Ann: S&P DJ Indices Announces December Quarterly Rebalance, page-11

Good move in my opinion and DLS has been trading at a discount to its implied price under the BPT 1.25 for 1 offer as well.

Noticed also that the banks have got behind BPT with a new $530 million finance facility. The banks aren't interested in picking up the pieces and running a failed energy company so must be convinced that BPT/DLS will come through and out the other end of this energy price downturn in good enough shape to service any resulting debt. That's good because if the merger goes through we should hopefully survive the oil rout without the need for dilutive raisings which are the real killers of shareholder value. This strong support from lenders won't be what many US shale companies will be greeted with next year when their hedges expire and they put their hands out for more sustaining capital. All the important metrics with oil are moving in the right direction except the price (demand for oil still expected to increase on an annual basis, shale oil production now well past its peak and the north American rig count is still falling steadily, Russian production slowly declining from a peak, hundreds of billions of future capital investment being withdrawn or delayed, US dollar looking toppy). Prices will follow soon enough.

Eshmun