Icahn Enterprises L.P. Issues Statement Regarding Quarterly Distribution
March 23 2020 - 3:55PM
In response to investor inquiries and market speculation, Icahn
Enterprises L.P. (NASDAQ:IEP) today confirmed that it is the
intention of the Board of Directors of the general partner
of Icahn Enterprises to maintain the regular quarterly
distribution, in the amount of $2.00 per depositary unit,
for the foreseeable future. Depositary unitholders will continue to
have the right to make an election each quarter to receive either
cash or additional depositary units; if a unitholder does not make
an election, it will automatically be deemed to have elected to
receive the distribution in cash.
Icahn Enterprises and its subsidiaries maintain
ample liquidity to take advantage of attractive opportunities for
their respective businesses. Icahn Enterprises’ liquid assets
(comprised of cash and cash equivalents and investments in the
investment funds comprising Icahn Enterprises’ Investment segment)
totaled over $6 billion as of March 20, 2020. This does not include
the indicative net asset value of Icahn Enterprises’ operating
subsidiaries (including CVR Energy, Inc., Icahn Automotive Group
LLC, Viskase Companies, Inc., PSC Metals LLC, WestPoint Home LLC,
and the rental real estate, property development and club
operations assets comprising Icahn Enterprises’ Real Estate
segment), which totaled approximately $5.5 billion as of December
31, 2019.1
Icahn Enterprises L.P., a master limited
partnership, is a diversified holding company engaged in seven
primary business segments: Investment, Energy,
Automotive, Food Packaging, Metals, Real Estate and Home
Fashion.
Caution Concerning Forward-Looking
Statements
This release may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, many of which are beyond
our ability to control or predict. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
about the expected future business, distributions and financial
performance of Icahn Enterprises L.P. and its
subsidiaries. Actual events, results and outcomes may differ
materially from our expectations due to a variety of known and
unknown risks, uncertainties and other factors, including risks
related to economic downturns, substantial competition and rising
operating costs; risks related to our investment activities,
including the nature of the investments made by the private funds
in which we invest, losses in the private funds and loss of key
employees; risks related to our ability to continue to conduct our
activities in a manner so as to not be deemed an investment company
under the Investment Company Act of 1940, as amended; risks related
to our energy business, including the volatility and availability
of crude oil, other feed stocks and refined products, unfavorable
refining margin (crack spread), interrupted access to pipelines,
significant fluctuations in nitrogen fertilizer demand in the
agricultural industry and seasonality of results; risks related to
our automotive activities, including exposure to adverse conditions
in the automotive industry; risks related to our food packaging
activities, including competition from better capitalized
competitors, inability of its suppliers to timely deliver raw
materials, and the failure to effectively respond to industry
changes in casings technology; risks related to our scrap metals
activities, including potential environmental exposure; risks
related to our real estate activities, including the extent of any
tenant bankruptcies and insolvencies; risks related to our home
fashion operations, including changes in the availability and price
of raw materials, and changes in transportation costs and delivery
times; and other risks and uncertainties detailed from time to time
in our filings with the Securities and Exchange Commission.
Past performance in our Investment segment is not indicative of
future performance. We undertake no obligation to publicly update
or review any forward-looking information, whether as a result of
new information, future developments or otherwise.
1 Indicative net asset value does not purport to
reflect a valuation of Icahn Enterprises’ operating subsidiaries. A
valuation is a subjective exercise and indicative net asset value
does not necessarily consider all elements or consider in the
adequate proportion the elements that could affect the valuation of
Icahn Enterprises’ operating subsidiaries. Investors may reasonably
differ on what such elements are and their impact on Icahn
Enterprises. No representation or assurance, expressed or implied,
is made as to the accuracy and correctness of indicative net asset
value as of these dates or with respect to any future indicative or
prospective results which may vary. There can be no assurance that
the current value of Icahn Enterprises’ assets could be monetized
if the positions liquidated at any particular point in time.
Investor Contact:SungHwan Cho,
Chief Financial Officer305-422-4000
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Sep 2023 to Sep 2024