Advanced Emissions Solutions Announces Results of Tender Offer
June 13 2017 - 8:30AM
Advanced Emissions Solutions, Inc. (the "Company") (NASDAQ:ADES)
today announced the final results of its previously announced
modified Dutch Auction tender offer which expired at 5:00 P.M., New
York City Time, on June 6, 2017.
Based on the final count by Computershare Trust
Company, N.A., the Depositary for the tender offer, a total of
2,858,425 shares of common stock were validly tendered and not
withdrawn, at the final purchase price of $9.40 per share,
including 108,126 shares that were tendered through notice of
guaranteed delivery.
Because the tender offer was oversubscribed, the
Company purchased a prorated portion of the shares properly
tendered by each tendering stockholder (other than “odd lot”
holders whose shares will be purchased on a priority basis) at the
final per share purchase price.
Accordingly, the Company acquired 1,370,891
shares of its common stock at a price of $9.40 per share, for a
total cost of approximately $12.9 million, excluding fees and other
expenses related to the tender offer. These shares represent
approximately 6.2% of the Company's outstanding shares prior to the
tender offer. The shares of common stock accepted for purchase
include the 925,000 shares the Company initially offered to
purchase and 445,891 additional shares that the Company elected to
purchase pursuant to its right to purchase up to an additional 2%
of its outstanding shares of common stock.
After accounting for the effect of odd lot priority on the
proration factor and the final number of tendered shares which
satisfied guaranteed delivery procedures, the Depositary has
informed the Company that the proration factor for the tender offer
was approximately 46.8% of the shares of common stock validly
tendered at the price of $9.40 and not validly withdrawn based on
the total number of shares reported to be tendered at $9.40 and not
withdrawn prior to the expiration of the tender offer.
The Depositary has issued payment for the shares
validly tendered and accepted under the tender offer. After giving
effect to the purchase of the shares, the Company will have
outstanding approximately 20.8 million shares of common stock.
The Company’s tender offer was made pursuant to
an Offer to Purchase and Letter of Transmittal, each dated May 8,
2017 and as amended May 18, 2017, in which the Company offered to
purchase for cash up to 925,000 shares of its common stock, par
value of $0.001 per share, at a price per share of not less than
$9.40 nor greater than $10.80.
Important Notice
Investor questions concerning the tender offer
may be directed to Georgeson LLC, the Information Agent for the
offer at (866) 628-6024.
About the Company
Advanced Emissions Solutions, Inc., through our
subsidiaries and joint ventures, is a leader in emissions control
technologies and associated equipment, chemicals and services to
customers in the coal-fired power generation industry. Our
proprietary environmental technologies and specialty chemicals
enable our customers to enhance existing air pollution control
equipment, minimize mercury, acid gases, and other emissions,
maximize capacity, and improve operating efficiency to meet the
challenges of existing and pending emission control
regulations.
About Advanced Emissions Solutions,
Inc.
Advanced Emissions Solutions, Inc. serves as the holding entity
for a family of companies that provide emissions solutions to
customers in the power generation and other industries.
ADA-ES, Inc. (“ADA”) is a wholly-owned subsidiary of Advanced
Emissions Solutions, Inc. (“ADES”) that provides emissions control
solutions for coal-fired power generation and industrial boiler
industries. With more than 25 years of experience developing
advanced mercury control solutions, ADA delivers proprietary
environmental technologies, equipment and specialty chemicals that
enable coal-fueled boilers to meet emissions regulations. These
solutions enhance existing air pollution control equipment,
maximizing capacity and improving operating efficiencies. Our track
record includes securing more than 30 US patents for emissions
control technology and systems and selling the most activated
carbon injection systems for power plant mercury control in North
America. For more information on ADA, and its products and
services, visit www.adaes.com.
Tinuum Group, LLC is a 42.5% owned joint venture by ADA that
provides ADA’s patented Refined Coal CyClean™ technology to enhance
combustion of and reduce emissions of NOx and mercury from coal in
cyclone boilers and ADA’s patented M-45™ and patent pending
M-45-PC™ technologies for Circulating Fluidized boilers and
Pulverized Coal boilers
respectively. www.tinuumgroup.com
Investor Contact:
Alpha IR Group
Chris Hodges or Ryan Coleman
312-445-2870
ADES@alpha-ir.com
Advanced Emissions Solut... (NASDAQ:ADES)
Historical Stock Chart
From Mar 2024 to Apr 2024
Advanced Emissions Solut... (NASDAQ:ADES)
Historical Stock Chart
From Apr 2023 to Apr 2024