StoneMor To Convert To Delaware Corporation From Master Limited Partnership

(RTTNews) - StoneMor Partners L.P. (STON) announced the execution of a definitive agreement that will result in the transition to a newly-created Delaware corporation, StoneMor Inc. All StoneMor Partners unitholders will receive 1.0 share of StoneMor Inc. common stock in exchange for each common unit that they own.

StoneMor's largest unitholder, Axar Capital Management, has agreed to vote in favor of the transaction and upon completion, can designate up to one nominee to StoneMor Inc's Board of Directors so long as it continues to at least 33% of the StoneMor Inc. common stock issued to it in the transaction.

Joe Redling, StoneMor's CEO said, "We believe this conversion will provide many benefits, including simplifying our tax structure and financial reporting obligations, broadening our investor base and improving our cost of capital over time."