Plains GP Holdings, L.P. (NYSE:PAGP) Files An 8-K Other Events
ME Staff 8-k
Plains GP Holdings, L.P. (NYSE:PAGP) Files An 8-K Other EventsItem 8.01 Other Events
In connection with the Closing, PAGP effected a reverse split of its Class A and Class B shares, in each case, at a ratio of approximately 1-for-2.663. Accordingly, the PAGP Class A shares began trading on a split-adjusted basis on the New York Stock Exchange at the opening of trading on November 16, 2016. As a result of the reverse share split, the number of issued and outstanding Class A shares was reduced from approximately 268 million to approximately 101 million, and the number of issued and outstanding Class B shares was reduced from approximately 374 million to approximately 140 million. In addition, approximately 4 million split adjusted Class A shares are effectively reserved for issuance in connection with exchanges of outstanding securities that are or will be exchangeable for Class A shares in the future.
About Plains GP Holdings, L.P. (NYSE:PAGP) Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. PAA conducts its operations through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas. The majority of its activities are focused on crude oil, which is the principal feedstock used by refineries in the production of transportation fuels. Plains GP Holdings, L.P. (NYSE:PAGP) Recent Trading Information Plains GP Holdings, L.P. (NYSE:PAGP) closed its last trading session up +1.79 at 35.41 with 1,133,285 shares trading hands.