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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (9100)	5/25/2011 3:11:30 PM
From: CusterInvestor	Read Replies (1) \| Respond to of 34328

From Steve's post a couple weeks ago (last line): CPLP down big on their merger agreement this morning. Coming back some now. Maybe someone read some of the release: .... Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of the Partnership's General Partner, commented: "We are delighted to announce our merger agreement with Crude Carriers Corp. and the acquisition of the M/V Cape Agamemnon. These two transactions are accretive to distributable cash flow per unit and strengthen the Partnership's balance sheet, providing an excellent basis for longer-term distribution growth that will benefit both the existing and the new unitholders of CPLP. In addition, CPLP becomes the fifth largest US listed tanker company by market capitalization, with a market valuation of approximately $800 million, and a public float in excess of $500 million. CPLP will own and operate the youngest tanker fleet amongst US listed companies, benefiting from a strong Sponsor with a proven safety and commercial track record. Following the transaction, CPLP should have enhanced market access, which, combined with its strong platform in the products and crude markets, is expected to create significant growth opportunities........ ....... Mr. Lazaridis concluded: "We are excited about the steps we announced today to further strengthen the Partnership, as well as our Sponsor's increased commitment and confidence in the prospects of CPLP, following its agreement to receive 7.1 million units in the Partnership worth in excess of $73 million as part consideration for the M/V Cape Agamemnon. We believe that our future distribution growth will be significantly enhanced through the combination of the transactions."