Pacific Coast Oil Trust Drops Pre-Market as Offering of 2.7 Mln Trust Units Prices at 2.9% Discount to Monday’s Close

Pacific Coast Oil Trust (ROYT) shares fell in Tuesday’s pre-market session, after the statutory trust formed by oil-and-gas company Pacific Coast Energy priced a public offering of nearly 2.7 million trust units being sold by certain holders affiliated with Pacific Coast Energy at $13 per unit, a 2.9% discount to the units’ Monday closing price.

ROYT fell below the offer price in recent pre-market trading, down 5.5% at $12.65, nearing the low end of its 52-week range of $12.40 to $18.72.

None of Pacific Coast Oil Trust, Pacific Coast Energy or Pacific Coast Energy’s management is selling any trust units in the secondary offering nor will they receive any proceeds from the offering, which is expected to close June 13.

Pacific Coast Oil Trust acquires and holds net profits and royalty interests in oil and natural gas properties located in California.

 

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Andy Weld, CFA, is an editor and equity analyst for The Downtown Leader. If you have a great story idea for Andy Weld, you can write at [Andy.Weld@downtownleader.com ].

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