Capital structure – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ Fri, 03 Dec 2021 08:15:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://piazzacarlogiuliani.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png Capital structure – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ 32 32 The board of directors of Evolution AB (publ) has voted on the acquisition of own shares | New https://piazzacarlogiuliani.org/the-board-of-directors-of-evolution-ab-publ-has-voted-on-the-acquisition-of-own-shares-new/ Fri, 03 Dec 2021 08:15:00 +0000 https://piazzacarlogiuliani.org/the-board-of-directors-of-evolution-ab-publ-has-voted-on-the-acquisition-of-own-shares-new/

STOCKHOLM, Dec 3 2021 / PRNewswire / – TThe board of directors of Evolution AB (publ) has, on the basis of the authorization of the 2021 annual general meeting, decided that the company will acquire its own shares on Nasdaq Stockholm. The objective of the acquisitions of own shares will be to optimize and improve the capital structure of the company by reducing the capital, thus creating added value for the shareholder.

The buyback program will be implemented in accordance with EU Market Abuse Regulation No. 596/2014 (“MAR”) and Commission Delegated Regulation No. 2016/1052 (“Safe Harbor Regulation”).

Terms and conditions for the acquisition of own shares

In accordance with the resolution of the board of directors, any acquisition of treasury shares must be made on Nasdaq Stockholm in accordance with the Nasdaq Stockholm rulebook for issuers and the following terms and conditions.

  • Acquisitions may be made on one or more occasions before the 2022 annual general meeting.
  • The maximum amount for which shares may be acquired may not exceed 200 million euros.
  • Acquisitions will be made at a price within the recorded price range of the share at any given time.
  • The shares acquired will be paid in cash.

Total number of company shares and own shares held by the company

In accordance with the authorization of the 2021 annual general meeting, the holding of treasury shares by the company may not at any time exceed 10 percent of all the shares of the company. To date, the total number of shares of the company is 215,111,115 shares. The company does not hold any own shares, which means that a maximum amount of 21,511,111 shares can be repurchased under the authorization.

Declaration of acquisitions of own shares

Completed acquisitions of treasury shares will be declared in accordance with applicable laws and regulations as well as Nasdaq Stockholm regulations for issuers.

For more information, please contact:

Jacob Kaplan, CFO, ir@evolution.com

Infrared phone: +46 70 508 85 75

This information is such that Evolution AB (publ) is obliged to make it public in accordance with the EU Market Abuse Regulation. The information has been submitted for publication, through the contact person indicated above on December 3, 2021, To 8:50 am CET.

This information was brought to you by Cision http://news.cision.com

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LATAM Airlines Group files reorganization plan, with the support of key stakeholders, paving the way for a strengthened capital structure and long-term sustainability https://piazzacarlogiuliani.org/latam-airlines-group-files-reorganization-plan-with-the-support-of-key-stakeholders-paving-the-way-for-a-strengthened-capital-structure-and-long-term-sustainability/ Sat, 27 Nov 2021 03:41:43 +0000 https://piazzacarlogiuliani.org/latam-airlines-group-files-reorganization-plan-with-the-support-of-key-stakeholders-paving-the-way-for-a-strengthened-capital-structure-and-long-term-sustainability/

Provides platform for Chapter 11 exit through full restructuring support agreement with ad hoc parent group and major shareholders

The plan would infuse up to about $ 8.19 billion into new funds in the group through a mix of equities, convertible notes and debt while complying with US and Chilean law

The plan would strengthen LATAM’s balance sheet, liquidity and capital structure for future operations

Santiago, Chile, November 26, 2021 / PRNewswire / – LATAM Airlines Group SA (“LATAM”) (SSE: LTM) and its subsidiaries in Brazil, Chile, Colombia, Ecuador, Peru, and United States today announced the filing of a reorganization plan (the “Plan”), which reflects the way forward for the group to exit Chapter 11 in accordance with US and Chilean law. The plan is accompanied by a Restructuring Support Agreement (the “RSA”) with parent company Ad Hoc Group, which is the largest group of unsecured creditors in these Chapter 11 cases, and certain shareholders of LATAM . The RSA documents the agreement between LATAM, the aforementioned holders of over 70% of the parent company’s unsecured debt and holders of around 48% of the 2024 and 2026 US bonds, and certain shareholders holding over 50% of the shares. ordinary, subject to the completion of the final documentation by the parties and the obtaining of social approvals by these shareholders. As they have done throughout the process, all of the companies in the group continue to operate as travel conditions and demand permit.

“The past two years have been characterized by hardships around the world – we have lost friends and family, colleagues and loved ones. And we were shaken as aviation and global travel were virtually crippled by the biggest crisis our industry has ever faced. . While our process is not yet complete, we have reached a critical milestone on the road to a stronger financial future, ”said Roberto alvo, Chairman and CEO of LATAM Airlines Group SA “We are grateful to the parties who have come together at the table through a strong mediation process to achieve this result, which provides meaningful consideration to all stakeholders and a structure that complies with US and Chilean law. Their injection of significant new capital into our business is a testament to their support and confidence in our long-term prospects. We are grateful to the exceptional team at LATAM who overcame the uncertainty of the past two years and allowed our business to continue to operate and serve our customers as smoothly as possible. “

Plan overview

The Plan offers the infusion of $ 8.19 billion in the group through a mix of new stocks, convertible notes and debt, which will allow the group to exit Chapter 11 with an appropriate capitalization to achieve its business plan. At emergence, LATAM is expected to have a total debt of approximately $ 7.26 billion1 and liquidity of around $ 2.67 billion. The group has determined that this is prudent leverage and appropriate liquidity in a period of continuing uncertainty for global aviation and that it will position the group better in the future.

More specifically, the plan specifies that:

  • As soon as the Plan is confirmed, the group intends to launch a $ 800 million offer of ordinary subscription rights, open to all shareholders of LATAM in accordance with their pre-emptive rights under applicable Chilean law, and fully guaranteed by the parties participating in the RSA, subject to the completion of the final documentation and, with respect to guarantor shareholders, the receipt of corporate approvals;

  • Three distinct classes of convertible notes will be issued by LATAM, all of which will be offered on a preferential basis to LATAM shareholders. Insofar as LATAM shareholders have not subscribed during the respective preferential subscription right period:

  • The convertible bonds belonging to Classes Convertibles B and C will therefore be provided, in whole or in part, in return for a contribution of new money for a total amount of approximately $ 4.64 billion fully guaranteed by the parties to the RSA, subject to receipt by the guarantor shareholders of the approvals of the company;

  • LATAM will raise a $ 500 million new revolving credit facility and approximately $ 2.25 billion in total, debt financing in new money, consisting of either a new term loan or new bonds; and

  • The group has also used and intends to use the Chapter 11 process to refinance or modify the group’s pre-petition leases, the revolving credit facility and the back-up engine facility.

Additional information

The hearing to approve the adequacy of the Chapter 11 disclosure statement and to approve the voting procedures is expected to be held in January 2022, with a precise timetable depending on the Court’s timetable. If the disclosure statement is approved, the group will begin the solicitation during which it will seek approval of the plan from the creditors. LATAM requests the hearing to confirm that the plan will be held at March 2022.

For more information, LATAM has created a dedicated website: www.LATAMreorganizacion.com, where stakeholders can find additional key information about this announcement. The group has also set up a hotline for Chapter 11 inquiries, accessible at the following address:

  • (929) 955-3449 or (877) 606-3609 (US and Canada)

  • 800 914 246 (Chile)

  • 0800 591 1542 (Brazil)

  • 01-800-5189225 (Colombia)

  • (0800) 78528 (Peru)

  • 1800 001 130 (Ecuador)

  • 0800-345-4865 (Argentina)

He also has a dedicated email for inquiries related to the reorganization at lataminfo@primeclerk.com.

LATAM is advised in this process by Cleary Gottlieb Steen & Hamilton LLP and Claro & Cia. as legal advisers, FTI Consulting as financial advisor and PJT Partners as investment banker.

The Parent Ad Hoc group, led by Sixth Street, Strategic Value Partners and Sculptor Capital, is advised by Kramer Levin Naftalis & Frankel LLP, Bofill Escobar Silva, and Coeymans, Edwards, Poblete & Dittborn as legal advisers and Evercore as investment banker.

The shareholders mentioned above are (a) Delta Air Lines, Inc., advised by Davis polk & Wardwell LLP, Barros & Errázuriz Abogados, and Perella Weinberg Partners LP as legal advisor and investment banker, (b) the Cueto group and the Eblen group,2 advised by Wachtell, Lipton, Rosen & Katz and Cuatrecasas as legal advisor, and (c) Qatar Airways Investment (UK) Ltd., advised by and Alston & Bird LLP, Carey Abrogados and HSBC as legal advisor and banker of ‘investment. Some of these shareholders are advised on an individual basis by Greenhill & Co., LLC and ASSET Chile, SA as co-financial advisers.

About the LATAM Airlines Group

LATAM is the leading airline group in Latin America with a presence in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addition to international operations within Latin America and between her and Europe, United States, and the Caribbean.

The group has a fleet of Boeing 767, 777, 787, Airbus A321, A320, A320neo and A319.

LATAM Cargo Chile, LATAM Cargo Colombia and LATAM Cargo Brazil are the cargo subsidiaries of LATAM Airlines. In addition to having access to the passenger compartments of the LATAM Airlines group, they have a fleet of 11 freighters, which will gradually increase to a total of 21 freighters by 2023. They operate on the LATAM group network as well as on international routes. which are only used for shipping. They offer a modern infrastructure, a wide variety of services and protection options to meet all customer needs.

Forward-looking statements

This report contains forward-looking statements. These statements may include words such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “plan”, “believe” or others. similar expressions. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on LATAM’s current plans, estimates and projections and, therefore, you should not place undue reliance on them. Forward-looking statements involve known and unknown inherent risks, uncertainties and other factors, many of which are beyond LATAM’s control and are difficult to predict. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors and uncertainties include, but are not limited to, those described in the documents we have filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we do not undertake to update them publicly, whether in light of new information, future events or otherwise.

Media contacts
Ximena Ossa, Head of External Communications, LATAM Airlines Group
Rachel Chesley / Ana Heeren, FTI Council
comunicaciones.externas@latam.com

Investor contact
Tori Creighton, Head of Investor Relations LATAM Airlines Group
investor relations@latam.com

____________________

1 The total debt expectation cited is on an “as converted” basis and excludes convertible debt.

2 The Cueto Group is made up of Costa Verde Aeronáutica SA and Inversiones Costa Verde Ltda y Cia. en Comandita por Acciones, and the Eblen Group is made up of Andes Aerea SpA, Inversiones Pia SpA and Comercial Las Vertientes SpA.

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SOURCE LATAM Airlines Group SA

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China’s Kaisa seeks to extend maturity of $ 400 million offshore bond https://piazzacarlogiuliani.org/chinas-kaisa-seeks-to-extend-maturity-of-400-million-offshore-bond/ Thu, 25 Nov 2021 06:03:00 +0000 https://piazzacarlogiuliani.org/chinas-kaisa-seeks-to-extend-maturity-of-400-million-offshore-bond/

A photo shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a foggy day in Beijing, China on November 5, 2021. REUTERS / Thomas Peter / File Photo

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HONG KONG, Nov. 25 (Reuters) – Chinese group Kaisa Group Holdings Ltd (1638.HK) on Thursday said it wanted to extend the maturity of a $ 400 million bond by another year and a half – as part the real estate developer’s efforts to avoid a default mess and resolve a liquidity crisis.

In one filing, Kaisa said he would swap his 6.5% offshore bonds due December 7 for new notes due June 6, 2023, at the same interest rate if at least 95% of the holders agree.

Kaisa, which has the most offshore debt among Chinese developers after China Evergrande Group (3333.HK), missed coupon payments totaling $ 88.4 million due on November 11 and 12. Payments have a 30 day grace period.

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Shares of Kaisa, which resumed trading after a suspension on November 5, rose 18% in afternoon trading as investors were encouraged by the company’s attempt to resolve payment issues.

Kaisa said a sharp decline in the funding environment has limited her funding sources to meet upcoming deadlines.

“If the exchange offer and solicitation of consent are not completed, we may not be able to redeem the existing notes when due on December 7 and we may consider another exercise in restructuring the debt, “he said on the record.

Chinese developers face unprecedented liquidity shortage due to regulatory restrictions on borrowing, sparking a spate of overseas defaults, credit rating downgrades and massive sales of stocks and bonds developers.

Kaisa has made an effort to raise capital by divesting assets, including the Hong Kong listed property management unit, Kaisa Prosperity Holdings Ltd (2168.HK).

He recently sold a piece of land in Hong Kong to a local investor for HK $ 3.78 billion ($ 448.82 million), recovering around HK $ 1.3 billion in cash after repaying the loans he he borrowed for the land, Reuters reported this week. Kaisa is also selling another piece of land in the city.

“Providing solutions and more clarity to the market is positive; after all, Kaisa’s fundamentals are good, if he can make a deal with the creditors, he can repay gradually to overcome this crisis, ”said Kington Lin, general manager of the asset management department. at Canfield Securities Limited.

The developer, in a separate filing Wednesday night, said it aims to speed up the divestiture of real estate projects and other high-quality assets in order to improve liquidity.

Having missed payments on onshore wealth management products totaling 1.5 billion yuan ($ 234.80 million) due in October and November, Kaisa said he has put in place repayment measures to 1.1 billion yuan and negotiate the rest with investors.

The developer also said that “some members of the group” had failed to meet their repayment obligations under financing agreements involving bank loans and other borrowing, and that it was formulating a plan to global reimbursement.

Other cash-strapped developers, including Evergrande, the world’s most indebted developer who has stumbled from maturity to maturity in recent weeks as it grapples with more than $ 300 billion in liabilities, are also negotiating. with their creditors and scramble to raise funds.

“Businesses want to save time, while creditors want their money back. Agreeing to an extension is better than declaring businesses bankrupt and getting nothing back,” Lin said.

The onshore unit of Evergrande’s electric vehicle (EV) subsidiary (0708.HK) increased its share capital by 39% to $ 3.5 billion, local media reported on Thursday. Hong Kong-listed Evergrande New Energy Vehicle said last week that it plans to raise around $ 347 million through a stock offering. Read more

Smaller rival Fantasia Holdings (1777.HK) said on Wednesday it had reached an agreement with holders of a 1.5 billion yuan onshore bond maturing in 2023 to pay 20% of a coupon due Thursday and on remains a year later.

But, media reported, an extension resolution for another onshore bond due in 2023 worth 2.5 billion yuan was not passed on Wednesday.

Fantasia missed payment of $ 205.7 million in offshore tickets due on October 4.

Meanwhile, the rating agency Fitch downgraded China Aoyuan’s credit rating (3883.HK) on Wednesday to “CCC-” instead of “B-”, reflecting the reduced chances that the company will be able to refinance its $ 688 million offshore bond due January 2022.

Aoyuan said on Monday that it has extended the redemption date of the onshore asset-backed securities valued at 816 million yuan and hired Admiralty Harbor Capital Limited and Linklaters as advisers to assess the company’s capital structure and discuss with the creditors.

Fantasia shares were flat, while Aoyuan and Evergrande rose 2.3% and 0.7% respectively. The Hang Seng Index (.HSI) was stable.

($ 1 = 6.3885 yuan Chinese renminbi)

($ 1 = 7.7967 Hong Kong dollars)

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Reporting by Sameer Manekar in Bengaluru and Clare Jim in Hong Kong; Editing by Edwina Gibbs, Christopher Cushing and Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.

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SP Setia sales reached 89% of FY21 target https://piazzacarlogiuliani.org/sp-setia-sales-reached-89-of-fy21-target/ Tue, 23 Nov 2021 06:35:00 +0000 https://piazzacarlogiuliani.org/sp-setia-sales-reached-89-of-fy21-target/

KUALA LUMPUR: SP Setia Bhd recorded a commendable sales performance of RM 3.38 billion for the period ended September 30, 2021, despite uncertainties caused by the Covid-19 pandemic.

Local projects contributed RM 2.66 billion to global sales while the remaining RM 728 million was contributed by international projects, namely Sapphire by the Gardens and Marque Residences in Australia as well as Daintree Residence in Singapore.

On a nine-month basis, the group recorded revenue of RM 2.73 billion and profit before tax of RM 353.7 million, which were significantly higher than in the corresponding period of the previous year, mainly due to the gradual recognition of strong demand placed income rates achieved.

Having reached 89% of the RM3.8 billion sales target for FY21, SP Setia Chairman and CEO Datuk Choong Kai Wai said he was encouraged by the sales figures.

“We are confident in achieving the sales target for fiscal 2021 while remaining firm in our debt initiatives to reduce borrowing and optimize our capital structure to strengthen our platform in pursuit of growth sustainable, ”he said in a Tuesday statement.

Of total sales, the group’s sales of completed inventory amounted to RM 585 million, an improvement from RM 462 million achieved during the same period in 2020, which was a notable achievement given the context. hard.

Meanwhile, the group said it has launched projects with a total gross development value of RM 1.5 billion mainly comprising townhouses and semi-detached houses in the first nine months of fiscal 2021.

Notable launches are planned in the existing townships of Setia Alam, Setia EcoHill, Setia EcoHill 2, Setia Alamsari, Setia Bayuemas, Bandar Kinrara and Setia Eco Park in the central region, Taman Industri Jaya and Bukit Indah in the south region, Setia Greens and Setia Fontaines in the North region and Eco Lakes in Vietnam.

According to Choong, the group is progressing well on its digitalization journey with initiatives deployed on various platforms generating quality leads and facilitating the conversion of reservations into sales.

“We will continue to use digital platforms and create a more robust digital workplace to improve the effectiveness and efficiency of day-to-day operations underpinned by cyber resilience,” he added.

The group is also optimistic about government support for the sector in the recent budget.

He said the homeownership campaign extended until Dec.31, 2021, low interest rates to help boost homeownership, a home loan guarantee program to help small businesses, coupled with the reduction in the real estate gains tax rate from 5% to 0%, for property transferred from the sixth year onwards should arouse the interest of buyers.

As of September 30, 2021, the group had 48 projects underway, with effective remaining land reserves of 7,334 acres valued at GDV of RM 124.6 billion and total unbilled sales of RM 9.84 billion.

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Saudi Arabia holds China’s top oil supplier in October (customs data) https://piazzacarlogiuliani.org/saudi-arabia-holds-chinas-top-oil-supplier-in-october-customs-data/ Sun, 21 Nov 2021 09:06:29 +0000 https://piazzacarlogiuliani.org/saudi-arabia-holds-chinas-top-oil-supplier-in-october-customs-data/

The state-owned Abu Dhabi National Oil Company (ADNOC) is considering an initial public offering (IPO) of its shipping services, logistics and shipping industry next year, two sources familiar with the matter told Reuters.


ADNOC Logistics & Services (ADNOC L&S) has been selected for a possible float in Abu Dhabi in 2022, the sources said, declining to be named as the matter is not public.


A deal could follow after testing investor appetite and market conditions, they said.


ADNOC declined to comment when contacted by Reuters on Sunday.


Gulf oil producers are considering selling stakes in energy assets, taking advantage of a rebound in crude prices to attract foreign investors.


ADNOC, which supplies nearly 3% of global oil demand, seeks to extract value from the companies it owns and to divest assets considered secondary activities.


It is also benefiting from a rally in the Abu Dhabi stock index, which is up around 65% this year, the best-performing market in the Gulf region.


In September, ADNOC offered an 11% stake in its drilling business, which raised more than $ 1.1 billion from investors. ADNOC and chemicals company OCI raised $ 795 million in October through a public sale of shares in its fertilizer company Fertiglobe.


ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers.


It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co.


The unit has a fleet of over 240 owned and chartered vessels, which include tankers and very large crude carriers. It is also the only licensed operator to serve all of Abu Dhabi’s oil ports.


The company is a core unit of ADNOC, which seeks to increase its crude oil production capacity to 5 million barrels per day by 2030.


The unit also operates supply vessels that transport cargo on behalf of ADNOC and other customers. Freight shipping rates have skyrocketed over the past year as the coronavirus pandemic created bottlenecks and disrupted supply chains.

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Why is capital raising not immediate after launching an investor? https://piazzacarlogiuliani.org/why-is-capital-raising-not-immediate-after-launching-an-investor/ Fri, 19 Nov 2021 12:00:00 +0000 https://piazzacarlogiuliani.org/why-is-capital-raising-not-immediate-after-launching-an-investor/

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Contractor the contributors are theirs.

You are reading Entrepreneur United States, an international Entrepreneur Media franchise.

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If you are just starting out and are close to your first capital increase, you need to know that you won’t get resources in the first pitch you make in front of investors and that once some of them are convinced that you have a large business to invest, the capital that you will receive will not be obtained immediately. No one will write you a check after you first submit your project.

Although these are investment funds and their job is to find companies to inject money, it is not that simple; the people who bring in their capital don’t give it up, they do business and just like they bet on a project, in the “risk” spectrum, they seek security.

But for this you have to understand how capital risk or venture capital investment funds operate. To begin with, a fund is an institutional structure or an investment vehicle, which is set up by an operator to invest in an asset class, a mixture of them or in other smaller funds; have an expectation of risk / return; with an explicit proposal, the well-known investment thesis, within a specified timeframe.

In the structure there is a sponsor (G2 Momentum Capital, G2 Fintech Fund, Dila Capital, ALLVP, Village Capital, among others) who are looking for investors to bring capital to this fund (known as Limited Partners), the fund money does not belong to the sponsor, but to these investors and everyone wins when the investment process does to the startups, they are sold after a certain time.

Image: Jp Valery via Unsplash

When you go to make a pitch, there is a deliberation between the partners of the fund, where the viability of the project is assessed, not only of the idea, but of its market, finances, valuation, who are the entrepreneurs, if they present the characteristics of the profile sought in a company of this type, its level of dilution, its financial projections, its legal and accounting status (this is called due diligence ), among many other elements relevant to investors and once it is decided to invest in the project then a call is done (called capital) to limited partners so that they contribute their capital for each company recruited. This is the reason why investment processes take time. The stories you see on TV are not quite true.

So we recommend that you research the right funds for your business in advance, it will not only take time to make the appointments, but also the review and investment process. It is very common for entrepreneurs to ignore how far they have come to raise capital and probably because of this situation they can even despair.

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Circet and KGPCo Join Forces to Create Global Leader in Communication Network Services https://piazzacarlogiuliani.org/circet-and-kgpco-join-forces-to-create-global-leader-in-communication-network-services/ Wed, 17 Nov 2021 13:12:00 +0000 https://piazzacarlogiuliani.org/circet-and-kgpco-join-forces-to-create-global-leader-in-communication-network-services/

PARIS and FARIBAULT, Minn., November 17, 2021 / PRNewswire / – Circet, Europe the world’s largest provider of communications network services, supported by its management team and Intermediate Capital Group (ICG), a global alternative asset manager, and KGPCo, the leading provider of communications infrastructure and chain services ” supply of products United States, today announced that the companies have agreed to join forces.

The combination of the scale of Circet’s existing network infrastructure services and its market-leading presence through Europe with KGPCo’s extensive network infrastructure and supply chain services through United States will create one of the largest and most experienced network infrastructure service providers in the North American and European communications markets, with combined revenues from global network infrastructure services of 3.1 billion US dollars, in addition to significant revenues from KGPCo’s supply chain and products.

KGPCo and Circet currently support the largest communications service providers with operations across United States and Europe, backed by more than 13,000 employees, more than 200 regional facilities and decades of experience and trust that generate significant value for existing customers, supplier partners and the industry as a whole.

Circet will take a majority stake in KGPCo Services (formerly BlueStream Professional Services) alongside the founders of KGPCo (the Putrah family) and the management team.

Through this partnership, KGPCo Services will focus on accelerating its expansion throughout the North American communications infrastructure services industry, including the design, engineering, construction and maintenance of wired and wireless networks. Circet will bring its expertise in the management of large network service projects, in particular for fiber construction where it has extensive experience associated with the massive deployment phase that takes place throughout Europe.

Circet and KGPCo aim to achieve strong organic growth thanks to unprecedented demand for United States for the deployment of fiber (FTTx), wireless networks (5G) and cloud solutions, and to implement additional external growth with the support of ICG.

To further strengthen the Circet-KGPCo partnership, Circet will also become a minority shareholder in the supply chain and product business of KGPCo, under the KGPCo brand, which will continue as a provider of advanced supply chain services and logistics, product sourcing, cloud engineering and integration services. , and will remain a Certified Women’s Business (WBE). Circet and KGPCo will continue to use KGPCo’s trusted supply chain expertise to offer customers a combined approach to turnkey product and service deployment that is highly effective and unique in the industry.

Trevor Putrah, President of KGPCo and KGPCo Services, commented: “This is a unique moment in time for our industry with the incomparable investment in infrastructure across North America. Partnering with Circet is the right decision at the right time to best position KGPCo Services with the capital structure and scale to participate in this growth. It also provides our supply chain and product operations with immediate access to the European market to further expand our footprint and customer base. to progress and expand our relevance in the market. “

Kathleen G. Putrah, founder and president of KGPCo, commented: “Since the launch of the company, we have been driven by a customer-centric philosophy and the goal of evolving alongside our customers as a trusted partner. In the Circet organization, we see values ​​and a shared goal. This creative partnership allows KGPCo to continue as a family organization on the global stage, and at the same time position KGPCo Services for faster expansion and greater success. I am delighted to join our organizations and to how it positions businesses for decades to come.

Philippe Lamazou & Donagh kelly, Managing Director and Deputy Managing Director of Circet, commented: “The partnership with KGPCo is a key step in expanding Circet’s global presence in the North American communications services market. We are impressed with KGPCo’s reputation and nearly 50 years of service to leading communications companies market, end-to-end network infrastructure services and product supply chain offering, and its strong operational structure. We are delighted to step into the North American market and begin the exciting journey partnering with the Putrah family and their seasoned management team. “

Hadj Djemaï, head of southern Europe from ICG, commented: “This is an exciting first step in Europe for Circet which resonates well with the strategy agreed upon when ICG and Circet teamed up earlier this year. ICG is delighted to be part of this journey with the shareholders and executives of Circet and KGPCo. This transaction fits well in ICG’s DNA of being a partner for family and entrepreneurial businesses with long-term growth strategies. “

Lazard acted as financial advisor and Kirkland & Ellis LLP as legal advisor to Circet. Livingstone Partners acted as financial advisor and Felhaber Larson as legal advisor to KGPCo.

Completion of the transaction is subject to certain regulatory approvals.

About KGPCo
KGPCo is a key strategic partner for the world’s leading communications and technology companies, creating the next generation of networks. By uniquely combining network services and supply chain solutions to create, optimize and maintain networks, the unmatched expertise of our team enables our clients to meet today’s challenges, implement tomorrow’s innovations and to build the future. KGPCo ™ OneTouch ™ provides a single source for everything from design and architecture to production and procurement, installation and support. From ground to cloud, KGPCo is the only company in the industry to offer a full range of solutions and an integrated approach to building, optimizing and maintaining networks. To learn more, visit www.KGPCo.com

About Circet
Circet is the leading provider of network infrastructure services in Europe. The company operates in the fast growing market for network infrastructure services, supported by massive investments for the deployment of very high speed fixed and mobile. As a leader of Europe (France, the UK, Ireland, Germany, Spain, Belgium, the Netherlands, Switzerland, and Morocco), Circet’s customers include the main telecom operators (Orange, Altice, Iliad, British Telecom, Eir, Deutsche Telekom, Telefonica, Vodafone, Proximus, KPN, among others), local authorities and companies specializing in rural deployment for bridge the digital divide, and the main public and private companies that have infrastructure. In 2021, the company is present in 12 countries, achieves a turnover of 2.1 billion euros and employs more than 10,000 people. www.circet.com

About the ICG
ICG provides flexible capital solutions to help businesses grow and grow. We are a global alternative asset manager with over 30 years of history, managing US $ 65 billion assets and invest in the entire capital structure. We operate in four asset classes: Structured and Private Equity, Private Debt, Real Assets and Credit. We develop long-term relationships with our business partners to create value for shareholders, customers and employees, and use our position of influence for the benefit of the environment and society. ICG is listed on the London Stock Exchange (symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.

CONTACT: Barbara baldwin, [email protected]

SOURCE KGPCo.

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Third quarter 2021 results – ‘Third record -4- https://piazzacarlogiuliani.org/third-quarter-2021-results-third-record-4/ https://piazzacarlogiuliani.org/third-quarter-2021-results-third-record-4/#respond Fri, 12 Nov 2021 06:02:07 +0000 https://piazzacarlogiuliani.org/third-quarter-2021-results-third-record-4/

1 The financial information contained in this press release and in appendix 1 has been prepared in accordance with the evaluation and recognition criteria of International Financial Reporting Standards (“IFRS”) as adopted in the European Union. Although the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting “. Unless otherwise indicated, the figures and information contained in the press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or to the nearest decimal place. Therefore, the sum of the numbers in a column may not exactly match the total number given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based on the underlying information before rounding and, therefore, may not be exactly in line with the percentages that would be derived if the relevant calculations were based. on rounded numbers.

2 The Leadership Journey (R) is an initiative launched on December 16, 2010, then accelerated and scaled up, to target management gains and profit improvement. The fourth phase of the Leadership Journey (R) targets 150 million euros in earnings for the period 2021 – 2023 through a combination of measures to improve costs, growth and mix.

3,105 million euros of share buybacks during the first nine months of 2021 consist of (1) 100 million euros related to the share buyback program announced on July 30, 2021 and finalized during the third quarter 2021 with the acquisition of 1.96 million shares and (2) 5 million euros related to the acquisition of 0.10 million shares from a related party during the second quarter of 2021.

4 This press release also includes Alternative Performance Measures (“APM” hereafter). The Company believes that these NPAs are relevant to improving the understanding of its financial position and provide additional information to investors and management regarding the financial performance, capital structure and credit rating of the Company. These non-GAAP financial measures should be read in conjunction and not as an alternative to Aperam’s financial information prepared in accordance with IFRS. These non-GAAP measures may not be comparable to measures of the same name applied by other companies. The NPAs used are defined in appendix 2 “Terms and definitions”.

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Distribution of a Financial Wire News, transmitted by EQS Group. The issuer is solely responsible for the content of this advertisement.

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1248509 12-Nov-2021 CET / CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1248509&application_name=news

(END) Dow Jones Newswires

November 12, 2021 01:01 ET (06:01 GMT)

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TORM plc Third Quarter Report 2021 https://piazzacarlogiuliani.org/torm-plc-third-quarter-report-2021/ https://piazzacarlogiuliani.org/torm-plc-third-quarter-report-2021/#respond Wed, 10 Nov 2021 07:31:25 +0000 https://piazzacarlogiuliani.org/torm-plc-third-quarter-report-2021/

The refined petroleum market is currently negatively affected by the tight supply of crude that does not meet demand, thus drawing inventories ashore, resulting in inventory levels below five-year lows in several regions. This imbalance led to historically low oil product freight rates in the third quarter of 2021, resulting in EBITDA of $ 30.4 million and pre-tax loss of – $ 14.1 million, ”says executive director Jacob Meldgaard and adds: In these difficult times, TORM continues to focus relentlessly on operational efficiency while maintaining a strong liquidity and capital structure. “

  • In the third quarter of 2021, TORM achieved CCT rates of $ 12,854 / day (2020, same period: $ 16,762 / day) and EBITDA of $ 30.4 million (2020, same period: $ 43.4 million ). Pre-tax loss was -14.1 million USD (2020, same period, profit of 1.0 million USD) and loss per share (EPS) was -0.18 USD or -1.14 DKK (2020, earnings per share over the same period: 0.01 USD or 0.05 DKK). Cash flow from operating activities was positive at $ 12.0 million in the third quarter of 2021 (2020, same period: $ 52.5 million), and the return on invested capital (RoIC) was -0, 9% (2020, same period: 2.7%).
  • In the third quarter of 2021, the product tankers market was negatively impacted by lockdowns in Asia and Hurricane Ida-related refinery outages in the Gulf of the United States, which were only partially offset by the increase in long-haul flows to the Atlantic basin where product stocks have fallen below five-year lows. This situation has been compounded by the weakness of the oil tanker market, where the supply of crude still lags demand, and the market continues to depend on drawdowns on inventories. The unsustainable imbalance between supply and demand resulted in historically low oil product freight rates in the third quarter of 2021.
  • During the COVID-19 pandemic, TORM has fully maintained its operations. The One TORM platform achieved strong security performance in the third quarter, while keeping operating expenses competitive. TORM takes every opportunity to have marine personnel vaccinated. At various ports in the United States and Europe, TORM has successfully conducted 67 vaccination campaigns for our vessels and vaccinated over 900 crew members. Additionally, TORM has shown the great value of the One TORM platform by successfully integrating the 11 vessels acquired earlier this year into the fleet, despite very difficult times.
  • During the third quarter of 2021, TORM took delivery of the remaining two of the eight MR product tankers built in 2007-2012 from Team Tankers Deep Sea Ltd. TORM also took delivery of TORM Kiara (formerly Nissos Heraclea), the last of three LR2 ships were acquired from Okeanis Eco Tankers Corp. All three ships were announced earlier this year.
  • At the start of the third quarter, TORM finalized the sale and leaseback of the two LR2 vessels TORM Hellerup and TORM Herdis, with an existing Chinese financial institution on attractive terms. After September 30, 2021, TORM secured a commitment from a new Chinese financial institution for the sale and operational leasing of nine existing MR vessels built from 2010 to 2012. Transactions are expected to be finalized during the fourth quarter of 2021 and first quarter 2022. with a liquidity contribution of $ 75.5 million, and they underline TORM’s ability to obtain operating lease financing at attractive and diversified prices.
  • As of September 30, 2021, TORM’s available cash was US $ 185.5 million, of which US $ 109.9 million was cash and cash equivalents, including restricted cash and US $ 75.6 million. ” USD in available sale and leaseback finance related to the financing of the two new buildings expected to be delivered in the fourth quarter of 2021 and the first quarter of 2022. Cash and cash equivalents include $ 5.7 million of liquidity subject to restrictions, mainly linked to the guarantee of financial instruments. As of September 30, 2021, net interest-bearing debt was $ 938.2 million and TORM’s loan-to-equity (LTV) ratio was 53.6%.
  • Based on broker ratings, TORM’s fleet, including new buildings, had a market value of USD 1,886.1 million at end-September 2021. Compared to broker ratings as of June 30, 2021, the value of Fleet market decreased by $ 17.4 million after adjusting for acquisitions and sales. vessels in Q3 2021. The carrying value of TORM’s fleet was $ 1,953.2 as at September 30, 2021 excluding unpaid debts on new and used vessels. The overdue down payments include the payment of the washers related to the two new LR2 buildings.
  • As of September 30, 2021, TORM had installed 50 scrubbers out of the 53 planned and the other three are expected to be installed by the end of 2021 and the first quarter of 2022, including two on the new LR2 buildings.
  • As of September 30, 2021, 27% of the total remaining compensation days in 2021 were covered at an average rate of $ 13,880 / day. As of November 07, 2021, coverage for the fourth quarter of 2021 was 69% at $ 12,985 / day. For individual segments, coverage was 69% at $ 16,053 / day for LR2, 54% at $ 15,182 / day for LR1, 71% at $ 12,148 / day for MR, and 72% at $ 10,208 / day for Handysize.

WEB BROADCASTING AND VSLECTURE CALL
TORM’s results will be presented live on the TORM website at 9:00 a.m. Eastern Time / 3:00 p.m. Central European Time. Participants must register approximately ten minutes before the event.

There will be a simultaneous conference call. To participate in the call, please dial +45 3271 4988 (or +1 (760) 294 1674 for connections within the United States) at least ten minutes prior to the start to ensure connection. The operator will guide you to the conference room. The presentation can be downloaded from www.torm.com/investors thirty minutes before the event.

CONTACT TORM plc
Jacob Meldgaard, Executive Director, tel. : +45 3917 9200 Cour Birchin, 20, ruelle Birchin
Kim Balle, Chief Financial Officer, tel. : +45 3917 9200 London, EC3V 9DU, United Kingdom
Andreas Abildgaard-Hein, IR, tel. : +45 3917 9339 Phone. : +44 203 713 4560
www.torm.com

ABOUT TORM
TORM is one of the world’s leading carriers of refined petroleum products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The company operates worldwide. TORM’s shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For more information, please visit www.torm.com.

SAFE HARBOR STATEMENTS ON THE FUTURE
The matters discussed in this press release may constitute forward-looking statements. Forward-looking statements reflect our current views regarding future financial events and performance and may include statements regarding future plans, objectives, goals, strategies, events or performance, and underlying assumptions and statements other than statements of historical fact. . The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “plan”, “plan”, “” similar expressions generally identify forward-looking statements.

The forward-looking statements in this release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, management’s review of historical operating trends, data in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when they were made, as these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or achieve those expectations, beliefs or projections.

Significant factors which, in our opinion, could cause actual results to differ materially from those discussed in forward-looking statements include the strength of the economy and world currencies, general market conditions, including rate fluctuations. charter and vessel values, duration and severity of COVID-19, including its impact on the demand for petroleum products and their shipping, our customers’ operations and our business in general, l ” changes in demand for “tonne-miles” of oil carried by tankers and changes in demand for tanker capacity, effect of changes in OPEC oil production levels and in consumption and storage of oil in the world, changes in demand that may affect the attitude of time charterers towards scheduled and unplanned dry-docking, changes in TORM operating expenses, including bunkering prices, dry dock and insurance costs, changes in the regulation of shipping operations, including actions taken by regulatory authorities, potential liability ongoing or future litigation, national and international political conditions, potential disruption of shipping routes due to accidents, political events, including “trade wars” or terrorist acts.

In light of these risks and uncertainties, you should not place undue reliance on any forward-looking statements contained in this press release, as they are statements about events which are not certain to occur as described or not at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may differ materially from those projected in the forward-looking statements.

Except to the extent required by applicable law or regulation, the Company does not undertake to publicly publish revisions of these forward-looking statements to reflect events or circumstances after the date of such publication or to reflect the occurrence of events. unforeseen.

  • 30-2021 – TORM plc Third Quarter Report 2021 – US

  • Q3 2021 report

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Zacks: Analysts Expect Lazard Ltd (NYSE: LAZ) to Show Quarterly Sales of $ 841.26 Million https://piazzacarlogiuliani.org/zacks-analysts-expect-lazard-ltd-nyse-laz-to-show-quarterly-sales-of-841-26-million/ https://piazzacarlogiuliani.org/zacks-analysts-expect-lazard-ltd-nyse-laz-to-show-quarterly-sales-of-841-26-million/#respond Mon, 08 Nov 2021 06:50:01 +0000 https://piazzacarlogiuliani.org/zacks-analysts-expect-lazard-ltd-nyse-laz-to-show-quarterly-sales-of-841-26-million/

Wall Street brokerages expect Lazard Ltd (NYSE: LAZ) to post revenue of $ 841.26 million for the current quarter, according to Zacks Investment Research. Two analysts made estimates for Lazard’s earnings. The highest sales estimate is $ 847.21 million and the lowest is $ 835.30 million. Lazard reported revenue of $ 848.77 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 0.9%. The company is expected to report its next results on Friday, February 4.

On average, analysts expect Lazard to report annual revenue of $ 3.05 billion for the current fiscal year, with estimates ranging from $ 3.01 billion to $ 3.12 billion. dollars. For next year, analysts predict the company will post sales of $ 3.16 billion, with estimates ranging from $ 3.07 billion to $ 3.25 billion. Zacks’ sales calculations are an average based on a survey of research analysts who cover Lazard.

Lazard (NYSE: LAZ) last reported its results on Friday, October 29. The asset manager announced EPS of $ 0.98 for the quarter, beating the consensus estimate of $ 0.95 by $ 0.03. The company posted revenue of $ 702.00 million in the quarter, compared to analysts’ expectations of $ 711.97 million. Lazard had a net margin of 16.07% and a return on equity of 58.36%. The company’s revenue for the quarter increased 23.4% year-over-year. During the same period last year, the company posted earnings per share of $ 0.67.

Several research firms recently commented on LAZ. Keefe, Bruyette & Woods upgraded Lazard shares from a “market performance” rating to an “outperformance” rating and raised their target price for the share from $ 53.00 to $ 58.00 in a report published on Thursday, September 30. Zacks Investment Research downgraded Lazard shares from a “buy” rating to a “hold” rating and set a price target of $ 49.00 for the stock. in a research report on Wednesday, September 29. Two investment analysts gave the stock a conservation rating and four gave the company a buy rating. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $ 52.33.

(A d)

Led by former leaders of “Big Tobacco”, this company is turning the world upside down with a new cigarette.

LAZ stock opened at $ 47.92 on Monday. The company has a debt to equity ratio of 1.72, a quick ratio of 1.88, and a current ratio of 1.79. The stock has a market cap of $ 5.03 billion, a P / E ratio of 10.87 and a beta of 1.51. The company has a 50-day simple moving average of $ 48.57 and a 200-day simple moving average of $ 47.00. Lazard has a 52 week low of $ 35.17 and a 52 week high of $ 53.00.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 19. Shareholders of record on Monday, November 8 will receive a dividend of $ 0.47. This represents a dividend of $ 1.88 on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, November 5. Lazard’s dividend payout ratio is 42.63%.

Meanwhile, President Alexander F. Stern sold 90,000 shares of the company in a transaction on Friday, August 20. The shares were sold at an average price of $ 45.50, for a total transaction of $ 4,095,000.00. The sale was disclosed in a document filed with the SEC, which is available on the SEC’s website. In addition, CAO Dominick Ragone sold 19,892 Lazard shares in a trade on Tuesday August 31. The stock was sold for an average price of $ 47.54, for a total trade of $ 945,665.68. Disclosure of this sale can be found here. Insiders own 3.40% of the shares of the company.

A number of institutional investors and hedge funds have recently bought and sold shares in the company. Samalin Investment Counsel LLC acquired a new equity stake in Lazard in the 2nd quarter valued at $ 33,000. Dark Forest Capital Management LP acquired a new equity stake in Lazard in the 2nd quarter valued at $ 34,000. Steward Partners Investment Advisory LLC increased its position in Lazard by 79.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,126 shares of the asset manager worth $ 51,000 after purchasing an additional 500 shares in the last quarter. Eagle Bay Advisors LLC acquired a new position in Lazard during the second quarter valued at approximately $ 66,000. Finally, US Bancorp DE increased its position in Lazard by 223.1% during the second quarter. US Bancorp DE now owns 2,252 shares of the asset manager worth $ 102,000 after purchasing an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors hold 75.68% of the company’s shares.

About Lazard

Lazard Ltd. is a financial advisory and asset management firm, committed to providing craft solutions to clients, including businesses, governments, institutions, partnerships and individuals. It operates through the Financial Advisory and Asset Management segments. The Financial Advisory segment offers companies, partnerships, institutions, governments, sovereigns and individuals a range of financial advisory services relating to mergers and acquisitions, restructurings, capital structure, capital raising and preparation. enterprises.

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Lazard Profit History and Estimates (NYSE: LAZ)

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