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If i read it right they took registered owners as of payout for .11 distribution and will pay those people whenever anything more gets paid out from sale of Pasadena plant in the future. No symbol to trade it.
*DJ News On Rentech Nitrogen Partners L.P. (RNF) Now Under UAN
Mar 31, 2016 17:08:00 (ET)
(END) Dow Jones Newswires
March 31, 2016 17:08 ET (21:08 GMT)
I wish I had bought 400K last week instead of 500. Hopefully Carl will sell and use the proceeds to pay down the debt UAN will be taking on. Any day now we will become a holding company, hopefully with only one good bean counter on the payroll.
Purchase prices were between $10 and $11. So this looks good in that I would think Icahn knows the value of the stock - though I suspect the reason he is buying RNF instead of UAN is because of the loss that is embedded in the units and he has figured a way to offset some gains.
LOS ANGELES--(BUSINESS WIRE)--
Rentech Nitrogen Partners, L.P. (RNF) announced today that its Board of Directors has declared a cash distribution of $0.11 per common unit to distribute the initial proceeds from the recent sale of its Pasadena, Texas facility. The distribution is payable on March 31, 2016 to holders of record as of March 28, 2016. The distribution represents initial sale proceeds of $5 million net of transaction-related fees of approximately $0.6 million.
The Partnership also set a second record date that coincides with the closing of the pending merger of Rentech Nitrogen and CVR Partners, LP for rights to receive all additional cash distributions payable to Rentech Nitrogen unitholders related to the Pasadena sale. This means each Rentech Nitrogen unitholder as of closing of the pending merger with CVR Partners will receive: (i) the merger consideration of 1.04 common units of CVR Partners and $2.57 of cash per common unit of Rentech Nitrogen; (ii) the right to receive their share of a cash working capital adjustment from the Pasadena sale, which is estimated to be approximately $6 million and which amount is expected to be confirmed within ninety days of the Pasadena closing; and (iii) the right to receive their share of any potential milestone payments from the Pasadena sale, which will be calculated as 50% of the Pasadena Facility’s cumulative Adjusted EBITDA, as defined in the Pasadena sale agreement, in excess of $8 million earned over the next two years. The payment dates for the working capital distribution and the potential milestone payment distributions will be set promptly after such funds are received.
+ Q 1 2016 earnings that just might be pretty good. RNF appeared quite opptomistiic about current Q which one would think would also bode well for UAN's Q 1 ??
6:40 am Rentech Nitrogen Partners misses Q4 estimates; UAN merger may close at the end of March (RNF) :
Q4 adj. EPS $0.20 vs $0.42 Capital IQ Consensus; revs -4% to $77.4 mln vs $99.00 mln Capital IQ Consensus Estimate
While the fourth quarter was affected by weather and the inability to ship all of our prepaid UAN commitments, we expect to largely make-up for the lost sales volumes in the first quarter of 2016." Mr. Forman continued, "We believe expectations for increased corn plantings this spring, along with the early start to ammonia application that we are seeing in parts of our trade zone, will drive strong nitrogen demand through the second quarter."
That was really a dog. Even with the working capital adjustment it just gets up to $10 million net of expenses, and then there is a two year earn out that would require the fertilizer market to turn in order to have any value. So maybe two distributions of $0.15 each.