On Monday, Shares of Resolute Energy Corp (NYSE:REN), lost -4.44% to $0.430.
Resolute Energy Corporation, declared that it has reached a definitive agreement to sell its Hilight Field assets in the Wyoming Powder River Basin to an unrevealed private party for a purchase price of $55 million. The proceeds of the sale will be used to reduce debt.
The transaction, which is predictable to close on or about October 6, 2015, has an effective date of July 1, 2015, and is subject to customary closing conditions and purchase price adjustments, counting for title and environmental defects.
Nicholas J. Sutton, Resolute’s Chairman and Chief Executive Officer said: “This transaction represents an important additional step in our formerly declared plan to reduce debt and improve our liquidity. Upon closing this transaction, we will have accomplished nearly $100 million of asset sales this year, thereby significantly reducing leverage and strengthening the Company’s balance sheet.”
Resolute Energy Corporation, an independent oil and gas company, acquires, explores for, develops, and produces oil, gas, and hydrocarbon liquids. It holds interest in the Aneth Field covering about 43,000 gross acres located in the Paradox Basin in southeast Utah; and 36,500 gross acres in the Permian Basin of Texas and southeast New Mexico.
Shares of NII HOLDINGS INC (NASDAQ:NIHD), declined -14.08% to $6.65, during its last trading session.
NII Holdings, declared a planned alliance with Grupo Clarin in Argentina. In connection with the transaction, Grupo Clarin attained a 49% equity interest in Nextel Argentina and an option to acquire the remaining 51% equity interest in Nextel Argentina upon receipt of approvals from the regulatory authorities in Argentina for total consideration of $178 million, of which $159 million was paid up front — with the remaining amount due within 30 days. The net proceeds received from the transaction will be used to provide additional liquidity to support NII’s operations in Brazil.
“The transaction with Grupo Clarin creates a promising path for the future of Nextel Argentina and its employees to compete effectively in the mobile market in Argentina,” said Steve Shindler, NII’s chief executive officer. “At the same time, it is compriseent with our strategy to concentrate our resources on our operations in Brazil and provides incremental capital to improve our liquidity to support our business there.”
NII Holdings, Inc., through its auxiliaries, provides mobile communication services under the Nextel brand name to businesses and individuals. It operates through Brazil, Mexico, and Argentina segments.
At the end of Monday’s trade, Shares of Steelcase Inc. (NYSE:SCS), lost -2.14% to $17.80.
Steelcase Inc., stated second quarter revenue of $819.0 million and net income of $37.2 million, or diluted earnings per share of $0.30. Not Taking Into Account restructuring costs, adjusted earnings were $0.35 per share. In the preceding year, Steelcase stated $786.7 million of revenue, diluted earnings per share of $0.24 and adjusted earnings of $0.27 per share.
Organic revenue growth over the preceding year was 7 percent after adjusting for about $29.6 million of unfavorable currency translation effects and the impact of a small acquisition, net of divestitures. All segments stated organic revenue growth, with 17 percent growth in EMEA, 6 percent growth in the Americas and 5 percent growth in the Other category. The strong growth in EMEA in the current quarter compares to an organic revenue decline in the preceding year, which comprised a number of project orders with extended shipment dates and extended lead times associated with manufacturing disruptions.
Current quarter operating income of $60.1 million compares to operating income of $52.8 million in the preceding year. Not Taking Into Account restructuring costs, second quarter adjusted operating income of $71.4 million improved by $12.2 million contrast to the preceding year and was driven by strength in the Americas.
Steelcase Inc. designs, manufactures, and distributes an integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems; and complementary products, such as storage, tables, and ergonomic worktools.
Finally, Kayne Anderson MLP Investment Co. (NYSE:KYN), ended its last trade with -7.54% loss, and closed at $23.53.
Kayne Anderson MLP Investment Company, declared its quarterly distribution of $0.6575 per share for the quarter ended August 31, 2015.
The distribution will be payable on October 9, 2015 to common stockholders of record on October 5, 2015, with an ex-dividend date of October 1, 2015. The Company estimates that 43% of this distribution will be treated as a return of capital for tax purposes. This estimate is based on the Company’s anticipated earnings and profits for fiscal 2015 and its accumulated earnings and profits as of August 31, 2015 (counting gains and losses on sales of securities during the nine months ended August 31, 2015). The Company’s estimate does not comprise a projection of gains or losses on the sale of securities for the remainder of fiscal 2015. The final determination of the tax character of the distribution will be made in early 2016 when the Company can determine its actual earnings and profits for the full year (counting gains and losses on the sale of securities for the remainder of fiscal 2015) and may differ substantially from this preliminary information.
Kayne Anderson MLP Investment Company is a non-diversified, closed-end administration investment company registered under the Investment Company Act of 1940, whose common stock is traded on the NYSE. The Company’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related master limited partnerships and their associates, and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (counting propane), crude oil, refined petroleum products or coal.
Kayne Anderson MLP Investment Company is a non-diversified, closed-end fund. The Fund’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related master limited partnerships and their associates (MLPs) and in other companies that operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal.
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