Sisecam Resources LP Announces Anticipated Closing Date of Merger, Intention to Delist Its Common Units and Cash Distribution
May 19 2023 - 9:10AM
Business Wire
Sisecam Resources LP (the “Partnership”) (NYSE: SIRE) announced
today that it notified the New York Stock Exchange (“NYSE”) of the
anticipated closing date of the previously-announced merger
transaction (“Merger”) contemplated by the Agreement and Plan of
Merger, dated as of February 1, 2023 (“Merger Agreement”), pursuant
to which Sisecam Chemicals Wyoming LLC (“Purchaser”), a wholly
owned subsidiary of Sisecam Chemicals Resources LLC (“Parent”) will
acquire all of the outstanding common units of the Partnership not
already owned by Parent and its affiliates. The Partnership
anticipates that the Merger will close on or about May 26, 2023 or
such later date that the Partnership’s units cease trading on the
NYSE (“Closing Date”).
Upon the closing of the Merger on the terms and conditions set
forth in the Merger Agreement, unitholders will be entitled to
receive the merger consideration as set forth in the Merger
Agreement. Following completion of the Merger, the Partnership will
be a wholly-owned subsidiary of the Purchaser and the general
partner of the Partnership, and the common units of the Partnership
will cease to be listed on the NYSE and will be deregistered under
the Securities Exchange Act of 1934.
In connection with the closing of the Merger, the board of
directors of the general partner of the Partnership unanimously
approved a distribution adjusted pro rata for the quarter of $0.50
per unit payable on the Closing Date to unitholders of record at
the close of business on May 25, 2023 or, if later, such date that
immediately precedes the Closing Date. Unitholders of record must
hold their units through the Closing Date to receive the pro-rated
quarterly distribution.
ABOUT SISECAM RESOURCES LP
Sisecam Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of Sisecam
Wyoming LLC, one of the largest and lowest cost producers of
natural soda ash in the world, serving a global market from its
facility in the Green River Basin of Wyoming. The facility has been
in operation for more than 50 years.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements.
Statements other than statements of historical facts included in
this press release may constitute forward-looking statements and
are not guarantees of future performance or results and involve a
number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in the
Partnership's filings with the United States Securities and
Exchange Commission. The Partnership undertakes no duty to update
any forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release.
Qualified Notice
This release is intended to be a qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and
(d). Please note that 100 percent of the Partnership's
distributions to foreign investors are attributable to income that
is effectively connected with a United States trade or business.
Accordingly, all of the Partnership's distributions to foreign
investors are subject to federal income tax withholding at the
highest effective tax rate for individuals or corporations, as
applicable. Nominees, and not the Partnership, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
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version on businesswire.com: https://www.businesswire.com/news/home/20230519005193/en/
Investor Relations M. Nedim Kulaksizoglu Chief Financial Officer
(770) 375-2321 NKULAKSIZOGLU@sisecam.com
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