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News Breaks
January 9, 2013
08:55 EDTSEMG, NGL, RRMSSemGroup plans to pay a cash dividend in Q2
SemGroup (SEMG) announced that it expects to pay a quarterly cash dividend to common shareholders beginning in Q2. The dividend is targeted to represent a pass-through of the majority of the cash distributions received by SemGroup from its interests in Rose Rock Midstream (RRMS) and NGL Energy Partners (NGL). The dividend is expected to be based on the previous quarter's distributions received from SemGroup's interests in these master limited partnerships. Accordingly, the initial dividend, to be declared and paid in Q2, is anticipated to be based on the distributions received by SemGroup from Rose Rock Midstream and NGL Energy Partners in Q1.
News For SEMG;RRMS;NGL From The Last 14 Days
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January 26, 2015
16:44 EDTNGLNGL Energy Partners raises distribution to 61.75c per unit from 60.875c
This distribution is payable on February 13 to unit holders of record entitled to receive the distribution at the close of business on February 6.
16:16 EDTSEMGSemGroup says board will 'carefully consider' letter from Sandell
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11:21 EDTSEMGSemGroup higher after Sandell urges company to explore strategic alternatives
Earlier today, Sandell Asset Management, a shareholder of SemGroup Corporation, announced it had publicly released a letter to the Board of Directors of the company requesting that the Board review strategic alternatives including the exploration of the sale of SEMG, "in light of what, we believe, is a gross undervaluation of the company’s shares in the public market and growing M&A activity in the sector." Tom Sandell, CEO of Sandell, stated: “Although we believe management and the Board of SemGroup have been respectable stewards of the company over the past few years, we simply believe that in this environment the best outcome for shareholders is for the company to sell itself. As long time investors in the North American energy infrastructure industry and SEMG’s shares, we firmly believe there are a number of potential acquirers for the entire company at significant premiums to current trading levels given its highly valued asset base and pipeline of exciting growth opportunities.” Mr. Sandell continued, “Our analysis has led us to conclude that this market environment, driven by extreme energy price volatility, has disproportionately affected SEMG’s share price due to its smaller equity market capitalization, lower liquidity profile and unwieldy mix of assets...We believe that this adverse dynamic will persist for longer than most expect given the seismic changes occurring in global energy markets.” Mr. Sandell added, “In our view, given the availability of cheap debt and equity capital, a takeout price of up to $104/share for SEMG would easily be justified. This price would yield modest accretion to cash available to pay dividends in Year 1 for the acquirer, and provide significant upside with the maturation of SEMG’s asset base, the deployment of growth capital throughout SEMG’s footprint and the realization of significant balance sheet, tax and operational synergies.” Shares of SemGroup are higher by almost 8% to $68.97 in late morning trading.
January 23, 2015
17:08 EDTNGLSalient Capital Advisors reports 5.74% passive stake in NGL Energy Partners
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January 22, 2015
16:23 EDTRRMSRose Rock Midstream raises distributions on limited partner units by 7.8%
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10:03 EDTRRMS, SEMGOn the Fly: Analyst Initiation Summary
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06:42 EDTSEMGSemGroup initiated with an Outperform at RBC Capital
Target $75.
06:42 EDTRRMSRose Rock Midstream initiated with an Outperform at RBC Capital
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