Contura Announces Final Per-Share Amount of Special Cash Dividend
BRISTOL, Tenn., July 7, 2017 – Contura Energy, Inc. today announced that the final, per-share amount of the previously announced special cash dividend will be $8.997 per eligible share.
On June 19, 2017, the Company announced that its Board of Directors had authorized and declared a special cash dividend (the “Dividend”), payable to eligible holders of record of its common stock as of the close of business on July 5, 2017 (“Record Date”). In addition, the Company announced that pursuant to the terms of the Company’s management incentive plan, a dividend equivalent (the “Dividend Equivalent”) would be awarded to plan participants. The aggregate amount of the Dividend and the Dividend Equivalent is $100.7 million (the “Payment Cap”). As also announced, the portion of the aggregate amount of the Payment Cap to be paid as the Dividend and the Dividend Equivalent depended on the number of eligible shares outstanding on the Record Date.
The final, per-share amount of the Dividend is based on 10,313,042 eligible shares outstanding on the close of business on the Record Date. Accordingly, the aggregate amount of the Dividend is approximately $92.8 million and the Dividend Equivalent is approximately $7.9 million.
As previously announced, the Dividend is expected to be paid on July 13, 2017.
As of the Record Date, the exercise price of the Company’s outstanding Series A Warrants to acquire the Company’s common stock (the “warrants”) was adjusted to $48.741 per share of common stock from $55.93 per share of common stock, pursuant to the terms of the warrants. In a corresponding adjustment, the number of shares of common stock issuable upon exercise of each warrant was increased, from one share of common stock per warrant, to 1.15 shares of common stock per warrant.
ABOUT CONTURA ENERGY
Contura Energy is a private, Tennessee-based company with affiliate mining operations across multiple major coal basins in Pennsylvania, Virginia, West Virginia and Wyoming. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. For more information, visit www.conturaenergy.com.
This news release includes forward-looking statements, including but not limited to statements regarding Contura’s expectations regarding the calculation and payment of a special dividend. These forward-looking statements are based on Contura’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura’s control.
Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect the Company. Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments disclosed in any forward-looking statement made in this news release may not occur.