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Inergy, L.P. Message Board

zollerpi 3 posts  |  Last Activity: Dec 21, 2015 11:28 PM Member since: Apr 12, 2012
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  • Reply to

    Today's guidance from Management 2016

    by jmhayes_101 Dec 21, 2015 10:06 AM
    zollerpi zollerpi Dec 21, 2015 11:28 PM Flag

    So did NMM.

  • Reply to

    Future DCF Coverage

    by mizesaw Dec 4, 2015 8:44 AM
    zollerpi zollerpi Dec 4, 2015 2:31 PM Flag

    Thank you, went back and looked and you are correct. Thanks for the help.

  • Reply to

    Future DCF Coverage

    by mizesaw Dec 4, 2015 8:44 AM
    zollerpi zollerpi Dec 4, 2015 2:24 PM Flag

    I am very confused. On November 23, Angeliki said dividends were suspended. How can you say they are still going to be paid?

    Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We have experienced an extended period of weakness that is virtually unprecedented in our history, with the BDI average this year lower than at any time since 1986. As a result, we have adjusted our return of capital to our shareholders by initiating a share repurchase program and suspending our dividend payment. The share repurchase program entails a $25.0 million purchasing authority over a two- year period. The annual net savings will provide additional balance sheet strength and the opportunity to reinvest funds accretively."

    Angeliki Frangou continued, "The decision to suspend dividends was a difficult one, as we have paid a dividend for 39 consecutive quarters. Senior management owns about 30% of the Company, so we are intimately aware of the consequences of our action, but feel that reducing our capital commitment and opportunistically redeploying cash toward our share repurchase program will be in our best long-term interests."