Bank of America Investment Banking Pitch Book
SIRE Take Private Analysis
SIRE Organizational Chart
15
SIRE can be taken private via a tender offer up to the limited call right at 80% or through a negotiated merger, both typically requiring a conflicts
committee process; SCR can vote its shares in favor of a negotiated merger agreement
SIRE Ownership
Turkiye Is Bankasi
51%
Türkiye Şişe ve Cam
Fabrikaları A.Ş.
100%
C*
Sisecam Chemical USA
Inc.
60%
Public
26% LP
Akkan Enerji
Ve Madencilik A.S.
100%
KEW Soda Ltd.
100%
WE Soda Ltd.
100%
Ciner Enterprises Inc.
40%
Sisecam Chemicals
Resources LLC
100%
Sisecam Chemicals
Wyoming LLC
72% LP
Sisecam Resources LP
51%
Source: Company disclosures and FactSet as of July 1, 2022.
100%
Natural
Resource
Partners LP
100%
2% GP
NRP Trona LLC
Sisecam Resource
Partners LLC
Sisecam Wyoming LLC
49%
Goldman Sachs & Co. LLC (Private Banking)
Fidelity Management & Research Co. LLC
JPMorgan Securities LLC (Investment Management)
Sphinx Trading LP
Acadian Asset Management LLC
Credit Suisse Gestion SGIIC SA
Rockefeller & Co. LLC
FIAM LLC
Unitholder
Equitec Proprietary Markets LLC
Shapiro Capital Management LLC
Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt)
BNP Paribas Arbitrage SNC
Securities America Advisors, Inc.
National Bank Financial, Inc.
UBS Securities LLC
Wells Fargo Clearing Services LLC
Benjamin F. Edwards & Co., Inc.
Rise Advisors LLC
Morgan Stanley & Co. LLC
Morgan Stanley Investment Management, Inc.
Top 20 Unitholders
Public LP Unit Total
SWHC Controlled LP Units
GP Units
Total LP & GP Ownership
Voting Units
Held
620,905
217,809
165,144
100,000
52,539
36,334
25,643
25,000
22,416
15,763
4,375
3,777
2,948
2,000
679
301
200
105
100
100
1,296,138
5,248,791
14,551,000
399,000
20,198,791
% of
Voting Units Value (SMM)
$11
3.1%
1.1%
0.8%
0.5%
0.3%
0.2%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
6.5%
26.0%
72.0%
2.0%
100.0%
Market
4
3
2
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$23
$93
$259
$352View entire presentation