This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mosaic Provides Update On Class A Shares

PLYMOUTH, Minn., June 25, 2013 /PRNewswire/ -- The Mosaic Company (NYSE: MOS) provided an update today on the potential disposition of the 129 million Class A restricted shares held by the Margaret A. Cargill Foundation, the Anne Ray Charitable Trust (collectively, the MAC Trusts), and various family shareholders of Cargill, Incorporated ( Cargill).

The two-year anniversary of the transaction resulting in the split-off of Mosaic from Cargill was May 25, 2013. Since that date, Mosaic has engaged in discussions with Cargill and the MAC Trusts regarding the disposition of the Class A shares, including a potential share repurchase transaction. In connection with these discussions, Mosaic, with the MAC Trusts' support, requested that Cargill amend the split-off agreement to allow for a negotiated repurchase of shares by Mosaic from the Class A shareholders prior to November 26, 2013. Following that date, no contractual restrictions remain on share repurchases.

After considering the request, Cargill declined to amend the agreement to allow for earlier share repurchases. As a result, Mosaic is not permitted to engage in open market or negotiated share repurchases until after November 26, 2013. The only practical means for the Class A shareholders to dispose of their shares prior to that date would be through an underwritten public secondary offering, which could be initiated by the MAC Trusts prior to June 26, 2013 or Mosaic thereafter. After considering its alternatives, the MAC Trusts have notified Mosaic that they will not exercise their current right to request an underwritten public secondary offering.  

Mosaic is disappointed in its inability to effect share repurchases this summer and looks forward to initiating share repurchases after November 26, 2013. At that time, depending on market conditions and sellers' interest, Mosaic will consider the repurchase of shares either in a negotiated transaction with the Class A shareholders or through open market repurchases.

Mosaic continues to target the middle of 2014 to achieve its previously stated balance sheet targets.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs