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Not sure. I emailed them in the hopes of a hint. My guess would be a foreign Ag company.
FOCUS: Site Change Planned For Louisiana Sugar Refinery
1 day ago
By Susan Buchanan
Of DOW JONES NEWSWIRES
NEW ORLEANS (Dow Jones)--Louisiana growers should start sharing profits on processed sugar after a new refinery is completed in a couple of years as part of a three-way deal that teams Cargill Inc. with cane-marketing cooperative Sugar Growers & Refiners, Inc., or SUGAR, and their newest partner Imperial Sugar (IPSU).
After a site change, the group intends to build the nation's biggest sugar refinery in Gramercy, La., with a final agreement on the project likely to be reached before year end, according to John Sheptor, president and chief executive of Texas-based Imperial Sugar.
The plant, announced back in 2005 was originally intended for Cargill's riverside, grain-shipping site in Reserve, La., and was to have been completed there by now. The project is called Louisiana Sugar Refinery LLC.
Under a new arrangement reached in October, however, Imperial will donate its existing Gramercy refinery to the project, in exchange for a one-third interest in the venture. The Gramercy plant dates back to 1898 and has had modernizations and facelifts since then.
"All three parties are optimistic about the plan and a decision to build the plant at Gramercy should be finalized by year end," Sheptor said. He estimates that construction will take 18 to 24 months, and that capacity to produce one million tons annually should be reached within a year after start-up.
Minnesota-based Cargill in 2005 explained the appeal of building a Louisiana refinery, saying the plant would add to the company's marketing alliances with other U.S. sugar groups - Southern Minnesota Beet Sugar Cooperative and Wyoming Sugar Co. Cargill also said then it wanted to participate in the Gulf Coast's recovery following Hurricane Katrina.
Industry members who motored past the Reserve site in the next few years, however, saw no signs of construction activity, though a ground-breaking ceremony was held in Reserve in April.
"Construction at Reserve was delayed to put in place financing, which is in place now - but on hold because of changes in the joint venture," according to Randon Wilson, a Utah-based legal and merger consultant for SUGAR. "Cargill did not go looking for Imperial," he said. "Imperial made inquiry as to whether a three-way venture in LSR would be mutually advantageous. The inclusion of Imperial in the venture was not financially motivated," but was related to synergies offered by Imperial's inclusion.
Cargill, he noted, "is also a joint venture partner in a new refinery in Syria, which is successfully operating. It's a participant in the construction of a new refinery in India. There was no issue about Cargill's expertise in sugar refining" in Louisiana. "Imperial's expertise in a new refinery will be welcome, however," he added.
Sheptor said the U.S. industry already has excess capacity, and noted that refining will restart at Imperial's Savannah, Ga., plant in November after repairs following a February explosion. U.S. Sugar Corp. in Clewiston, Fla., intends to close refining operations in six or seven years, however, after selling its land to the state of Florida for wetlands conservation.
Louisiana growers aren't fretting about the capacity issue, as they look forward to the chance to participate in costs and profits from the new Gramercy plant. For the first time, they should pocket proceeds on U.S. refined sugar, now fetching almost twice the price of raws. Imperial's Colonial plant in Gramercy and Domino Sugar's Chalmette refinery haven't had profit-sharing programs with mills or growers.
The new Gramercy refinery should handle three-fourths of all raw sugar produced in Louisiana and 10% of the nation's sugar. The SUGAR cooperative represents eight of the state's 11 raw mills and about 700 of the state's more than 950 cane farmers. Louisiana's bond commission approved $100 million in Gulf Opportunity Zone bonds for the original Reserve refinery plan - credits that can be used for the Gramercy plant.
Sheptor pointed to synergies from co-locating the new refinery in Gramercy, where infrastructure, utilities and personnel are in place. The three partners hope to develop a more efficient supply chain, he said, by using SUGAR's cane-growing and milling resources, Imperial's refining expertise and the marketing know-how of Cargill and Imperial. Co-locating reduces freight and sales expenses, Sheptor said. Employees hired for the new refinery can be trained at the existing Gramercy operation during construction of the plant.
It's unclear what will happen eventually to the existing Gramercy refinery, Sheptor said.
Cargill spokesman Bill Brady concurred that if preliminary discussions are fruitful, the site of LSR's refinery would likely switch to Gramercy. He said the venture will save on capital and infrastructure costs - something that's "especially beneficial in today's tumultuous economic environment."
Sheptor said SUGAR will supply all its raws to the triple venture and that "the supply contract is advantageous to SUGAR and provides a long-term, secure supply for LSR."
Domino in Chalmette, which processes over half of Louisiana's raw sugar and all Texas sugar, isn't a participant in the project.
Brian O'Malley, president of Domino Foods, said, "We have no affiliation with Louisiana growers, and therefore there is no profit sharing." He said the new, three-way plan between Cargill, SUGAR and Imperial to build a refinery at Gramercy "probably makes more sense than the original concept of a new plant in Reserve, La. The original plan would have added more capacity than the market needed, given all we know today."
Estimated annual U.S. sugar refining capacity is 6.6 million short tons, raw value, with capacity demand at 5.38 million short tons, according to industry estimates. About 900,000 tons of capacity at Imperial Sugar Co.'s (IPSU) Savannah plant has been unusable since February, but will be reopened starting in November after repair work. Imperial will restart Savannah's heavily damaged packaging operations in summer 2009, Sheptor said.
-By Susan Buchanan, Dow Jones Newswires; 504-371-5461 susan.buchanan@dowjones.com
We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
They are going to shop the company, imo. Cargill? ADM?
Imperial Sugar Appoints Ron Kesselman and John Stokely to Its Board of Directors
Imperial Sugar Company (NASDAQ:IPSU) today announced the appointment of Ron Kesselman and John Stokely to its Board of Directors, expanding its board membership to 11 directors.
James J. Gaffney, Imperial Sugar’s chairman of the board, commented, “We are delighted that both Ron Kesselman and John Stokely are joining us. Ron and John are two industry veterans with significant experience in the food and consumer products industries who will greatly complement our existing board as we continue to work to enhance shareholder value.” Mr. Kesselman, age 65, has more than 40 years’ business experience, including a number of senior roles in the food and consumer products industries. Previously, Kesselman served as the chairman and CEO of Elmer’s Products, and chairman of Wise Foods. Before Elmer’s, he served in executive roles with Borden Inc. and Mattel Corporation. Kesselman currently serves on the Board of Directors of publicly traded companies American Italian Pasta Co. and The Inventure Group as well as privately held Homax Products. He received an MBA from the Kellogg School of Management at Northwestern University, and a BS in Economics from the University of Wisconsin.
Mr. Stokely, age 55, currently works as a consultant. He has strong experience in wholesale food distribution having served in several senior executive roles with Richfood Holdings Inc., which was subsequently acquired by SUPERVALU in 1999. As chairman, president and CEO of Richfood, he oversaw a leading wholesale food distribution network to over 1,400 regional and independent grocers. Before Richfood, he held numerous other senior executive roles, including president and CEO of Miller and Rhodes, Inc. Stokely currently serves on the Board of Directors of publicly traded companies Pool Corporation and Transaction System Architects, Inc. He received a BS from the University of Tennessee.
Ronald C. Kesselman and John E. Stokely
Ron Kesselman has a 30-year career of holding senior executive and management positions with consumer products and food processing companies. He is currently a consumer products consultant with the Berwind Group, a privately held enterprise, and was previously the Chairman and Chief Executive Officer of Elmer's Products. Mr. Kesselman has also served in a number of management positions with Fortune 500 companies, including Borden, Inc., Mattel Corporation and Quaker Oats Company. Mr. Kesselman is a graduate of the University of Wisconsin and received a Masters of Business Administration from Northwestern University.
Mr. Stokely is currently a self-employed business consultant. Mr. Stokely was the president, chief executive officer and chairman of the board of directors of Richfood Holdings, Inc., a retail food chain and wholesale grocery distributor, from January 1997 until August 1999 and since 1990 had held several senior management positions at Richfood Holdings. Mr. Stokely also serves as a director of Nash-Finch Company, SCP Pool Corporation, Transaction Systems Architects, Inc., and Performance Food Group Company.
Sugar #14 month chart, near month
http://customer1.barchart.com/cgi-bin/mri/vsnchart.htx?page=chart&showcc=yes&sym=SEX&cc=DX&mon=&year=&data=H&date=102708&size=d&den=med&jav=adv&expm=0&sly=N&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=vsn&org=com&crea=Y
I post here for entertainment. Apparently, many people post here to promote their business. I am entertained by making fun of your business. Seriously.
no more than usual
Hahaha... fickle rules supreme?
that was then this is now
Imperial Announces Discussions to Participate with LSR in Construction of a New Sugar Refinery
Imperial Sugar Company (NASDAQ:IPSU) today announced that it has entered into preliminary discussions with Louisiana Sugar Refinery, LLC (LSR) to participate in the construction and operation of a new state-of-the-art refinery by LSR. LSR is a 50-50 joint venture between Minneapolis-based Cargill and Sugar Growers & Refiners, Inc. (SUGAR), a Louisiana cane sugar marketing cooperative.
The discussions with LSR include Imperial’s participation in the joint venture and the contribution of its Gramercy, La. sugar refinery in exchange for a one-third interest in the venture. The parties are exploring the synergies of co-locating a new refinery adjacent to the existing Gramercy facility. Imperial’s Port Wentworth, Ga. refinery would not be part of the LSR venture.
The discussions contemplate that the new refinery will take advantage of current infrastructure and operational support. Benefits to all partners would include utility, site infrastructure and personnel synergies by co-locating the refineries and reductions in the cost of constructing and operating the new refinery. Imperial would retain the small bag packaging assets at Gramercy to supply its important retail and foodservice business.
“We are exploring with LSR the benefits of a combined effort in this construction project among three industry leaders which builds upon our successful long-standing relationship with the sugar cane growers and mill owners who belong to SUGAR,” stated John Sheptor, president and CEO of Imperial Sugar. “SUGAR’s growing and milling experience along with Imperial’s and Cargill’s refinery and marketing expertise would result in a more efficient supply chain that integrates raw sugar supply, sugar processing and product distribution to new and existing customers.” “A potential strategic alliance with LSR would provide economies of scale while providing a larger integrated network to the marketplace. It would also allow us to secure sufficient raw sugar supply from LSCPI for Gramercy while the refinery is being built and also benefit the expanded joint venture in the longer term. With a newly strengthened platform in our core business, we would then be able to refocus our efforts to further leverage new business and product development in the retail, organic and Mexican markets.” There can be no assurance that the discussions with LSR will result in the completion of a transaction. Completion of a transaction will require negotiation of definitive agreements and the approval of the boards of directors of each of the parties.
About Imperial Sugar Imperial Sugar Company is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors. The Company markets products nationally under the Imperial®, Dixie Crystals® and Holly® brands. For more information about Imperial Sugar, visit www.imperialsugar.com.
Statements regarding possible outcomes of the negotiations regarding the LSR venture, future rebuilding efforts, future market prices and margins, future import and export levels, future government and legislative action, future operating results, future availability of raw sugar, operating efficiencies, future investments and initiatives, future cost savings, future product innovations, future energy costs, our liquidity and ability to finance our operations and capital investment programs, future pension payments and other statements that are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, positions taken by other parties in negotiations, unknown refinery damage, unforeseen engineering and equipment delays, results of insurance negotiations, market factors, farm and trade policy, our ability to realize planned cost savings and other improvements, the available supply of sugar, energy costs, the effect of weather and economic conditions, results of actuarial assumptions, actual or threatened acts of terrorism or armed hostilities, legislative, administrative and judicial actions and other factors detailed in the Company’s Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
http://ih.advfn.com/p.php?pid=nmona&cb=1224078230&article=28736292&symbol=N%5EIPSU
I'm out for a few days - Brain transplant surgery.
IPSU 10 day 15 minute chart
Hurricane Ike: Galveston says 25% ignored evacuation order
USA TODAY's Oren Dorell reports that the winds kicked up in Galveston as waves from Hurricane Ike broke over the city's 17-foot seawall this morning.
"Everything is flooding," Sam Shah says before leaving a local hotel. "I've been here 15 years, never seen water this high." Shah plans to evacuate to his home in Sugarland, Texas.
City officials plan to stay in a former military bunker in Galveston, spokeswoman Mary Jo Naschke says. She says a quarter of the city's residents ignored calls for them to leave before the powerful storm hits the coast.
Why?
"I don't know. Sometimes you have new residents who don't understand the power of Mother Nature," she says. "And you have older residents that have ridden out the storms and just stay here."
Galveston has weathered at least two direct hits in the past few decades -- Hurricanes Carla and Alicia -- "but they're all a little different," Naschke says.
The time for getting off the island is running out because the Interstate 45 causeway, the only way off the island, becomes unsafe when winds hit 45 mph. Tropical force winds are expected by noon.
Don Huwe says he and his family aren't sticking around to see if the city's seawall holds off the storm surge.
Robertschmake2_2
Update at 10:39 a.m. ET:
Dorell just talked to a man he found on the seawall. Robert Schumake, 53, was holding a large American flag that flapped in the squally wind.
"I'm excited for the storm," Schumake says. "I've lived here nine years and I never seen this before."
As he spoke, a large wave crashed over the seawall and covered his ankles.
"I'm going to stand here all day and just ride this thing out," says Schumake, a pensioner whose home is three blocks from the seawall. He expects his home to be inundated by the storm surge.
Corporate Headquarters
Imperial Sugar Company
Physical Address:
8016 Highway 90A
Sugar Land, TX 77478
Mailing Address:
P.O. Box 9
Sugar Land, TX 77487-0009
Phone: 281.491.9181
Imperial Sugar Refining Plants
Gramercy, LA Plant
Physical Address:
1230 5th Avenue
Gramercy, LA 70052
Mailing Address:
P.O. Box 3660
Gramercy, LA 70052
Phone: 225.869.5521
Savannah, GA Plant
Physical Address:
201 Oxnard Drive
Port Wentworth, GA 31407
Mailing Address:
P.O. Box 4225
Port Wentworth, GA 31407
Phone: 912.964-1361
http://www.imperialsugarcompany.com/fw/main/Locations-933.html
Had some good flips with that :)
IPSUW - from zero to 18 -- and back to zero.
Some short for those who were able to do that.
Sugar Prices Still Profitable For Brazil's Cosan
Last update: 8/26/2008 10:34:20 AM
SAO PAULO (Dow Jones)--Sugar prices are currently marginally profitable for Brazil's leading sugar maker, Cosan S.A. (CZZ, CSAN3.BR) following roughly 8 months of negative sugar margins, the company's chief financial officer told a gathering of investors in Sao Paulo Tuesday.
"Sugar prices need to be around 13.69 cents per pound to cover our operational costs," said Cosan CFO Paulo Diniz, adding that 18 cents per pound would be necessary to fund expansion projects.
Sugar futures were trading down at around 13.95 cents per pound for the October contract on the ICE Futures U.S. exchange Tuesday and 15.41 cents per pound for March. Diniz said the company would prefer a stronger U.S. dollar to stronger sugar prices.
"If sugar prices ended up rising too high, you would end up with the same scenario we had two years ago when sugar prices were around 19 cents a pound and countries started planting sugarcane," he said.
Countries like India and other smaller producers in Southeast Asia planted sugarcane when prices were high, ultimately leading to an oversupply of sugar in world markets and, thus, to lower prices.
Last week, the Sugarcane Industries Association, Unica, said the sector was operating in the red due to low sugar prices. Sugar futures were below 12 cents a pound at the start of Brazil's sugarcane harvest in April.
Cosan executives said the company was waiting for Brazil's National Development Bank, BNDES, before going forward with various projects, including an ethanol pipeline.
Cosan shares on the Bovespa stock exchange in Sao Paulo were trading down in late morning to 26.82 Brazilian reals ($16.45) per share. Cosan is responsible for around 10% of the sugarcane crush in Brazil's important center-south sugarcane growing region. It acquired ExxonMobil Corp's (XOM) Brazil-based fuel distribution and service stations business, called Esso Brasileira de Petroleo, for $1 billion in April 2007.
Brazil is the world's leading sugarcane grower and is expecting to close the 2008-09 season harvesting around 491 million metric tons in the center-south.
-By Kenneth Rapoza, Dow Jones Newswires, 5511-6847-4541, kenneth.rapoza@dowjones.com
Gosh that's great. Thanks.
Umm... There is a link in the iBOX about the warrants... Also the ticker here is IPSU.
Sorry for sharing. I thought that's what iHUB is about.
Recent iHub IPSUW posting activity would be helpful to those that might be confused to believe that the warrants are worth anything but -- nothing.
Apparently, there are a few iHub people that want to hold them long to zero.
http://investorshub.advfn.com/boards/msgsearch.asp?txt2find=ipsuw
There's no reason I can imagine for them to even have a remote interest in issuing warrants again.
Obviously it's a different company nowadays. I called IR and asked them about the warrants and they mentioned they'd consider new issues in the future.
Nonetheless the company is still interesting. It's come a long way.
What? The warrants date back to when they were otcbb. This company nearly went bankrupt in 2002.
You must own them.
They will consider new ones... It's just a waiting game...
The warrants are worthless.
IPSUW > Do the warrants expire?
A: Yes. The warrants expire on August 29, 2008.
http://phx.corporate-ir.net/phoenix.zhtml?c=113809&p=irol-faq
What is the exercise price of the warrants currently?
A: The exercise price of the warrants is $28.99 and the warrant holders have the right to receive $8.72 of aggregate dividends upon exercise, making the net effective exercise price $20.27.
Ibox is updated -- keep an eye on the warrants for this one since they trade quite well.
IPSUW — Imperial Sugar Co.
Warrants; Expire 8-29-2008
SHO History Date Reg SHO Threshold Flag Rule3210 Flag
Aug 15, 2008 Yes No
Aug 14, 2008 Yes No
Aug 13, 2008 Yes No
Aug 12, 2008 Yes No
Aug 11, 2008 Yes No
Aug 8, 2008 Yes No
Aug 7, 2008 Yes No
Aug 6, 2008 Yes No
Aug 5, 2008 Yes No
Aug 4, 2008 Yes No
12345next >
Short Interest Date Short Interest % Change Avg. Daily Share Volume Days to Cover Split New Issue
Jul 31, 2008 69,655 11,587.08 15,273 4.56 No No
Jul 15, 2008 596 -74.96 7,888 1.00 No No
Jun 30, 2008 2,380 299.33 5,542 1.00 No No
Jun 13, 2008 596 -65.17 13,617 1.00 No No
May 30, 2008 1,711 41.06 4,963 1.00 No No
May 15, 2008 1,213 -4.64 4,246 1.00 No No
Apr 30, 2008 1,272 58.01 3,492 1.00 No No
Apr 15, 2008 805 151.56 9,314 1.00 No No
Mar 31, 2008 320 0.00 4,093 1.00 No No
Mar 14, 2008 320 -18.99 2,394 1.00 No No
Imperial Sugar Co.
One Imperial Square
P.O. Box 9
Sugar Land, TX 77487
Phone: (281) 491-9181
Primary SIC — Industry Classification
2060 - Sugar & Confectionery Products
State Of Incorporation
TX
Jurisdiction Of Incorporation
United States
Company Officers
J. Chris Brewster, CFO
Robert J. McLaughlin, President, CEO
Roy L. Cordes Jr., Secretary
SEC Reporting Status
SEC Reporting Company
CIK
0000831327
Fiscal Year End
9/30
Estimated Market Cap
164,738,558 as of Aug 19, 2008
IPSUW is the current symbol for warrants -- they expire soon.
As of July 21, 2008, there were 11,903,075 shares of common stock, without par value, of the registrant outstanding.
sugar really didn't do much this week. pretty flat.
14.00 was the option number today, I suppose. I kind of hoped it was 15, but not today.
A 14.02 close meant something to someone...
http://worldwidewas.com/
GSCO has moved up again
http://worldwidewas.com/
http://sites3.barchart.com/pl/vsn/quote.asp?sym=SE&code=XVSN§ion=softs&storyid=75270#story
A SUGAR REVERSAL WITHOUT THE CRUDE
Tuesday, August 12, 2008
by Michael Maniatis of LaSalle Futures Group
As published on InsideFutures.com
IN MY OPINION MARCH 2009 CONTRACT PLAYING BACKSEAT DRIVER *look for our commentators every Monday and Thursday on CNBC Morning Call 8:30ET* http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aFU9g8WogcdU QUOTED ON BLOOMBERG 4 SUGAR Michael Maniatis Market Strategist Lasalle Futures Group 888-325-9300 mmaniatis@lasallefuturesgroup.com www.timemeansmoney.com
08/12/08 FUTURES AND OPTIONS TRADING INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS OR TRADERS.
Sugar prices rallied today due to speculation cane production numbers in Brazil could be lower than expected due to inclement weather. Long term bias is shifting to focus on the idea that a world surplus will be shrinking into 2009 and there is potential for a supply side squeeze looking beyond 2008 with more countries like the US interested in sugar-cane based ethanol production. Strictly technical we have seen 3 consecutive days of a lower closing price and with today providing yet again a lower low, a close higher than yesterday would indicate a reversal in the market. Generally 3 consecutive days of a lower high, lower low, and a lower close would indicate sell. Today's move would indicate reversal strictly technical.
For tomorrow,08/13/08, look for higher than anticipated 1% on the import prices data released at 830am eastern along with a falling dollar to push sugar prices probably towards a close above 14cents. A dollar rally and a build in crude inventories would keep prices flat to lower. I RECOMMEND WHENEVER TRADING FUTURES ALWAYS USE A STOP LOSS ORDER. THE BELOW CHARTS AND INDICATORS ARE COURTESY OF BARCHART.COM FOR MORE IN DEPTH STRATEGIES YOU MAY REACH ME AT 888-325-9300
The Number 14 Sugar Futures contract is the domestic raw sugar contract. Delivery under the Number 14 contract may be satisfied by domestically produced raw cane sugar, foreign origins with duty free or reduced duty access granted under the Tariff Rate Quota System or various US trade agreements, or foreign origins willing to pay the applicable US duties. The contract value is quoted in US Cents per pound delivered at a named Atlantic or Gulf port of entry. In excess of 90% of Imperial’s sugar production is from raw cane sugar which satisfies the delivery requirements of the Number 14 contract, and most of our purchases of that raw cane sugar are priced by reference to the Number 14 contract. Additional information regarding the Number 14 contract can be found at www.nybot.com.
L2 - GSCO moves ask up
http://worldwidewas.com/
IPSU 5 day 15 minute chart
IPSU 2 day 5 minute chart
IPSU 1 day 2 minute chart
http://worldwidewas.com/
Investor FAQ
http://www.imperialsugarcompany.com/fw/main/Investor_FAQ-1083.html
Q: What is the tax treatment of the $2.50 special dividend payable on January 3, 2008?
A: Distributions in respect to stock will be taxable to you as dividend income to the extent those distributions are paid out of our current cumulated earnings and profits. The dividend income will be reported to you on a 2008 IRS Form 1099-DIV, which will be mailed to registered stockholders by the end of January of 2009.
Q: What is a warrant?
A: A certificate entitling the holder to purchase a specific amount of securities at a specific price, for an extended period. Warrants trade independently of the securities with which they are issued.
Q: How many Imperial Sugar Company warrants are in existence?
A: As of September 30, 2007, 1,047,973 warrants were outstanding.
Q: On which exchange are the warrants traded and what is the symbol?
A: Imperial Sugar Company’s warrants are traded on the NASDAQ stock exchange under the symbol IPSUW.
Q: What is the exercise price of the warrants currently?
A: The exercise price of the warrants is $28.99 and the warrant holders have the right to receive $8.72 of aggregate dividends upon exercise, making the net effective exercise price $20.27.
Notice to Holders of Warrants - August 10, 2006
Notice to Holders of Warrants - November 20, 2006
Notice to Holders of Warrants - January 5, 2007
Notice to Holders of Warrants - December 24, 2007
Q: Do the warrants expire?
A: Yes. The warrants expire on August 29, 2008.
Q: How many shares does one warrant entitle the holder to purchase?
A: Each warrant entitles the holder to purchase one share of Imperial Sugar Company common stock at the exercise price in effect under the Warrant Agreement at such time.
Q: What document governs the warrants?
A: The Warrant Agreement entered into August 28, 2001 between Imperial Sugar Company and The Bank of New York, the form of which is attached below: Click Here
Q: Who is the Warrant Agent?
A: The Warrant Agent is defined in the Warrant Agreement and such designee at this time is The Bank of New York.
Q: How do I exercise my warrant?
A: You can exercise your warrant by surrendering the Warrant Certificate, with the Form of Exercise properly completed and executed, together with a check for the payment of the Exercise Price in effect at such time and any applicable taxes (as set forth in the Warrant Agreement) to the Company at the principal office of the Warrant Agent: The Bank of New York 101 Barclay Street-11W New York, New York 10286 In the event your broker holds your Warrant in street name, please have your broker contact the Warrant Agent. Imperial Sugar may require the payment of a sum sufficient to cover reasonable transfer charges. Please review the Warrant Agreement for further information. The contact information for the Warrant Agent, The Bank of New York, is 101 Barclay Street – 11W, New York, NY 10286, and the telephone number for its Reorganization Department is (800) 507-9357.
Q: Does Imperial produce Ethanol currently or have plans to do so in the future?
A: Substantially all Ethanol in the United States is produced from corn derivatives, not sugar cane, as corn is a less expensive feedstock in the US market. In other parts of the world such as Brazil, sugar cane millers produce a significant amount of Ethanol from sugar cane, as an alternative to producing raw cane sugar, frequently coproducing both products at the same mill. As a refiner of raw cane sugar, Imperial does not have the ability to produce ethanol.
Q: What do the various sugar futures contracts mean? How do they affect Imperial?
A: There are three distinct sugar futures contracts traded on the New York Board of Trade or the Euronext:
The Number 14 Sugar Futures contract is the domestic raw sugar contract. Delivery under the Number 14 contract may be satisfied by domestically produced raw cane sugar, foreign origins with duty free or reduced duty access granted under the Tariff Rate Quota System or various US trade agreements, or foreign origins willing to pay the applicable US duties. The contract value is quoted in US Cents per pound delivered at a named Atlantic or Gulf port of entry. In excess of 90% of Imperial’s sugar production is from raw cane sugar which satisfies the delivery requirements of the Number 14 contract, and most of our purchases of that raw cane sugar are priced by reference to the Number 14 contract. Additional information regarding the Number 14 contract can be found at www.nybot.com.
The Number 11 Sugar Futures contract is the world raw sugar contract. The contract value is quoted in US Cents per pound at origin. Sugar delivered pursuant to the Number 11 contract may not be used to produce refined sugar for domestic human consumption. Less than 10% of the refined sugar Imperial sells is for domestic non-human consumption or export. Additional information regarding the Number 14 contract can be found at www.nybot.com.
The Number 5 Sugar Futures contract is the world refined sugar contract. The contract value is quoted in US dollars per metric ton and is equivalent to refined sugar packed in 50 Kg bags at origin. There is no equivalent US domestic refined sugar futures contract. Imperial currently has no involvement in this market as world refined values are currently significantly below US domestic prices. Additional information regarding the Number 5 contract can be found at www.euronext.com
You will upgrade your iHub Membership today.
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