“We are very pleased to be able to settle our obligations with a substantial discount on prepayment under the TRA,” said Nathan Kroeker, President and CEO of Spark. “This regime allows us to eliminate future outflows, reduce overall and administrative costs, and report the complexities currently required by the ERO, and fully exploit the benefits of the tax level in the context of future conversions. We thank Mr. Maxwell again for his continued commitment to bringing value to Spark`s shareholders. We believe this simplifies Spark`s structure as we continue to tell our story to potential investors and strategic partners. A special committee of the Board of Directors, composed exclusively of independent directors, approved this transaction. In the absence of the exit agreement, Spark expected to make TRA payments totalling $68.7 million and payments over the total MATURITy period of the TRA. The terms of the release agreement waive Spark`s anticipated cancellation for early termination of the TRA, which would have been approximately $49.3 million until June 24, 2019 as a hypothetical early liquidation date. LONDON and PHILADELPHIA, 22.08.2019 /PRNewswire/ — Clarivate Analytics plc (NYSE: CCC; CCC.WS), a world leader in trusted knowledge and analysis to accelerate the pace of innovation, announced today that it has entered into an agreement (the Release Agreement) to pay $200 million to terminate the tax receivable agreement (TRA) with the company`s shareholders on May 10, 2019, including Clarivate`s first listing to NYSE, including Onex and BPEA. As of June 30, 2019, Clarivate had a TRA liability of $264.6 million.
“We are pleased to have entered into an agreement to honour our TRA commitments, which will allow us to make full use of the tax base reached at the time of Clarivate`s initial carve-out and create incremental cash flow and shareholder value,” said Jerre Steaderre, Executive Chairman and CEO of Clarivate Analytics. “Since I joined Clarivate in May, we have fought hard for the rationalization and concentration of our business. Billing TRA under acceptable conditions eliminates the complexity of reporting and simplifies our structure while improving our ability to create shareholder value. The end of the TRA is conditional on financing on or before December 31, 2019, which Clarivate is considering for debt financing. This transaction was reviewed and approved by a special committee of the Board of Directors, established for this purpose, without any involvement of the directors associated with Onex and the BPEA. HOUSTON, TX / ACCESSWIRE / July 15, 2019 / Spark Energy, Inc. (“Spark” or “Company”) (NASDAQ: SPKE), announced today that it has entered into a termination and release agreement for TRA (the “Release Agreement”) and agreed to pay $11.2 million to terminate and settle all current and future obligations arising from the tax contract (TRA) established at the time of Spark`s IPO in 2014. As of March 31, 2019, Spark has laid a TRA liability of $27.6 million. This comparison will result in a pre-tax tax benefit of $16.4 million, resulting in an increase in shareholder capital. We use our website as a means of disclosing non-public information and fulfilling our advertising obligations in accordance with FD regulations. Investors should note that new materials, including press releases, updated investor presentations, and financial and other documents to the Securities and Exchange Commission, will be published on the Spark Energy Investor Relations website at ir.sparkenergy.com. Investors are asked to regularly monitor our website on company information and updates. Clarivate and its logo as well as all the other brands used here are trademarks of their respective owners and are used under license.