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McMoRan Exploration Co. Message Board

raebenj 1 post  |  Last Activity: May 6, 2016 9:21 AM Member since: Jul 25, 2002
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    Is it Possible this thing gets called?

    by malverndennis May 5, 2016 3:58 PM
    raebenj raebenj May 6, 2016 9:21 AM Flag

    FCX will maintain a call right with respect to the outstanding royalty trust units at $10 per royalty trust unit, provided that the call right may not be exercised prior to June 3, 2018. In addition, at any time after June 3, 2018, if the volume weighted average price per royalty trust unit is equal to $0.25 or less for the immediately preceding consecutive nine-month period, FCX may purchase all, but not less than all, of the outstanding royalty trust units at a price of $0.25 per unit so long as FCX tenders payment within 30 days of such nine-month period. For more information, see the section entitled “Description of the Royalty Trust Agreement” beginning on page 29.