SandRidge Mississippian Trust II Announces Planned Increase in Existing Cash Reserve
SANDRIDGE MISSISSIPPIAN (SDR)
US:NYSE Investor Relations:
investors.sandridgeenergy.com/investor-relations/sandridge-royalty-trusts/default.aspx
Company Research
Source: Business Wire
HOUSTON--(BUSINESS WIRE)-- SANDRIDGE MISSISSIPPIAN TRUST II (NYSE: SDR) (the “Trust”) today announced that its trustee, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), has determined to gradually increase the Trustee’s existing cash reserve for the payment of future expenses and liabilities of the Trust, as permitted by the trust agreement. Commencing with the distribution to unitholders payable in the first quarter of 2019, the Trustee intends to begin withholding the greater of $50,000 or 3.5% of the funds otherwise available for distribution each quarter to gradually increase existing cash reserves by a total of approximately $625,000. The Trustee may increase or decrease the targeted amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be i
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