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Stock Market & Financial Investment News

News Breaks
August 20, 2014
09:17 EDTCLD, RIOCloud Peak announces termination of TRA with Rio Tinto
Cloud Peak (CLD) announced it has agreed to pay $45M to Rio Tinto (RIO) to terminate the Tax Receivable Agreement that was established at the time of Cloud Peak Energy’s Initial Public Offering in 2009. Under the acceleration and release agreement with Rio Tinto, this payment settles all future liabilities that would have been owed under the TRA. At June 30, Cloud Peak Energy carried an undiscounted liability of $103M in respect of its estimated future obligations under the TRA and anticipated making cash payments of approximately $14M each year in 2014 and 2015 and additional payments in some subsequent years. The settlement will result in a non-cash gain during the third quarter of approximately $58M before tax and approximately $37M after adjustments to the associated deferred tax assets. Cloud Peak Energy retains the deferred tax assets related to the step up in tax basis as a result of Rio Tinto’s disposal of the business. As such, Cloud Peak Energy will continue to benefit from increased tax depreciation and does not expect any increase in cash income taxes payable as a result of this transaction.
News For CLD;RIO From The Last 14 Days
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October 29, 2014
16:59 EDTCLDCloud Peak narrows 2014 shipment view to 84M-86M tons from 85M-89M tons
16:57 EDTCLDCloud Peak narrows FY14 adjusted EBITDA view to $180M-$200M from $180M-$210M
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16:54 EDTCLDCloud Peak reports Q3 adjusted EPS 2c, consensus 2c
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October 28, 2014
10:45 EDTCLDCONSOL rises after acknowledging long-term thermal coal MLP opportunity
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October 27, 2014
15:29 EDTCLDCloud Peak management to meet with FBR Capital
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October 23, 2014
06:27 EDTRIORio Tinto extends tenure of CEO Sam Walsh, CFO Chris Lynch
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