated Managing Director and Board Member, IPIC, H.E. Khadem Al Qubaisi. “We believe the cash consideration under the Arrangement is very attractive to NOVA Chemicals shareholders and that the Arrangement is a very positive development for NOVA Chemicals’ employees and other stakeholders.”

NOVA Chemicals will continue to manage its operations and set its business objectives from North America. IPIC appreciates the high quality of NOVA Chemicals management and looks forward to working with the senior management team for the continued success and long-term growth of the company. IPIC encourages significant management autonomy while being available at the Board level to provide strategic guidance and governance. IPIC has no plans to change the current operations of NOVA Chemicals, and the current President and COO, Mr. Chris Pappas is expected to remain with the company as Chief Executive Officer upon the previously announced retirement of Mr. Jeff Lipton on May 1, 2009.

“The opportunity to join IPIC comes at a good time for NOVA Chemicals and will enable us to offer both stability and long-term growth to many of our stakeholders,” said Jeff Lipton, NOVA Chemicals’ CEO. “IPIC is well financed and has a track record of working successfully with companies like ours.”

“Working with IPIC will enable NOVA Chemicals to continue to build on our world class technology and take it around the world,” said Chris Pappas, NOVA Chemicals’ President and COO. “This Arrangement is a good opportunity for our employees and our customers to grow our business.”

About the Arrangement

The Arrangement will be subject to court and regulatory approval and other customary conditions, including the approval by holders of at least 662/3% of the Shares represented in person or by proxy at a special meeting of NOVA Chemicals shareholders to be scheduled in connection with the Arrangement.

The Arrangement is not subject to any financing condition.

An information circular regarding the Arrangement is expected to be mailed to NOVA Chemicals shareholders in March 2009 for a special meeting of NOVA Chemicals shareholders which is expected to be held in April 2009. The completion of the Arrangement would be expected to occur upon receipt of all final regulatory approvals.

The Arrangement Agreement will be filed by NOVA Chemicals on SEDAR (http://www.sedar.com) and EDGAR (http://www.sec.gov/edgar.shtml) and can be viewed by following links for NOVA Chemicals at http://www.novachemicals.com

Recommendation of NOVA Chemicals’ Board of Directors

The Board of Directors of NOVA Chemicals, after consultation with its financial and legal advisors, has determined that the Arrangement is fair, from a financial point of view, to NOVA Chemicals shareholders and is in the best interests of NOVA Chemicals and its shareholders. It has unanimously approved the Arrangement and resolved to recommend that NOVA Chemicals shareholders vote their Shares in favour of the Arrangement. In addition, each member of NOVA Chemicals’ Board of Directors and executive leadership group has agreed to vote their Shares in favour of the Arrangement. Both UBS Investment Bank and RBC Capital Markets have provided opinions to NOVA Chemicals’ Board of Directors that the consideration under the Arrangement is fair, from a financial point of view, to NOVA Chemicals’ shareholders.

The Arrangement Agreement contains non-solicitation provisions which limit NOVA Chemicals’ ability to solicit third party proposals, subject to a "fiduciary out" and to certain match rights in favour of IPIC. It also provides for a termination fee of US$15 million plus additional amounts payable under the Credit Agreement and other payments by NOVA Chemicals to IPIC in certain circumstances.

Benefits to North America

IPIC is confident that its acquisition of NOVA Chemicals will deliver significant benefits to Canada and the US, including providing stability to the operations, employees, customers, suppliers and stakeholders of NOVA Chemicals and the North American communities in which it operates.

IPIC recognizes the significant and robust capabilities of NOVA Chemicals’ business and its employees. It is firmly committed to ensuring that NOVA Chemicals’ business continues to play a leading role in the petrochemical industry, by providing both financial and employment stability and the opportunity to grow on the international stage.

IPIC is committed to continuing to invest in R&D as well as capital expenditure projects to maintain and expand the strength of NOVA Chemicals’ current operations in North America.

IPIC is fully committed to the highest standards of corporate social responsibility, understanding that it is fundamental to preserve its long-term competitiveness in the global arena. Maintaining a high level of health, safety and environmental performance and a strong commitment to Responsible Care® in NOVA Chemicals’ operations, and fully complying with all related laws, remain IPIC’s highest priorities.

About IPIC

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long-term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and operating resources of companies in IPIC’s portfolio and Abu Dhabi’s feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008). Its estimated net worth is more than US$14 billion.

Additional information on IPIC can be found at http://www.ipic.ae and at http://www.ipiccanada.com.

About NOVA Chemicals

NOVA Chemicals is one of North America’s leading plastics and chemicals companies, developing and manufacturing materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals generates approximately 45% of its revenue in the US, 35% of its revenue in Canada, and the remaining 20% in Europe and elsewhere.

NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier. NOVA Chemicals employees work to ensure health, safety, security and environmental stewardship through its commitment to Responsible Care®. NOVA Chemicals Shares are traded on the TSX and NYSE.

Additional Information

For additional information, please visit http://www.ipiccanada.com

Advisors and Counsel

HSBC is acting as exclusive financial advisor to IPIC and IPIC’s legal advisors are Torys LLP and Clifford Chance. UBS Investment Bank and RBC Capital Markets are acting as financial advisors to NOVA Chemicals and Osler, Hoskin & Harcourt LLP and Wachtell, Lipton, Rosen & Katz are acting as legal advisors to NOVA Chemicals.

Investors Conference Call

There will be a presentation for analysts and investors on Monday, February 23, 2009 at 10:00 am EST which will be available live by telephone or webcast.

Audio Access: Dial-In Number [phone]

Passcode: 253380

Live Webcast Access: The webcast link will be available at http://www.novachemicals.com > Investor Center > IR Calendar > NOVA Chemicals Supplemental Conference Call and Webcast

Audio Replay: An audio replay of the conference call will be available starting on Tuesday, February 24, 2009 at [phone]

Passcode: 253380

Webcast Replay: A replay of the webcast will be available for ten days ending Thursday, March 5, 2009 at http://www.novachemicals.com > Investor Center > IR Calendar > Archives 2009

Forward Looking Information

This press release contains forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws and relating, but not limited to, IPIC’s and NOVA Chemicals’ expectations, intentions, plans and beliefs, and the proposal to acquire all of the outstanding common shares of NOVA Chemicals. Forward-looking information can often be identified by forward-looking or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking information.

You are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, of both a general and specific nature, that could cause actual results to differ materially from those suggested by the forward-looking information or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate.

These risks include that the completion of the proposed transaction is subject to a number of terms and conditions, including, without limitation: (i) required NOVA Chemicals shareholder approval, (ii) necessary court and regulatory approvals, and (iii) certain termination rights available to the parties under the Arrangement Agreement. These approvals may not be obtained, the other conditions to the transaction may not be satisfied in accordance with their terms, and/or the parties to the Arrangement Agreement may exercise their termination rights, in which case the proposed transaction could be modified, restructured or terminated, as applicable. You are cautioned that the list of risks and assumptions set forth or referred to above is not exhaustive. Some of the risks, uncertainties and other factors which negatively affect the reliability of forward-looking information are discussed in NOVA Chemicals’ public filings with the Canadian and United States securities regulatory authorities, including its most recent annual information form, annual report, management’s discussion and analysis, quarterly reports, and new releases. NOVA Chemicals’ public filings are available through NOVA Chemicals’ website at http://www.novachemicals.com. Copies of NOVA Chemicals’ Canadian public filings are available on SEDAR at http://www.sedar.com. NOVA Chemicals’ public filings in the United States, including NOVA Chemicals’ most recent annual report on form 40-F, as supplemented by its filings on form 6-K, are available at http://www.sec.gov. You are further cautioned that information contained on, or accessible through, these websites is current only as of the date of such information and may be superseded by subsequent events or filings. The forward-looking information in this press release is expressly qualified in its entirety by this cautionary statement. In addition, the forward-looking information is made only as of the date of this press release, and except as required by applicable law, neither IPIC nor NOVA Chemicals undertakes any obligation to update publicly this forward-looking information to reflect new information, subsequent events or otherwise.

Contact:

[Bull Trader]

most excellent news for longs. I trade this stock often enough to follow the news on it and I'm sure it will be a nice runner tomorrow. congrats. ~BLUe

[ralfalf]

News today and it's up and away ; )

http://finance.yahoo.com/news/NOVA-Chemicals-Secures-150-bw-14434558.html

This will be a great ride.

[califax]

Insider Activity Review – latest 10 filings updated daily

http://www.canadianinsider.com/coReport/allTransactions.php?ticker=ncx

[MWM]

Radar might be the start of something here. Not much volume but a nice % gain today...

[MWM]

Holding up well today...

[Xplosivestocks]

Nova Chemical posts $214M loss
Incoming CEO Confident It Will Endure Stalling Economy
Posted By THE CANADIAN PRESS
Posted 16 days ago


The incoming chief executive of Nova Chemicals (TSX:NCX) says he's confident Canada's largest plastics maker will survive the recession and could even benefit from the pains of its competitors.

Chris Pappas, the president and soon-to-be CEO of Nova, said Thursday that pressures on the chemical industry have forced other companies to shut down some operations, either temporarily or permanently, causing their customers to switch to Nova.

Those closures included a Flint Hills Resources polymers plant in Odessa, Tex., which closed late last year.

"That capacity happened to be a product line that was very similar to a product line that we make in Alberta on a very low-cost basis," said Pappas, after Nova reported a big quarterly loss.

The company booked a loss of $214 million US in the fourth quarter as writedowns and falling revenues reversed a solid profit the previous year.

The loss for the period ended Dec. 30 was worth $2.56 per share and compared with a profit of $126 million, or $1.51 a share, a year earlier, the company said Thursday.

Nova, which reports in U. S. dollars, said revenue slipped to $1.2 billion from $1.8 billion.

Pappas said weakening oil prices affected revenues generated by Nova's petrochemicals. Inventories were sold at a lower price, causing the company to book $364 million in before-tax losses.

"Some of our customers are under a lot of financial pressure for the same kinds of reasons," he said.

Nova Chemicals wrote down the value of its inventory at the end of the year to reflect market prices, incurring another $129 million loss. The company also logged a $111-million before-tax gain due to the appreciation of the U. S. dollar.

The company, which is headquartered in Pittsburgh but has major operations in Sarnia, Ont., and Alberta, has been focusing on slashing costs and raising $400 million in cash and obtaining loans to comply with its debt covenants with bankers.

Continued After Advertisement Below

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Earlier this month, Nova announced a plan to reduce its fixed costs by $100 million over the first half of the year. That involved the loss of 400 jobs at its worldwide operations, about 15 per cent of the workforce.

On Thursday, Nova said it was complying with debt covenants on its five revolving credit lines -- totalling $683 million -- and had negotiated new terms with bankers to use the money during the first half of the year.

The conditions require the company to secure another $100 million in additional financing by Feb. 28 (which it is "confident" will be in place), and another $100 million by June 1, which is under negotiations.

Pappas, who replaces current CEO Jeff Lipton this spring, said Nova isn't planning any further job cuts at this point.

"While the chemical industry in general is struggling from low demand, and other problems, the business that we're primarily in is not having anywhere close to that same degree of demand-side struggle," Pappas said.

Article ID# 1412286

[Xplosivestocks]

It may not have bottomed yet but looks great long term

[dannie30]

who is collectet here the 150k buys ? Tommorow over 2$ ?

[dannie30]

wuuuaaaaaaa rising high

[Xplosivestocks]

This is a long term play

[Xplosivestocks]

Picked a few up on Friday. It is a two year hold for me.

[dannie30]

go go green nova

[MWM]

Got to be near the bottom unless they really are going under...

[Xplosivestocks]

This has to be the bottom for NCX

[MWM]

Nova shares surge on financing speculation
Wed Feb 4, 2009 3:15pm EST

CALGARY, Alberta, Feb 4 (Reuters) - Nova Chemicals Corp (NCX.TO) shares surged more than 39 percent on Wednesday on speculation the raw plastics maker has secured $100 million in financing to help it meet its financial obligations.

Nova jumped 54 Canadian cents to $1.92 on the Toronto Stock Exchange. Its New York-listed shares rose 47 cents to $1.57. Earlier, the stock shot up more than 75 percent.

The Globe and Mail newspaper said on its website that there was speculation the company may have struck a deal with an Alberta government-owned institution.

The report quoted market sources as saying the rescue package could be in the form of a bond issue that would be bought by pension plan manager Alberta Investment Management Corp. It said ATB Financial, the provincially owned bank, was also speculated to be providing a loan.

A Nova spokesman would not confirm a deal.

"We are aware of the story and I can tell you we haven't made any further financing announcements," Nova's Greg Wilkinson said. "Our statement continues to be that we continue to be confident in our ability to work with our lenders going forward."

Officials with AIMCo, ATB and Alberta Premier Ed Stelmach's office were not immediately available for comment.

The speculation also fueled gains in Nova's debt. Its 7.4 percent notes due this year have climbed 21 cents on the dollar to 74.5 cents, traders said. Meanwhile, Nova's 6.5 percent notes due 2012 have gained 10.5 cents on the dollar to 38 cents, according to KDP Investment Advisors.

Nova is a major employer in Alberta and it has extensive assets in the Western Canadian province, including a massive ethylene and polyethylene complex in the central Alberta town of Joffre.

Earlier this week, Nova's shares tumbled after three bond rating agencies downgraded the company's debt on renewed worries about its liquidity amid the petrochemical industry's sharp downturn.

The company has a series of debt maturities coming due over the next 18 months, starting with a $250 million bond repayment in April.

Standard & Poor's pointed out Nova has to raise $100 million by the end of this month and another $100 million by June 1.

The company has said it won relaxations on some its debt covenants that give it access to its credit lines in the first half of this year, but it continues to seek financing.

Last week, Nova reported a deep fourth-quarter loss, and a 36 percent drop in revenues, as demand for its plastic products weakened.

($1=$1.23 Canadian) (Reporting by Jeffrey Jones in Calgary and Tom Ryan in New York; editing by Rob Wilson)

[MWM]

Nova Chemicals pitched on bought deal financings
Andrew Willis, today at 2:03 PM EST

Investment bankers are lining up to pitch stock sales at Nova Chemicals, while the company continues to work on a renegotiated debt package with lenders.

With the clock ticking on debt refinancing - Nova must come up with $100-million by the end of the month - Canada's largest chemical company is being offered bought deals that would put $100-million or more into the company's coffers. There's a lineup of investment banks offering to sell equity, and a number of fund managers willing to commit capital to the potential turnaround.

To date, Nova executives are listening to the bankers, but asking dealers for more time to strike new terms on its loans, which would in turn boost the stock price and make an equity sale less dilutive for existing shareholders.

Executives at one fund manager being touted as a potential backer - the Alberta Investment Management Corp. or AIMCo- said Wednesday that they are not working with Nova on a refinancing.

The dean of Canadian analysts in the sector, Sam Kanes at Scotia Capital, published a note on Nova early Wednesday that modelled a $200-million (U.S.) issue at $1 a share, or $1.23-a-share Canadian. Nova shares are changing hands $2.46 on the Toronto Stock Exchange Wednesday.

Scotia Capital's work on Nova puts the odds of insolvency at 50 per cent, and Mr. Kanes said: “Speculators should wait for a Nova equity issue to see if it satisfies Nova's bankers.”

Mr. Kanes said that in its most recent earnings release, “Dow Chemicals' CEO said, 'we are planning for a global recession throughout 2009' and late 2008 demand levels are expected to persist for several quarters. This does not bode well for Nova.”

[dannie30]

and now fall how a stone

[MWM]

Added some feb $2.50 calls on this funding news...

[MWM]

Nova Chemicals Climbs on Speculation of Possible Funding Deal

By Jack Kaskey

Feb. 4 (Bloomberg) -- Nova Chemicals Corp., Canada’s largest chemical maker, rose in New York trading after the Globe and Mail reported speculation that the company may have secured $100 million in funding it needs to fulfill lending agreements.

Nova jumped 75 cents, or 68 percent, to $1.85 at 12:24 p.m. in New York Stock Exchange composite trading. The shares fell 77 percent this year before today. Nova is run from Pittsburgh and incorporated in Calgary.

Nova may sell $100 million in bonds to Alberta Investment Management Corp., a pension plan, or it may get a loan from ATB Financial, which is owned by the Alberta government, the Toronto- based newspaper said today, without identifying its sources.

“We haven’t made any further announcements about financing,” Greg Wilkinson, a Nova spokesman, said today in an interview. “We continue to be very confident of our ability to work with lenders going forward.”

Nova said last week it needs $100 million in new financing by Feb. 28 and $100 million more by June 1 in order comply with debt covenants.

Nova’s credit rating was reduced this week by Fitch Ratings and Standard & Poor’s amid concern the company won’t be able to obtain the financing required by lenders.

To contact the reporter on this story: Jack Kaskey in New York at [e-mail].