SDLP - Seadrill Partners Announces One for Ten Reverse Unit Split
May 30 2019 - 7:40AM
London, United Kingdom, May 30,
2019 - Seadrill Partners LLC (the "Company" or "SDLP") (NYSE:
SDLP) announces a one-for-ten reverse unit split on its common
units and subordinated units, which is expected to be effective
after the close of trading on July 1, 2019. Trading of the split
adjusted common units will commence the following day under the
same ticker symbol "SDLP" on the New York Stock Exchange.
The reverse split will affect all common and
subordinated unitholders uniformly and will not alter unit classes
or ownership interests in the Company, except to the extent that
the reverse split results in any of the Company's unitholders
owning a fractional unit. No fractional units will be issued in
connection with the reverse split. Instead, in accordance with the
limited liability company agreement, all fractional SDLP units will
be rounded to the nearest whole unit, with 0.5 units rounded to the
next higher unit.
The reverse split will reduce the number of common
units issued and outstanding from 75,278,250 to approximately
7,527,825 common units, and the subordinated units from 16,543,350
to approximately 1,654,335 subordinated units.
SDLP unitholders who own their units in book-entry
form or through a bank, broker or other nominee do not need to take
any action in connection with the reverse split. Every ten
SDLP common units (CUSIP #Y7545W 109) will be automatically
converted into one new SDLP common unit (CUSIP #Y7545W 125).
Every ten subordinated units will be automatically converted into
one new SDLP subordinated unit.
Unitholders who hold units with a broker, bank or
other nominee and who have any questions in this regard are
encouraged to contact their brokers, banks or other nominees.
Formal notice of the reverse split is being sent
to unitholders of the Company. Electronic copies of the materials
are accessible on the Company's website at:
https://www.seadrillpartners.com/investor-relations/shareholder-services/other
Computershare Inc. and Computershare Trust Company
N.A. ("Computershare") is acting as the exchange agent and the
transfer agent for the Reverse Split. For further information,
please contact Computershare by telephone at 800-546-5141 (toll
free) and +1-781-575-2765 (international toll) or 462 South Fourth
Street Suite 1600, Louisville, KY 40202.
FORWARD LOOKING
STATEMENTS
This press release contains forward-looking statements (as defined
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and expectations including with respect to
the Company's ability to regain compliance with the NYSE's
continued listing standards. Although Seadrill Partners believes
that the expectations reflected in such forward-looking statements
are reasonable at the time made, no assurance can be given that
such expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Seadrill Partners. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Seadrill Partners expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Seadrill Partners' expectations with respect thereto or any
change in events, conditions or circumstances on which any
statement is based.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Seadrill Partners LLC via Globenewswire
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