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Stock Market & Financial Investment News

News Breaks
July 29, 2014
15:36 EDTFELPForesight Energy says exam appears to show Hillsboro Mine fire extinguished
Foresight Energy announced that on July 28 a team of examiners and Mine Safety and Health Administration authorities reentered the Hillsboro Energy Deer Run Mine and conducted an examination. This examination included visual observations and air quality and quantity readings throughout the mine. Based on this exam, and the continued low carbon monoxide levels, it appears that the effort to contain and extinguish the fire has been successful. In addition, during the examination process, a limited section of the headgate area of the longwall was observed. Based on this limited observation, it appears there was no damage to the longwall and related equipment. The next step in the reentry process is to pump water from the mine, which commenced last night. After sufficient pumping, an observation period will begin. During the observation period, mine personnel will be working with MSHA on a plan for the workforce to reenter the mine, the company said.
News For FELP From The Last 14 Days
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April 16, 2015
16:05 EDTFELPMurray Energy, Foresight Energy complete transaction
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April 7, 2015
07:08 EDTFELPMurray Energy and Foresight Energy enter into new $1.37B acquisition agreement
Murray Energy and Foresight Reserves have announced that they have entered into a new definitive agreement, for a transaction whereby Murray Energy is expected to acquire a significant economic interest in Foresight Energy GP and Foresight Energy. The previous agreement pursuant to which Murray Energy was expected to acquire interest in Foresight Energy has been terminated. Following the closing, Christopher Cline, the founder of Foresight Energy, will maintain a 66% voting interest in FEGP and an approximate 36% economic interest in FELP and will remain actively involved as chairman of the Board of Directors of FEGP. In addition, Cline will join the board of directors of Murray Energy. Robert E. Murray will remain the chairman, president, and CEO of Murray Energy. Murray Energy will pay Foresight Reserves cash consideration of approximately $1.37B and will acquire: 34% voting interest in FEGP, with the same 77.5% of the incentive distribution rights as provided in the prior agreement; an approximately 50% of the limited partner interest in FELP, including all of the outstanding subordinated units held by Foresight Reserves; and the same access to certain other coal handling, transportation and transloading facilities as provided under the previous agreement. Murray Energy will pay $75M of the $1.37B purchase price to Foresight Reserves from the proceeds of the sale of yield producing assets by Murray Energy to FELP, which are expected to be accretive to FELP. In addition, Murray Energy will have the ability, subject to a number of material conditions, to purchase an additional 46% of the voting interests in FEGP for $25M during a five-year period.

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