SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 10, 1999
STATIA TERMINALS GROUP N.V.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
NETHERLANDS ANTILLES 0-25821 52-2003016
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
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TUMBLEDOWN DICK BAY
ST. EUSTATIUS, NETHERLANDS ANTILLES
(Address of principal executive offices)
Registrant's telephone number, including area code: (011) 5993-82300
NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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STATIA TERMINALS GROUP N.V.
CURRENT REPORT ON FORM 8-K
Item 5. Other Events.
See the two press releases dated December 10, 1999, and December 14,
1999, attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated
herein by this reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Statia Terminals Group N.V.
(Registrant)
BY /S/ JAMES F. BRENNER
-------------------------------
James F. Brenner
Vice President and Treasurer
Dated: December 17, 1999
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STATIA TERMINALS GROUP N.V.
CURRENT REPORT ON FORM 8-K
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release dated December 10, 1999
99.2 Press Release dated December 14, 1999
EXHIBIT 99.1
STATIA TERMINALS GROUP N.V.
P.O. BOX 170
ST. EUSTATIUS, NETHERLANDS ANTILLES
TELEPHONE: 011-599-382300
FAX: 011-599-382259
FOR IMMEDIATE RELEASE Contact:
- ---------------------
5:00 p.m. EST - 12/10/99 Mr. Thomas M. Thompson, Jr.
NASDAQ ticker symbol: STNV Telephone: (954) 698-0705
STATIA TERMINALS PROVIDES ADDITIONAL INFORMATION
ON EFFECTS OF HURRICANE LENNY
ST. EUSTATIUS, NETHERLANDS ANTILLES, December 10, 1999 - Statia
Terminals Group N.V. ("Statia" or the "Company") (NASDAQ: STNV) announced today
that as a result of damages sustained to the Company's Caribbean facility from
Hurricane Lenny in late November, Statia will incur a one-time non-cash charge
of $1.5 million to partially reduce the carrying value of its shoreline
protection system and a one-time cash charge of $0.25 million to cover other
hurricane related expenses. The damaged shoreline protection system is not
covered by insurance and, together with certain other civil work, is expected to
be replaced at a cost of approximately $2.8 million during the first half of
next year. No significant damage was sustained to the operating facilities and
equipment. In addition, the storm caused cancellation of several bunker sales
and a reduction in terminal activity reducing fourth quarter revenues and gross
profits by approximately $1.5 million and $0.4 million, respectively.
Statia provides storage, blending, processing and other terminaling
services for crude oil, refined products and other bulk liquids to crude oil
producers, integrated oil companies, traders, refiners, petrochemical companies
and others at its facilities located on the island of St. Eustatius, Netherlands
Antilles, and at Point Tupper, Nova Scotia, Canada. The Company's facilities,
with their deep-water ports, can accommodate substantially all of the world's
largest oil tankers. In connection with its terminaling activities, Statia also
provides value-added services, including delivery of bunker fuels to vessels,
other petroleum product sales, emergency and spill response services, and ship
services. The Company is headquartered in Curacao, Netherlands Antilles, and
maintains an administrative office in Deerfield Beach, Florida.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and projections made in
reliance upon the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and within the meaning of the Section 27A of the Securities
Act of 1933. Such statements and projections are subject to a number of risks
and uncertainties. The Company has made every reasonable effort to ensure that
the information and assumptions on which these statements and projections are
based are current, reasonable and complete. However, actual results in the
future could differ materially from those described in the forward-looking
statements and projections as a result of fluctuations in the supply of and
demand for crude oil and other petroleum products, changes in the terminaling
industry, added costs due to changes in government regulations affecting the
petroleum industry, the loss of one or more customers, the financial condition
of the Company's customers, interruption of operations caused by adverse natural
conditions, changes in the United States economy, risks associated with the Year
2000, and other factors detailed in the Company's Securities and Exchange
Commission filings. The Company does not undertake any obligation to publicly
release the results of any revisions to these forward-looking statements and
projections that may be made to reflect any future events or circumstances.
* * * * *
EXHIBIT 99.2
STATIA TERMINALS GROUP N.V.
P.O. BOX 170
ST. EUSTATIUS, NETHERLANDS ANTILLES
TELEPHONE: 011-599-382300
FAX: 011-599-382259
FOR IMMEDIATE RELEASE Contact:
- ---------------------
12:00 noon EST - 12/14/99 Mr. Thomas M. Thompson, Jr.
NASDAQ ticker symbol: STNV Telephone: (954) 698-0705
STATIA TERMINALS ANNOUNCES STOCK PURCHASE PROGRAM
AND COMMENTS ON ANTICIPATED FOURTH QUARTER AVAILABLE CASH
AND FUTURE DISTRIBUTIONS
ST. EUSTATIUS, NETHERLANDS ANTILLES, December 14, 1999 - Statia
Terminals Group N.V. ("Statia" or the "Company") (NASDAQ: STNV) announced today
that its Board of Directors has authorized the purchase of up to one million of
its Series A common shares. The Company plans to purchase the shares from time
to time in the open market as conditions warrant.
The Company believes that given the present financial condition of the
Company, its current liquidity, and its future prospects, that the recent market
price of the Company's Series A common shares represents an excessive discount
to the value of the Company's business. This stock purchase program represents
an investment opportunity to maximize shareholder value and constitutes an
appropriate use of the Company's resources to benefit the long term interests of
the Company and its shareholders.
Given the anticipated available cash at the end of the fourth quarter
of 1999 following the likely need to establish reserves to meet operating,
capital, and other cash requirements, the Company estimates that the
distribution per common share anticipated to be paid in February 2000 will be
substantially below the target quarterly distribution of $0.45 per share and
could fall in the range of $0.10 to $0.15 per share. As required by the
Company's Articles of Incorporation, the difference between the target quarterly
distribution of $0.45 per share and any lesser distribution per share will
accrue for payment from the Company's future available cash.
Statia provides storage, blending, processing and other terminaling
services for crude oil, refined products and other bulk liquids to crude oil
producers, integrated oil companies, traders, refiners, petrochemical companies
and others at its facilities located on the island of St. Eustatius, Netherlands
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Antilles, and at Point Tupper, Nova Scotia, Canada. The Company's facilities,
with their deep-water ports, can accommodate substantially all of the world's
largest oil tankers. In connection with its terminaling activities, Statia also
provides value-added services, including delivery of bunker fuels to vessels,
other petroleum product sales, emergency and spill response services, and ship
services. The Company is headquartered in Curacao, Netherlands Antilles, and
maintains an administrative office in Deerfield Beach, Florida.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and projections made in
reliance upon the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and within the meaning of the Section 27A of the Securities
Act of 1933. Such statements and projections are subject to a number of risks
and uncertainties. The Company has made every reasonable effort to ensure that
the information and assumptions on which these statements and projections are
based are current, reasonable and complete. However, actual results in the
future could differ materially from those described in the forward-looking
statements and projections as a result of fluctuations in the supply of and
demand for crude oil and other petroleum products, changes in the terminaling
industry, added costs due to changes in government regulations affecting the
petroleum industry, the loss of one or more customers, the financial condition
of the Company's customers, interruption of operations caused by adverse natural
conditions, changes in the United States economy, risks associated with the Year
2000, and other factors detailed in the Company's Securities and Exchange
Commission filings. The Company does not undertake any obligation to publicly
release the results of any revisions to these forward-looking statements and
projections that may be made to reflect any future events or circumstances.
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