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Global Partners LP Announces Cash Tender Offer for Any and All Outstanding 7.00% Senior Notes Due 2027
Global Partners LP Announces Cash Tender Offer for Any and All Outstanding 7.00% Senior Notes Due 2027 WALTHAM, Mass., Jun. 10 /BusinessWire/ -- Global Partners LP (NYSE:GLP) ("Global") announced today that it has commenced a cash tender offer (the "offer") to purchase any and all of the outstanding 7.00% Senior Notes due 2027 (the "notes"), co-issued by Global and GLP Finance Corp. ("GLP Finance"), a wholly owned subsidiary of Global. The offer is made pursuant to an Offer to Purchase and a related Notice of Guaranteed Delivery, each dated June 10, 2025, which set forth the complete terms and conditions of the offer. Certain information regarding the notes and the terms of the offer is summarized in the table below. The "Purchase Price" for each $1,000 principal amount of notes validly tendered, and not validly withdrawn, and accepted for purchase pursuant to the offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread specified above plus the yield based on the offer-side price of the U.S. Treasury Reference Security specified above as quoted on the Bloomberg Bond Trader FIT3 series of pages at 2:00 p.m., New York City time, on June 16, 2025, the date on which the offer is currently scheduled to expire. The Purchase Price will be based on a yield to August 1, 2025, the date of the next specified redemption price reduction under the indenture governing the notes, and assuming the notes are redeemed on August 1, 2025, at the specified redemption price for such date of 100.000% of the principal amount, as described in the Offer to Purchase. In addition to the Purchase Price, holders whose notes are purchased pursuant to the offer will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the settlement date for the offer, which is expected to be June 23, 2025, assuming the offer is not extended or earlier terminated. The settlement date for any notes tendered pursuant to a Notice of Guaranteed Delivery is expected to be June 23, 2025, assuming the offer is not extended or earlier terminated. The offer is scheduled to expire at 5:00 p.m., New York City time, on June 16, 2025, unless extended or earlier terminated as described in the Offer to Purchase (such time and date, as they may be extended, the "Expiration Time"). Tendered notes may be validly withdrawn at any time (i) prior to the earlier of (x) the Expiration Time and (y) if the offer is extended, the tenth business day after commencement of the offer, and (ii) after the 60th business day after the commencement of the offer if for any reason the offer has not been consummated within 60 business days after commencement. Holders of notes must validly tender and not validly withdraw their notes (or comply with the procedures for guaranteed delivery) before the Expiration Time to be eligible to receive the consideration for their notes. Guaranteed deliveries will expire at 5:00 p.m., New York City time, on June 18, 2025, unless the Expiration Time is extended. There can be no assurance that any notes will be purchased. The offer is conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous senior notes offering by Global and GLP Finance on terms and conditions satisfactory to Global. The offer is not conditioned on any minimum amount of notes being tendered. Global expects to pay for the notes purchased in the offer with the proceeds from the contemporaneous senior notes offering together with cash on hand, if necessary. To the extent the offer is completed but we purchase less than all of the notes in the offer, we intend to redeem any of the notes that remain outstanding on or about August 1, 2025. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the notes. The offer may be amended, extended, terminated or withdrawn in Global's sole discretion. There is no assurance that the offer will be subscribed for in any amount. Global has retained J.P. Morgan Securities LLC to serve as the exclusive dealer manager for the offer and D.F. King & Co., Inc. to serve as the tender agent and information agent for the offer. Questions regarding the terms of the offer may be directed to J.P. Morgan Securities LLC, Liability Management Group, by calling (866) 834-4666 (toll-free) or (212) 834-7489 (collect). Requests for documents should be directed to D.F. King & Co., Inc. by calling (800) 848-3051 or, for banks and brokers, (212) 269-5550, or emailing GLP@dfking.com. Copies of the Offer to Purchase and Notice of Guaranteed Delivery are also available at the following web address: http://www.dfking.com/GLP. Neither Global, the dealer manager, the depositary nor the information agent makes any recommendation to any holder whether to tender or refrain from tendering any or all of such holder's notes, and none of them have authorized any person to make any such recommendation. Holders are urged to evaluate carefully all information in the offer documents, consult their own investment and tax advisors and make their own decisions whether to tender notes. This press release is neither an offer to purchase nor a solicitation of an offer to sell any notes or any other securities. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 54 liquid energy terminals-with connectivity to strategic rail, pipeline, and marine assets-spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Forward-Looking Statements Certain statements and information in this press release may constitute "forward-looking statements," including statements regarding the expected terms and timing of the senior notes offering and the cash tender offer and the intended use of proceeds from the senior notes offering. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global's current expectations and beliefs concerning future developments and their potential effect on Global. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Global will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond Global's control) and assumptions that could cause actual results to differ materially from Global's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. The assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (the "SEC"). For additional information regarding known material factors that could cause actual results to differ from Global's projected results, please see Global's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20250609198357/en/ back
Sidoti Events, LLC's Virtual June Small-Cap Conference
Sidoti Events, LLC's Virtual June Small-Cap Conference NEW YORK, NY / ACCESS Newswire / June 10, 2025 / Sidoti Events, LLC, an affiliate of Sidoti & Company, LLC, has released the presentation schedule and weblinks for its two-day June Small-Cap Conference taking place Wednesday and Thursday, June 11-12, 2025. The presentation schedule is subject to change. Please visit www.sidoti.com/events for the most updated version and webinar links. Presentation Schedule*All Times EDTWednesday, June 11, 2025 (Day 1)8:30-9:00SBC Medical Group Holdings (SBC)**********9:15-9:45Dogwood Therapeutics (DWTX)**********10:00-10:30Forum Energy Technologies (FET)Genco Shipping & Trading (GNK)*****10:45-11:15Charles River Associates (CRAI)IperionX Limited (IPX)*****11:30-12:00Insight Enterprises (NSIT)Gorman-Rupp Company (GRC)*****12:15-12:45Granite Ridge Resources (GRNT)Alico (ALCO)*****1:00-1:30Heritage Insurance Holdings (HRTG)**********1:45-2:15Arqit Quantum Inc. (ARQQ)Nano-X Imaging, Ltd. (NNOX)*****2:30-3:00*****Brady Corp (BRC)*****3:15-3:45*****Amaze Holdings, Inc. (AMZE)*****4:00-4:30Oportun Financial (OPRT)Befra Group [Betterware de Mexico] (BWMX)*****1x1s Only(11th)A10 Networks, Inc. (ATEN)Ardent Health Partners (ARDT)Astec Industries (ASTE)BARK Inc (BARK)Beazer Homes (BZH)Enpro Inc. (NPO)*All Times EDTThursday, June 12, 2025 (Day 2)8:30-9:00*****SunCar Technology Group (SDA)*****9:15-9:45ICF International Inc. (ICFI)Micropolis Holding Co (MCRP)Superior Group of Co.'s (SGC)10:00-10:30SEALSQ Corp (LAES)Tennant Company (TNC)GoHealth (GOCO)10:45-11:15CEA Industries, Inc. (CEAD)Powell Industries, Inc. (POWL)*****11:30-12:00West Red Lake Gold (WRLGF)Comfort Systems USA (FIX)Gaia, Inc. (GAIA)12:15-12:45NewLake Capital Partners (NLCP)Drilling Tools International Corp (DTI)Koppers (KOP)1:00-1:30Quipt Home Medical Corp (QIPT)Hillenbrand (HI)*****1:45-2:15Sanmina Corporation (SANM)ARCOSA, INC (ACA)*****2:30-3:00VersaBank (VBNK) *****3:15-3:45Innventure (INV)PetMed Express, Inc. (PETS)*****4:00-4:30Benchmark (BHE)Itafos, Inc. (IFOS)*****1x1s Only(12th)Alliance Resource Partners (ARLP)Ardent Health Partners (ARDT)BARK Inc. (BARK)Belden Inc. (BDC)GATX Corporation (GATX)OneSpan Inc. (OSPN)Sylvamo (SLVM)**********About Sidoti Events, LLC ("Events") and Sidoti & Company, LLC ("Sidoti")In 2023, Sidoti & Company, LLC (www.sidoti.com) formed an affiliate company, Sidoti Events, LLC in order to focus exclusively on its rapidly growing conference business and to more directly serve the needs of presenters and attendees. The relationship allows Events to draw on the 25 years of experience Sidoti has as a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti's coverage universe comprises approximately 150 equities of which greater than 60 percent participate in the firm's rapidly growing Company Sponsored Research ("CSR") program. In 2024, Sidoti established Lighthouse Equity Research as an extension of its CSR program to meet the specific needs of companies not valued using traditional metrics or that face challenges obtaining coverage due to political risks or other factors. Events is a leading provider of corporate access through the eight investor conferences it hosts each year. By virtue of its direct ties to Sidoti, Event's benefits from Sidoti's small- and microcap-focused nationwide sales force, which has connections with 2,500 institutional relationships in North America. This enables Events to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector.CONTACT: Ally Cecilconference@sidoti.com212-453-7031SOURCE: Sidoti & Company, LLCView the original press release on ACCESS Newswire
MIND Technology Announces Source Controller Order
MIND Technology Announces Source Controller Order THE WOODLANDS, Texas, June 10, 2025 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that its Seamap unit has received an order for a GunLink source controller and associated equipment from Sanco Holdings A/S. The value of the order, which is expected to be delivered in this fiscal year, is in excess of $4.0 million. Mark Welker, Vice President of MIND and Seamap Managing Director, stated, "We're pleased to be able to support Sanco in this project. Demand for our source controller technology continues to be strong as we see a number of opportunities for the remainder of our current fiscal year and beyond." About MIND Technology MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells specialized, high performance, marine exploration and survey equipment. Forward-looking Statements Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, our objectives for future operations, future orders and anticipated delivery of existing orders, and future payments of dividends are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for oil and natural gas. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Contacts: Rob Capps, President & CEO MIND Technology, Inc. 281-353-4475 Ken Dennard / Zach Vaughan Dennard Lascar Investor Relations 713-529-6600 MIND@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/mind-technology-announces-source-controller-order-302475551.html SOURCE MIND Technology, Inc.
Comstock Amends Agreement With Mackay Precious Metals Inc.
Comstock Amends Agreement With Mackay Precious Metals Inc. VIRGINIA CITY, Nev., June 09, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) ("Comstock" and the "Company") today announced it has amended the Membership Interest Purchase Agreement (the "MIPA") to sell 100% of the northernmost patented and unpatented mining claims, mineral exploration rights and town lots (the "Northern Targets") owned by Comstock's wholly-owned subsidiary Comstock Northern Exploration, LLC, plus all of the 25% issued and outstanding membership interest that Comstock owns in Pelen LLC ("Pelen") to Mackay Precious Metals Inc. ("Mackay") for an increased aggregate purchase price of $2.95 million (the "Purchase Price") and a 1.5% NSR production royalty from the sales of all valuable minerals and products extracted from these properties. The Amendment increases the purchase price to $2.95 million in cash from the previous $2.75 million in both cash and stock, effectively increasing the cash component of the transaction by $1.2 million. The Company has previously received $1.0 million in cash for this transaction. The remaining $1.95 million is due through a series of payments in June, July and ending on or before August 30, 2025. The Amendment also includes a provision that Mackay will transfer approximately 300 acres of patented and unpatented mining properties in Lyon County, that are adjacent to and expand the footprint of Comstock's Dayton Consolidated and Spring Valley mineral claims and lands, for no additional consideration. On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement ("Mackay Lease") with Mackay. The Mackay Lease was terminated on December 18, 2024, in favor of the MIPA. Since June 30, 2023, Comstock has recognized revenue of $3.77 million in initial and ongoing lease payments and reimbursed expenses and will receive the final $0.25 million in cash from these revenues this week. The $3.77 million in total lease revenue is in addition to the $2.95 million sale price. The Northern Targets encompass both the Gold Hill and Occidental Lode claim groups in Storey County, Nevada. Pelen owns certain claims adjacent to and/or relevant to these northern claim groups. "Our Northern Targets were never an effective part of our district-wide development plans, as we have prioritized the exploration and development of the central and southern part of the district. Realizing over $6.7 million in consideration from the previous lease and subsequent sale, plus an additional 300 acres in Lyon County, plus the retention of royalties in perpetuity, is extremely positive for Comstock," said Corrado De Gasperis, Comstock's executive chairman and chief executive officer. "The transaction is especially timely, as we activate bigger plans for advancing our S-K 1300 compliant Dayton and permitted Lucerne resources, and more aggressively expand our gold and silver resource potential and the plans for post productive uses of these industrial properties." Comstock is committed to become a major U.S. silver producer from both the millions of ounces of resources already quantified in our technical reports and our ever-growing solar recycling silver resources. About Comstock Inc. Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. To learn more, please visit www.comstock.inc. Comstock Social Media Policy Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Contacts For investor inquiries:Judd B. Merrill, Chief Financial OfficerTel (775) 413-6222ir@comstockinc.com For media inquiries:Tracy Saville, Director of MarketingTel (775) 847-7573media@comstockinc.com Forward-Looking Statements This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
Teekay Group Publishes 2024 Sustainability Report
Teekay Group Publishes 2024 Sustainability Report HAMILTON, Bermuda, June 09, 2025 (GLOBE NEWSWIRE) -- Teekay Corporation Ltd. (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) today announced the publication of their 2024 Sustainability Report, which can be accessed on the Teekay Group's website by clicking here. About Teekay Teekay is a leading provider of international crude oil marine transportation and marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), a leading owner and operator of mid-sized crude tankers. Teekay Tankers manages and operates approximately 59 conventional tankers and other marine assets, including vessels operated for the Australian Government. With offices in eight countries and approximately 2,300 seagoing and shore-based employees, Teekay Tankers provides a comprehensive set of marine services to the world's leading energy companies. Teekay's common shares trade on the New York Stock Exchange under the symbol "TK". About Teekay Tankers Teekay Tankers has a fleet of 36 double-hull tankers (including 20 Suezmax tankers and 16 Aframax / LR2 tankers), and also has four time chartered-in oil tankers. Teekay Tankers' vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers manages and operates vessels for the Australian Government and Australian energy companies as part of its marine services business and owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation Ltd. Teekay Tankers' Class A common shares trade on the New York Stock Exchange under the symbol "TNK." For Investor Relations enquiries contact: E-mail: investor.relations@teekay.comWebsite: www.teekay.com Forward Looking Statements The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, among others, those discussed in the Teekay Group's filings from time to time with the U.S. Securities and Exchange Commission, including in each of its Annual Reports on Form 20-F for the fiscal year ended December 31, 2024. Teekay and Teekay Tankers expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with respect thereto or any change in events, conditions, or circumstances on which any such statement is based.
Leonardo DRS Awarded $41 Million Contract to Provide Combat Management System Hardware for U.S. and Allied Navies
Leonardo DRS Awarded $41 Million Contract to Provide Combat Management System Hardware for U.S. and Allied Navies ARLINGTON, Va., Jun. 09 /BusinessWire/ -- Leonardo DRS, Inc. (NASDAQ:DRS) announced today that it has been awarded a $41 million contract from the Naval Sea Systems Command to continue delivering critical combat management system hardware for U.S. Navy surface combatants, allied naval forces, and the U.S. Coast Guard. Under the contract, Leonardo DRS will provide a range of advanced hardware-including multi-screen consoles, displays, and peripheral equipment-designed to support the AEGIS Combat System and Ship Self-Defense System (SSDS) deployed on a variety of large and small deck ships. The hardware serves as the primary operator interface for sailors to gather, process, and display vital battlespace information and make rapid tactical decisions. The system's open architecture design ensures interoperability and scalability across current and future platforms. This award also includes systems for allied navies, including those of Australia, South Korea, and Japan, reinforcing Leonardo DRS's long-standing role as a key partner in global maritime security. "We are proud to continue our strong partnership with the U.S. Navy, the Coast Guard, and our closest allies on this critical program," said Cari Ossenfort, Senior Vice President and General Manager of the Leonardo DRS Naval Electronics business unit. "Leonardo DRS remains the leading provider of critical combat and network hardware supporting surface ships and submarines, ensuring our maritime forces are equipped with the most advanced and reliable systems available." Leonardo DRS's combat system hardware is deployed across a wide range of mission-critical platforms, enhancing situational awareness, interoperability, and command effectiveness in multi-domain operations around the globe. Work will be performed at the Leonardo DRS production facility in Johnstown, PA. The design and build of these combat management system consoles is an example of DRS's deep experience as a leader in complex design and manufacturing supporting a wide range of missions and capabilities. The company's abilities extend across all domains to support naval, ground, air, space, and cyber missions in areas of sensing, force protection, computer networking, as well as naval power and propulsion systems. About Leonardo DRS Leonardo DRS Inc. (Nasdaq: DRS) is at the forefront of developing transformative defense technologies using its proven agility and delivering innovative solutions for U.S. national security customers and allies worldwide. We specialize in rapidly providing high-performance, multi-domain capabilities across next-generation advanced sensing, network computing, force protection, and electric power and propulsion. Our reputation as a trusted provider is built on a continuous focus on practical innovation, delivering quality, and meeting our customers' most demanding mission requirements. For further information on our complete range of capabilities, visit www.LeonardoDRS.com. Forward-Looking Statements This communication contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements reflect current expectations, assumptions and estimates of future performance and economic conditions. The company cautions investors that any forward-looking statements which include contract values, contract performance and our development and production of products are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20250609064658/en/ back
COMSTOCK RESOURCES, INC. ANNOUNCES SECOND QUARTER 2025 EARNINGS DATE AND CONFERENCE CALL INFORMATION
COMSTOCK RESOURCES, INC. ANNOUNCES SECOND QUARTER 2025 EARNINGS DATE AND CONFERENCE CALL INFORMATION FRISCO, TX, June 09, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release its second quarter 2025 results on July 30, 2025 after the market closes and host its quarterly conference call at 10:00 a.m. CT on July 31, 2025 to discuss the second quarter results. Parties interested in participating in the conference call telephonically will need to register at https://register-conf.media-server.com/register/BI4a6aefc65c284c6190c230cdebdf9088. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. ~~~ The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/537xytab. ~~~ A replay of the second quarter 2025 conference call will be available for twelve months beginning at 1:00 p.m. CT on July 31, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/537xytab. About Comstock Resources: Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas. A slide show presentation on the financial results will be available on Comstock's website at www.comstockresources.com. Click on "Quarterly Results" to view the slide show.
Pembina Pipeline Corporation Announces Closing of $200 Million Subordinated Note Offering
Pembina Pipeline Corporation Announces Closing of $200 Million Subordinated Note Offering CALGARY, Alberta, Jun. 06 /BusinessWire/ -- Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE:PBA) is pleased to announce that it has closed its previously announced offering of $200 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the "Series 2 Notes") due June 6, 2055 (the "Offering"). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250605079357/en/ Pembina intends to use the net proceeds of the Offering to fund the previously announced redemption of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 (TSX:PPL.PR.S.CA) (the "Series 19 Class A Preferred Shares") and for general corporate purposes. The Series 2 Notes were offered through a syndicate of underwriters, co-led by CIBC Capital Markets, BMO Capital Markets and Scotiabank, under Pembina's short form base shelf prospectus dated December 13, 2023, as supplemented by a prospectus supplement dated June 2, 2025. As previously announced, Pembina intends to commence a consent solicitation from holders of its $600 million aggregate principal amount of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081 (the "Series 1 Notes") to amend the indenture governing the Series 1 Notes to, among other things, provide for an exchange right to allow the holders of the Series 1 Notes to exchange all outstanding principal amount of their Series 1 Notes for an equal principal amount of a new series of notes (the "Series 3 Notes") having substantially the same economic terms, including interest rate, interest payment dates, interest reset dates, maturity date and redemption provisions as the Series 1 Notes, but excluding provisions of the Series 1 Notes regarding the delivery of preferred shares upon the occurrence of certain bankruptcy and related events, together with an entitlement under the Series 3 Notes for payment of an amount equal to the interest accrued on the Series 1 Notes that are exchanged. The removal of the provisions for delivery of preferred shares upon the occurrence of certain bankruptcy and related events from the Series 3 Notes would ensure that the Series 3 Notes rank equally in right of payment with the Series 2 Notes upon the occurrence of such events. The terms of the consent solicitation and proposed amendments to the indenture governing the Series 1 Notes will be described in a consent solicitation statement to be delivered to the registered holders of Series 1 Notes. Pembina reserves the right not to commence the consent solicitation, or to terminate, withdraw, extend or modify the terms of the consent solicitation, in its sole discretion. This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the Series 2 Notes in any jurisdiction. The Series 2 Notes have not been approved or disapproved by any regulatory authority. The Series 2 Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically-located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Forward-Looking Information and Statements This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "expect", "intend", "will", "shall", and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements relating to: the Offering, including: the intended use of the net proceeds of the Offering; the redemption of the Series 19 Class A Preferred Shares, including the occurrence thereof; Pembina's intention to commence a consent solicitation to amend the indenture governing the Series 1 Notes, including the terms thereof and the terms of the Series 3 Notes, and the delivery of a consent solicitation statement in connection therewith. These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release, including: oil and gas industry exploration and development activity levels and the geographic region of such activity; that favourable market conditions exist; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; and certain other assumptions in respect of Pembina's forward-looking statements detailed in Pembina's Annual Information Form for the year ended December 31, 2024 (the "AIF") and Management's Discussion and Analysis for the year ended December 31, 2024 (the "Annual MD&A"), which were each filed on SEDAR+ on February 27, 2025, in Pembina's Management's Discussion and Analysis for the three months ended March 31, 2025 (the "Interim MD&A"), which was filed on SEDAR+ on May 8, 2025, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements with Pembina or one or more of its affiliates; actions taken by governmental or regulatory authorities; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide; the ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; and certain other risks and uncertainties detailed in the AIF, Annual MD&A, Interim MD&A and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. In addition, the redemption of the Series 19 Class A Preferred Shares may not be completed, or may be delayed, if the conditions to the completion thereof are not satisfied on the anticipated timeline or at all. Accordingly, there is a risk that the Series 19 Class A Preferred Shares may not be redeemed within the anticipated time, on the terms currently proposed, or at all. Further, the consent solicitation to amend the indenture governing the Series 1 Notes may not be commenced, or, if commenced, may be delayed or terminated, and there is a risk that the Series 1 Notes may not be exchanged for Series 3 Notes. The intended use of the net proceeds of the Offering by Pembina may change if the board of directors of Pembina determines that it would be in the best interests of Pembina to deploy the proceeds for some other purpose and there can be no guarantee as to how or when such proceeds may be used. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release are expressly qualified by the above statements. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20250605079357/en/ back
Engine Capital Sends Letter to Parkland's Board of Directors Regarding its Intention to Vote Against the Sunoco Transaction
Engine Capital Sends Letter to Parkland's Board of Directors Regarding its Intention to Vote Against the Sunoco Transaction Believes the Price Is Inadequate and Does Not Reflect the Value of the Company Following an Expedited and Flawed Sale Process Contends the Board Rushed to Sell the Company and Negotiated from a Position of Weakness Urges the Board to Pursue Improved Terms that Reflect Parkland's Intrinsic Value, Control Premium and Significant Synergies NEW YORK, Jun. 06 /BusinessWire/ -- Engine Capital LP today announced that it has sent the following letter to Parkland Corporation's (TSX:PKI.CA) Board of Directors. *** Dear Members of the Board of Directors (the "Board"): Engine Capital LP (together with its affiliates, "Engine" or "we") is a long-term shareholder of Parkland Corporation ("Parkland" or the "Company"), currently owning approximately 2.5% of the Company's outstanding shares. This makes us one of Parkland's largest owners. We are writing to inform you that Engine intends to vote against the proposed transaction with Sunoco LP (NYSE:SUN) ("Sunoco") for the following reasons: The sale process conducted by the Board was expedited and flawed. The proposed transaction materially undervalues Parkland. We believe there are superior alternatives that would deliver greater value to shareholders. To be clear, our opposition to this transaction is directed at its terms - not at Sunoco or its management team. We have great respect for both and would welcome the opportunity to become long-term investors in Sunoco if the transaction terms more accurately reflected Parkland's intrinsic value. Unless shareholders act collectively to vote down this transaction, the Company will be sold in an inadequate deal that was hastily negotiated by a conflicted and lame duck Board. The Sale Process Conducted by the Board Was Expedited and Flawed The Company's circular reveals that Parkland was sold in a matter of days, without a competitive process, by a Board that was set to be replaced by a shareholder-nominated slate of directors.1 On April 18, 2025, Sunoco sent a proposal to the Board valuing Parkland at an implied $41.50 per share. On April 23, 2025, a confidentiality and standstill agreement was signed. By April 26, 2025, the Special Committee determined it was prepared to engage with Sunoco at an implied price of $44 per share and on April 29, 2025, Sunoco submitted a revised proposal at an implied price of $44 per share. The final agreement was signed on May 4, 2025. It is staggering that a large and complex company like Parkland (which operates in many segments of the industry value chain and in multiple geographies) could be sold on such a rushed timeline without any competitive tension. There were only six days between when the parties signed a confidentiality agreement and when an agreement was reached on price. Rather than running a comprehensive and competitive process to maximize value, the Board engaged in a single offer and counteroffer round. Key questions remain: Why didn't the Board initiate a more fulsome sale process to establish Parkland's value - especially its international division, which may have attracted a premium valuation? Why did Parkland counter with a proposal that was only 6% above the initial $41.50 per share proposal and cap the negotiation, instead of asking for a best and final proposal which could then have been further negotiated? Why was outgoing CEO Bob Espey involved in the negotiations when he was on the verge of being removed from the Board? Mr. Espey was highly incentivized to transact at any price to avoid this embarrassment and receive a $12.3 million change-of-control severance payment (instead of his regular severance of $5.2 million). Sunoco was clearly aware of this dynamic, given that it submitted its initial bid just two days after Parkland announced Mr. Espey would step down. How did the Board and its advisors adequately evaluate a complex business like Sunoco in six days? Why is now the right time to sell the Company, considering it's in the midst of business underperformance and market volatility caused by tariff uncertainty?2 Rather than allowing a new board to oversee a fair and transparent strategic review, the incumbent Board hastily executed a sale in the final days of its tenure - without pursuing alternatives or maximizing value. The decision to rush through an undervalued transaction two days before the AGM is just the latest in a pattern of actions that reflect the Board's focus on retaining control rather than delivering shareholder-focused outcomes, as outlined last month by independent proxy advisory firm Glass, Lewis & Co.:3 "[T]he board has repeatedly taken governance actions that appear more reactive than proactive, and more focused on retaining control than facilitating transparent, shareholder-focused outcomes." It is worth noting that the plan of arrangement also includes a provision whereby Sunoco can switch to a takeover bid of the Company, which would require approval from a simple majority of Parkland's outstanding shares by way of a tender instead of the higher threshold of two-thirds of the votes required for a plan of arrangement. This unusual provision appears to be specifically included to dilute the influence of Simpson Oil Limited and allow Sunoco to take control of Parkland without the blessing of a 20% shareholder. The fact that the Board would allow this unusual clause to be included highlights that both Parkland and Sunoco knew at the time of signing that this transaction could face significant shareholder opposition. The Proposed Transaction Materially Undervalues Parkland The $44 per share headline number significantly undervalues the business. It is important to note that at the current Sunoco trading price and the current US to Canadian currency exchange rate, and under the assumption that SUNCorp, LLC ("SUNCorp") trades in line with Sunoco, the proposed transaction represents an implied price of only $41.60 per share, a 5.5% discount to the headline price.4 It is also worth noting that the stock closed yesterday at $38.73 per share, only 6.7% above the closing price before the deal was announced, implying there is limited downside if shareholders vote down this transaction. Given the different assets owned by Parkland, we believe a sum of the parts methodology is most appropriate to value the Company. Several sell-side analysts use this methodology. If we average their sum of the parts valuation, we get a valuation of $52.50 per share. A control premium should then be applied to this number. For reference, at $44 per share, the Board is selling the Company for a multiple of ~8.8x normalized available cash flow per share and ~5.2x 2028 available cash flow per share, numbers that are too low for a growing business. The transaction also values Parkland at ~7x normalized EBITDA. This multiple pales in comparison to recent transaction multiples in the space post-COVID, including Aramco's acquisition of Esmax Distribución SpA in March 2024 at a double-digit multiple, Murphy USA's acquisition of QuickChek for 13.2x EBITDA in January 2021 and 7-Eleven's acquisition of Speedway for 13.7x EBITDA in May 2021. While we acknowledge that Parkland is not worth those multiples in the aggregate, some of its retail assets as well as its international division are certainly worth double-digit multiples and are not being properly valued in this transaction. It is also worth noting that the proposed transaction is highly accretive to Sunoco, which further highlights how attractive the proposed terms are to Sunoco. During its May 5, 2025, conference call, Sunoco discussed the strong industrial logic of the transaction and indicated the deal would be immediately accretive in year one and more than 10% accretive to distributable cash flow per common unit in year three. Based on our analysis and review of comparable transactions, we believe this transaction will be considerably more than 15% accretive in year three - which is also the figure cited in a research note from Raymond James.5 Parkland's management has privately indicated to us that they also believe the $250 million synergy figure is significantly understated. To add to the problematic nature of this transaction, 55% of the consideration is a newly issued security that has no trading history and it is not clear to us whether SUNCorp will trade at a premium or a discount to the Sunoco units, yet Parkland's management seems to have taken Sunoco's word that SUNCorp will not trade at a discount based on one other situation which we don't believe is analogous. The situation between Plains GP Holdings, L.P. and Plains All American Pipeline, L.P., which Parkland's management is using as a comparable example, is meaningfully different because investors expect both entities to pay the same distribution over the long term, while SUNCorp has only guaranteed it will pay the same distribution as Sunoco for the next two years. This is critically important since these entities typically trade on a dividend yield basis. Liquidity may also be a factor hurting SUNCorp. If SUNCorp were to trade at a 10% discount to the Sunoco units, the current consideration would be reduced to $39.40 per share, barely a premium to the standalone value of Parkland before the deal. Unfortunately, the management information circular does not provide additional details on the tax implications of the SUNCorp structure. How are shareholders supposed to value SUNCorp - and therefore, assess this transaction - if we don't understand the future tax liabilities of this structure and the sustainability of SUNCorp's dividend? This uncertainty underscores the rushed nature of the deal and raises questions about how fairness opinions could have even been properly issued without this critical information. Shareholders deserve to know this information before voting, as it will directly impact the value of their equity in SUNCorp. Finally, we are deeply disappointed that Parkland's Board failed to disclose the financial analysis underlying its three fairness opinions. If the deal is as sound as the Board claims, why not be transparent and allow shareholders to understand the underlying assumptions? With so many concerns surrounding this transaction, full disclosure is not just appropriate - it is essential. We call on the Board to immediately release the financial analysis underlying the fairness opinions to enable shareholders to make a more informed decision. We Believe There Are Superior Alternatives That Would Deliver Greater Value to Shareholders Rather than rushing into a sale at an undervalued price, we believe there are other options Parkland could explore to maximize value and create deal tension as part of a comprehensive strategic review. Given the complexity of Parkland's business, it is likely that value would be maximized by marketing assets separately to realize the sum of the parts valuation outlined above. The international segment, in particular, would be coveted by multiple potential acquirers who did not even get an opportunity to take a look at the asset under the current "process." We believe this segment alone could account for a material portion of Parkland's enterprise value. For instance, if Parkland sold the international segment for 10x EBITDA and the remaining (mostly Canadian) business continued to trade for ~7x EBITDA, we believe the stock would be ~$53 per share - a material premium to the current offer. There are multiple ways to maximize value if the Board gives itself the time to create deal tension. We would expect Sunoco to be an active participant in such an auction given that it has been interested in buying Parkland for at least the last two years and this deal is incredibly accretive for it - even at a significantly higher price. Shareholders should not be worried about rejecting the proposed transaction. Parkland is a healthy business that will grow EBITDA over time and will be worth more under new leadership. The stock barely trades at a premium to the pre-announcement price, implying very limited downside if the deal is voted down, especially since new leadership would run a comprehensive strategic process. Assuming shareholders reject the current proposal, another path would be to try to salvage the Sunoco transaction. Engine would be delighted to become a long-term investor in Sunoco under a revised structure that adequately compensates Parkland shareholders for the intrinsic value of the Company, the significant synergies between the two organizations and the risk of owning a new security that may trade at a discount to the Sunoco units. In the spirit of putting forth a constructive proposal, we would suggest revisiting Sunoco's 2023 proposal, when it offered to buy Parkland for $18 per share and 0.443 Sunoco units. We believe the 2023 Sunoco proposal - while still undervaluing Parkland - would better reflect the intrinsic value of the Company and the respective contribution of both entities. Today, this package would imply a valuation of $50.70 per Parkland share. If Sunoco was willing to incur that level of dilution two years ago, then we don't see a reason why it should be unacceptable now. We would also suggest amending the terms of the transaction to give Parkland shareholders the choice of receiving Sunoco units or SUNCorp shares so that Parkland shareholders with different tax constraints can make the optimal choice. If this is not possible, then at the very least, the newly issued SUNCorp securities should be one-way exchangeable into Sunoco units. This would ensure that SUNCorp does not trade at a discount to the Sunoco units. Alternatively, Sunoco could guarantee that both entities will always receive the same distributions, and that Sunoco would cover any tax liability at the SUNCorp level. We believe this would maximize the likelihood that SUNCorp trades well - which would be in everyone's interest. In conclusion, we believe the Board ran an expedited and flawed process at the wrong time, is providing insufficient information for shareholders to vote on the transaction and has accepted a price that undervalues the Company. We intend to vote against the transaction as currently structured and hope others do the same. If the transaction fails and the sitting directors step down as promised, we would be delighted to have a more shareholder-friendly Board run an appropriate sale process and maximize value for shareholders. We request a meeting with the Board at its earliest convenience to discuss the matters summarized in this letter. Very truly yours, *** Information in Support of Public Broadcast Exemption under Canadian Law The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable law. Engine is not requesting that Company shareholders give, withhold or revoke a proxy. Notwithstanding the foregoing, Engine has voluntarily filed a disclosure document (the "Document") as a precautionary measure and solely to the extent necessary to rely on the public broadcast solicitation exemption under National Instrument 51-102 - Continuous Disclosure Obligations and Blanket Order 51-520 issued by the Alberta Securities Commission. The Document is hereby incorporated by reference into this press release and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 240 4th Avenue SW, Suite 1800, Calgary, Alberta T2P 4H4. In accordance with subsection 148(4) of the Business Corporations Act (Alberta), proxies for the annual and special meeting of the Company scheduled to be held on June 24, 2025 (the "Meeting") may be revoked: (a) by attending the Meeting in person and registering with the Company's registrar and transfer agent, Computershare Trust Company of Canada, as a registered shareholder personally present who wishes to vote in person; (b) by delivering a notice of revocation, executed in writing by the registered shareholder or by the registered shareholder's authorized attorney: (i) by mail to Computershare Trust Company of Canada, Proxy Department, 135 West Beaver Creek, P.O. Box 300, Richmond Hill, Ontario L4B 4R5, by hand delivery to Computershare Trust Company of Canada, 8th Floor, 100 University Avenue, Toronto, Ontario M5J 2Y1 or by facsimile to Computershare Trust Company of Canada at 1-416-263-9524 or 1-866-249-7775, in each case at any time up to and including the last business day preceding the day of the Meeting, or any adjournment or postponement of the Meeting; (ii) by mail or hand delivery to the Company's registered office at 1800, 240 4th Avenue SW, Calgary, Alberta T2P 4H4 at any time up to and including the last business day preceding the day of the Meeting, or any adjournment or postponement of the Meeting; or (iii) by hand delivery to the chair of the Meeting prior to the Meeting's commencement on the day of the Meeting, or any adjournment or postponement of the Meeting; or (c) in any other manner permitted by law. The procedure for revoking proxies for the Meeting, including revocation by a non-registered holder of Company shares, is more particularly described in the management information circular dated May 26, 2025 issued by the Company, which can be found under the Company's profile on SEDAR+ at www.sedarplus.ca. The costs incurred in connection with any proxy solicitation by Engine will be borne directly and indirectly by Engine. Any solicitation made by Engine is, or will be, as applicable, made by Engine, and not by or on behalf of the management of the Company. Should Engine solicit proxies, proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by partners, managers, directors, officers and employees of Engine who will not be specifically remunerated therefor. In addition, Engine may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf. Neither Engine nor any of its associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting other than the election of directors or the appointment of auditors. About Engine Capital Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change. 1 Simpson Oil Limited press release titled "Simpson Oil Announces Overwhelming Support for Majority Board Refresh at Parkland AGM" (May 2, 2025). The day before the Annual General Meeting (the "AGM") was scheduled to be held, Parkland cancelled and rescheduled it for June 24, 2025, the same day as the Special Meeting to vote on the Sunoco transaction. 2 On April 16, 2025, Parkland announced disappointing Q1 2025 preliminary results amidst macroeconomic and regulatory volatility and updated 2025 guidance to be towards the lower end of its previously communicated range. 3 Permission to quote Glass, Lewis & Co. was neither sought nor obtained. 4 Based on Sunoco's closing price of $53.93 per unit on June 5, 2025. 5 Raymond James sales commentary on May 11, 2025: "A look at consensus / RJ standalone estimates at PKI/SUN suggests Sunoco is low-balling deal accretion and will likely realize mid-teens (ex-synergies) / low 20% accretion (including synergies)." View source version on businesswire.com: https://www.businesswire.com/news/home/20250606098761/en/ back
MPLX LP to Report Second-Quarter Results on August 5, 2025
MPLX LP to Report Second-Quarter Results on August 5, 2025 FINDLAY, Ohio, June 5, 2025 /PRNewswire/ -- MPLX LP (NYSE: MPLX) will host a conference call on Tuesday, August 5, 2025, at 9:30 a.m. EDT to discuss 2025 second-quarter financial results. Interested parties may listen to the conference call by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at www.mplx.com. About MPLX LP MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com. Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Senior Director, Investor RelationsIsaac Feeney, Director, Investor RelationsEvan Heminger, Analyst, Investor Relations Media Contact: (419) 421-3577Jamal Kheiry, Communications Manager View original content:https://www.prnewswire.com/news-releases/mplx-lp-to-report-second-quarter-results-on-august-5-2025-302474764.html SOURCE MPLX LP
World Kinect Corporation Increases Regular Quarterly Cash Dividend by 18%
World Kinect Corporation Increases Regular Quarterly Cash Dividend by 18% MIAMI, Jun. 05 /BusinessWire/ -- World Kinect Corporation (NYSE:WKC) announced today that its board of directors has declared a quarterly cash dividend of $0.20 per share, an increase of approximately 18% over its previous dividend of $0.17 per share. The dividend is payable on July 16, 2025, to shareholders of record on June 17, 2025. "Over the past five years we have returned nearly $500 million to shareholders through dividends and share repurchases," said Ira M. Birns, President and Chief Financial Officer. "Our dividend increase demonstrates our continued commitment to maximizing shareholder value and returning capital to our shareholders." About World Kinect Corporation Headquartered in Miami, Florida, World Kinect Corporation (NYSE: WKC) is a global energy management company offering fulfillment and related services to more than 150,000 customers across the aviation, marine, and land-based transportation sectors. The company also supplies natural gas and power in the United States and Europe along with a broad suite of sustainability-related products and services. For more information, visit www.world-kinect.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250605604616/en/ back
S&P maintains Ecopetrol's global credit rating at BB+
S&P maintains Ecopetrol's global credit rating at BB+ BOGOTA, Colombia, June 5, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company") informs that S&P Global Ratings maintained the Company's global credit rating at BB+ as well as its negative outlook, as reported today, June 4, 2025. Additionally, the agency lowered the Company's Stand Alone Credit Profile (SACP) rating from bbb- to bb+. S&P mentioned that lower oil prices and exchange rate volatility have impacted the Company's financial performance during the last year, and it estimated that Ecopetrol's debt/EBITDA ratio would remain at a level above 2.0. The rating agency positively highlighted the Company's strategy, focused on growth prospects, reserve replenishment, and strengthening of the investment portfolio through business diversification and profitability margins. The assessment of the aforementioned factors, as well as other considerations included in the report supported an individual rating that is at the same level of the Company's overall rating. The full report issued by S&P, including the detailed rating rationale, can be found below: Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets Carolina Tovar Aragón Email: investors@ecopetrol.com.co Head of Corporate Communications (Colombia) Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co View original content to download multimedia:https://www.prnewswire.com/news-releases/sp-maintains-ecopetrols-global-credit-rating-at-bb-302474558.html SOURCE Ecopetrol S.A.
Energy Services of America to Present and Host 1x1 Investor Meetings at the 15th Annual East IDEAS Investor Conference on June 11
Energy Services of America to Present and Host 1x1 Investor Meetings at the 15th Annual East IDEAS Investor Conference on June 11 HUNTINGTON, W.Va., June 5, 2025 /PRNewswire/ -- Energy Services of America (Nasdaq: ESOA), today announced its President, Doug Reynolds, and Chief Financial Officer, Charles Crimmel, will present at the East Coast IDEAS Investor Conference on Wednesday, June 11, 2025 in New York, NY. The company's presentation is scheduled to begin at 8:35am ET. The presentation is webcast and can be accessed through the conference host's main website: https://www.threepartadvisors.com/east-coast. If interested in participating or learning more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@IDEASconferences.com. About Energy Services Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 1,000+ employees on a regular basis. The Company's core values are safety, quality, and production. View original content:https://www.prnewswire.com/news-releases/energy-services-of-america-to-present-and-host-1x1-investor-meetings-at-the-15th-annual-east-ideas-investor-conference-on-june-11-302474357.html SOURCE Energy Services of America Corporation
Flex LNG - Ex Date Q1 2025
Flex LNG - Ex Date Q1 2025 HAMILTON, Bermuda, June 5, 2025 /PRNewswire/ -- The shares in Flex LNG Ltd. (Ticker: FLNG) traded on Oslo Stock Exchange ("OSE") and registered with Euronext Securities Oslo will trade ex dividend of USD 0.75 per share as of today, June 5, 2025. The dividend will be paid to shareholders on OSE on or about June 25, 2025. The shares traded on the New York Stock Exchange ("NYSE") will be traded ex dividend of USD 0.75 per share on June 6, 2025. The dividend will be paid to shareholders on NYSE on or about June 20, 2025. For further information, please contact: Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS Telephone: +47 23 11 40 00Email: ir@flexlng.com About Flex LNG Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This information was brought to you by Cision http://news.cision.com https://news.cision.com/flex-lng/r/flex-lng---ex-date-q1-2025,c4155861 View original content:https://www.prnewswire.com/news-releases/flex-lng---ex-date-q1-2025-302474047.html SOURCE Flex LNG
Targa Resources Corp. Prices $1.5 Billion Offering of Senior Notes
Targa Resources Corp. Prices $1.5 Billion Offering of Senior Notes HOUSTON, June 04, 2025 (GLOBE NEWSWIRE) -- Targa Resources Corp. ("Targa" or the "Company") (NYSE: TRGP) announced today the pricing of an underwritten public offering (the "Offering") of $750 million aggregate principal amount of its 4.900% Senior Notes due 2030 and $750 million aggregate principal amount of its 5.650% Senior Notes due 2036 at a price to the public of 99.870% and 99.700% of their face value, respectively. The Offering is expected to close on June 18, 2025, subject to the satisfaction of customary closing conditions. The Company expects to use a portion of the net proceeds from the Offering to redeem the 6.500% Senior Notes due 2027 (the "2027 Notes") issued by Targa Resources Partners LP and to use the remaining net proceeds for general corporate purposes, including to repay borrowings under its unsecured commercial paper note program, to repay other indebtedness, to repurchase or redeem securities or to fund capital expenditures, additions to working capital or investments in its subsidiaries. This Offering is being made pursuant to an effective shelf registration statement and prospectus filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") and may be made only by means of a prospectus and prospectus supplement related to such Offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act"). This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, except as required by law. About Targa Resources Corp. Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company's assets connect natural gas and natural gas liquids ("NGL(s)") to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to liquified petroleum gas exporters; and gathering, storing, terminaling, and purchasing and selling crude oil. The principal executive offices of Targa Resources Corp. are located at 811 Louisiana, Suite 2100, Houston, TX 77002 and its telephone number is 713-584-1000. Forward-Looking Statements Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including the expected closing date and use of proceeds from the Offering, such as the redemption of the 2027 Notes. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company's control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, those described more fully in the Company's filings with the SEC, including its most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Targa Investor RelationsInvestorRelations@targaresources.com(713) 584-1133
Forestar Group Inc. to Release 2025 Third Quarter Earnings on July 22, 2025
Forestar Group Inc. to Release 2025 Third Quarter Earnings on July 22, 2025 ARLINGTON, Texas, Jun. 04 /BusinessWire/ -- As previously announced, Forestar Group Inc. (NYSE:FOR) will release financial results for its third quarter ended June 30, 2025 on Tuesday, July 22, 2025 before the market opens. The Company will host a conference call that morning at 11:00 a.m. Eastern Time (ET). The dial-in number is 888-506-0062. When calling, please reference access code 716713. Participants are encouraged to call in five minutes before the call begins (10:55 a.m. ET). The call will also be webcast from the Company's website at investor.forestar.com. A replay of the call will be available after 3:00 p.m. ET on Tuesday, July 22, 2025 at 877-481-4010. When calling, please reference replay passcode 52408. The teleconference replay will be available through July 29, 2025. The webcast replay will be available from the Company's website at investor.forestar.com through November 15, 2025. About Forestar Group Inc. Forestar Group Inc. is a residential lot development company with operations in 65 markets and 24 states. Based in Arlington, Texas, the Company delivered more than 14,300 residential lots during the twelve-month period ended March 31, 2025. Forestar is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. View source version on businesswire.com: https://www.businesswire.com/news/home/20250604293384/en/ back
BIS Issues Notice of Intent to Deny Applications for Licenses to Export Three Ethane Cargoes to China
BIS Issues Notice of Intent to Deny Applications for Licenses to Export Three Ethane Cargoes to China HOUSTON, Jun. 04 /BusinessWire/ -- Enterprise Products Partners L.P. ("Enterprise") (NYSE:EPD) today announced that yesterday, June 3, 2025, Enterprise received notice from the U.S. Department of Commerce's Bureau of Industry and Security ("BIS") of BIS's intent to deny Emergency Authorization Requests ("EARs") with regard to three proposed cargoes of ethane to China, totaling approximately 2.2 million barrels. Per the Notice, Enterprise has up to twenty days to respond to BIS with any comments or rebuttals with regard to these affected EARs. Unless Enterprise is advised by the 45th day after the date of the notification, these denials will become final without further notice. As previously disclosed on May 29, 2025 in a Current Report on Form 8-K filed by Enterprise with the U.S. Securities and Exchange Commission, on the afternoon of Friday, May 23, 2025, BIS notified Enterprise of new licensing requirements for exports of "ethane and butane, saturated, having a purity of 95 percent or more by volume" to China. This new licensing requirement was effective immediately (the licensing requirement for butane was subsequently withdrawn). According to the U.S. Energy Information Administration ("EIA"), total U.S. ethane production in 2024 was approximately 2.8 million barrels per day ("BPD") and total U.S. ethane exports were approximately 492,000 BPD. U.S. ethane exports to China were approximately 227,000 BPD in 2024, representing 8 percent of total U.S. ethane production and 46 percent of total U.S. ethane exports. Enterprise's marine export terminal on the Houston Ship Channel loaded approximately 213,000 BPD of ethane in 2024 of which approximately 40 percent, or 85,000 BPD, were destined to Chinese markets. Ethane exports destined to China from Enterprise's Morgan's Point facility in 2024 represented only 37 percent of total U.S. ethane exports to China for 2024. Currently, Enterprise estimates that total U.S. ethane exports to China has increased to approximately 290,000 BPD in 2025. Company Information and Use of Forward-Looking Statements Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20250604406036/en/ back
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates GTLS, FLS, PHX, AVDX on Behalf of Shareholders
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates GTLS, FLS, PHX, AVDX on Behalf of Shareholders NEW YORK, June 4, 2025 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Chart Industries, Inc. (NYSE: GTLS)'s sale to Flowserve Corporation for 3.165 shares of Flowserve common stock for each share of Chart common stock. If you are a Chart shareholder, click here to learn more about your legal rights and options. Flowserve Corporation (NYSE: FLS)'s merger with Chart Industries, Inc. Upon completion of the proposed transaction, Flowserve shareholders will own approximately 46.5% of the combined company. If you are a Flowserve shareholder, click here to learn more about your rights and options. PHX Minerals Inc. (NYSE: PHX)'s sale to WhiteHawk Income Corporation for $4.35 per share. If you are a PHX shareholder, click here to learn more about your rights and options. AvidXchange Holdings, Inc. (NASDAQ: AVDX)'s sale to TPG for $10.00 per share in cash. If you are an AvidXchange shareholder, click here to learn more about your legal rights and options. Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-investigation-halper-sadeh-llc-investigates-gtls-fls-phx-avdx-on-behalf-of-shareholders-302473271.html SOURCE Halper Sadeh LLP
TORM plc capital increase in connection with exercise of Restricted Share Units as part of TORM's incentive program
TORM plc capital increase in connection with exercise of Restricted Share Units as part of TORM's incentive program HELLERUP, Denmark, June 4, 2025 /PRNewswire/ -- TORM plc (NASDAQ: TRMD) or (NASDAQ: TRMD A) has increased its share capital by 11,236 A-shares (corresponding to a nominal value of USD 112.36) as a result of the exercise of a corresponding number of Restricted Share Units. All new shares are subscribed for in cash at DKK 0.08 per A-share. Transfer restrictions may apply in certain jurisdictions outside Denmark, including applicable U.S. securities laws. The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares (i) are ordinary shares without any special rights and are negotiable instruments, (ii) give the right to dividends and other rights in relation to TORM as of the date of issuance and (iii) are expected to be admitted to trading and official listing on Nasdaq Copenhagen as soon as possible. After the capital increase, TORM's share capital amounts to USD 979,524.31 divided into 97,952,429 A-shares of USD 0.01 each, one B-share of USD 0.01 and one C-share of USD 0.01. A total of 97,952,429 votes are attached to the A-shares. The B-share and the C-share have specific voting rights. ContactMikael Bo Larsen, Head of Investor RelationsTel.: +45 5143 8002 About TORM TORM is one of the world's leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM's shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD. ISIN: GB00BZ3CNK81). For further information, please visit www.torm.com. Safe Harbor Statement as to the Future Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, "expects," "anticipates," "intends," "plans," "believes," "estimates," "targets," "projects," "forecasts," "potential," "continue," "possible," "likely," "may," "could," "should" and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including "trade wars" and the war between Russia and Ukraine, the developments in the Middle East, including the war in Israel and the Gaza Strip, and the conflict regarding the Houthis' attacks in the Red Sea; international sanctions against Russian oil and oil products; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of new buildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; effects of new products and new technology in our industry; new environmental regulations and restrictions; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents, adverse weather and natural disasters, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers. In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM's filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. This information was brought to you by Cision http://news.cision.com. https://news.cision.com/torm-plc/r/torm-plc-capital-increase-in-connection-with-exercise-of-restricted-share-units-as-part-of-torm-s-in,c4158260 The following files are available for download: https://mb.cision.com/Main/21247/4158260/3483716.pdf 17-2025 - Capital increase in connection with RSU exercise as part of TORM’s incentive program View original content:https://www.prnewswire.com/news-releases/torm-plc-capital-increase-in-connection-with-exercise-of-restricted-share-units-as-part-of-torms-incentive-program-302473008.html SOURCE Torm PLC
CBL International Limited Announces Share Repurchase Program Repurchase Reflects the Board's Confidence in Long-Term Growth
CBL International Limited Announces Share Repurchase Program Repurchase Reflects the Board's Confidence in Long-Term Growth Kuala Lumpur, Malaysia, June 03, 2025 (GLOBE NEWSWIRE) -- CBL International Limited (NASDAQ: BANL) (the "Company" or "CBL"), the listing vehicle of Banle Group ("Banle" or "the Group"), today announced that its Board of Directors has authorized a share repurchase program of up to the lesser of $5 million of the Company's ordinary shares (the "Ordinary Shares") or 5 million Ordinary Shares. Repurchases under the share repurchase program may be made in the open market, with the actual timing and amount of repurchases depending on market conditions and corporate needs. The share repurchase program will expire on April 15, 2028. The program does not obligate the Company to acquire any particular number of Ordinary Shares, and the share repurchase program may be extended, modified, suspended or discontinued at any time at the Company's discretion. Dr. Teck Lim Chia, Group's Chairman and Chief Executive Officer, stated: "The Board believes that the current market price of our shares does not fully reflect the underlying strength and long-term potential of our business. This share repurchase program underscores our confidence in the Company's future and our commitment to delivering sustained value to our stockholders. " FY2024 Financial Performance The Company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, the expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators. Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The Company is committed to driving operational efficiency and delivering sustainable growth. The Company's strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves. About the Banle Group CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications. For more information about our company, please visit our website at: https://www.banle-intl.com. Forward-Looking Statements Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan," "should," "would," "plan," "future," "outlook," "potential," "project" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. CBL INTERNATIONAL LIMITED(Incorporated in Cayman Islands with limited liabilities) For more information, please contact:CBL International LimitedEmail: investors@banle-intl.com Strategic Financial Relations Limited