UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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SUBURBAN PROPANE PARTNERS, L.P.
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SUBURBAN NEWS RELEASE
PROPANE Contact: Robert M. Plante
Vice President & Chief Financial Officer
P.O. Box 206, Whippany, NJ 07981-0206
Phone: 973-503-9252
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FOR IMMEDIATE RELEASE
AFTER RE-ELECTING SUPERVISORS AND APPROVING EXCHANGE TRANSACTION,
SUBURBAN PROPANE PARTNERS, L.P.
ADJOURNS TRI-ANNUAL MEETING UNTIL OCTOBER 19
WHIPPANY, NEW JERSEY, OCTOBER 18, 2006 -- Suburban Propane Partners, L.P. (the
"Partnership") (NYSE: SPH), a nationwide marketer of propane gas, fuel oil and
related products and services, today announced the re-election, at the 2006
Tri-Annual Meeting of the Unitholders of the Partnership held on October 17,
2006, of all three of the Board's nominees to its Board of Supervisors. These
Supervisors will serve for a three-year term.
Also approved at the Tri-Annual Meeting were (1) the previously announced
exchange of 2,300,000 Common Units for the general partner's incentive
distribution rights and other economic interests, (2) certain amendments to the
Partnership Agreement to effect and reflect the exchange transaction and
restrict transactions with certain interested unitholders and (3) the
Partnership's 2000 Restricted Unit Plan, as amended and restated.
The Board of Supervisors exercised the authority granted to it by the
unitholders to adjourn the Tri-Annual Meeting until 2:00 PM on October 19, 2006,
at which time the remaining proposal will be voted on. This proposal would
authorize amendment of the Partnership Agreement to require a 66-2/3% vote for
changes to the procedure to nominate Supervisors. The reconvened Tri-Annual
Meeting will be held at the Partnership's executive offices located at One
Suburban Plaza, 240 Route 10 West, Whippany, StateNew Jersey.
Unitholders wishing to vote at the adjourned Tri-Annual Meeting on the remaining
proposal or having any questions with respect thereto should contact the proxy
solicitor retained by the Partnership, Innisfree M&A Incorporated. Unitholders
Call Toll Free: (877) 717-3930 and Banks & Brokers Call Collect: (212) 750-5833.
Suburban Propane Partners, L.P. is a publicly traded master limited partnership
listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey,
Suburban has been in the customer service business since 1928. The Partnership
serves the energy needs of approximately 1,000,000 residential, commercial,
industrial and agricultural customers through more than 370 locations in 30
states.
This press release contains certain forward-looking statements relating to
future business expectations and financial condition and results of operations
of the Partnership, based on management's current good faith expectations and
beliefs concerning future developments. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those discussed or implied in such forward-looking
statements, including the following:
o The impact of weather conditions on the demand for propane, fuel oil and
other refined fuels, natural gas and electricity;
o Fluctuations in the unit cost of propane, fuel oil and other refined fuels
and natural gas, and the impact of price increases on customer
conservation;
o The ability of the Partnership to compete with other suppliers of propane,
fuel oil and other energy sources;
o The impact on the price and supply of propane, fuel oil and other refined
fuels from the political, military or economic instability of the oil
producing nations, global terrorism and other general economic conditions;
o The ability of the Partnership to acquire and maintain reliable
transportation for its propane, fuel oil and other refined fuels;
o The ability of the Partnership to retain customers;
o The impact of energy efficiency and technology advances on the demand for
propane and fuel oil;
o The ability of management to continue to control expenses including the
results of our recent field realignment initiative;
o The impact of changes in applicable statutes and government regulations, or
their interpretations, including those relating to the environment and
global warming and other regulatory developments on the Partnership's
business;
o The impact of operating hazards that could adversely affect the
Partnership's operating results to the extent not covered by insurance;
o The impact of legal proceedings on the Partnership's business; and
o The Partnership's ability to integrate acquired businesses successfully.
Some of these risks and uncertainties are discussed in more detail in the
Partnership's Annual Report on Form 10-K for its fiscal year ended September 24,
2006, its Quarterly Report on Form 10-Q for the quarter ended June 24, 2006 and
other periodic reports filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking statements,
which reflect management's view only as of the date made. The Partnership
undertakes no obligation to update any forward-looking statement.