Business
RGC Resources, Inc. Announces $4 Million Investment From T. Rowe Price
ROANOKE, Va., March 30, 2022 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (“Resources”, the “Company”, NASDAQ:RGCO), parent company to Roanoke Gas Company and RGC
About this update from Rgc Resources Inc.
[{"type":"text","content":"ROANOKE, Va., March 30, 2022 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (“Resources”, the “Company”, NASDAQ:RGCO), parent company to Roanoke Gas Company and RGC Midstream, LLC, closed today a $4 million common stock investment by funds and accounts advised by T. Rowe Price Investment Management, Inc. (“T. Rowe Price”). T. Rowe Price’s investment follows the $23 million of investments announced by Resources on March 28, 2022. “T. Rowe Price is one of the most highly regarded, recognizable names in the financial and investment services industry,” said Resources President and CEO Paul Nester. “We are proud to have had T. Rowe Price as one of our largest shareholders for the last several years. This investment demonstrates T. Rowe Price’s confidence in our business strategy and ability to continue to deliver long-term shareholder value.” Advisors McGuireWoods LLP advised the Company with respect to the issuance and sale of the common stock. Janney Montgomery Scott LLC advises the Company periodically on financial related matters. The statements in this press release by Resources that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include the Company's expectations regarding an impairment charge, earnings guidance, estimated completion for the MVP project and commitment towards completing the MVP project. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, adverse court rulings, financial challenges affecting expected earnings per share and EBITDA, technical, political or regulatory issues with natural gas exploration, production or transportation, impact of increased natural gas demand on natural gas price, relative cost of alternative fuel sources, lower demand for natural gas, regulatory, legal, technical, political or economic issues frustrating system or area expansion, regulatory, legal, technical, political or economic issues that may affect MVP, delay in comple...