No. of Recommendations: 2
News item from Friday- NRGY slashing their distribution to 29c/unit from 37.5c/unit. Seems
reasonable given they sold a significant chunk of business to SPH, and distributed part of the
proceeds (SPH units) to shareholders already. Exit time for me. It was a play that worked out
better than I expected. At least, for the units that I held through the SPH transaction.

Seems like the GUT ETF is having issues. The ETF is having a rights offering. If all the
current shareholders subscribe, that will be a 1/6th dilution. I wonder what happens to the monthly
dividend after the offering? The last holding that offered a similar deal was DHT, who did
maintain the dividend for one quarter, then slashed it severely after that. As I'm thinking
about it, this was supposed to be a play that was an alternative to just having money sit
in cash. Not working out quite so well. I think GUT will be an exit soon.
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