Plains GP Holdings (NYSE: PAGP)
today announced more information regarding the previously announced
reverse split that will take place in connection with the closing of its
pending simplification transaction. Specifically, PAGP announced that
the reverse split of its Class A and B shares will take place at a ratio
of approximately 1-for-2.663, meaning that holders of such shares will
be deemed to have been issued one split adjusted share for every 2.663
PAGP Class A and Class B shares they hold immediately prior to the
reverse split.
The reverse share split is contingent on the closing of the
simplification transaction, which is scheduled to take place on November
15, 2016. Accordingly, assuming the simplification transaction closes as
scheduled, the reverse split will be effective as of close of trading on
November 15, 2016, and the PAGP Class A shares will begin trading on a
split-adjusted basis on the New York Stock Exchange at the opening of
trading on November 16, 2016. Following the effectiveness of the reverse
split, the Class A shares will continue to trade under the symbol "PAGP"
but will trade under a new CUSIP number.
At the effective time of the reverse share split, all outstanding PAGP
Class A and B shares will be automatically converted into split adjusted
Class A shares or Class B shares, as applicable at the ratio of one
split adjusted share for every 2.663 shares outstanding immediately
prior to the reverse split. As a result of the reverse share split, the
number of issued and outstanding Class A shares will be reduced from
approximately 268 million to approximately 101 million, and the number
of issued and outstanding Class B shares will be reduced from
approximately 374 million to approximately 140 million. In addition,
approximately 4 million split adjusted Class A shares will be reserved
for issuance in connection with exchanges of outstanding securities that
are or will be exchangeable for PAGP Class A shares in the future.
No fractional shares will be issued in connection with the reverse share
split. Following the completion of the reverse share split, shareholders
who would otherwise hold a fractional Class A share will receive a cash
payment in lieu of such fractional Class A share. Class A shareholders
will receive instructions from American Stock Transfer & Trust Company,
LLC as to how to exchange existing share certificates for book entry
shares representing the post-reverse split shares.
Additional information regarding the reverse share split can be found in
PAGP's proxy statement filed with the Securities and Exchange Commission
on October 7, 2016, a copy of which is available at www.sec.gov.
Plains GP Holdings is a publicly traded entity that owns an interest in
the general partner and incentive distribution rights of Plains All
American Pipeline, L.P., one of the largest energy infrastructure and
logistics companies in North America. PAGP is headquartered in Houston,
Texas.
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Plains GP Holdings
Ryan Smith, (866) 809-1291
Director,
Investor Relations