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EV Energy Partners LP Message Board

  • gasisgood gasisgood Feb 12, 2013 10:23 AM Flag

    51 days

    Been 51 days since Walker gave us our Christmas present on Dec 24.
    Here is another 51 day reference from Seeking Alpha's transcript of the November Q3 Conference call
    John Ragozzino - RBC Capital Markets
    With 51 days to the year end, can you comment on the difficult sides or the minimum sides I guess, the amount of time that it would take to close a transaction of this size and how that weighs into your targeted close of the four year end.
    John Walker - Executive Chairman
    Well, I’d say that our goal continues to be year-end, and so I guess that’s all I can say, is that I feel like its still achievable. So I guess 51 days is the answer.
    John Ragozzino - RBC Capital Markets
    Alright, and just to clarify on someone else’s question before, did you mentioned that you are going to wait until multiple deals are going to be closed before you make an announcement. So effectively that may mean that you’re potentially already in position of a PSA and the time to close has already began.
    John Walker - Executive Chairman
    Mark Houser - President & Chief Executive Officer
    Of course as things are material, there’s competitive and strategic reasons and also materiality levels and if things are deemed to be material then it won’t be disclosed as appropriate.
    John Ragozzino - RBC Capital Markets
    Alright, that’s fair. And then seeing more, I guess in November you are unable to actually get deal closed before the year-end. Can you discuss the key motivating factors that would leave you on the trail to get it done as soon as possible and have you had any thoughts or the possibility of waiting until, call it sometime later next year, if not maybe even 2014, so that there is additional time for the play to be de-risked.
    John Walker - Executive Chairman
    Our objective was to go ahead and get this transaction closed and we continue to believe that we will be able to do that. So that is not something that we are giving consideration to.
    John Ragozzino - RBC Capital Markets
    Alright, thanks very much gentlemen.

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    • Well at least you posted the exact words from the call. I could see where some overenthusiatic investors thought that when Walker said "goal" of closing that he really meant "iron-clad guarantee" that it would close. Similarly, "I feel it is achievable" must translate into "I guarantee that this deal will be done because never in the course of business transactions has any deal every been postponed or any new issues arisen." Similarly, "so that is not something that we are giving consideration to" must mean, "we will never consider any other proposal or more complex deal even if it could result in more value to our unitholders because people have bought options in expectation of a year-end closing and our job is to bail them out first nevermind if it leaves $10 or $20 dollars on the table."

      • 1 Reply to marklibera
      • I missed the part where they said we are going to tout this deal at no less than a dozen events in 2012. Then when we miss, put out a bare bones PR announcing the failure, then spend the next 53 days making believe we never said anything at all. It will have lasting beneficial effects on the unit price as new investors are comforted that they are investing their hard earned money with such a unitholder friendly MLP such as EVEP. Under promise and over deliver is the name of the game here, right? Transparency and good corporate governance above all.

        I urge you to call these distinquished gentlemen and compliment them on a job well done

        john walker 713-651-1144
        Mark A. Houser. P:(713)659-3556
        Ron Whitmire 713-495-6525.
        mike mercer (713) 495-5386

3.43-0.16(-4.46%)Nov 27 1:00 PMEST