ECA Marcellus Trust I Announces Planned Establishment of Cash Reserve
December 19 2018 - 9:15AM
Business Wire
ECA MARCELLUS TRUST I (NYSE: ECT) (the “Trust”), today
announced that its trustee, The Bank of New York Mellon Trust
Company, N.A. (the “Trustee”), has determined to gradually build a
cash reserve for the payment of future expenses and liabilities of
the Trust, as permitted by the trust agreement.
Commencing with the distribution to unitholders payable in the
first quarter of 2019, the Trustee intends to begin withholding the
greater of $90,000 or 10% of the funds otherwise available for
distribution each month to gradually build a cash reserve of
approximately $1,800,000. The Trustee may increase or decrease the
targeted amount at any time, and may increase or decrease the rate
at which it is withholding funds to build the cash reserve at any
time, without advance notice to the unitholders. Cash held in
reserve will be invested as required by the trust agreement. Any
cash reserved in excess of the amount necessary to pay or provide
for the payment of future known, anticipated or contingent expenses
or liabilities eventually will be distributed to unitholders,
together with interest earned on the funds.
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this press release, other than statements of
historical fact, are “forward-looking statements” for purposes of
these provisions. These forward-looking statements include
statements regarding the Trustee’s planned withholding of funds to
build a cash reserve for future known, anticipated or contingent
expenses or liabilities of the Trust. Important factors that could
cause actual results to differ materially include changes to
commodity prices and changes to future known, anticipated or
contingent expenses or liabilities of the Trust. Statements made in
this press release are qualified by the cautionary statements made
in this press release. Neither the Trust nor the Trustee intends,
and neither assumes any obligation, to update any of the statements
included in this press release. An investment in units issued by
the Trust is subject to the risks described in the Trust’s Annual
Report on Form 10-K for the year ended December 31, 2017, the
Trust’s subsequent Quarterly Reports on Form 10-Q, and all of the
Trust’s other filings with the SEC. The Trust’s annual, quarterly
and other filed reports are or will be available over the Internet
at the SEC’s website at http://www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181219005132/en/
ECA Marcellus Trust IThe Bank of New York Mellon Trust
Company, N.A., as TrusteeSarah Newell+1 (512)
236-6555
ECA Marcellus Trust I (NYSE:ECT)
Historical Stock Chart
From Aug 2024 to Sep 2024
ECA Marcellus Trust I (NYSE:ECT)
Historical Stock Chart
From Sep 2023 to Sep 2024