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July 23 (Reuters) – The U.S. Treasury department said on Friday it will sell another 1.5 billion Citigroup Inc (C.N) common shares as it whittles down a 27 percent stake acquired during the financial crisis.
Treasury said it sold 2.6 billion Citigroup shares in two previous sales and received about $10.5 billion. It still owns 5.1 billion shares and intends to keep selling them “in an orderly fashion.” (Reporting by Glenn Somerville; editing by Jeffrey Benkoe)
ST. JOHN’S, NEWFOUNDLAND AND LABRADOR, Jul 23 (MARKET
WIRE) —
Mountain Lake Resources Inc. (TSX VENTURE: MOA) (“Mountain Lake”) of
Halifax, NS and New Island Resources Inc. (TSX VENTURE: NIS) (“New
Island”) of St. John’s, NL are pleased to report that, in accordance with
the terms of a Letter of Intent dated May 27, 2010 and further to the
news release of June 3, 2010, both companies have completed a due
diligence review of the assets, liabilities and operations of the other,
as currently available. Based upon these investigations, financial advice
provided by Salman Partners, and through arm’s length negotiations,
Mountain Lake and New Island have agreed to proceed with the proposed
business combination by way of a corporate arrangement pursuant to the
provisions of the Business Corporations Act (Alberta) (the
“Arrangement”). The Arrangement will effectively combine the assets and
liabilities of both issuers on a consolidated basis, with New Island
becoming a wholly- owned subsidiary operated by Mountain Lake.
By the terms of a definitive agreement between Mountain Lake and New
Island dated July 22, 2010, it is proposed that all of the shareholders
of New Island will exchange their issued common shares of New Island for
new common shares of Mountain Lake, on the basis of One (1) new share of
Mountain Lake for every Four point Two Five (4.25) shares of New Island.
All convertible securities of New Island will be exchanged for
convertible securities of Mountain Lake on the same basis, adjusted
accordingly to reflect the final agreed share exchange ratio. The
completion of the Arrangement is subject to standard conditions precedent
applicable to statutory plans of arrangement, including standard
commercial conditions precedent, approval of the common shareholders of
New Island, and court approval. The transaction is scheduled to close in
the fourth quarter of 2010.
Collectively, Mountain Lake and New Island feel the combining of regional
gold assets is a very sound strategy at this time and the proposed share
exchange ratio respects the interests of both companies’ shareholders. It
is further believed that the real value of the company’s combined assets
will be unlocked in the years ahead through organic growth as cash flow
from production at the Pine Cove gold mine is deployed to explore and
develop its other projects on the island of Newfoundland.
It is now anticipated that a special general meeting of the shareholders
of New Island to approve the Arrangement will be held in September 2010.
New Island shareholders will receive an information circular setting out
further details of the proposed transaction, and this Information
Circular will also be filed and made available on SEDAR (www.sedar.com)
under New Island’s public profile.
Interested parties are referred to Mountain Lake’s earlier news release
dated June 3, 2010 for further discussion of the proposed acquisition of
New Island, and details about the properties and business activities of
each company.
About New Island Resources Inc.
New Island Resources Inc. (TSX VENTURE: NIS) (New Island) is a
diversified junior exploration company holding gold and base metal
properties in the province of Newfoundland and Labrador. Its main
projects include: a 70% interest in the Pine Cove gold property, which is
on option to Anaconda Mining Inc. (Anaconda) whereby Anaconda can earn a
60% interest and operator status by bringing the property into commercial
production, where production is expected to commence in June 2010; a 100%
interest in the large Glover Island property having significant gold
showings covered by a mining lease; and a 17% shareholding in Prominex
Resources Inc. which holds the advanced Tulks Hill base metal deposit
south of Buchans. For more information visit: www.newislandresources.com.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX VENTURE: MOA) is a diversified junior
exploration company, whose corporate strategy is to build shareholder
value through the exploration and development of economically viable
mineral properties. Mountain Lake’s current projects include: a 30%
interest in the Valentine Lake gold property (Newfoundland) with an
option to acquire the remaining 70% interest from Richmont Mines Inc.
(and a subsequent sub-option and joint venture agreement whereby Marathon
PGM Corp. can earn a 50% in the property; a 100% interest in the Bobby’s
Pond base metals property (Newfoundland); an option to earn a 100%
interest in the Little River gold exploration property (Newfoundland);
and a 2,350,000 share (approx.6.4%) stake in Etruscan Diamonds Ltd., an
alluvial diamond project (South Africa). For more information visit:
www.mountain-lake.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF MOUNTAIN LAKE RESOURCES INC.
Gary Woods, President & CEO
ON BEHALF OF THE BOARD OF DIRECTORS OF NEW ISLAND RESOURCES INC.
Harold Wareham, President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts:
For corporate, media, or investor inquiries on Mountain Lake
please contact: Lytle & Associates
Greg Lytle, Corporate Communications
North America toll-free: (866) 285-5817
Int’l. & Vancouver: (604) 839-6946
info@mountain-lake.com
For corporate, media, or investor inquiries
on New Island, please contact: New Island Resources Inc.
Harold Wareham, President
(709) 576-7711
info@newislandressources.com
Copyright 2010, Market Wire, All rights reserved.
Amsterdam, the Netherlands – Ahold has repurchased 650,628 Ahold common shares in the
period from July 12, 2010 up to and including July 16, 2010. The shares were repurchased
at an average price of € 10.2884 per share for a total consideration of € 6.69 million.
These repurchases were made as part of the € 500 million share buyback program announced
on March 4, 2010.
The total number of shares repurchased under this program to date is 14,059,155 common
shares for a total consideration of € 143.8 million.
Ahold Press Office: +31 20 509 5291
Ahold Investor Relations: +31 20 509 5216
Hamilton, Bermuda, July 14, 2010 – In connection with the Company’s Employee Share
Ownership Plan (ESOP), eligible option holders have exercised options to acquire 1,100
common shares at strike price NOK104.64 per share, 9,300 common shares at strike price
NOK80.97 per share and 35,000 common shares at strike price NOK83.45 per share. To meet
its obligation, the Company has reduced its treasury shareholding from 678,200 shares to
632,800 shares.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
Sembcorp Industries Ltd (Sembcorp) today announces the successful completion of the initial tender offer (the “Offer”) by its wholly-owned subsidiary, Sembcorp Utilities Pte Ltd (Sembcorp Utilities), for all of the issued and outstanding common shares (Shares) of Cascal N.V. (Cascal) (NYSE: HOO), a New York Stock Exchange-listed company, set forth in the Amendment and Supplement to Offer to Purchase dated June 30, 2010, which amends and supplements the Offer to Purchase dated May 21, 2010 (together, as amended from time to time, the “Offer to Purchase”).
The Offer period (as extended) expired at 5:00 p.m. New York City time on Thursday, July 8, 2010. BNY Mellon Shareowner Services, the depositary for the Offer, has advised that a total of 28,398,090 Shares were validly tendered and not withdrawn prior to the expiration of the initial tender offer period, representing approximately 92.26% of the issued and outstanding Shares. All of the Shares validly tendered and not withdrawn have been accepted for payment. The Shares tendered include 39,888 Shares tendered subject to guaranteed delivery procedures prior to the expiration of the initial offer period.
With the successful close of the Offer, Sembcorp is now a 92.26% majority shareholder in Cascal. At US$6.75 per share, the total consideration for the stake in Cascal amounts to US$191,687,107.50.
Tang Kin Fei, Group President & CEO of Sembcorp Industries said: “We are pleased with the positive outcome of the tender offer and our acquisition of an 92.26% stake in Cascal. This acquisition is strategic to our group and will transform Sembcorp into a global water player with enhanced capabilities to serve the total water and wastewater needs of both industrial and municipal customers.”
As disclosed in the Offer to Purchase, now that the initial tender offer has been consummated, subject to and in accordance with applicable laws, Sembcorp intends to cause Cascal to (1) delist the Shares from the New York Stock Exchange, (2) suspend Cascal’s obligation to file reports under Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder (the “Exchange Act”), pending termination of registration of the Shares under the Exchange Act and (3) terminate the registration of the Shares under the Exchange Act.
Sembcorp also announces today that it is making available an opportunity for the remaining Cascal shareholders to divest their shares to Sembcorp Utilities, by commencing a subsequent offer period for the remaining Shares. This subsequent offer commences immediately and will expire at 5:00 p.m. New York City time on Friday, July 30, 2010. During the subsequent offer period, any Shares validly tendered will be immediately accepted for payment, and tendering shareholders will promptly thereafter be paid US$6.75 per Share in cash, less any withholding taxes and without interest, which is the same
amount per Share that was offered to Cascal shareholders who previously tendered during the initial offer period.
The procedures for tendering Shares during the subsequent offer period are the same as during the initial offer period, except that Shares tendered during the subsequent offer period may not be tendered by the guaranteed delivery procedure and may not be withdrawn.
In addition, following the expiration of the subsequent offering period, should Sembcorp own at least 95% of the issued and outstanding Shares, Sembcorp intends to complete the acquisition of Cascal by effecting squeeze-out proceedings under the Dutch Civil Code. The price paid to minority stockholders in such proceedings would be determined by the Dutch Court. Upon the consummation of a squeeze-out proceeding, Cascal will no longer be a public company.
Cascal’s stockholders may obtain copies of all of the offer documents free of charge at the U.S. Securities and Exchange Commission (SEC) website (http://www.sec.gov ) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the Offer, at 212-929-5500 or toll-free at 800-322-2885.
The transaction is not expected to have a material impact on the earnings per share of Sembcorp Industries for the current financial year. Transaction costs will be incurred within the first year of acquisition. The transaction is expected to be accretive to earnings starting from the second year after the acquisition.
IMPORTANT NOTICE: This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any common shares of Cascal. The tender offer is being made pursuant to a tender offer statement on Schedule TO filed by Sembcorp Utilities with the SEC on May 21, 2010, as amended and supplemented from time to time. The solicitation of offers to buy common shares of Cascal is only being made pursuant to the Amendment and Supplement to Offer to Purchase dated June 30, 2010, which amends and supplements the Offer to Purchase dated May 21, 2010, the Amended and Restated Letter of Transmittal and related documents. Cascal stockholders are strongly advised to read the tender offer statement and the solicitation/recommendation statement regarding the tender offer as they contain important information, including the various terms of, and conditions to, the tender offer.
Investors and stockholders may obtain free copies of these statements and other documents filed by Sembcorp Utilities and Cascal at the SEC’s website (http://www.sec.gov ). Investors and stockholders should seek legal or other professional advice before acting or relying on any of the information provided above.
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group. With facilities with over 5,200 megawatts of power capacity and over four million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to customers in Singapore, China, India, Vietnam, the UK, Oman and the UAE.
Aside from its energy and water business, the Sembcorp Industries Group also encompasses a world leader in marine & offshore engineering, as well as an established provider of environmental services and developer of integrated townships and industrial parks. The Group has total assets of over S$9 billion and employs more than 6,700 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.
ABOUT SEMBCORP’S WATER BUSINESS
Competitive and technologically advanced water solutions are core to Sembcorp’s utilities service offering. Globally, Sembcorp owns and manages water facilities with a combined capacity of over four million cubic metres per day in operation and under development serving both municipal and industrial customers.
Sembcorp’s broad expertise in wastewater treatment encompasses the ability to treat highly concentrated wastewater and high salinity wastewater discharged by industries, using advanced biological treatment processes. Furthermore, it is able to reclaim high grade industrial water, demineralized water and potable water from treated effluent. Through treating wastewater and recovering usable water from the effluent which can in turn be supplied back to customers, Sembcorp’s facilities are able to minimize liquid discharge and promote a sustainable alternative water supply. The company also has expertise in both reverse osmosis and thermal processes for seawater desalination and provides water for industrial use to customers in petrochemical and chemical zones. These include demineralized water, industrial water, raw water, chilled water, cooling water and seawater cooling.
Note to Editors:
Following a company rebrand, please refer to the company as “Sembcorp” (with “S” in upper case and “c” in lower case), or “Sembcorp Industries” in full. Please also note that “Sembcorp” is not an abbreviation of “Sembawang Corporation” but a brand name in itself, and it is therefore incorrect to refer to our company as “Sembawang”, “Sembawang Corporation” or similar.
For media and analysts queries please contact:
For Singapore:
Ng Lay San (Ms)
Vice President
Group Corporate Relations
DID: +65-6723-3150
Email: ng.laysan@sembcorp.com
Fock Siu Ling (Ms)
PR Counsel
Group Corporate Relations
DID: +65-6723-3152
Email: fock.siuling@sembcorp.com
Lim Yuan See (Ms)
Associate Director, Singapore
Kreab Gavin Anderson
DID: +65-6339-9110
Email: ylim@kreabgavinanderson.com
For US:
Richard A. Mahony (Mr)
Managing Partner, New York
Kreab Gavin Anderson
DID: +1-212-515-1960
Email: rmahony@kreabgavinanderson.com
For UK:
Natalie Biasin (Ms)
Associate Director, London
Kreab Gavin Anderson
DID: +44-20-7074-1864
Email: nbiasin@kreabgavinanderson.com
SOURCE Sembcorp Industries Ltd
(Reuters) – Agricultural Bank of China ABC.UL said on Monday that it had attracted subscriptions from big insurers and other major companies for the Shanghai portion of its initial public offering, helping to ensure that the issuance would not cause disruptions to local markets.
AgBank’s roughly $20 billion Hong Kong-Shanghai IPO has hung over the Shanghai stock market in past weeks, as investors worry that an influx of additional shares could keep the overall market — one of the world’s worst performers this year — from having a chance of reviving any time soon. .SS
AgBank President Zhang Yun sought to ease such concerns in an “online roadshow” on Monday, answering questions posed by retail investors in an online chat.
Up to 10.2 billion yuan-denominated shares will be sold via a placement to strategic investors, including top insurers, agricultural firms and other major companies, Zhang said, accounting for nearly half the overall A-shares on offer.
That meant that, even if the offer is priced at the top of the price range for the A-share offering of 2.52-2.68 yuan ($0.37-$0.40) per share, the overall offering would not be too big, Zhang said.
“The market should have adequate ability to handle the offering,” he said.
Zhou Qingyu, head of AgBank’s agriculture-related business, added that while the IPO would raise enough capital to support rapid growth over the next three years, it could turn again to capital markets down the road.
“We will also consider external fundraising if conditions are beneficial and allow us to do so. The tools include issuance of common shares, convertible bonds and subordinated bonds,” Zhou said.
AgBank President Zhang did not name the firms that would be participating as strategic investors, but indicated that the country’s third-biggest bank by assets was seeking investors that would help it stick to its roots as a lender focused on the vast countryside.
Sources familiar with the deal told Reuters earlier that institutional investors for the A-share portion would include China Life Insurance Co (2628.HK) (601628.SS). Petrochina (601857.SS) was also expected to participate.
“These companies have leading positions in their industries, such as major insurance companies, leading enterprises, and leading agriculture-related companies,” Zhang said.
“These companies … would help lift AgBank’s corporate value, improve corporate governance, and play an important role in helping generate shareholder returns,” he said.
Half the stakes bought by strategic investors will be locked up for one year, and the remainder has to be held for at least 18 months.
AgBank, the last of China’s “big four” banks to go public, is selling shares in Shanghai and Hong Kong to raise as much as $23 billion in what could be the world’s biggest IPO, as the lender seeks to replenish capital and drive growth.
If AgBank’s offering is priced toward the top of an indicated range, and a greenshoe option is exercised to expand the offering by 15 percent, the IPO will become the world’s biggest ever, exceeding Industrial & Commercial Bank of China’s (1398.HK) (601398.SS) $21.9 billion offering in 2006.
AgBank is expected to price the Hong Kong portion of its IPO on Tuesday and the Shanghai portion on Wednesday.
The Hong Kong portion of AgBank’s IPO was 10 times oversubscribed by institutional investors during the first week of bookbuilding.
Cornerstone investors have already taken up $5.45 billion of the Hong Kong portion of the IPO, leaving a relatively small portion for other investors.
They include Asia-focused bank Standard Chartered Plc (STAN.L), the Qatar and Kuwaiti sovereign wealth funds, Rabobank RABO.UL and Temasek Holdings TEM.UL.
(Editing by Jacqueline Wong)
Medgenics, Inc.
(‘Medgenics’ or the ‘Company’)
Statement Regarding Share Price Discrepancy
Medgenics (AIM: MEDG and MEDU), the company that has developed a novel technology for the manufacture and delivery of therapeutic proteins continuously in patients using their own tissue, has noted the widening discrepancy between the mid-market price of the MEDU and MEDG quotes for common shares of par value US $0.0001 each in the Company (“Common Shares”).
The Company would like to confirm that all of its issued and outstanding Common Shares, whether trading on the MEDU line or the MEDG line, rank pari passu in all respects and carry equal voting rights and equal rights to dividends. The only difference between the two quotes (MEDU and MEDG) is that the Common Shares trading on the MEDG line were when issued and remain subject to restrictions on transfer under the US Securities Act of 1933 (as amended) (the “US Securities Act”). The MEDG line of Common Shares cannot be settled electronically in the CREST system and, instead, settle in CREST only on a cash basis, with the buyer being responsible for re-registering the certificated holding. Buyers and sellers of the MEDG line of stock are both required to complete a representation letter in connection with a dealing in Common Shares trading on the MEDG line in order to assure compliance with the transfer restrictions and for settlement to be facilitated. A significant number of the Common Shares trading on the MEDG line may now qualify to have the restrictions lifted and for migration to the MEDU line of Common Shares.
Other than the transfer restrictions, the Company confirms that there are no differences in rights between the Common Shares quoted on the MEDU line and those quoted on the MEDG line.
For further information regarding the applicable restrictions on transfer on MEDG quoted Common Shares, the ability to transfer Common Shares from the MEDG line onto the MEDU line, participation in the depository interest arrangements that have been established by the Company and the transfer of Common Shares within CREST, shareholders should refer to the announcement made by the Company on 12 November 2008 or contact the Company directly at investor-relations@medgenics.com.
For further information, contact:
Andrew Pearlman +972 4 902 8900
CEO Medgenics, Inc
Mike Wort / Anna Dunphy +44 207 861 3838
De Facto Communications (PR)
James Pinner / Derek Crowhurst +44 207 444 0800
Religare Capital Markets (Nomad)
Ian Callaway / Alex Mattey +44 207 638 5600
SVS Securities plc (Joint Broker)
Jonathan Senior +44 207 776 1219
Nomura Code (Joint Broker)
Notes to Editors:
About Medgenics:
Medgenics is a commercial -stage biopharmaceutical company developing its unique tissue-based Biopump platform technology to provide sustained-action protein therapy for the treatment of a range of chronic diseases. The first revenue generating commercial deal with a well known multinational pharmaceutical company was negotiated in late 2009.
Biopumps are made using needle biopsies taken from the lower layer of the patient’s skin under local anaesthetic and processed during 10-14 days to become 30 mm long tissue biofactories producing the required protein. The requisite number of Biopumps are injected under the patient’s skin to provide sustained protein production and delivery for many months. The Company is developing the Biopump to provide substantially greater safety and reliability in protein treatment in a more cost effective manner than experienced with the existing injected protein therapies. Medgenics currently has three products in development based on this technology and addressing the indications of:
- Anaemia – using EPODURE, a Biopump producing erythropoietin (EPO)
- Hepatitis-C – using INFRADURE – a Biopump producing interferon-alpha (IFN-a)
- Haemophilia – using a Biopump to produce clotting Factor VIII
The Company’s Phase I/II clinical trial using EPODURE to treat anaemia in patients with chronic kidney disease, has demonstrated proof of concept of the Biopump. Designed to produce and deliver a therapeutic dose of EPO steadily for six months or more, EPODURE Biopumps have already provided effective anaemia treatment in most of these patients for 6-12 months, even at the low administered dose.
Medgenics intends to develop its innovative products and bring them to market via multiple strategic partnerships with major pharmaceutical and/or medical device companies. In addition to treatments for Anaemia, Hepatitis-C, and Haemophilia, Medgenics plans to develop and/or out-license a pipeline of future Biopump products targeting the large and rapidly growing global protein therapy market, which is forecast to reach US $87 billion by the end of 2010. Other potential applications of Biopumps producing various proteins include multiple sclerosis, arthritis, pediatric growth hormone deficiency, obesity, and diabetes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRARIMFTMBIMBTM
Hamilton, Bermuda, June 29, 2010 – In connection with the Company’s Employee Share
Ownership Plan (ESOP), eligible option holders have exercised options to acquire 2,000
common shares at strike price NOK104.64 per share and 1,000 common shares at strike
price NOK80.97 per share. To meet its obligation, the Company has reduced its treasury
shareholding from 681,200 shares to 678,200 shares.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
BOARD OF DIRECTORS OF COMSTAR-UTS APPROVES AGREEMENTS SIGNED WITH ROSTELECOM
REGARDING THE SALE OF ITS STAKE IN SVYAZINVEST
Moscow, Russia – June 25, 2010 – “COMSTAR – United TeleSystems” JSC (“Comstar”
or “the Group”) (LSE: CMST), the largest integrated telecommunications provider
in Moscow and 82 Russian cities, announces that at a meeting held on June 25,
2010, its Board of Directors approved the purchase and sale agreement between
OAO Rostelecom (“Rostelecom” – RTS and MICEX: RTKM, RTKMP; OTCQX: ROSYY) and
Comstar, according to which Rostelecom will purchase the common shares of OAO
Svyazinvest, which account for the 17.31% of its equity, for RUB 18 billion.
MGTS Finance S.A., a company controlled by Comstar, has also received the
required corporate approval for the sale of 7.69% of OAO Svyazinvest to
Rostelecom for RUB 8 billion.
Therefore, the total amount of these transactions, involving the sale of the
25%+1 share stake in OAO Svyazinvest to OAO Rostelecom, amounts to RUB 26
billion. The proceeds of these transactions will be used by Comstar to pay down
its outstanding debt to Sberbank in the amount of RUB 26 billion.
As has been announced previously, the closing of the transactions is subject to
satisfying a number of conditions including, inter alia, obtaining the necessary
corporate approvals by the parties involved, regulatory clearances, including
those from the Federal Antimonopoly Service, and entering into the exchange
transaction by AFK Sistema and Svyazinvest, after the completion of which,
Svyazinvest will control 100% of the share capital in SkyLink CJSC and AFK
Sistema will acquire the 23.33% stake in OAO Moscow City Telephone Network
(MGTS). The agreements are in line with the previously announced non-binding
Memorandum of Understanding (MOU) concluded by Comstar with Sistema and
Svyazinvest on November 23, 2009.
The Comstar group of companies currently owns a 25%+1 share stake in
Svyazinvest. Comstar has a 69.93% stake in MGTS. Svyazinvest owns a 23.33% stake
in MGTS and a 38% stake in Rostelecom (50.67% of the voting shares).
***
For further information, please visit www.comstar-uts.com or contact:
Comstar UTS Shared Value Limited
Masha Eliseeva
Tel. +44 (0) 20 7321 5010
Tel: +7 985 997 0852 comstar@sharedvalue.net
ir@comstar-uts.ru
Comstar-UTS is the leading fixed-line telecommunications company in Moscow.
Comstar provides voice, data, television and other value-added services to
residential and corporate subscribers and operators, using its extensive
backbone network and exclusive last mile access to 96% of Moscow households. The
Company also offers communications services in 82 cities in the Russian regions,
Armenia and Ukraine. Comstar had 3.6 million residential subscribers including
860 thousand residential broadband internet subscribers in Moscow, as well as
2.6 million regional and international residential subscribers, including 426
thousand residential broadband internet subscribers and 2.0 million residential
pay-TV subscribers at the end of the first quarter of 2010. Comstar generated
US$ 407.0 million of revenues and an 43.9% OIBDA margin for the three months
ended March 31, 2010. Comstar`s Global Depositary Receipts are listed on the
London Stock Exchange (ticker: CMST).
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Comstar UTS. You can identify forward looking statements by terms
such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,”
“could,” “may” or “might”, the negative of such terms or other similar
expressions. Comstar UTS wishes to caution that these statements are only
predictions, and that actual events or results may differ materially. Comstar
UTS does not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events. Many factors could cause the actual results to differ
materially from those contained in projections or forward-looking statements of
Comstar UTS, including, among others, general economic conditions, the
competitive environment, risks associated with operating in Russia, rapid
technological and market change in the industries Comstar UTS operates in, as
well as many other risks specifically related to Comstar UTS and its
operations.
Comstar UTS
Copyright Business Wire 2010
HOUSTON, TEXAS, Jun 22 (MARKET WIRE) —
Caza Oil & Gas, Inc. (“Caza” or the “Company”) (TSX:
CAZ)(AIM: CAZA) was notified on 21 June 2010, by Millennium Global
Investments, that following its disposal of an aggregate of 1,375,000
Caza common shares of no par value (“Shares”), Millennium
Global Investments now has a holding of 15,500,000 Shares representing
13.0 percent of the Company’s issued share capital.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
Contacts:
Caza Oil & Gas, Inc.
John McGoldrick
Chairman
+1 281 363 4442
Caza Oil & Gas, Inc.
Michael Ford
CEO
+1 432 682 7424
www.cazapetro.com
Westhouse Securities Limited
Tim Feather/Richard Baty
+44 (0)20 7601 6100
Copyright 2010, Market Wire, All rights reserved.
HOUSTON, TEXAS, Jun 22 (MARKET WIRE) —
Caza Oil & Gas, Inc. (“Caza” or the “Company”) (TSX:
CAZ)(AIM: CAZA) was notified on 21 June 2010, by Millennium Global
Investments, that following its disposal of an aggregate of 1,375,000
Caza common shares of no par value (“Shares”), Millennium
Global Investments now has a holding of 15,500,000 Shares representing
13.0 percent of the Company’s issued share capital.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
Contacts:
Caza Oil & Gas, Inc.
John McGoldrick
Chairman
+1 281 363 4442
Caza Oil & Gas, Inc.
Michael Ford
CEO
+1 432 682 7424
www.cazapetro.com
Westhouse Securities Limited
Tim Feather/Richard Baty
+44 (0)20 7601 6100
Copyright 2010, Market Wire, All rights reserved.
LUXEMBOURG, LUXEMBOURG, Jun 14 (MARKET WIRE) —
Northland Resources S.A. (TSX: NAU)(OSLO: NAUR)(FRANKFURT: NBS)
(“Northland” or “the Company”) announces that further
to the Company’s press release dated June 9, 2010, the common shares of
the Company will commence trading with new ISIN and CINS as of today,
Monday, June 14, 2010. The numbers are as follows:
ISIN: LU0488722801
Common Code: 048872280
CUSIP (CINS): L69683 107
Contacts:
Northland Resources S.A.
Deborah Craig
Corporate Secretary
+46 70 638 4300
www.northland.eu
Copyright 2010, Market Wire, All rights reserved.
Luxembourg, June 14, 2010: Northland Resources S.A. (“Northland” or “the Company”)
announces that further to the Company’s press release dated June 9, 2010, the common
shares of the Company will commence trading with new ISIN and CINS as of today, Monday,
June 14, 2010. The numbers are as follows:
ISIN: LU0488722801
Common Code: 048872280
CUSIP (CINS): L69683 107
For further information, please contact:
Deborah Craig, Corporate Secretary, tel. +46 70 638 4300
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
HUG#1423520
CHICAGO & BLUE BELL, Pa.–(Business Wire)–
Old Republic International Corporation (NYSE:ORI) (“Old Republic”) and PMA
Capital Corporation (NASDAQ:PMACA) (“PMA”) announced today that the companies
have entered into a merger agreement pursuant to which Old Republic will acquire
all of PMA`s outstanding common stock. Under the terms of the agreement approved
by the boards of directors of both companies, Old Republic will issue 0.55
shares of Old Republic common stock in exchange for each outstanding common
share of PMA. Depending on the price of Old Republic`s common stock preceding
the closing of the merger, the exchange ratio may be adjusted upwards or
downwards, but will not exceed 0.60 or be less than 0.50. The initial exchange
ratio represents a premium of approximately 15% to the closing price of PMA`s
common stock on June 8, 2010, the last trading day before the signing of the
merger agreement. As of the latter date the transaction therefore attributes a
total enterprise value for PMA of approximately $365 million, consisting of $228
million for PMA common shares and $137 million for its debt.
The transaction is expected to close during the third quarter of 2010, subject
to approval by PMA`s shareholders, regulatory approvals and other customary
closing conditions.
Speaking from PMA`s headquarters, Vincent Donnelly, President and CEO, said that
“We are pleased that we were able to reach this agreement with Old Republic, and
we believe that this merger will have positive benefits to our shareholders,
clients and employees. We expect that this transaction will enable our
shareholders to realize greater long-term value than if we continued to operate
as a stand-alone entity. We also believe that the additional financial strength
and stability of a larger well diversified company will benefit our clients,
employees and other stakeholders. Following the closing, we will continue to do
business as the PMA Companies, and we will maintain our company headquarters in
Blue Bell, Pennsylvania with our experienced leadership team and local service
locations. We are excited about the opportunity that Old Republic presents for
the continued profitable growth of our businesses.”
In announcing the merger from Old Republic`s Chicago headquarters, Al Zucaro,
Chairman and CEO stated that ” . . . we are extremely pleased to welcome PMA`s
management and all of its associates to our family of companies. This merger is
consistent with our long term strategic plan to grow our General Insurance
business. The alliance of our two companies results in a well-capitalized
insurance group appropriately positioned to take advantage of the many
opportunities and synergies which will no doubt be available to us. The two
companies share a commitment to conservative underwriting and a focus on select
industries important to the American economy. We are convinced that the
long-term orientation of the decision to effect this merger will at once provide
greater scale, balance and diversification for our general insurance business,
and produce enhanced future benefits for the combined shareholder groups.”
BofA Merrill Lynch is acting as exclusive financial advisor and Ballard Spahr
LLP as legal counsel to PMA Capital Corporation. Macquarie Capital acted as
financial advisor to Old Republic.
Background
PMA Capital Corporation, headquartered in Blue Bell, Pennsylvania, is a holding
company whose operating subsidiaries provide insurance and fee-based services.
Insurance products include workers` compensation and other commercial property
and casualty lines of insurance. Fee-based services include third party
administrator, managing general agent and program administrator services. The
operating subsidiaries are marketed under PMA Companies and include The PMA
Insurance Group, PMA Management Corp., PMA Management Corp. of New England and
Midlands Management Corporation. As of March 31, 2010, PMA had assets of
approximately $2.4 billion and common shareholders` equity of $418 million or
$12.96 per share. The current stock market valuation is approximately $199
million or $6.17 per share. For additional information visit
www.PMACompanies.com.
Chicago-based Old Republic International Corporation is an insurance holding
company whose subsidiaries market, underwrite and provide risk management
services for a wide variety of coverages, principally in the property and
liability, mortgage guaranty, and title insurance fields. One of the nation`s 50
largest publicly held insurance organizations, Old Republic has assets of
approximately $14.3 billion and common shareholders` equity of nearly $4.0
billion or $16.90 per share. Its current stock market valuation is approximately
$3.1 billion or $12.86 per share. For the latest news releases and other
corporate documents on Old Republic International visit www.oldrepublic.com.
Forward-looking Statements
This press release includes certain forward-looking statements. The
forward-looking statements are subject to known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Old Republic or PMA to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors include, among others, the timing and
completion of the merger, the ability to obtain regulatory and other approvals
relating to the merger, and the effect of this announcement on PMA`s customer
relationships, operating results and business generally. These factors also
include, but are not limited to, the risks and uncertainties described in Old
Republic`s and PMA`s reports filed with the Securities and Exchange Commission
(“SEC”). These filings include the Annual Reports on Form 10-K for the year
ended December 31, 2009, which are available at www.sec.gov., Old Republic and
PMA disclaim any intention or obligation to update or revise any forward-looking
statements, except as required by law.
Additional Information
This press release does not constitute an offer for the sale or exchange of
securities. Old Republic will file with the SEC a registration statement on Form
S-4 that will include PMA`s proxy statement and will also constitute a
prospectus of Old Republic.Old Republic and PMA also plan to file other
documents with the SEC regarding the proposed transaction. A definitive proxy
statement/prospectus will be sent to PMA`s shareholders. PMA SHAREHOLDERS ARE
ADVISED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE MERGER, OLD REPUBLIC AND PMA.
Shareholders may obtain free copies of the proxy statement and other documents
filed by PMA (when available), at the SEC`s Web site at www.sec.gov or at PMA`s
Web site at www.pmacapital.com. The proxy statement and such other documents may
also be obtained for free, when they become available from PMA, by directing
such request to Investor Relations, PMA Capital Corporation, 380 Sentry Parkway,
Blue Bell, Pennsylvania, telephone: 610-397-5298.
PMA and its directors, executive officers and other members of its management
and employees may be deemed to be participants in the solicitation of proxies
from PMA Capital`s shareholders in connection with the proposed transaction.
Information concerning the interests of those persons is set forth in PMA`s
proxy statement relating to the 2010 annual meeting of shareholders and annual
report on Form 10-K for the fiscal year ended December 31, 2009, both filed with
the SEC, and will also be set forth in the proxy statement relating to the
transaction when it becomes available.
PMA Capital Corporation
Vincent T. Donnelly
President & CEO
610-397-5298
or
Old Republic International Corporation
A.C. Zucaro
Chairman & CEO
312-346-8100
Copyright Business Wire 2010
VANCOUVER, BRITISH COLUMBIA, Jun 09 (MARKET WIRE) —
Fancamp Exploration Ltd. (TSX VENTURE: FNC) wishes to announce that
Champion Minerals Inc. has earned a 65% interest in the 50% held Fermont
Iron Property by making total cash payments of $1,000,000, issuing
2,900,000 common shares of Champion and completion of $6,000,000 in work
expenditures. With Champion completing its earn-in, a 65% – 35% joint
venture will be formed between Champion Minerals Inc.(65%), Fancamp
Exploration Ltd.(17 1/2%) and the Sheridan Platinum Group (17 1/2%).
Fancamp and Sheridan retain a 3% Net Smelter Returns royalty, one third
of which may be purchased by Champion for $3,000,000.
Fancamp is looking forward to participating in further exploration
undertakings with our 17 1/2 % interest.
Refer to the Champion website for further details -
www.championminerals.com.
ON BEHALF OF THE BOARD
Peter H. Smith, PhD., P.Eng., President
S.E.C. Exemption: 12(g)3-2(b)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Fancamp Exploration Ltd.
Peter H. Smith, PhD., P.Eng.
President
514-481-3172
www.fancampexplorationltd.ca
Copyright 2010, Market Wire, All rights reserved.
VANCOUVER, BRITISH COLUMBIA, Jun 09 (MARKET WIRE) —
Knightswood Financial Corp. (TSX VENTURE: KWF) announced today that it
had obtained disinterested shareholders’ approval for stock option
repricing at yesterday’s annual general meeting of shareholders of the
Company. Subject to the approval of the TSX Venture Exchange, outstanding
options for the purchase of an aggregate of 493,864 common shares of the
Company, having exercise prices between $0.11 and $0.20 per share and
expiry dates in 2012 and 2013, will be repriced to an exercise price of
$0.10 per share. None of the repriced stock options may be exercised at
the amended stock option price pending TSX Venture Exchange’s acceptance
of the stock option repricing.
About Knightswood Financial Corp.
Knightswood Financial Corp. is a merchant bank company providing private
entities with solutions which allow them to issue debentures which are
eligible for registered plans. Knightswood Financial Corp. offers a wide
range of services to assist its private entity clients to achieve their
debenture financing objectives.
ON BEHALF OF THE BOARD OF DIRECTORS
KNIGHTSWOOD FINANCIAL CORP.
Maurice Levesque, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Knightswood Financial Corp.
Maurice Levesque
President and Director
(604) 601-5802
mlevesque@knightswoodfinancial.com
Copyright 2010, Market Wire, All rights reserved.
VANCOUVER, BRITISH COLUMBIA, Jun 09 (MARKET WIRE) —
BMB Capital Corp. (TSX VENTURE: BMB.P), a capital pool company
(“CPC”), announces a non-brokered private placement of
5,000,000 flow-through common shares at a price of $0.15 per share to
raise gross proceeds of $750,000.
The proceeds of the offering will be used to fund the Phase 1 exploration
program on the Green Bay Project, Newfoundland The exploration program
totalling $748,000, has been recommended in the independent technical
report prepared by Larry R. Pilgrim, B.Sc., P. Geol., dated April 15,
2010, which was filed on SEDAR on May 13, 2010.
The Green Bay Project is currently being optioned to the Company by
Commander Resources Ltd. (“Commander”) pursuant to a Letter of
Intent dated March 11, 2010 as amended March 19, 2010. Particulars of the
foregoing are set out in the Company’s news release dated March 24, 2010.
The Company also announces that by amending letter dated June 2, 2010,
the Company and Commander have agreed to reduce the initial 18 month work
commitment and size of the initial financing required to exercise a
portion of the option granted to the Company from $1,000,000 to $750,000.
The Company may pay finders fees in connection with the private placement
to certain parties who are instrumental in introducing investors to the
Company, subject to compliance with regulatory requirements.
The private placement and property option obtained from Commander, form
the material portion of the Company’s proposed Qualifying Transaction
required to remove the current “CPC” designation and
accompanying regulatory restrictions and are subject to acceptance by the
TSX Venture Exchange. It is planned that the Company’s shares will remain
halted until completion of the Qualifying Transaction.
On Behalf of the Board of Directors,
Allan W. Williams, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
BMB Capital Corp.
Allan W. Williams
President
(604) 916-4361
Copyright 2010, Market Wire, All rights reserved.
Cliffs Remains Fully Committed to Offer for Spider
CLEVELAND–(Business Wire)–
Regulatory News:
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that it
continues to review its options with respect to making a formal offer for the
common shares of KWG Resources Inc. (“KWG”) (TSXV: KWG) and may not make such an
offer in light of KWG`s disclosure on May 25, 2010, only one day after Cliffs`
announced intention to bid for KWG, that it has entered into a binding letter
agreement to merge with Spider Resources Inc. (“Spider”) (TSXV: SPQ). Cliffs
added that it will provide further information once it has made its decision on
this matter.
As disclosed on May 24 and June 3, 2010, Cliffs can achieve its strategic
objective of gaining control of the “Big Daddy” chromite project located in the
McFaulds Lake area of Northern Ontario by acquiring either Spider or KWG. Cliffs
currently owns a 47% interest in the project while Spider and KWG each own 26.5%
and have the option to earn-in up to 30% each.
Cliffs remains firmly committed to its offer for Spider, which commenced on May
31, 2010 and expires on July 6, 2010 unless extended or withdrawn. Cliffs is
offering a price of Cdn.$0.13 in cash per Common Share, which represents a
premium of 62.5% over the closing price of the Common Shares on the TSX-V on May
21, 2010, the last trading day prior to disclosure of Cliffs` proposal to
acquire Spider.
For more information about the offer for Common Shares, shareholders of Spider
are invited to read Cliffs` offer to purchase and accompanying circular dated
May 31, 2010 which are available at www.sedar.com. Spider shareholders, banks
and brokers who have questions or requests for assistance regarding the Offer
should contact Georgeson, Cliffs` information agent, toll free at
1-866-656-4120. Georgeson can also be contacted via email at
askus@georgeson.com.
To be added to Cliffs Natural Resources` e-mail distribution list, please click
on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html.
ABOUT CLIFFS NATURAL RESOURCES INC.
Cliffs Natural Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, we are the largest producer of iron ore
pellets in North America, a major supplier of direct-shipping lump and fines
iron ore out of Australia and a significant producer of metallurgical coal. With
core values of environmental and capital stewardship, our colleagues across the
globe endeavor to provide all stakeholders operating and financial transparency
as embodied in the Global Reporting Initiative (GRI) framework. Our Company is
organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or
managed in Michigan, Minnesota and Canada and two coking coal mining complexes
located in West Virginia and Alabama. The Asia Pacific business unit is
comprised of two iron ore mining complexes in Western Australia and a 45%
economic interest in a coking and thermal coal mine in Queensland, Australia.
The Latin America business unit includes a 30% interest in the Amapá Project, an
iron ore project in the state of Amapá in Brazil.
Other projects under development include a biomass production plant in Michigan
and Ring of Fire chromite properties in Ontario, Canada. Over recent years,
Cliffs has been executing a strategy designed to achieve scale in the mining
industry and focused on serving the world’s largest and fastest growing steel
markets.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995
This news release contains predictive statements that are intended to be made as
“forward-looking” within the safe harbor protections of the Private Securities
Litigation Reform Act of 1995. Although we believe that our forward-looking
statements are based on reasonable assumptions, such statements are subject to
risk and uncertainties.
Actual results may differ materially from such statements for a variety of
reasons, including potential steps taken by Spider or KWG or their respective
directors or shareholders to impede our ability to proceed with or complete the
Offer for Spider, which may include steps taken in furtherance of the proposed
merger transaction between Spider and KWG. Other factors that could impact
actual results include the following: demand for ferrochrome by global
integrated steel producers; the impact of consolidation and rationalization in
the steel industry; availability of capital equipment and component parts;
availability of rail and float capacity; availability and cost of capital;
ability to maintain adequate liquidity and access capital markets; events or
circumstances that could impair or adversely impact the viability or value of
the assets or businesses of Spider; inability to achieve expected production
levels; reductions in current resource estimates; impacts of increasing
governmental regulation, including failure to receive or maintain required
environmental permits; problems with productivity, third-party contractors,
labor disputes, disputes with indigenous tribes in the area, weather conditions,
fluctuations in ore grade and changes in other cost factors, including energy
costs and transportation.
Reference is also made to the detailed explanation of the many factors and risks
that may cause such predictive statements to turn out differently, set forth in
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news
releases filed with the Securities and Exchange Commission, which are publicly
available on Cliffs’ website. The information contained in this document speaks
as of the date of this news release and may be superseded by subsequent events.
News releases and other information on the Company are available on the Internet
at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1.
Follow Cliffs on Twitter at: http://twitter.com/CliffsIR.
INVESTOR AND FINANCIAL MEDIA CONTACTS:
Canada
Longview Communications Inc.
Alan Bayless, 604-694-6035
abayless@longviewcomms.ca
OR
United States – Europe
Cliffs Natural Resources Inc.
Steve Baisden, 216-694-5280
Director, Investor Relations and Corporate Communications
steve.baisden@cliffsnr.com
or
Jessica Moran, 216-694-6532
Sr. Investor Relations Analyst
jessica.moran@cliffsnr.com
or
Christine Dresch, 216-694-4052
Manager – Corporate Communications
christine.dresch@cliffsnr.com
Copyright Business Wire 2010
TORONTO, ONTARIO, Jun 04 (MARKET WIRE) —
Homeland Uranium Inc. (“HUI”) or (the “Company”) has
closed a non-brokered private placement financing of 20 million common
shares at $0.05 per common share (the “Financing”) for gross
proceeds of $1 million. The common shares are subject to hold periods in
accordance with requisite securities laws.
The Board of Directors of HUI believes that the financing is in the best
interest of the Company and has approved financing to a maximum of $1.1
million (i.e. an additional $100,000).
A finder’s fee of up to 5% payable in cash may be paid on a portion of
the private placement to qualified finders.
The Company plans to use the proceeds of this financing for working
capital purposes and to maintain and advance its uranium exploration
projects in Niger.
Following the completion of HUI’s transaction to acquire a controlling
interest in Southern Andes Energy Inc., (TSX VENTURE: SUR), formerly
known as Solex Resources, the Company owns a 50.7% interest in Southern
Andes Energy. Southern Andes Energy is the largest land holder in the
emerging Macusani Plateau uranium strict in Peru. For additional
information on the Southern Andes Energy transaction, please see our
press release dated May 17, 2010 at www.homelanduranium.com
About Homeland Uranium Inc.
The Company is a natural resource company engaged in the acquisition,
exploration and development of uranium properties. The Company is active
in the Arlit region of Niger where the Company has an interest in the
Agelal and Asekra uranium projects totaling 3,731 square kilometres in
eight exploration concessions. The Company also holds rights to 4
exploration properties in Colorado, United States. Homeland owns 50.7% of
the issued and outstanding common shares of Southern Andes Energy Inc.
(TSX VENTURE: SUR) on a non-diluted basis.
This news release may contain forward-looking statements that are based
on the Company’s’ expectations, estimates and projections regarding its
business and the economic environment in which it operates. These
statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore, actual
outcomes and results may differ materially from those expressed in these
forward-looking statements and readers should not place undue reliance on
such statements. Statements speak only as of the date on which they are
made, and the Company undertakes no obligation to update them publicly to
reflect new information or the occurrence of future events or
circumstances, unless otherwise required to do so by law.
Contacts:
Homeland Uranium Inc.
Nick Tintor
President and CEO
416-987-0855
nick.tintor@homelanduranium.com
Homeland Uranium Inc.
Leslie Haddow
Corporate Secretary
416-637-3253
leslie.haddow@homelanduranium.com
www.homelanduranium.com
Copyright 2010, Market Wire, All rights reserved.
TORONTO, ONTARIO, Jun 04 (MARKET WIRE) —
Just Energy Exchange Corp. (the “Corporation”) (TSX: JEX) filed
notice with the Toronto Stock Exchange today announcing its regular
dividend for June. A dividend of $0.06889/exchangeable share, series 1
(the “Exchangeable Shares”) ($0.82667 annually) will be paid on
June 30th, 2010 to holders of Exchangeable Shares of record at the close
of business on June 15th, 2010. In accordance with the articles of the
Corporation, the amount of this dividend is equal to 66 2/3% of the
amount of the distribution declared on June 4th, 2010 by Just Energy
Income Fund (“Just Energy”) on its trust units (“Trust
Units”) on a per unit basis. The Exchangeable Shares trade on the
Toronto Stock Exchange under the symbol “JEX”.
Just Energy Exchange Corp.
On July 1, 2009, Just Energy Exchange Corp., a wholly owned subsidiary of
Just Energy, acquired all of the issued and outstanding common shares
(“Universal Shares”) of Universal Energy Group Ltd.
(“Universal”) pursuant to an arrangement (the
“Arrangement”) under section 192 of the Canada Business
Corporations Act and subsequently amalgamated with Universal to form the
Corporation. Under the Arrangement, Universal shareholders received 0.58
of an Exchangeable Share for each Universal Share held. Each Exchangeable
Share is exchangeable for a Trust Unit of Just Energy on a one-for-one
basis at any time at the option of the holder.
Just Energy’s business involves the sale of natural gas and/or
electricity to residential and commercial customers under long-term
fixed-price and price-protected contracts through its subsidiaries. By
fixing the price of natural gas or electricity under its fixed-price or
price-protected program contracts for a period of up to five years, Just
Energy’s customers offset their exposure to changes in the price of these
essential commodities. Just Energy, which commenced business in 1997,
derives its margin or gross profit from the difference between the fixed
price at which it is able to sell the commodities to its customers and
the fixed price at which it purchases the associated volumes from its
suppliers.
Just Energy also offers “green’ products through its Just Green
energy products. The electricity Just Green product offers the customer
the option of having all or a portion of his or her electricity sourced
from renewable green sources such as wind, run of the river hydro or
biomass. The gas Just Green product offers carbon offset credits which
will allow the customer to reduce or eliminate the carbon footprint for
their home or business. Management believes that these products will not
only add to profits, but also increase sales receptivity and improve
renewal rates.
In addition, through National Home Services, Just Energy sells and rents
high efficiency and tankless waterheaters and through Terra Grain Fuels,
Just Energy produces and sells wheat-based ethanol.
Forward-Looking Statements
The Corporation’s press releases may contain forward-looking statements
including statements pertaining to dividend payments, customer revenues
and margins, customer additions and renewals, customer attrition,
customer consumption levels, distributable cash and treatment under
governmental regulatory regimes. These statements are based on current
expectations that involve a number of risks and uncertainties which could
cause actual results to differ from those anticipated. These risks
include, but are not limited to, levels of customer natural gas and
electricity consumption, rates of customer additions and renewals, rates
of customer attrition, fluctuations in natural gas and electricity
prices, changes in regulatory regimes and decisions by regulatory
authorities, competition and dependence on certain suppliers. Additional
information on these and other factors that could affect the
Corporation’s operations, financial results or dividend levels are
included in Just Energy’s annual information form and other reports of
Just Energy and the Corporation on file with Canadian securities
regulatory authorities which can be accessed through the SEDAR website at
www.sedar.com or through Just Energy’s website at www.je-un.ca.
The Toronto Stock Exchange has neither approved nor disapproved of the
contents of this release.
Contacts:
Just Energy Exchange Corp.
Ms. Rebecca MacDonald
Executive Chair
(416) 367-2872
Just Energy Exchange Corp.
Ken Hartwick C.A.
President and Chief Executive Officer
(905) 795-3557
Just Energy Exchange Corp.
Beth Summers C.A.
Chief Financial Officer
(905) 795-4206
www.je-un.ca
Copyright 2010, Market Wire, All rights reserved.
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