14 Aug 2020listing compliance notice● NeutralMajor
ECA Marcellus Trust I's exchange filed to remove a class of its securities from listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2020listing compliance notice▼ BadMajor
Having failed to cure the price deficiency within the NYSE's six-month window, the Trust's units were suspended from NYSE trading effective July 30, 2020, with the exchange moving to delist them; the units began trading over-the-counter on OTC Pink under the new symbol "ECTM" the next day.
25 Nov 2019listing compliance notice▼ BadMajor
The NYSE warned the Trust it had fallen out of price compliance - its units' 30-day average closing price dropped below $1.00 - giving it six months to recover; the Trust noted it would not pursue a reverse split or other action to prop up the price.
1 Dec 2017material agreement● NeutralMajor
The working-interest owner behind the Trust's royalties changed hands: Greylock Energy (an ArcLight Capital Partners affiliate) acquired substantially all of ECA's gas production and midstream assets, including the properties subject to the Trust's royalty interests, and assumed ECA's obligations to the Trust (the Administrative Services Agreement and a standing letter agreement to loan the Trust money to cover its liabilities).
4 Feb 2013business combination● Neutral
This amendment added the comparison a holder actually needed: at the January 31, 2013 close the ECA Marcellus units on offer were worth $18.75 while the NGT depositary units being sought were worth $20.79. It also spells out that even if the offer leaves ECA holding a controlling stake in NGT it will not use it - NGT still begins liquidating on May 15, 2013 - and repeats that no one was engaged to represent NGT's holders.
1 Feb 2013business combination● Neutral
This amendment tightened the mechanics rather than the price: tenders can only be made in multiples of 50 depositary units under the 1993 custodial deposit agreement, trust units that have been decoupled from their Treasury strip cannot be tendered at all, and ECA will announce the final exchange ratio in a press release once the 10-day pricing window closes.
18 Jan 2013business combination● NeutralMajor
The amendment that fixed the size of the offer: Energy Corporation of America would swap up to 4,120,059 of the ECA Marcellus Trust I units it holds for a maximum of 3,197,385 Eastern American Natural Gas Trust depositary units, at a ratio to be set later from a 10-day average price. The pitch turns entirely on timing - NGT starts liquidating on May 15, 2013 and holders who sit still collect roughly $0.95 a unit from the net profits interest sale plus their revenue share around August 15 - and the prospectus confirms no fairness opinion or independent representative was obtained for NGT's holders.
15 Jan 2013business combination● Neutral
The amendment opened with a correction: the original filing had attached a form of letter of transmittal, some NGT unitholders had read that as the offer having started, and ECA said it had not and would return any units already tendered. It also spelled out that if ECA proceeds without asserting a condition, that condition is treated as waived, and set out how the exchange ratio would be struck -- a ten-day average of the trust's New York price ending on the eighteenth business day after the offer actually begins.
12 Dec 2012business combination● NeutralMajor
ECA proposed consolidating its two royalty trusts: an exchange offer inviting holders of ECA's other trust, Eastern American Natural Gas Trust (NGT), to swap their depositary units for up to 3,957,527 new ECA Marcellus Trust I common units.
15 Apr 2011material agreement▲ Good
ECA sold down a further 2,525,000 Trust units to the public at $29.35 each - up sharply from the $20.00 IPO price - though as a secondary sale by the sponsor, the Trust itself received none of the proceeds.
13 July 2010capital raising announcement▲ GoodMajor
The Trust's formation closed: ECA conveyed perpetual overriding royalty interests in its Marcellus Shale gas properties to the Trust (plus similar interests from private ECA investors and subsidiary Eastern Marketing Corp.), alongside an Administrative Services Agreement ($60,000/year to ECA), a Development Agreement committing ECA to drill specified wells, and a Swap Agreement hedging gas prices on Trust production through March 2014 - the package of agreements that gives the Trust's units their underlying value.
6 July 2010material agreement▲ GoodMajor
ECA Marcellus Trust I's IPO underwriting agreement priced its units: sponsor Energy Corporation of America (ECA) sold 8,802,500 trust units at $20.00 each ($18.70 net to the Trust), with a 30-day option for underwriters to buy 1,320,375 more.
30 June 2010listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ECA Marcellus Trust I's securities for listing, clearing them to begin trading.