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Stock Market & Financial Investment News

News Breaks
August 5, 2014
09:06 EDTFELPForesight Energy reports Q2 adjusted EPS 23c, may not compare to consensus 12c
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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