Icahn Enterprises (IEP) Announces $1 Quarterly Distribution
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Icahn Enterprises L.P. (Nasdaq: IEP) today announced that the Board of Directors of its general partner has approved a modification to the Company's distribution policy to provide for an increase in the annual distribution from $1.40, comprised of $0.40 in cash and $1.00 in depositary units, to $4.00 per depositary unit, payable in either cash or additional depositary units, at the election of each depositary unit holder.
Carl C. Icahn, Chairman of the Board, noted that as part of its fiduciary duties, the Board regularly evaluates whether it is in the best interest of IEP and its unit holders to declare and pay a quarterly dividend. Dividends are declared at the discretion of the Board. The new dividend policy reflects the confidence of the Board in the IEP business strategy and the strength of its operating businesses.
The Board of Directors of the general partner has declared a quarterly distribution for the first quarter of 2013 in the amount of $1.00, which will be paid on or about April 15, 2013 to depositary unit holders of record at the close of business on February 21, 2013. Depositary unit holders will have until March 14, 2013 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 20 consecutive trading days immediately following the election deadline. No fractional depositary units will be issued pursuant to the dividend payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment.
Carl C. Icahn, the Chairman of Icahn Enterprises and the holder of approximately 93% of the outstanding depositary units, has indicated that it is his present intention to elect to receive the increase in the Company's cash distribution in additional depositary units for the foreseeable future.
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Carl C. Icahn, Chairman of the Board, noted that as part of its fiduciary duties, the Board regularly evaluates whether it is in the best interest of IEP and its unit holders to declare and pay a quarterly dividend. Dividends are declared at the discretion of the Board. The new dividend policy reflects the confidence of the Board in the IEP business strategy and the strength of its operating businesses.
The Board of Directors of the general partner has declared a quarterly distribution for the first quarter of 2013 in the amount of $1.00, which will be paid on or about April 15, 2013 to depositary unit holders of record at the close of business on February 21, 2013. Depositary unit holders will have until March 14, 2013 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 20 consecutive trading days immediately following the election deadline. No fractional depositary units will be issued pursuant to the dividend payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment.
Carl C. Icahn, the Chairman of Icahn Enterprises and the holder of approximately 93% of the outstanding depositary units, has indicated that it is his present intention to elect to receive the increase in the Company's cash distribution in additional depositary units for the foreseeable future.
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