We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Plains All American Pipeline | NYSE:PAA | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.76 | 0 | 01:00:00 |
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) announced the closing of the transactions (the “Simplification Transactions”) contemplated by the July 11, 2016 Simplification Agreement entered into by such parties and certain affiliated entities (the “Simplification Agreement”). In satisfaction of one of the conditions to the closing of the Simplification Transactions, PAGP also announced that, at a special meeting of limited partners of PAGP held today, holders of approximately 579.8 million Class A and Class B shares, or approximately 99.9% of the number of Class A and Class B shares that voted at such meeting representing approximately 90.3% of the aggregate number of Class A and Class B shares outstanding and entitled to vote as of the September 30, 2016 record date for such meeting, voted in favor of a proposal to approve the Simplification Agreement and the Simplification Transactions. In addition, 99.8% of the Class A shares that voted at such meeting voted in favor of such proposal, which shares constituted approximately 77.2% of the aggregate number of Class A shares outstanding and entitled to vote as of such record date.
The Simplification Transactions completed today included the following:
“We are pleased with the overwhelming support of the Simplification Transactions by PAGP’s shareholders,” stated Greg Armstrong, Chairman and CEO of Plains All American. “The closing of the Simplification Transactions simplifies our capital structure, better aligns the interests of our equity stakeholders, streamlines our governance structure, improves PAA’s overall credit profile, reduces PAA’s cost of equity capital and improves its distribution coverage, while allowing us to maintain the tax efficient flexibility of our current organizational structure.”
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids ("NGL"), natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 4.6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas.
PAGP is a publicly traded entity that owns a non-economic controlling interest in the general partner of PAA and an indirect 14% limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161115006772/en/
Plains All American Pipeline, L.P. and Plains GP HoldingsRyan Smith, (866) 809-1291Director, Investor Relations
1 Year Plains All American Pipe... Chart |
1 Month Plains All American Pipe... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions