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MarketScreener Homepage  >  Equities  >  Nyse  >  Ferrellgas Partners, L.P.    FGP

FERRELLGAS PARTNERS, L.P.

(FGP)
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FERRELLGAS PARTNERS L P : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

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01/11/2019 | 05:04pm EDT

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

Standard; Transfer of Listing.

Ferrellgas Partners, L.P. (NYSE:FGP) ("Ferrellgas" or the "Company") announced today that on January 10, 2019, the Company was notified by the New York Stock Exchange, Inc. (NYSE) that it is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common units over a consecutive 30-day trading period was less than $1.00 per unit. The NYSE's notification has no impact on the Company's business operations.

In accordance with applicable NYSE procedures, the Company will respond to the NYSE within ten business days to confirm its intent to cure this deficiency within the prescribed timeframe set out in the NYSE's Listed Company Manual. The Company has a period of six months following the receipt of notice to regain compliance. During this time the Company's common units will continue to be listed and trade on the NYSE.

The Company can regain compliance at any time during the six month period if its common units have a closing price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing price of at least $1.00 over the 30 trading day period ending on the last trading day of that month. As of yesterday, January 10, 2019, the Company's unit price closed at $1.25. If the current pricing trend were to continue, the Company would be able cure this deficiency in an accelerated timeframe.

The Company's common units will continue to be listed and traded on the NYSE during this six-month cure period, subject to the Company's compliance with other continued listing requirements set forth in the NYSE Listed Company Manual. The Company's common stock symbol "FGP" will be assigned a ".BC" indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE's continued listing requirements. If the Company fails to regain compliance with Section 802.01C of the NYSE Listed Company Manual by the end of the cure period, the Company's common units will be subject to the NYSE's suspension and delisting procedures.

If the Company's common units ultimately were to be delisted for any reason, it could negatively impact the Company as it would likely reduce the liquidity and market price of the common units; reduce the number of investors willing to hold or acquire the common units; and negatively impact the Company's ability to access equity markets and obtain financing.

The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements and does not result in a default under any of the Company's material debt agreements.

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© Edgar Online, source Glimpses

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Financials ($)
Sales 2019 1 772 M
EBIT 2019 138 M
Net income 2019 -46,1 M
Debt 2019 1 985 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 1,18x
EV / Sales 2020 1,10x
Capitalization 107 M
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Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 0,50 $
Spread / Average Target -55%
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Managers
NameTitle
James E. Ferrell Chairman, President & Chief Executive Officer
Bryan J. Wright Chief Operating Officer
William E. Ruisinger CFO, Vice President-Investor Relations & Planning
Tamria Zertuche Vice President-Information Technology
A. Andrew Levison Independent Director
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