933.045 durch den Ticker geheizt RT und weiter Börsenbuch­
http://www­.ariva.de/­rentech_in­c-aktie/ku­rs GrB  

Klicker http://biz­.yahoo.com­/e/140106/­rtk8-k.htm­l GrB  

Announcement: Moody's: Rentech Nitrogen's East Dubuque, IL facility restarts after fire as expected
Global Credit Research - 08 Jan 2014
New York, January 08, 2014 -- Moody's: Rentech Nitrogen announced the completion­ of all repairs related to the Nov. 29, 2013 fire. Providing the company can complete previously­ scheduled repairs and sustain production­ near nameplate capacity, there should only be modest impact on the company's financial performanc­e and no impact on its rating or outlook.

For further informatio­n, please see the issuer comment for Rentech Nitrogen Partners LP on www.moodys­.com.

Rentech Nitrogen, a Delaware Limited Partnershi­p has operations­ in East Dubuque, IL and Pasadena, TX for the production­ of nitrogen fertilizer­ products and granulated­ ammonia sulfate, respective­ly. The partnershi­p is 60% owned by Rentech, Inc. and had revenues and Adjusted EBITDA for the LTM ending September 30, 2013 of $349 million and $101 million, respective­ly (the Pasadena facility was acquired on November 1, 2012). Adjusted figures are calculated­ using Moody's Standard Accounting­ Adjustment­s.

Lori Harris
Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALIST­S: 212-553-03­76
SUBSCRIBER­S: 212-553-16­53
Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALIST­S: 212-553-03­76
SUBSCRIBER­S: 212-553-16­53
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALIST­S: 212-553-03­76
SUBSCRIBER­S: 212-553-16­53


© 2014 Moody's Corporatio­n, Moody's Investors Service, Inc., Moody's Analytics,­ Inc. and/or their licensors and affiliates­ (collectiv­ely, "MOODY'S")­. All rights reserved.

https://ww­w.moodys.c­om/researc­h/...T.mc_­id=NLTITLE­_YYYYMMDD_­PR_290220  

Concerned Rentech Shareholders Seeks to Reconstitu­te Rentech’s Board
Discloses Letter to the Board Highlighti­ng Continued Missteps and Lapses in Oversight
Announces Formal Nomination­s of Four Independen­t, Highly-Qua­lified Director Candidates­ for Election at Rentech’s Upcoming Annual Meeting
Business WireEngage­d Capital, LLC and Lone Star Value Management­, LLC
January 13, 2014 8:30 AM

NEWPORT BEACH, Calif.--(B­USINESS WIRE)--

Concerned Rentech Shareholde­rs (“Conc­erned Rentech Shareholde­rs”), a group led by Engaged Capital, LLC and Lone Star Value Management­, LLC, together one of the largest stockholde­rs of Rentech, Inc. (“RTK” or the “Comp­any”) (RTK) with aggregate ownership of approximat­ely 4.6% of the outstandin­g shares of RTK, today announced it has submitted formal nomination­s of four independen­t, highly-qua­lified candidates­ for election to the Board of Directors of RTK (the “Boar­d”) at the upcoming 2014 annual meeting of RTK’s stockholde­rs (the “2014­ Annual Meeting”).

In a letter accompanyi­ng the nomination­ notice, Concerned Rentech Shareholde­rs highlighte­d its frustratio­n at the continued destructio­n of shareholde­r value at RTK and the persistent­ missteps and lapses in oversight that have caused the group to lose confidence­ in the current Board’s ability to effectivel­y oversee RTK. Concerned Rentech Shareholde­rs concluded that immediate Board reconstitu­tion, including through direct shareholde­r representa­tion, is needed to ensure that all decisions place the best interests of RTK’s shareholde­rs first and foremost.

On December 27, 2013, Concerned Rentech Shareholde­rs submitted to the Board a formal request for exemption under the Company’s Tax Benefit Preservati­on Plan (the “Righ­ts Plan”) to allow the group to acquire beneficial­ ownership in the aggregate of up to 7% of the outstandin­g shares of RTK’s stock. To date, the Board has not responded to this request. The Rights Plan prohibits any RTK shareholde­r or group of shareholde­rs from acquiring in excess of 5% of the Company’s outstandin­g stock except in certain limited circumstan­ces.

Glenn Welling of Engaged Capital and Jeff Eberwein of Lone Star Value commented:­ “Our decision to nominate four candidates­ for election at the 2014 Annual Meeting follows over a year of failed discussion­s with the Company in which our constructi­ve suggestion­s were ignored and value destructio­n persisted.­ We believe it is imperative­ to inject an independen­t, fresh perspectiv­e in the boardroom in order to foster management­ accountabi­lity, instill capital discipline­, and protect the interests’ of RTK’s shareholde­rs.”

The full text of the letter Concerned Rentech Shareholde­rs delivered to the Board follows:

December 27, 2013

Board of Directors
Rentech, Inc.
10877 Wilshire Boulevard
Suite 600
Los Angeles, CA 90024

Gentlemen:­

Engaged Capital, LLC (“Enga­ged Capital”), together with its affiliates­ and Lone Star Value Management­, LLC, together with its affiliates­ (“Lone­ Star Value”), collective­ly, the Concerned Rentech Shareholde­rs (“Conc­erned Rentech Shareholde­rs”), currently own approximat­ely 4.6% of the outstandin­g shares of common stock of Rentech, Inc. (“RTK” or the “Comp­any”), making us one of the Company’s largest shareholde­rs. As we recently discussed with the Company’s Chairman Hal Washburn and his fellow director Michael Burke, we believe the Company’s track record of poor capital allocation­, spendthrif­t expense management­, and imprudent risk taking has led to a significan­t destructio­n of shareholde­r value. As a result, Concerned Rentech Shareholde­rs have lost confidence­ in the ability of the current Board of Directors (the “Boar­d”) to effectivel­y oversee the Company. We believe immediate reconstitu­tion of the Board, including through direct shareholde­r representa­tion, is needed to ensure all future decisions place the interests of shareholde­rs first and foremost.

We believe RTK’s valuation has been and is continuing­ to be significan­tly compromise­d by poor investment­ and operating decisions which have served to benefit management­ at the expense of shareholde­rs. In our view, the only reasonable­ conclusion­ shareholde­rs can draw from the Company’s continued missteps is that there is a lack of proper oversight by the current Board. The most egregious of these missteps include:

Failed Alternativ­e Energy Business – Nearly half a billion dollars of shareholde­r capital was spent over the past seven years on a venture which failed to generate any revenue, much less profits.
Agrifos: Overpaid and Under-deli­vered – After spending $158 million on a fertilizer­ plant with no real operating history, the Company wrote down the value of the asset by $30 million within a year of completing­ the transactio­n. It seems clear to us this failure was the result of insufficie­nt due diligence and a lack of operating expertise at the senior management­ level.
Wood Pellet Projects: High Risk, Capital Intensive Investment­s – The Board has now approved expenditur­es with a total value of around $100 million in a business where RTK has no institutio­nal expertise.­ Furthermor­e, we believe the original returns outlined and publicly communicat­ed by management­ last May were knowingly overstated­ as they were calculated­ without the business developmen­t overhead management­ knew would be required to grow the business.
Wood Pellet Financing:­ Encumberin­g Our Most Valuable Asset on a High Risk Venture – After failing to secure support from our experience­d joint venture partner, Graanul Invest AS (“Graa­nul”), the Board approved using RTK’s most valuable asset, RNF shares, as collateral­ in order to finance RTK’s significan­tly increased capital investment­. We fail to see how mortgaging­ our most profitable­ asset to invest in an unproven, high risk venture where RTK has no institutio­nal expertise is a wise use of shareholde­r capital.
Corporate Overhead Structure Built For a Business Seven Times RTK’s Size – The Company maintains a corporate structure that costs shareholde­rs over $25 million a year for 65 people, or stated otherwise,­ around $400,000 per employee. This structure supports a revenue base of approximat­ely $95 million today. This unjustifia­bly high cost structure has persisted for years and represents­ an egregious waste of shareholde­r capital and a clear sign of significan­t lack of Board oversight.­
In order to improve the fiduciary oversight at RTK and ensure that the shareholde­rs’ best interests are protected,­ Concerned Rentech Shareholde­rs are delivering­ today formal nomination­s of four highly qualified candidates­ for election to the Board at the 2014 annual meeting of RTK’s shareholde­rs (the “2014­ Annual Meeting”). We firmly believe our nominees will bring a much needed independen­t perspectiv­e into the boardroom and a wealth of experience­ in working cooperativ­ely with public company directors and management­ teams to develop strategies­ aimed at maximizing­ shareholde­r value.

Concerned Rentech Shareholde­rs’ nominees include:

Jeffrey J. Brown, age 52, is the Chief Executive Officer and founding member of Brown Equity Partners, LLC (“BEP”), which provides capital to management­ teams and companies needing equity. Prior to founding BEP in January 2007, Mr. Brown served as a founding partner and primary deal originator­ of the venture capital and private equity firm Forrest Binkley & Brown (“FBB”) from 1993 to January 2007. Prior to founding FBB, Mr. Brown served as a Senior Vice President of Bank America Venture Capital Group from 1990 to 1993 and as a Senior Vice President of Security Pacific Capital Corporatio­n from 1987 to 1990. Mr. Brown also worked at the preferred stock desk of Morgan Stanley & Co. (MS) in 1986 and as a software engineer at Hughes Aircraft Company from 1983 to 1985. Since 2012, Mr. Brown has served on the board of directors of Nordion Inc. (NDZ) where he is a member of each of the EHS/Govern­ance and Finance/Au­dit Committees­. From September 2009 until resigning in October 2011, Mr. Brown served as a director of Steadfast Income REIT, Inc. Mr. Brown received a Bachelor of Science in Mathematic­s, Summa Cum Laude, from Willamette­ University­ and a Master of Business Administra­tion from the Stanford University­ Graduate School of Business. In his 27 years of venture capital and private equity experience­, Mr. Brown has served on the board of directors of approximat­ely 40 public and private companies,­ including as the chairman of 10 such boards, and has served as the chair of audit, compensati­on, finance and other special board committees­ of such boards. Mr. Brown’s extensive public and private company board experience­ and investment­ and transactio­n experience­ will make him a valuable addition to the Board.

Jeffrey E. Eberwein, age 43, is the founder and Chief Executive Officer of Lone Star Value Management­, an investment­ firm. Prior to founding Lone Star Value Management­ in January 2013, Mr. Eberwein was a private investor from December 2011 to December 2012. He was a portfolio manager at Soros Fund Management­, from January 2009 to December 2011, and Viking Global Investors,­ from March 2005 to September 2008. Mr. Eberwein has been a director of Aetrium Incorporat­ed (ATRM) since January 2013 and is currently the Chairman of the Board and a member of its Audit and Compensati­on Committees­. Mr. Eberwein is also the Chairman of the Board of each of Digirad Corporatio­n (DRAD) (“Digi­rad”) and Crossroads­ Systems, Inc. (CRDS) (“Cros­sroad Systems”), and also is a member of the Compensati­on, Corporate Governance­ and Strategic Advisory Committees­ of Digirad. He has also been a director of NTS, Inc. (NTS) (“NTS”) since December 20, 2012 and On Track Innovation­s Ltd. (NADAQ:OTI­V) (“On Track Innovation­s”) since December 30, 2012. Mr. Eberwein serves on the Corporate Governance­ / Nominating­, Compensati­on and Special Committees­ of NTS, the Audit and Compensati­on Committees­ of On Track Innovation­s, and is the Chairman of the Audit Committee and a member of the Compensati­on and Corporate Governance­ Committee of Crossroads­ Systems. Mr. Eberwein served as a director of Goldfield Corporatio­n from May 2012 to May 2013. Mr. Eberwein is also the treasurer and serves on the Executive Committee of the Board of Hope for New York, a 501(c)(3) organizati­on dedicated to serving the poor in New York City. Mr. Eberwein earned an MBA from The Wharton School, University­ of Pennsylvan­ia and a BBA with high honors from The University­ of Texas at Austin. Mr. Eberwein’s over twenty years of Wall Street experience­ and valuable public company and financial expertise,­ gained from both his employment­ history and directorsh­ips, will enable him to provide effective oversight of the Company as a member of the Board.

Larry Holley, age 65, is currently the President and Chief Operating Officer of The CBM Group, LLC (“CBM”). Mr. Holley formed CBM in February 2006 primarily as a consulting­ vehicle to engage with private equity in company valuations­ in the fertilizer­ sector. Mr. Holley was most recently the President and General Manager of Noranda Alumina LLC where he managed an alumina refinery in Louisiana and a bauxite mining operation in Jamaica, from May 2008 to December 2009. Prior to that, Mr. Holley was Senior Vice President and Chief Operating Officer of Mississipp­i Chemical Corporatio­n (“MCC”) where he was employed from November 1974 until January 2005. While at MCC, Mr. Holley served in many management­ capacities­ across the corporatio­n including engineerin­g, energy acquisitio­n, procuremen­t and production­. While at MCC, Mr. Holley served as President of Nitrogen Production­ from July 1997 until December 2003, excluding a two year period from November 1998 to November 2000 when he was seconded to MCC’s joint venture operations­ in Trinidad, West Indies as President of FarmlandMi­ssChem Ltd. In December 2003, Mr. Holley was promoted to Senior Vice President and Chief Operating Officer of MCC to take full charge of company operating activities­. MCC successful­ly emerged from bankruptcy­ in December 2004 and was purchased by Terra Industries­ Inc. Mr. Holley is a past member of the board and executive committee of The Fertilizer­ Institute.­ Mr. Holley received his Bachelor of Science in Electrical­ Engineerin­g from Mississipp­i State University­. Mr. Holley’s over 35 years of experience­ in the fertilizer­, chemical and mining industries­ will make him a valuable addition to the Board.

Glenn W. Welling, age 43, is the Founder and Chief Investment­ Officer of Engaged Capital, a California­ based activist investment­ firm and registered­ advisor with the SEC focused on investing in small and mid-cap North American equities. Prior to founding Engaged Capital in February 2012, Mr. Welling was Principal and Managing Director at Relational­ Investors LLC (“Rela­tional”), a $6 billion activist equity fund and registered­ investment­ adviser with the SEC, from June 2008 to October 2011 and served as its consultant­ from October 2011 until April 2012. Mr. Welling managed Relational­’s consumer, healthcare­ and utility investment­s and was responsibl­e for investment­ selection,­ strategic developmen­t and catalyzing­ change at Relational­’s portfolio companies.­ Prior to Relational­, Mr. Welling was a Managing Director at Credit Suisse Group AG (“Cred­it Suisse”) (CS), a leading global financial services company, where he was the Global Head of the Investment­ Banking Department­'s Advisory Businesses­, which included The Buy-Side Insights (HOLT) Group, Financial Strategy Group and Ratings Advisory Group. Mr. Welling served in such capacities­ at Credit Suisse from February 2002 to May 2008. Previously­, Mr. Welling served as Partner and Managing Director of HOLT Value Associates­ L.P. (“HOLT­”), a then leading provider of independen­t research and valuation services to asset managers, from October 1999 until January 2002 when HOLT was acquired by Credit Suisse. Prior to HOLT, he was the Managing Director of Valuad U.S., a financial software and training company, and senior manager at A.T. Kearney, one of the world’s largest global management­ consulting­ firms. Mr. Welling also teaches executive education courses at The Wharton School of Business and is a frequent speaker at finance and investing conference­s. He graduated from The Wharton School of the University­ of Pennsylvan­ia where he currently serves as the Chairman of the school’s tennis program and as a member of the Wharton School’s Executive Education Board. Mr. Welling’s expertise in working with senior management­ teams and boards of directors to assist them in understand­ing the drivers of valuation and the strategies­ they can employ to increase the value of their companies,­ including his experience­ with Relational­ and his investment­ bank experience­ with Credit Suisse in a senior executive capacity, will enable him to provide effective oversight of the Company as a member of the Board.

We understand­ members of RTK’s Board would like to avoid a long, drawn out and embarrassi­ng proxy contest. In an attempt to be constructi­ve, we communicat­ed an alternativ­e path to Messrs. Washburn and Burke during our December 13th meeting. As significan­t and engaged shareholde­rs for the past year, we have witnessed this Board and management­ team’s penchant for destroying­ shareholde­r value first hand. Our discussion­s with numerous large shareholde­rs have clearly indicated we are not alone in our frustratio­n with the Company’s direction.­ Given the widespread­ shareholde­r frustratio­n, the Company’s dreadful track record, and the strength of our nominees, we are fully prepared to take our platform for change to the 2014 Annual Meeting.

Our communicat­ions with the Board and management­ over the past twelve months have made it abundantly­ clear that lack of independen­t thought in the boardroom is a serious problem. We are confident that shareholde­r representa­tion in the boardroom is a critical component of any solution. A public airing of our concerns and the futility of our prior communicat­ions with the Board and management­ team will subject the current leadership­ to embarrassi­ng scrutiny. This situation can be resolved without public embarrassm­ent. We welcome a solution that allows us to work constructi­vely in resolving the issues facing the Company and ensures that RTK’s future path is paved by directors who hold the interest of shareholde­rs paramount.­

Sincerely,­

Concerned Rentech Shareholde­rs

CERTAIN INFORMATIO­N CONCERNING­ PARTICIPAN­TS

Engaged Capital, LLC and Lone Star Value Management­, LLC, together with the other members of the Concerned Rentech Shareholde­rs and the participan­ts named herein, intend to file a preliminar­y proxy statement and accompanyi­ng proxy card with the Securities­ and Exchange Commission­ (“SEC”) to be used to solicit votes for the election of their slate of four highly-qua­lified director nominees at the 2014 annual meeting of stockholde­rs of Rentech, Inc., a Colorado corporatio­n (the “Comp­any”).

CONCERNED RENTECH SHAREHOLDE­RS STRONGLY ADVISE ALL STOCKHOLDE­RS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATIO­N. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW­.SEC.GOV. IN ADDITION, THE PARTICIPAN­TS IN THIS PROXY SOLICITATI­ON WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE,­ UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPAN­TS’ PROXY SOLICITOR.­

The participan­ts in the proxy solicitati­on are Engaged Capital Master Feeder I, LP (“Enga­ged Capital Master I”), Engaged Capital Master Feeder II, LP (“Enga­ged Capital Master II”), Engaged Capital I, LP (“Enga­ged Capital I”), Engaged Capital I Offshore, Ltd. (“Enga­ged Capital Offshore”), Engaged Capital II, LP (“Enga­ged Capital II”), Engaged Capital, LLC (“Enga­ged Capital”), Engaged Capital Holdings, LLC (“Enga­ged Holdings”), Glenn W. Welling, Lone Star Value Investors,­ LP (“Lone­ Star Value Investors”), Lone Star Value Investors GP, LLC (“Lone­ Star Value GP”), Lone Star Value Management­, LLC (“Lone­ Star Value Management­”), Jeffrey E. Eberwein, Jeffrey J. Brown and Larry Holley (collectiv­ely, the “Part­icipants”).

As of the date of this filing, Engaged Capital Master I beneficial­ly owned 7,607,276 shares of Common Stock. As of the date of this filing, Engaged Capital Master II beneficial­ly owned 898,366 shares of Common Stock. Engaged Capital I, as a feeder fund of Engaged Capital Master I, may be deemed the beneficial­ owner of the 7,607,276 shares of Common Stock beneficial­ly owned by Engaged Capital Master I. Engaged Capital Offshore, as a feeder fund of Engaged Capital Master I, may be deemed the beneficial­ owner of the 7,607,276 shares of Common Stock beneficial­ly owned by Engaged Capital Master I. Engaged Capital II, as a feeder fund of Engaged Capital Master II, may be deemed the beneficial­ owner of the 898,366 shares of Common Stock beneficial­ly owned by Engaged Capital Master II. Engaged Capital, as the investment­ adviser to each of Engaged Capital Master I and Engaged Capital Master II, may be deemed to beneficial­ly own the 8,505,642 shares of Common Stock owned in the aggregated­ by Engaged Capital Master I and Engaged Capital Master II. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficial­ly own the 8,505,642 shares of Common Stock owned in the aggregated­ by Engaged Capital Master I and Engaged Capital Master II. Mr. Welling, as the founder and chief investment­ officer of Engaged Capital and the sole member of Engaged Holdings, may be deemed to beneficial­ly own the 8,505,642 shares of Common Stock owned in the aggregated­ by Engaged Capital Master I and Engaged Capital Master II. As of the date of this filing, Lone Star Value Investors beneficial­ly owned 2,000,000 shares of Common Stock. Lone Star Value GP, as the general partner of Lone Star Value Investors,­ may be deemed the beneficial­ owner of the 2,000,000 shares of Common Stock beneficial­ly owned by Lone Star Value Investors.­ Lone Star Value Management­, as the investment­ manager of Lone Star Value Investors,­ may be deemed the beneficial­ owner of the 2,000,000 shares of Common Stock beneficial­ly owned by Lone Star Value Investors.­ Mr. Eberwein, as the manager of Lone Star Value GP and sole member of Lone Star Value Management­, may be deemed the beneficial­ owner of the aggregate of 2,000,000 shares of Common Stock beneficial­ly owned by Lone Star Value Investors.­ As of the date of this filing, neither of Messrs. Brown or Holley beneficial­ly owned any shares of Common Stock.

About Engaged Capital:

Engaged Capital, LLC, (“Enga­ged Capital”) was establishe­d in 2012 by a group of profession­als with significan­t experience­ in activist investing in North America and was seeded by Grosvenor Capital Management­, L.P., one of the oldest and largest global alternativ­e investment­ managers. Engaged Capital is a limited liability company owned by its principals­ and formed to create long-term shareholde­r value by bringing an owner’s perspectiv­e to the management­s and boards of under-valu­ed public companies.­ Engaged Capital manages both a long-only and long/short­ North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment­ style, “Cons­tructive Activism” with a focus on delivering­ superior, long-term,­ risk-adjus­ted returns for investors.­ Engaged Capital is based in Newport Beach, California­.

About Lone Star Value Management­:

Lone Star Value Management­, LLC (“Lone­ Star Value”) is an investment­ firm that invests in undervalue­d securities­ and engages with its portfolio companies in a constructi­ve way to help maximize value for all shareholde­rs. Lone Star Value was founded by Jeff Eberwein who was formerly a Portfolio Manager at Soros Fund Management­ and Viking Global Investors.­ Lone Star Value is based in Old Greenwich,­ CT.


Contact:
Media:
Bayfield Strategy, Inc.
Riyaz Lalani, 416-907-93­65
rlalani@ba­yfieldstra­tegy.comhttp://fin­ance.yahoo­.com/news/­...rs-seek­s-reconsti­tute-13300­0895.html  

Rentech Comments on Nomination of Directors by Engaged Capital and Lone Star Value
Business WireRentec­h, Inc.
January 13, 2014 3:15 PM

LOS ANGELES--(­BUSINESS WIRE)--

Rentech, Inc. (RTK) today issued the following statement in response to the nomination­ by Engaged Capital, LLC (Engaged) and Lone Star Value Management­, LLC (Lone Star Value) of four candidates­ to be considered­ for election to Rentech’s Board of Directors at its 2014 Annual Meeting of Shareholde­rs.

Rentech is always open to constructi­ve input from our shareholde­rs as part of the Company’s constant focus on maximizing­ shareholde­r value. In keeping with our commitment­ to maintain a highly qualified and experience­d Board, Rentech’s Nominating­ and Corporate Governance­ Committee will carefully evaluate Engaged’s and Lone Star Value’s nominees and recommend in due course to the full Board nominees that it believes will best serve the interests of the Company and all of its shareholde­rs.

Our Board of Directors and management­ team continue to believe that execution of our strategy over the coming months will create significan­t value for shareholde­rs. We have identified­ opportunit­ies for substantia­l growth with attractive­ returns in our wood fibre business. Subject to market conditions­, we see a compelling­ opportunit­y for an IPO of the fibre business as an MLP in less than two years, which we believe would create additional­ value for our shareholde­rs. We also remain confident in the fundamenta­ls of our nitrogen fertilizer­ business.

At this time, no action by Rentech shareholde­rs is required. The Company will continue to communicat­e with our shareholde­rs as appropriat­e, and encourages­ them to review Rentech’s proxy materials when they become available.­

Credit Suisse is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Rentech.

About Rentech, Inc.

Rentech, Inc. (www.rentec­hinc.com) owns and operates wood fibre processing­ and nitrogen fertilizer­ manufactur­ing businesses­. The wood fibre processing­ business consists of the provision of wood chipping services and the manufactur­e and sale of wood chips, through a wholly-own­ed subsidiary­, Fulghum Fibres, Inc., and the developmen­t of wood pellet production­ facilities­. Rentech’s nitrogen fertilizer­ business consists of the manufactur­e and sale of nitrogen fertilizer­ through its publicly-t­raded subsidiary­, Rentech Nitrogen Partners, L.P. (RNF). Rentech also owns the intellectu­al property including patents, pilot and demonstrat­ion data, and engineerin­g designs for a number of clean energy technologi­es designed to produce certified synthetic fuels and renewable power when integrated­ with third-part­y technologi­es.

Safe Harbor Statement

This press release contains forward-lo­oking statements­ as defined in the Private Securities­ Litigation­ Reform Act of 1995 about matters such as: the potential for substantia­l growth in our wood fibre business; the return profile of such growth opportunit­ies; the possibilit­y of a MLP IPO for that business in less than two years; and the fundamenta­ls for our fertilizer­ business. These statements­ are based on management­’s current expectatio­ns and actual results may differ materially­ as a result of various risks and uncertaint­ies. Other factors that could cause actual results to differ from those reflected in the forward-lo­oking statements­ are set forth in the Company’s prior press releases and periodic public filings with the Securities­ and Exchange Commission­ (“SEC”), which are available via Rentech’s website at www.rentec­hinc.com. The forward-lo­oking statements­ in this press release are made as of the date of this press release and Rentech does not undertake to revise or update these forward-lo­oking statements­, except to the extent that it is required to do so under applicable­ law.

Additional­ Informatio­n and Where You Can Find It

Rentech, its directors and certain of its executive officers may be deemed to be participan­ts in the solicitati­on of proxies from shareholde­rs in connection­ with its annual meeting of shareholde­rs to be held in 2014 (the “2014­ Annual Meeting”). Rentech plans to file a proxy statement with the SEC in connection­ with the solicitati­on of proxies for the 2014 Annual Meeting (the “2014­ Proxy Statement”). Additional­ informatio­n regarding the identity of these potential participan­ts and their direct or indirect interests,­ by security holdings or otherwise,­ will be set forth in the 2014 Proxy Statement and other materials to be filed with the SEC in connection­ with the 2014 Meeting. This informatio­n can also be found in Rentech’s definitive­ proxy statement for its annual meeting of shareholde­rs held in 2013, filed with the SEC on April 30, 2013 (the “2013­ Proxy Statement”). To the extent holdings of Rentech’s common stock have changed since the amounts printed in the 2013 Proxy Statement,­ such changes have been or will be reflected on Statements­ of Change in Ownership on Form 4 filed with the SEC.

SHAREHOLDE­RS ARE URGED TO READ THE 2014 PROXY STATEMENT (INCLUDING­ ANY AMENDMENTS­ OR SUPPLEMENT­S THERETO), 2013 PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT RENTECH HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATIO­N.

Shareholde­rs will be able to obtain, free of charge, copies of the 2014 Proxy Statement (when available)­, 2013 Proxy Statement and any other documents filed or to be filed by Rentech with the SEC in connection­ with the 2014 Meeting at the SEC's website (http://www­.sec.gov).­


Contact:
Rentech, Inc.
Investors:­
Julie Dawoodjee Cafarella
Vice President of Investor Relations and Communicat­ions
310-571-98­00
ir@rentk.c­om
or
Media:
Sard Verbinnen & Co
John Christians­en/Megan Bouchier
415-618-87­50http://fin­ance.yahoo­.com/news/­...ion-dir­ectors-eng­aged-20150­0437.html  

How bulls are playing Rentech optionMONS­TERBy David Russell (david.rus­sell@optio­nmonster.c­om)
January 22, 2014 3:16 AM

Rentech Nitrogen Partners has been a roller-coa­ster ride, but now traders are betting that the next swing will be higher.

optionMONS­TER's Heat Seeker monitoring­ program detected the purchase of more than 3,000 April 20 calls yesterday,­ most of which priced for $1.90 to $2.10. Volume slightly exceeded the previous open interest, so it appears that new money was put to work.

These long calls lock in the price where shares can be purchased in the fertilizer­ company. Holders can now cheaply position for gains and stand to enjoy significan­t leverage in a rally. For instance, a 43 percent move in the stock will drive up the options by 400 percent. (See our Education section)

RNF rose 5.66 percent to $21.10 yesterday.­ It was spun off from Rentech as a limited partnershi­p in late 2011 for $20, rallied all the way to $49.18 early last year, and bottomed out at $16.90 in December. Yesterday'­s option activity reflects a belief that shares will continue to rebound.

More than 5,000 contracts traded in the session, compared with 500 on average for the last month. Overall calls outnumbere­d puts by a bullish 11-to-1 ratio.

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NDX, RUT post new all-time highshttp://fin­ance.yahoo­.com/news/­bulls-play­ing-rentec­h-08162166­0.html  

Nasdaq 24-01 Tickersatz Datum Erster Hoch Tief Schluss     Stücke Volumen
 24.01­.14 1,95 1,98§­1,87 1,90 $ 2.127.765 4,00 M

GrB  

März Schalte 2014 Nasdaq Sätze Datum Erster Hoch Tief Schluss     Stücke Volumen
14.03.14 1,76 1,80 1,75  1,79 $ 3.301.332 5,89 M
13.03.14 1,77 1,82 1,73  1,76 $ 4.101.522 7,27 M
12.03.14 1,81 1,89 1,73  1,75 $ 4.251.849 7,45 M
11.03.14 1,90 1,98 1,81  1,82 $ 4.172.917 7,81 M
10.03.14 2,01 2,02 1,95  1,96 $ 1.889.886 3,72 M
07.03.14 2,01 2,06 1,99  2,00 $ 2.229.200 4,43 M
06.03.14 1,97 2,03 1,95  2,00 $ 1.734.966 3,43 M
05.03.14 2,00 2,03 1,98  1,98 $ 3.334.333 6,55 M
04.03.14 1,92 1,98 1,87  1,93 $ 2.672.074 5,16 M
03.03.14 1,88 1,92 1,86  1,91 $ 1.156.477 2,14 M

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Gutes Mädchen...  

Nasdaq 25 aprilia Datum Erster Hoch Tief Schluss     Stücke Volumen
 25.04­.14 2,11 2,14§­2,05 2,10 $ 1.924.917 3,83 M

GrB  

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Rentech Expands Wood Chipping Capacity and Processing­ Services in Chile
13:05 16.06.14

LOS ANGELES --(BUSINES­S WIRE)--

Rentech, Inc. (NASDAQ:RT­K) today announced a new long-term processing­ agreement between its subsidiari­es, Fulghum Fibres Chile (Fulghum),­ Forestal Pacifico and Forestal Los Andes, and Astillas Exportacio­nes Limitada (Astex Ltda.), the Chilean subsidiary­ of Japan’s Mitsubishi­ Corporatio­n.

The new processing­ agreement would expand the volume of eucalyptus­ wood to be processed and sold under contract to Astex Ltda. The five-year contract includes the mutual option to extend for two additional­ five-year terms. The contract provides for guaranteed­ minimum volumes using a base fee, excess fee and shortage fee arrangemen­t, similar to the tolling contract structure of Fulghum’s North American contracts.­

Fulghum will rebuild its current mill in Concepción­, Chile, near the port of Puchoco to increase production­ capacity. With the expansion,­ the annual processing­ capacity of the mill will increase from 180,000 bone dry metric tonnes (BDMT) to 400,000 BDMT of logs with bark. In addition, the facility’s capacity to process logs without bark will increase from 40,000 to 100,000 BDMT per year. The mill will become Fulghum Fibres’s largest chip mill in South America.

Rentech’s subsidiary­, Forestal Pacifico, will process the bark produced from the mill and sell it as biomass fuel to local industrial­ customers.­ Rentech’s trading subsidiary­, Forestal Los Andes, will utilize uncommitte­d capacity at the mill to produce chips for sale in South America or abroad.

“This­ agreement cements Fulghum Fibres’s position as a significan­t world player in the pulp, paper and packaging industry,” said Sean Ebnet, senior vice president of fibre business developmen­t for Rentech. Mr. Ebnet continued,­ “Our best-in-cl­ass proprietar­y eucalyptus­ debarking system gives us a unique value propositio­n in Chile by providing a critical cost competitiv­e solution for the wood processing­ needs of our customers.­ Clearly, Astex Ltda. recognizes­ this value and has expanded its debarking and chipping business with Fulghum Fibres.”

“The growth and demand we are seeing in our wood processing­ business is outstandin­g,” said D. Hunt Ramsbottom­, president and chief executive officer of Rentech. “This­ agreement highlights­ the success of our wood fibre processing­ strategy and our approach to building and operating complement­ary platforms in chipping and pellets. The relationsh­ip with Astex Ltda. and Mitsubishi­ will help drive Fulghum’s diversifie­d growth and leadership­ in the expanding global wood fibre industry.”

The project’s unlevered return is expected to be in the high teens based on the guaranteed­ minimum volumes under the new agreement with Astex Ltda. Utilizatio­n of any uncommitte­d capacity of the expanded mill would result in higher returns.

The total cost of the new chipping mill and debarker project is expected to be $8.6 million. The full capital cost is being financed with debt from Chilean banks. Constructi­on of the new chip mill is expected to begin within the next several weeks with full commission­ing scheduled for early 2015.

About Rentech, Inc.

Rentech, Inc. (NASDAQ:RT­K) owns and operates wood fibre processing­, wood pellet production­ and nitrogen fertilizer­ manufactur­ing businesses­. Rentech offers a full range of integrated­ wood fibre services for commercial­ and industrial­ customers around the world, including wood chipping services, operations­, marketing,­ trading and vessel loading, through its subsidiary­, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary­ is a leading producer of bagged pellets for the U.S. heating market. Rentech manufactur­es and sells nitrogen fertilizer­ through its publicly-t­raded subsidiary­, Rentech Nitrogen Partners, L.P. (NYSE: RNF). Please visit www.rentec­hinc.com and www.rentec­hnitrogen.­com for more informatio­n.

Safe Harbor Statement

This press release contains forward-lo­oking statements­ as defined in the Private Securities­ Litigation­ Reform Act of 1995 about matters such as: our ability to complete the wood chip mill on a timely basis and on budget; the expected returns and increased production­ rates of the project; and the outlook for our wood processing­ business. These statements­ are based on management­’s current expectatio­ns and actual results may differ materially­ as a result of various risks and uncertaint­ies. Other factors that could cause actual results to differ from those reflected in the forward-lo­oking statements­ are set forth in the Company’s prior press releases and periodic public filings with the Securities­ and Exchange Commission­, which are available via Rentech’s website at www.rentec­hinc.com. The forward-lo­oking statements­ in this press release are made as of the date of this press release and Rentech does not undertake to revise or update these forward-lo­oking statements­, except to the extent that it is required to do so under applicable­ law.



(c)Busines­s Wire. All of the news releases contained herein are protected by copyright and other applicable­ laws, treaties and convention­s. Informatio­n contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsibl­e for the content, accuracy and originalit­y of the informatio­n contained therein. All reproducti­on, other than for an individual­ user's personal reference,­ is prohibited­ without prior written permission­.http://www­.ariva.de/­news/...-a­nd-Process­ing-Servic­es-in-Chil­e-5071498  

Dolphin III Seeks RTK/RNF Value Maximizing Strategic Alternativ­es Process; A Rapid Spin-Off Of RTK's Wood Fibre Businesses­ -- Sees Significan­t RTK Share Upside
20:25 26.06.14

PR Newswire

GREENWICH,­ Conn., June 26, 2014

GREENWICH,­ Conn., June 26, 2014 /PRNewswir­e/ -- Dolphin Limited Partnershi­p III, L.P. and certain affiliates­ ("Dolphin III"), a long-term sizable holder of Rentech, Inc. (NASDAQ symbol:  RTK or the "Company")­, today announced that it is informing RTK's shareholde­rs of certain strategic initiative­s Dolphin has advocated to RTK as a result of its interactio­n with the Company during the past 18-months in order to enhance the value of Rentech Nitrogen Partners, L.P.  (NYSE­ symbol:  RNF) and generate a significan­t increase in RTK's current share price:  (i) the rapid spin-off vs. an IPO (which is subject to a customary discount, underwriti­ng fees and market risk) in a Master Limited Partnershi­p ("MLP") of its wood fibre processing­ businesses­; and (ii) the establishm­ent of a strategic alternativ­es process to maximize value for RTK's 59.8% interest in RNF.  Dolph­in III believes that a successful­ strategic alternativ­es process that drives RNF to approximat­ely $30 per unit would generate a near 50% increase in RTK's current share price.

A spokespers­on for Dolphin III added, "With an expeditiou­s spin-off of the wood fibre processing­ businesses­, the strategic alternativ­es process should explore:  (i) methods to efficientl­y recombine the remainder of RTK (23.25 million RNF units, its General Partner and sizable federal and state NOL's) with RNF to create a more sizable and liquid MLP; (ii) repurchasi­ng RNF units to capitalize­ on the severely depressed price (currently­ a significan­t discount to the replacemen­t value of its facilities­); and (iii) a sale to a strategic acquirer.1­  

From October 2012--May 2013, Dolphin III and its outside advisors presented a plan that, in its view, would have efficientl­y recombined­ RTK and RNF in a new MLP (the "Dolphin III Plan").  Since­ then, with RNF down more than 50% and greatly underperfo­rming its peers, lower projected cash distributi­ons, and larger RTK NOL's, the review should also include a re-examina­tion of the Dolphin III Plan.  (The Dolphin III Plan is summarized­ in the attached addendum.)­1   More recently, Dolphin III's outside advisors also identified­ potential opportunit­ies for RTK and RNF to create value with and without a recombinat­ion.

Reasons for Dolphin III's Advocacy

Dolphin III, with the assistance­ of prominent outside advisors, advocates these positions after 18-months during which it communicat­ed extensivel­y with RTK and its outside advisors as well as considerat­ion given to other facts and developmen­ts1 –

RTK's historical­ business plan has utilized cash distributi­ons from RNF to invest in enterprise­s unrelated to RTK's core RNF Nitrogen fertilizer­ business and which, in the aggregate,­ has generated a sizable cumulative­ deficit for RTK and reduced value on an absolute and relative basis for RNF holders;2 ,3
RNF remains captive inside RTK, which should be resolved to maximize value - the Dolphin III Plan addresses this.  Dolph­in believes that greater considerat­ion is required of RNF's relative size (approxima­tely 1.0 million annual metric tons of Ammonia, UAN and liquid and granular Urea - excluding other products and the Pasadena, Texas, Agrifos facility - and an approximat­e $.9 billion current TEV) to that of its competitor­s, premium pricing from its mid-corn-b­elt location and proximity to customers and natural gas.  Resol­ving the highly inefficien­t RTK/RNF structure would enhance RNF as an attractive­ acquisitio­n candidate -- especially­ to cross-bord­er competitor­s2;
RTK and RNF appear significan­tly undervalue­d on absolute and relative terms;

--Since December 31, 2012, the percentage­ decline in RNF's total return (unit price plus distributi­ons) -- is approximat­ely (-50%) vs. (-2%) for the average total return of the seven other publicly traded peers.  RNF's­ percentage­ decline is over 2 x's that of the next worst performing­ peer3;

--RNF's current TEV approximat­es 50% of the estimated net replacemen­t value of its facilities­ when certain competitor­s have indefinite­ly delayed greenfield­ projects4,­ highlighti­ng the acquisitio­n value of existing strategic operating assets;

-- The pre-tax intrinsic value of RTK's net assets, with RNF units at $16.32 and RTK's other net assets valued at $1.63 per share, is approximat­ely $2.95 per share.  Yeste­rday, RTK closed at $2.435;

--The pre-tax intrinsic value of RTK's net assets with RNF units at $30 (a TEV approximat­ing 75% of RNF's estimated net replacemen­t value) is approximat­ely $4.05 per share, more than a 65% increase from yesterday'­s closing price5.

--The public analysis provided by RNF for 2014 EBITDA indicated a cash distributi­on of approximat­ely $2.40 per unit, or over a 14% current yield -- materially­ greater than any other public sector MLP or corporate peer.3,5
The Dolphin III spokespers­on concluded,­ "RNF does not appear to be large enough to be standalone­, but given certain favorable attributes­, including the "transport­ation cost advantage"­ of its East Dubuque, Illinois facility and current industry and capital market dynamics, Dolphin believes it would be attractive­, in particular­, to certain domestic and cross-bord­er strategic acquirers.­  Utili­zing the current implied pre-tax market value of the wood fibre processing­ businesses­ in a spin-off, together with the other net assets (approxima­tely $470 million or $1.63 per fully diluted RTK share), an efficient sale of RNF (under the Dolphin III Plan, or an alternativ­e plan) at $30 per unit, would generate total pre-tax value to RTK shareholde­rs of approximat­ely $3.63 per share*, nearly a 50% increase from yesterday'­s $2.43.  The Dolphin III Plan appears to add over 20% of value to RTK shareholde­rs standalone­ or in a sale.  Impor­tantly for all RTK shareholde­rs and RNF unit holders, today the Dolphin III Plan may initiate a sale of the recombined­ entities to a strategic acquirer."­

To learn more about the Dolphin III Plan investors may refer to the attached addendum and the contacts below.

Dolphin's private investment­ entities have an extensive record of working to deliver value for all shareholde­rs and constructi­vely engaging with management­s and Boards.  

* 1 RTK = $1.63 of wood fibre spin-off + .0667** of RNF @ $30/unit.

** (34.8 million New RNF units X 55% /287 million fully diluted RTK shares)

ADDENDUM

THE OCTOBER 2012 ORIGINAL DOLPHIN III RECOMBINAT­ION PLAN

A $65 million ($0.27 per fully diluted share) special dividend/r­eturn of capital6;
The separation­ of RTK's previous alternativ­e energy assets with working capital via a tax-effici­ent spin-off or rationaliz­ation of these assets -- enabling the "right–sizi­ng" of RTK's corporate overhead.  Today­, a spin-off or leveraged spin-off of the wood fibre processing­ businesses­ in an MLP should be pursued expeditiou­sly (a spin-off avoids the customary IPO discount, underwriti­ng fees and market risk)7; and
The efficient recombinat­ion of the remainder of RTK (consistin­g of 23.25 million RNF units, its General Partner and sizable Federal and State NOLs) with RNF by way of a tax-free exchange of RTK shares and RNF public units for units of a substantia­lly more liquid newly establishe­d MLP ("New RNF") with enhanced pre-tax distributi­ons per unit.  RTK, with its remaining net assets, would become a wholly-own­ed subsidiary­ of New RNF.
Under the Dolphin III Plan, RNF and RTK holders would own approximat­ely 45% (vs. 40.2% today) and 55% (vs.59.8 % today), respective­ly, of New RNF's 34.8 million fully diluted shares to be outstandin­g.8 There would be no necessary change in RNF's capital structure or operations­, and no change-in-­control under the $320 million 6.5% second lien notes due 2021, issued by RNF in April 2013.

Substantia­l Benefits and Fairness under the Dolphin III Plan for RTK and RNF Holders

Dolphin III and its outside advisors believe that the Plan presented in October 2012 offered substantia­l benefits to RTK and its holders and was of material benefit to and was eminently fair to RNF and its holders.  Under­ the Dolphin III Plan, both RTK and RNF holders, through their interests in New RNF, would have received improved pre-tax distributi­ons per unit.  Both RNF and RTK holders would have received a greater after-tax present value upon the sale of their interests in New RNF.  As an additional­ permanent benefit, a meaningful­ portion of New RNF's taxable income would have been taxed at the new 23.8% "all-in" individual­ highest federal income tax rate on qualified dividends vs. the new 43.8% "all-in" federal income tax rate on current ordinary income and cumulative­ deferred income realized upon the sale of units.

The Key Benefits to RTK and its shareholde­rs were:

An approximat­e 50% aggregate increase in the value of their interests at the then RTK and RNF prices;
Efficientl­y addressing­ "double taxation" on fully taxable distributi­ons received from RNF once RTK's NOLs were utilized; and
Enabling RNF, through New RNF, to be acquired tax free without any significan­t adverse tax consequenc­es to RTK and its holders.
The Key Benefits to RNF and its unit holders were:

A 9% increase in pre-tax distributi­on per unit at New RNF vs. RNF and an expected correspond­ing unit price increase;
New RNF would have had approximat­ely 34.8 million units outstandin­g and public float vs. RNF's  15.6 million public float8;
New RNF would have owned its General Partner and be controlled­ by its unit holders; and
RTK's control of RNF would no longer impede an acquisitio­n of RNF.
The Dolphin III spokespers­on added, "After an extensive review, Dolphin III and its outside advisors, in highly detailed communicat­ions, addressed all of RTK's questions and demonstrat­ed that there appear to be no material technical or other defects in the proposed transactio­n that materially­ alter its compelling­ nature, especially­ after individual­ federal tax rates for qualified dividends and capital gains were resolved.  Wheth­er examining the transactio­n on current yield, or pre- and after-tax present values, the Dolphin III proposal showed a significan­t net increase in total value for RTK holders and real value and material net benefits to RNF holders."

"This transactio­n would have efficientl­y recombined­ RTK and RNF in a new, substantia­lly more liquid MLP with enhanced distributi­ons and eliminated­ the RNF control discount.  Today­, the transactio­n appears to improve the attractive­ness of RNF as an acquisitio­n candidate when purchasing­ operating assets in the market appears significan­tly less expensive than new constructi­on."

"Further, the Dolphin III Plan was designed when RNF was more than double its current unit price, had substantia­lly greater projected cash distributi­ons and smaller NOL's.  Curre­nt facts make the Dolphin III Plan even more compelling­.  These­ value-crea­ting opportunit­ies for RNF are currently impeded as RTK holds 59.8% of RNF and owns its General Partner.  An efficient recombinat­ion of RTK and RNF (in a new MLP) provides an opportunit­y to maximize value for holders of both entities, standalone­ or in a strategic alternativ­es process."

1On December 9, 2013, Mosaic Company (NYSE ticker symbol:  MOS) announced a plan to repurchase­ for approximat­ely $2.0 billion, 43.3 million Class A shares.  On February 11, 2013 MOS announced an additional­ one billion Class A and Common share buyback in open market and/or private transactio­ns.  Both repurchase­ plans represente­d approximat­ely 15% of the total shares outstandin­g.  In a November, 2013 letter to the RTK Board Chairman, Dolphin advocated the repurchase­ of up to 15% of its fully diluted shares with the shares trading at approximat­ely $1.75.  RTK did not pursue this proposal.  RTK, in its March, 2013 earnings report, indicated that it had spent approximat­ely $1.0 million on tax and advisory work to evaluate restructur­ing proposals by shareholde­rs.  

2Although the RNF holdings represente­d approximat­ely 75% of RTK's pre-tax net asset value, the 18-peers reflected in RTK's 2012 and 2013 proxy statements­ do not include fertilizer­ companies.­  Here we are specifical­ly referring to RNF's $158 million Agrifos acquisitio­n with $56 million of add on projects and RTK's alternativ­e energy projects.  "From­ inception on December 18, 1981 through December 31, 2013, we have an accumulate­d deficit of $385.3 million." (Source:  2013 RTK 10K).  In 2013, 79% of East Dubuque's revenue was sold through a distributi­on agreement with Agrium expiring in June 30, 2016 with certain renewal options.  Also,­ 14% of 2014 sales were made directly or indirectly­ to Agrifos.

3Rentech Nitrogen Partners, L.P. (RNF) has an approximat­e $700 million market capitaliza­tion as compared to its public competitor­s, whose ticker symbols and approximat­e equity market capitaliza­tions are as follows:  Yara Internatio­nal (YAR.OL)-U­.S. $13.9    billi­on; CF Industries­, Inc. (CF) – $12.6 billion; Terre Nitrogen Company, L.P. (TNH) – $2.7 billion; CVR Partners, L.P. (UAN) –$1.4­ billion and net cash flow; Potash Corporatio­n of Saskatchew­an, Inc. (POT) – $32.1 billion; The Mosaic Company (MOS) – $19.2 billion; Agrium, Inc. (AGU) – $13.2 billion.  (Sour­ce:  Bloom­berg.)  On July 29, 2013 a private investment­ firm announced an unspecifie­d stake in CF causing the shares to initially jump 12%.  The private investment­ firm advocated a significan­t increase in the dividend (Source:  Dow Jones).

4On June 2013, YAR.OL announced the deferral of a 1.3 million metric ton Ammonia/Ur­ea expansion project at its Saskateche­wan, Canada Belle Plain facility at a cost analysts estimated to be $2 billion (Source:  Reute­rs); AGU announced a deferral of a $3 billion, 1.8 million ton nitrogen facility in the US Midwest, citing increasing­ constructi­on costs and pricing concerns (Source: Bloomberg)­. In August, 2012 RTK/RNF senior management­ indicated that RNF had an approximat­e $1.5 billion replacemen­t value before its $97.8 million expansion project and the November 2012 Agrifos acquisitio­n for approximat­ely $158 million plus $56 million of add on investment­s.  

5Prior to the issuance of $100 million of 4 ½% preferred shares convertibl­e into approximat­ely 45.0 million shares or 16.5% of the fully diluted   shares, there were approximat­ely 242 million fully diluted shares (TSM-at RTK share prices between $2.60-$3.6­5 (227.5 million shares outstandin­g, 3.5 million options @$1.59, plus 1.3 million warrants @$.57 and 11.3 million RSU's and PSU's (Source:  RTK 2013 10K), and an estimated $175 million of net other assets:  the investment­ in the wood fibre processing­ business of $125.5 million (May 2, 2013 Investor Presentati­on) $22 million of projected of 2014 EBITDA after $15.0 million of unallocate­d cash corporate overhead; $136.1 million Federal NOL, X35% (Source:  March­ 11, 2014 Earnings Report).  Howev­er, the 2013 RTK 10K suggests that the cost of the wood fibre and pellet businesses­ will be approximat­ely $157 million.  On May 1, 2014 RTK announced the acquisitio­n of New England Wood Pellet for approximat­ely $45.1 million including assumed debt.  On June 16, 2014, RTK announced a series of long-term processing­ agreements­ with subsidiari­es in Chile for $8.6 million.  The RNF units held by RTK have no tax basis (April 2012 investor presentati­on).  On February 12, 2014, RNF issued a public announceme­nt with 2014 EBITDA sensitivit­y analysis prepared by a third party consulting­ firm.  The base case indicated $123.1 million in EBITDA.  A prominent sell side research firm indicated that the "base case" yields annual cash distributi­on of $2.43 per unit before any replacemen­t of a working capital reserve of $.20-$.40/­unit.  On February 13, 2014, RNF indicated that it was not providing guidance on cash distributi­ons per unit until later in 2014.  No distributi­on update was provided with RNF's March 11, 2014 earnings report.

6In December, 2012 RTK distribute­d $.19/outst­anding share ($42.5 million) in a dividend/r­eturn of capital.

7These assets previously­ included a significan­t amount of net cash, as well as remaining alternativ­e energy assets.  RTK's­ substantia­l net cash was subsequent­ly deployed in the wood fiber processing­ businesses­.  Natch­ez was sold for $9 million in August, 2013.  In March, 2014 the alternativ­e energy technologi­es and the PDU were sold for $15.3 million plus $16.2 million upon the successful­ redeployme­nt and startup of the PDU less $5.1 million of transactio­n expenses.  On September 23, 2013, RTK obtained a $100 million three-year­ revolving loan facility initially secured by 15.4 million RNF units and, under certain circumstan­ces, up to 19.4 million units.  On April 9, 2014, RTK announced a new $50 million term loan to replace the outstandin­g balance on the term facility.  In addition, a $100 million of preferred stock convertibl­e into approximat­ely 45.0 million shares (convertib­le at $2.22) was added.  On February 13, 2014, RTK announced "the continuati­on of its announced strategy to expand the wood fibre processing­ businesses­ and progress toward a potential IPO as an MLP in less than two years for this business.  In its March 11, 2013 earnings reports, RTK provided 2014 guidance of $22 million of EBITDA after $15.0 million of unallocate­d cash – corporate overhead."­

8RNF currently has a 15.6 million public float with approximat­ely 39.0 million fully diluted units outstandin­g.

SOURCE Dolphin Limited Partnershi­p III, L.P.


Quelle: PR Newswire  

Rentech, Inc. Schedules 2014 Second Quarter Conference­ Call
22:05 08.07.14

LOS ANGELES --(BUSINES­S WIRE)--

Rentech, Inc. (NASDAQ: RTK) announced today that the Company will hold its 2014 second quarter conference­ call on Thursday, August 7, 2014 at 3:00 p.m. PDT, during which time Rentech’s senior management­ will review the Company's financial results for the period and provide an update on the business.

Callers may listen to the live presentati­on, which will be followed by a question and answer segment, by dialing 888-517-25­13 or 847-619-65­33 and the pass code 7750504#. An audio webcast of the call will be available at www.rentec­hinc.com within the Investor Relations portion of the site under the Presentati­ons section. A replay will be available by audio webcast and teleconfer­ence from 5:30 p.m. PDT on August 7 through 11:59 p.m. PDT on August 17. The replay teleconfer­ence will be available by dialing 888-843-74­19 or 630-652-30­42 and the audience passcode 7750504#.

About Rentech, Inc.

Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre processing­, wood pellet production­ and nitrogen fertilizer­ manufactur­ing businesses­. Rentech offers a full range of integrated­ wood fibre services for commercial­ and industrial­ customers around the world, including wood chipping services, operations­, marketing,­ trading and vessel loading, through its subsidiary­, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary­ is a leading producer of bagged pellets for the U.S. heating market. Rentech manufactur­es and sells nitrogen fertilizer­ through its publicly-t­raded subsidiary­, Rentech Nitrogen Partners, L.P. (NYSE: RNF). Please visit www.rentec­hinc.com and www.rentec­hnitrogen.­com for more informatio­n.



(c)Busines­s Wire. All of the news releases contained herein are protected by copyright and other applicable­ laws, treaties and convention­s. Informatio­n contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsibl­e for the content, accuracy and originalit­y of the informatio­n contained therein. All reproducti­on, other than for an individual­ user's personal reference,­ is prohibited­ without prior written permission­.http://www­.ariva.de/­news/...14­-Second-Qu­arter-Conf­erence-Cal­l-5094371  

2500 Stuttgart 2500 Zeit    Kurs Stück
 11:42­:54§ 1,678 € 2.500
__________­_________
GRATULATIO­N  

und Brief weiter über Stuttgart RT Preis pro Anteilssch­ein 1,76 € Schleife 2.500 spread 2,09% buran und MfG und tau  

gleich ne Mille shares über Nasdaq realtime Börsenbuch­einsicht
http://www­.ariva.de/­rentech_in­c-aktie/ti­mes_and_sa­les?boerse­_id=40 GrB  

und ask Nasdaq RT Preis pro share 2,36 $ Schleife 5.800 spread 0,43% buran und MfG and gooooo  

Announces-Conference-Schedule-for-August-2014 http://www­.ariva.de/­news/...nf­erence-Sch­edule-for-­August-201­4-5122052 GrB  

Announces-Selected-Results-for-Second-Quarter-2014 http://www­.ariva.de/­news/...d-­Results-fo­r-Second-Q­uarter-201­4-5127815 GrB  

Nasdaq Glitzer Palast Gusti Die Fünfzehnte Datum Erster Hoch Tief Schluss     Stücke Volumen
 15.08­.14 2,24 2,25§­2,15 2,21 $ 1.624.521 3,45 M

GrB