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Atlas Corp. (ATCO), a leading global asset management company, distinguishes itself as a top-tier owner and operator focused on disciplined capital allocation to foster sustainable shareholder value. With an experienced asset management team, Atlas targets long-term, risk-adjusted returns across high-quality infrastructure assets, particularly in the maritime and energy sectors.
The company's two main portfolio firms, Seaspan Corporation and APR Energy Limited, are industry leaders in their respective fields. Seaspan, a global leader in containership ownership and management, has recently signed a pivotal Conversion Commitment Agreement with Hapag-Lloyd and MAN Energy Solutions. This agreement aims to retrofit Seaspan's vessels with dual-fuel engines capable of operating on methanol, potentially decreasing CO2 emissions by 50,000-70,000 tonnes annually per vessel. This collaboration emphasizes Seaspan's commitment to environmental sustainability and operational excellence.
Recently, Atlas Corp. has completed the redemption of all outstanding shares of its Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, Series I. This financial maneuver underscores the company's strong economic health and strategic capital management.
In another key development, Seaspan has partnered with Hyundai Glovis, a leading car carrier, to develop a new fleet of dual-fuel LNG Pure Car and Truck Carriers. These vessels are designed to be methanol and ammonia-ready, reinforcing Seaspan's leadership role in sustainable shipping solutions.
Atlas Corp.'s financial condition remains robust, supported by its extensive asset portfolio and strategic partnerships. The company's clear focus on innovation, sustainability, and efficient capital deployment positions it for continued growth and industry leadership. Investors and stakeholders can expect Atlas to maintain its trajectory of delivering substantial value while spearheading advancements in the global maritime and energy sectors.
On March 28, 2023, Atlas Corp. (NYSE: ATCO) announced the completion of its acquisition by Poseidon Acquisition Corp. The merger was finalized as part of a transaction where Poseidon acquired all outstanding common shares of Atlas not already owned by certain affiliates. Trading of Atlas common shares on the New York Stock Exchange has been suspended due to this merger, which is designated as a "Make-Whole Fundamental Change." Holders of Atlas' exchangeable senior notes due 2025 can exchange their notes for cash during a specified period. This acquisition is expected to strategically position Atlas for future growth.
On March 28, 2023, Atlas Corp. (NYSE: ATCO) announced the successful completion of its merger with Poseidon Acquisition Corp.. Under the terms, shareholders of Atlas who were not previously owned by Fairfax Financial Holdings, certain Washington Family affiliates, and Chairman David Sokol received $15.50 per share in cash for their holdings. Following the merger, trading of Atlas common shares on the New York Stock Exchange has been suspended, marking a delisting, while preferred shares will continue trading. A dividend of $0.125 per share is scheduled for distribution on March 31, 2023, to shareholders recorded as of March 20, 2023.
Atlas Corp. (NYSE: ATCO) has filed its 2022 annual report on Form 20-F with the Securities and Exchange Commission, which includes audited financial statements for the year ending December 31, 2022. This report is accessible on the Investor Relations section of Atlas's website, and shareholders can request a hard copy at no charge. Atlas is a prominent global asset management firm focused on disciplined capital deployment to ensure sustainable shareholder value through investments in high-quality infrastructure assets, particularly in the maritime and energy sectors.
Atlas Corp. (NYSE: ATCO) announced that shareholders approved the merger with Poseidon Acquisition Corp. during the annual meeting on February 24, 2023. The approved Merger Agreement allows Atlas shareholders to receive $15.50 in cash for each share. Completion of the merger is anticipated in the first half of 2023, potentially as early as March 31, 2023, pending regulatory approvals and other closing conditions. Additionally, shareholders re-elected all eight current directors and ratified the appointment of KPMG LLP as independent auditors, ensuring continued governance stability.
Atlas Corp. (NYSE: ATCO) reported strong financial results for the fourth quarter of 2022, with a 1.9% increase in revenue to $436.4 million and net earnings of $127.2 million. Adjusted EBITDA rose 1.5% to $287.7 million. The company had significant liquidity of $980 million and a gross contracted cash flow of $18.2 billion. In 2022, Seaspan successfully delivered nine newbuild vessels ahead of schedule, and APR Energy pivoted to long-term contracts. However, diluted EPS saw a 20.8% decline to $0.38 compared to Q4 2021.
Atlas Corp. (NYSE: ATCO) will announce its financial results for the fourth quarter ended December 31, 2022, on February 15, 2023, after the market closes. This upcoming release is anticipated to offer insights into the company's performance, focusing on its disciplined capital deployment strategy aimed at sustainable shareholder value. Atlas is known for its expertise in managing high-quality infrastructure assets across maritime and energy sectors, positioning itself for long-term risk-adjusted returns. For detailed updates, visit atlascorporation.com.
Atlas Corp. (NYSE: ATCO) has scheduled its Annual Meeting of Shareholders for February 24, 2023, where shareholders will vote on the Agreement and Plan of Merger with Poseidon Acquisition Corp. and Poseidon Merger Sub, Inc. The meeting will take place virtually at 2:00 p.m. London Time. Shareholders of record as of January 9, 2023 are eligible to vote, with details available in the Proxy Statement submitted to the SEC on January 9. This merger reflects Atlas's commitment to sustainable shareholder value through disciplined capital deployment.
Seaspan Corporation, a subsidiary of Atlas Corp, has withdrawn its Proposal regarding the senior unsecured bond issue maturing in April 2026 due to lack of agreement with over one-third of bondholders. The bondholder vote scheduled for December 16, 2022, has been canceled. Despite this, Seaspan maintains a strong credit profile, supported by approximately $18.3 billion in locked-in contracted cash flows. As of September 30, 2022, the company reported $1.1 billion in cash and $6.0 billion in undrawn financing facilities to meet capital requirements.
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