I read the press release and am concerned. ETC is selling 8Million APU units and APU gets none of the proceeds. This represents a 9% increase in outstanding APU units. This could dilute APU earnings tremendously and create a burden for future partnership distributions. With this brief announcement I see no
benefit to keeping my LP interest. Any other thoughts????
"This represents a 9% increase in outstanding APU units"
No it doesn't. They are existing units held by ETP which they got in the propane business sale a year or so ago. Surely it was obvious that ETP would eventually sell those units after any lock up period expired. Why not read the text of the press release rather than just a headline?
I'm more confused than I normally am. Are these 8million shares NEW shares that didn't exist before today or is ETC simply selling off their holding of 8 million shares that already existed. I sold Ferrellgas and moved into Amerigas as I felt it was a significantly more stable company.....
The ticker it ETP not ETC. And if you read the first few sentences of the press release you would have the answer to your question. They are existing units acquired by ETP when it sold its propane business a year or so again. What is confusing about it?