METC - Ramaco Resources shareholders approve new dual-class structure

2023-06-13 07:27:58 ET

Ramaco Resources ( NASDAQ: METC ) said late Monday that shareholders overwhelmingly approved the creation of separate Class B common stock , which the company said will provide direct participation in the financial performance of the CORE assets, which stands for "Carbon Ore-Rare Earth."

Ramaco ( METC ) said the CORE assets consist of three non-cost bearing revenue streams from coal infrastructure assets, coal royalty fees, and carbon products/rare earth elements.

Each Ramaco ( METC ) shareholder will receive 0.2 shares of Class B common stock for every one share of existing common stock.

The company expects the tracking stock will pay a cash dividend based on the financial performance of the CORE assets, with current projections pointing to a ~33% increase in the overall total 2023 dividend payout.

More on Ramaco Resources:

• Financial and valuation comparison to sector peers
• Analysis: Ramaco Resources: FCF Expected From Production Growth, And Undervalued
• Stock price return: Down 6.5% YTD, down 49% in the past 12 months

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