Key Developments: Eastern American Natural Gas Trust (NGT)
20.86USD
17 May 2013
$0.00 (+0.00%)
$20.86
$20.65
$20.87
$20.65
5,212
12,959
$22.06
$20.01
Latest Key Developments (Source: Significant Developments)
Eastern American Natural Gas Trust Announces Intention To Delist
Eastern American Natural Gas Trust announced today that, in connection with the liquidation of the Trust, it has notified the New York Stock Exchange (the NYSE) of its intention to delist its Depositary Units from listing on the NYSE. May 24, 2013 will be the last day of trading of the Units on the New York Stock Exchange, and the Trust will be liquidated shortly thereafter. Full Article
Eastern American Natural Gas Trust Announces Developments In Sale Of Royalty NPI
Eastern American Natural Gas Trust announced that the sponsor of the Trust, Energy Corporation of America (ECA) has exercised right of first refusal to acquire the Trust's Royalty NPI. Consequently, the Purchase and Sale Agreement dated October 24, 2012 between the Trust, as seller, and Softvest, LP, as buyer (the Softvest Agreement), has terminated in accordance with terms. In lieu of selling the Royalty NPI to Softvest, the Trust will sell the Royalty NPI to ECA for the purchase price determined by the Softvest Agreement which, based on the closing price of the NYMEX December 2012 contract on November 2, 2012, is $5,917,264. The sale is expected to close in January 2013. Net proceeds of the sale, after payment of expenses of the sale and any other expenses of the Trust, and subject to any reserves the Trustee may establish in connection with the termination of the Trust, are expected to be distributed as part of the final distribution from the Trust to unitholders of record as of the record date for the quarterly period ending March 31, 2013. Pursuant to the Softvest Agreement, Softvest had the right to a reduction of the purchase price in the event of defects in title to the Royalty NPI. However, in connection with exercise of right of first refusal, ECA noted that it will not require any review of the status of title to the Royalty NPI. Consequently, the Trust does not anticipate any reduction of the price for title issues. Full Article
Eastern American Natural Gas Trust Enters Into Definitive Agreement To Sell Its Royalty NPI Interest To Softvest, LP
Eastern American Natural Gas Trust announced that it has entered into a definitive agreement to sell its Royalty NPI interest to Softvest, LP for $6.5 million, subject to reduction for certain potential matters in accordance with the terms of the agreement. Pursuant to the Trust Agreement, Energy Corporation of America ("ECA") holds a right of first refusal to purchase the Royalty NPI on the same terms offered by Softvest. Under certain circumstances the Trust may be required to reimburse Softvest for up to $25,000 of expenses if ECA exercises its right of first refusal. Full Article
Eastern American Natural Gas Trust Announces Quarterly Distribution
Eastern American Natural Gas Trust announced that its Distribution Amount per Unit for the quarter ended June 30, 2012 will be $.1352 per Depository Unit. Based on the amount of Distributable Income for the quarter, the Trust anticipates that it will make a cash distribution on or before September 15, 2012 of $.1352 per Depository Unit to holders of record as of the close of business on August 31, 2012. Full Article
Eastern American Natural Gas Trust Announces Quarterly Distribution
Eastern American Natural Gas Trust announced that its Distribution Amount per Unit for the quarter ended March 31, 2012 will be $.1457 per Depository Unit. Based on the amount of Distributable Income for the quarter, the Trust anticipates that it will make a cash distribution on or before June 15, 2012 of $.1457 per Depository Unit to holders of record as of the close of business on May 31, 2012. Full Article
Eastern American Natural Gas Trust Announces Quarterly Distribution
Eastern American Natural Gas Trust announced that its Distribution Amount per Unit for the quarter ended September 30, 2011 will be $0.2427 per Depository Unit. Based on the amount of Distributable Income for the quarter, the Trust anticipates that it will make a cash distribution on or before December 15, 2011 of $.2427 per Depository Unit to holders of record as of the close of business on November 30, 2011. Full Article
Eastern American Natural Gas Trust Announces Quarterly Distribution
Eastern American Natural Gas Trust announced that its Distribution Amount per Unit for the quarter ended June 30, 2011 will be $0.2689 per Depository Unit. Based on the amount of Distributable Income for the quarter, the Trust anticipates that it will make a cash distribution on or before September 15, 2011 of $0.2689 per Depository Unit to holders of record as of the close of business on August 31, 2011. Full Article
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