Marlin Midstream Partners, LP Expands Board of Directors to Independent Majority, Provides Update on Quarterly Distributions
HOUSTON, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Marlin Midstream Partners, LP (Nasdaq:FISH), a Delaware limited partnership ("Marlin" or "the Partnership"), today announced the recent expansion of its Board of Directors to an independent majority. Effective August 15, 2013, Nick W. Evans, Jr., Charles W. Jenness and James Lytal became Board members, with Messrs. Jenness and Lytal as members of the Audit Committee, which is chaired by existing Board member David C. Baggett, who also serves as lead independent director. Existing Board members W. Keith Maxwell, III, Chairman and CEO, and Terry D. Jones, Executive Vice President, General Counsel and Secretary, each resigned as members of the Audit Committee in connection therewith. Mr. Lytal will serve as chairman of the Board's Conflicts Committee, of which Messrs. Baggett, Evans and Jenness are also members.
"We are proud to have such a skilled and experienced Board to help guide the Partnership," said Chairman and CEO W. Keith Maxwell, III. "Importantly, we now have a majority of independent director oversight with four independents and two insiders. Sound corporate governance is a core philosophy at Marlin, and our Board is committed to serving as a prudent fiduciary for all unitholders."
Nick W. Evans, Jr.
Mr. Evans began his career at the Georgia Railroad Bank and then joined Abitibi Southern Corporation. He began his television career in sales at WATU-TV and WRDW-TV in Augusta and then moved to WNEP-TV, Wilkes-Barre/Scranton, Pennsylvania. He returned to WAGT-TV in Augusta and eventually became president and general manager. From 1987 to 2000, he was President and CEO of Spartan Communications, Inc., headquartered in Spartanburg, South Carolina. He currently serves as chairman of ECP Benefits and ECP/Trinity, partner of Toast Wine & Beverage and is involved in business development for Group CSE in Atlanta.
Mr. Evans is a former board member of numerous civic, community, business and industry organizations. While a Rotarian he was selected as a Paul Harris Fellow. Currently, he holds board positions with Wells Fargo (Augusta Advisory Board), Forest Hills Golf Association, Azalea Capital (Advisory Board) and Coca-Cola Bottling Company United, Inc. Mr. Evans holds a B.B.A degree from Augusta College.
Charles W. Jenness
Mr. Jenness has been employed by Encore Bank as chairman of the executive committee since 2002. In 1989, he founded the Jenness Corporation, an investment firm, where he is currently chairman and CEO. Mr. Jenness was vice chairman and director of Coventry Investments Group from 1991 to 1998, and from 1997 to 2009, he has served as a corporate advisor for financial short and long-range planning to Buffalo Marine Service, Inc. From 1989 to 1991, he was a partner in Centeq Companies, which ultimately became Camden Property Trust.
Mr. Jenness served as chairman of Allied Fairbanks Bank, Houston, Texas from 1980 to 1989, and was founder and chairman of the board of Superior Derrick Services and past Chairman of Giddings Bancshares, Inc. Mr. Jenness is a prior member and chairman of the Texas Water Development Board and served under Texas governors Mark White, Bill Clements, Ann Richards and George W. Bush.
Mr. Jenness is presently vice chairman of Cadence Bank ($6.5 billion in assets). Mr. Jenness was a director of Encore Bancshares since September 2000 and a director of Encore Bank since November 1986. Mr. Jenness holds a B.S. from Indiana University.
Mr. Lytal has served as a senior advisor to Global Infrastructure Partners, a New York-based partnership that invests in infrastructure assets globally, since April 2009, and since November 2011 has served on the Board of Directors of SemGroup Corporation. From 1994 to 2004, Mr. Lytal was president of Leviathan Gas Pipeline Partners, which later became El Paso Energy Partners, and then Gulfterra Energy Partners, where he served on the board of directors. In 2004, Gulfterra Energy Partners merged with Enterprise Products Partners, one of the largest publicly-traded energy partnerships in the U.S., where Mr. Lytal served as executive vice president until 2009. From 1998 to 2008, he was directly involved in the development of over $3 billion in offshore platform and oil and gas pipeline projects. Having entered the energy industry in 1980, Mr. Lytal's business experience includes midstream mergers, acquisitions and master limited partnership drop-downs, as well as onshore midstream and deepwater asset development and management.
Mr. Lytal graduated from the University of Texas at Austin with a Bachelor of Science degree in petroleum engineering.
Announcement Regarding Quarterly Distributions
In addition to introducing its newest members, Marlin's Board of Directors provided an update on the Partnership's quarterly distributions to unitholders. Marlin's partnership agreement provides for a minimum quarterly distribution of $0.35 per unit for each whole quarter, or $1.40 per unit on an annualized basis. Quarterly distributions will commence following the third quarter ending September 30, 2013, which will represent the first partial quarter of distributable cash flow subsequent to Marlin's IPO on July 31, 2013. Accordingly, the targeted prorated distribution for the third quarter of 2013 is intended to be approximately $0.23 per unit, with the record date occurring approximately 5 weeks after quarter end.
The Partnership will announce quarterly distributions within approximately two weeks following the close of each quarter and within six weeks following the close of the fiscal year. Since the Partnership's fiscal year end is December 31, distributions will occur following the periods ending March 31, June 30, September 30, and December 31.
Marlin is a fee-based, growth oriented Delaware limited partnership formed to develop, own, operate and acquire midstream energy assets. Marlin currently provides natural gas gathering, transportation, treating and processing services, NGL transportation services and crude oil transloading services. Headquartered in Houston, Texas, Marlin's assets include two related natural gas processing facilities located in Panola County, Texas, a natural gas processing facility located in Tyler County, Texas, two natural gas gathering systems connected to its Panola County processing facilities, two NGL transportation pipelines that connect its Panola County and Tyler County processing facilities to third party NGL pipelines and two crude oil transloading facilities containing five crude oil transloaders.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Marlin expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations. Such risk factors are included in Marlin's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Marlin undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Investor Contact:
Financial Profiles, Inc.Kristen McNally, (206) 623-2233
Jacques Dubois, (310) 478-2700
Source: Marlin Midstream Partners, LP