iGate to delist Patni by purchasing shares from minority holders

April 13, 2012 By Leave a Comment

iGate Corp has said that it will soon delist Patni Computer Systems from stock exchanges after acquiring shares from the company’s minority shareholders at a set price of Rs 520 per share and will complete the merger with itself.

US-listed iGAT

E, which had acquired Phaneesh Murthy-led Patni Computers in 2011, has announced plans to delist the company at the time of its acquisition. The American company holds a 81% stake in Patni and it will now have to spend about Rs 1,394.82 crore to complete the delisting offer.

The figure is much higher than what was estimated by the company when it made an offer for Patni’s 26,823,624 shares in March. iGate had set a floor price of Rs356.74 in its reverse book building process and indicated that it was ready to pay a maximum price of Rs430-450 per share.

Analysts say the de-listing of the shares of favorable for small investors who can benefit from the delisting price, which is expected to be close to previous open offer price of about Rs. 500. Patni will be de-listed from the domestic stock exchanges by mid-2012 and iGATE will have full ownership of the firm.

The American Depository Receipts (ADRs) of Patni will also be de-listed from the New York Stock Exchange. iGate said in a statement that it will beginning the process of de-listing through its subsidiaries, Asia iGate Solutions and iGate Global Solutions Ltd.

Filed Under: International News Tagged With: , , , , , , ,

Entravision Communications Corporation Schedules Second Quarter 2010 Earnings Release and Teleconference

July 24, 2010 By Leave a Comment

SANTA MONICA, Calif., July 23 /PRNewswire-FirstCall/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release second quarter 2010 financial results after market hours on Thursday, August 5, 2010.

The company will also host a teleconference to discuss its second quarter 2010 financial results on Thursday, August 5, 2010 at 5:00 p.m. Eastern Time. To access the teleconference, please dial (412) 858-4600 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, August 19, 2010, which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 442613. The webcast will also be archived on the Company’s Web site for 30 days.

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

SOURCE Entravision Communications Corporation

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Horizon Lines Q2 profit beats Wall Street

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Container shipping company Horizon Lines Inc’s (HRZ.N) quarterly profit handily beat analysts’ estimates, helped by better results from its Alaska tradelane, terminal services and logistics.

For the full year, however, Horizon expects adjusted EBITDA performance to be in the range of 2009 results.

For the second quarter, net income was $3.7 million, or 12 cents a share, compared with net loss of $31.1 million, or $1.02 a share, last year.

Excluding certain items, the company earned 15 cents a share.

Revenue rose 10 percent to $305.6 million.

Analysts on average were expecting the company to post earnings of 9 cents a share, excluding items, on revenue of $308 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $4.06 Thursday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Don Sebastian)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Sensient Q2 profit beats Street, ups FY profit view

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Specialty chemicals company Sensient Technologies Corp (SXT.N) reported quarterly profit above analysts’ estimates, helped by volume growth across its segments, and raised its full-year earnings outlook.

For the second quarter, Sensient’s net income rose to $28.7 million, or 58 cents a share, from $25.8 million, or 53 cents per share, a year earlier.

Revenue rose 10 percent to $334 million.

Analysts on average had expected the company to earn 53 cents a share, on revenue of $323.1 million, according to Thomson Reuters I/B/E/S.

Sensient raised its full-year profit outlook to between $2.05 and $2.10 per share. It earlier expected earnings of $2.00 to $2.06 per share. Analysts on average were looking for a profit of $2.05 per share.

Shares of the Milwaukee, Wisconsin-based company closed at $27.77 Thursday on the New York Stock Exchange.

For related alerts, double click [ID:nASA00JWM] (Reporting by Arup Roychoudhury in Bangalore; Editing by Gopakumar Warrier)

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UPDATE 1-Amcol International Q2 results top Wall Street view

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Specialty minerals company Amcol International Corp (ACO.N) posted better-than-expected quarterly results, partly helped by an increase in volumes at its core mineral segment, and said it expects a top-line growth in the remainder of 2010.

The company also raised concerns over the drilling moratorium in the U.S. Gulf of Mexico during its third quarter.

“We are still focused on expanding our business outside of the United States, but it will take some time to impact the performance,” Chief Executive Larry Washow said in a statement.

In the latest second quarter, the company posted a net income of $ 16.1 million, or 51 cents a share, compared with $6.1 million, or 20 cents share, a year ago.

Sales increased 29 percent to $220.7 million.

Analysts, on average, were expecting earnings of 36 cents a share, before items, on revenue of $196.4 million, according to Thomson Reuters I/B/E/S.

The majority of revenue improvement was due to increased volumes, principally in domestic and Asian metalcasting markets, resulting from increased demand for castings for automobiles and heavy equipment,” the company said.

Shares of the Hoffman Estates, Illinois-based company closed at $27.95 Thursday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Roshni Menon)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Magnetek, Inc. to Announce Its Fiscal 2010 Results on August 19th

July 24, 2010 By Leave a Comment

MENOMONEE FALLS, Wis.–(Business Wire)–
On August 19, 2010, before commencement of trading on the New York Stock
Exchange, Magnetek, Inc. (“Magnetek” or “the Company”) (NYSE: MAG) will announce
the results of its 2010 fourth quarter and fiscal year, which ended on June 27,
2010. A conference call with Magnetek management will follow at 11:00 a.m.
Eastern Time.

The conference call will be webcast on the Investor Relations page of Magnetek`s
Web site at www.magnetek.com. Management`s presentations will be supplemented by
slides appearing on the Company`s Web site. Listeners are encouraged to view
these materials in conjunction with the call. Replays of the call will be
available on the Web site for a limited period of time.

The webcast is also being distributed through the Thomson Reuters StreetEvents
Network. Individual investors can listen to the call at www.earnings.com,
Thomson Reuters` individual investor portal. Institutional investors can access
the call at www.streetevents.com, Thomson Reuters` password-protected event
management site.

About Magnetek, Inc.

Magnetek, Inc. provides digital power and motion control systems used in
overhead material handling, elevator, and energy delivery applications. The
Company is North America`s largest supplier of digital drive systems for
industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered®
drives, radio remote controls, motors, and braking and collision avoidance
subsystems to North America`s foremost overhead material handling crane
builders. The Company is also the world`s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed elevators.In
energy delivery, Magnetek develops and markets digital power inverters that
connect renewable energy sources to the utility grid, and is a leading
independent supplier of digital motion control systems for underground coal
mining applications. Magnetek is headquartered in Menomonee Falls, WI, in the
greater Milwaukee area and operates manufacturing facilities in Pittsburgh, PA,
and Canonsburg, PA, as well as Menomonee Falls.

This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including the timing of the
Company`s announcement of 2010 fourth quarter and fiscal year results.These
forward-looking statements are based on the Company’s expectations and are
subject to risks and uncertainties that cannot be predicted or quantified and
are beyond the Company’s control. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying these
forward-looking statements. Other factors that could cause actual events and
results to differ materially from expectations are described in the Company’s
reports filed with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.

Lynn Bostrom
Director, Communications
Magnetek, Inc.
262-252-2903
lbostrom@magnetek.com

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Genco Shipping prices $160 mln capital raising

July 23, 2010 By Leave a Comment

July 22 (Reuters) – Dry bulk shipper Genco Shipping & Trading Ltd (GNK.N) said it has priced its public offerings of common stock and convertible senior notes that would fetch about $160 million in gross proceeds.

Genco said it will sell 3.1 million shares of common stock at a public offering price of $16 per share. Shares of the company closed down 8.7 percent at $16.18 Wednesday on the New York Stock Exchange.

Genco also will sell $110 million of convertible senior notes due August 15, 2015. The notes have an initial conversion price of $19.60 per share of common stock.

The net proceeds of the offerings will be used to fund a portion of its previously announced acquisitions of 13 drybulk vessels, the company said. (Reporting by Sakthi Prasad in Bangalore; Editing by Lincoln Feast)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Ameresco, Inc. Announces Pricing of Initial Public Offering

July 23, 2010 By Leave a Comment

FRAMINGHAM, Mass.–(Business Wire)–
Ameresco, Inc. (NYSE:AMRC) today announced the pricing of its initial public
offering of 8,696,820 shares of its Class A common stock at $10.00 per share. Of
the shares being sold, Ameresco is selling 6,000,000 shares and selling
stockholders are selling 2,696,820 shares. Ameresco will not receive any
proceeds from the sale of shares by the selling stockholders. The underwriters
have the option to purchase up to 1,044,523 additional shares from Ameresco and
up to 260,000 additional shares from certain selling stockholders at the initial
public offering price, less the underwriting discount, to cover overallotments,
if any. Ameresco`s Class A common stock will begin trading on July 22, 2010 on
the New York Stock Exchange under the symbol “AMRC.” The offering is expected to
close on July 27, 2010.

BofA Merrill Lynch is acting as the sole book-running manager. RBC Capital
Markets is acting as lead manager for the offering, and Oppenheimer & Co.,
Canaccord Genuity, Cantor Fitzgerald & Co., Madison Williams and Company and
Stephens Inc. are acting as co-managers of the offering.

A registration statement relating to these securities has been filed with, and
declared effective by, the Securities and Exchange Commission. The offering of
these securities may be made only by means of a prospectus. A copy of the final
prospectus relating to the offering, when available, may be obtained from BofA
Merrill Lynch at 4 World Financial Center, New York, NY 10080, Attn: Prospectus
Department, or by emailing dg.prospectus_requests@baml.com.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction.

About Ameresco, Inc.

Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading
independent provider of comprehensive energy efficiency solutions for facilities
throughout North America. Ameresco`s solutions include upgrades to a facility`s
energy infrastructure, and the construction and operation of renewable energy
plants. With corporate headquarters located in Framingham, MA, Ameresco has 54
offices in 29 states and four Canadian provinces. For more information, visit
www.ameresco.com.

Ameresco, Inc.
Media Relations:
CarolAnn Hibbard, 508-661-2264
news@ameresco.com
or
Investor Relations:
Andrew Spence, 508-661-2212
ir@ameresco.com

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

REG-JP Morgan Chase JPMorgan Chase & Co. Redeems 6.15% Cumulative Preferred Stock, Series E, 5.72% Cumulative Preferred Stock, Series F, and 5.49% Cumulative Preferred Stock, Series G

July 20, 2010 By Leave a Comment

JPMorgan Chase & Co. (NYSE: JPM) today announced that it will redeem on August
20, 2010, all outstanding shares of its 6.15% Cumulative Preferred Stock, Series
E (“Series E Preferred Stock”), 5.72% Cumulative Preferred Stock, Series F
(“Series F Preferred Stock”) and 5.49% Cumulative Preferred Stock, Series G
(“Series G Preferred Stock” and, together with the Series E Preferred Stock and
the Series F Preferred Stock, “Preferred Stock”).

The Series E Preferred Stock is represented by depositary shares which are
currently traded on the New York Stock Exchange under the symbol JPM PR E (CUSIP
46625H720), the Series F Preferred Stock is represented by depositary shares
which are currently traded on the New York Stock Exchange under the symbol JPM
PR F (CUSIP 46625H712) and the Series G Preferred Stock is represented by
depositary shares which are currently traded on the New York Stock Exchange
under the symbol JPM PR G (CUSIP 46625H696). Each depositary share represents a
one-fourth interest in a share of the corresponding Preferred Stock. The
redemption price per share for each series of the Preferred Stock will be $200
(equivalent to $50 per depositary share) plus an amount per share equal to all
accrued but unpaid dividends thereon up to the date of redemption.

Payment of the redemption price will be made on or after August 20, 2010, upon
presentation and surrender of certificates representing the Preferred Stock and
the depositary shares to be redeemed, to BNY Mellon Shareowner Services,
Redemption Agent, by hand or by overnight delivery at 480 Washington Boulevard,
27th floor, Jersey City, New Jersey 07310, Attention: Reorg Dept., or by mail at
P.O. Box 3301, South Hackensack, New Jersey 07606.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.0 trillion and operations in more than 60 countries. The firm
is a leader in investment banking, financial services for consumers, small
business and commercial banking, financial transaction processing, asset
management and private equity. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers in the United States and many
of the world`s most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co.
is available at www.jpmorganchase.com.

JPMorgan Chase & Co.
Investors:
Lauren M. Tyler, 212-270-8205
or
Media:
Joseph Evangelisti, 212-270-7438

JPMorgan Chase & Co.

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Merck KGaA, Darmstadt, Germany Completes Millipore Acquisition and Launches New EMD Millipore Division (Merck Millipore Division outside U.S. and Canada)

July 16, 2010 By Leave a Comment

BILLERICA, Mass. & DARMSTADT, Germany–(Business Wire)–
Merck KGaA*, a global pharmaceutical and chemical company, today announced the
successful completion of its acquisition of Millipore Corporation (formerly
NYSE: MIL), a leading Life Science company based in Billerica, Massachusetts,
USA, for an aggregate purchase price including debt and cash of approximately
$7.0 billion. Merck agreed to acquire Millipore on February 28, 2010 for $107 in
cash per share of Millipore common stock. The closing follows the approval of
the acquisition by Millipore`s shareholders at a special meeting held on June 3,
2010 and the satisfaction of other customary conditions, including antitrust
clearance in the United States and Europe. Merck will now begin the process of
delisting the shares of Millipore from the New York Stock Exchange and removing
the shares from registration with the U.S. Securities and Exchange Commission.

“With today`s launch of EMD Millipore, we are creating a world-class partner for
the Life Science sector, with a comprehensive product offering and enhanced
global scale and innovative power,” said Dr. Karl-Ludwig Kley, Chairman of the
Merck Executive Board. “We will now move quickly to bring together the expertise
and complementary capabilities of both Merck and Millipore employees to capture
the significant opportunities in the high-growth, high-margin market segments
such as bio-research and bio-production.”

With the close of the transaction, Dr. Bernd Reckmann will assume the role of
Head of the EMD Millipore division. Dr. Reckmann joined Merck in 1986 working in
the diagnostics research unit. He has held several senior management positions
during his tenure and previously served as President of the Merck Companies in
Korea. In 2007, he was appointed to the Executive Board of Merck and as a
General Partner. Dr. Reckmann will continue to serve as Head of Merck`s
Chemicals Business Sector, overseeing both the EMD Millipore and Performance
Materials divisions, and as a member of the Executive Board.

“Both Merck and Millipore have a long and proud history of providing superior
products and solutions to their partners in the Life Science sector,” said Dr.
Reckmann. “The increased breadth of the EMD Millipore product portfolio,
together with the expertise of our talented people, will allow us to deepen our
customer relationships and gain the new insights we need to further drive
innovation. We will also bring together our research and development
capabilities, which will make EMD Millipore one of the top three investors in
R&D in the Life Science Tools industry. This, in turn, will enable us to create
greater value for our customers.”

Dr. Reckmann added, “Our vision for EMD Millipore is simple: we want to be the
most sought-after company in the world for advanced life science solutions. We
will foster intimacy and trust with our customers and business partners, and be
recognized for excellence in all that we do. I am confident in our ability to
achieve this vision given our complementary strengths and our commitment to our
customers and our communities. I am looking forward to getting started and
working alongside such a talented team.”

With 10,000 employees in 64 countries, EMD Millipore (Merck Millipore outside
U.S. and Canada) had pro forma revenues of $2.9 billion for fiscal year 2009. It
will be headquartered in Billerica, Massachusetts, and supported by locations
throughout the Americas, Europe and Asia-Pacific. The new division will offer a
comprehensive range of products, technologies and services for pharma and
biotech companies, as well as for academia, to improve laboratory productivity
and develop and optimize manufacturing processes. EMD Millipore will have
enhanced global manufacturing and distribution capabilities, which will allow it
to compete more effectively in the marketplace. Additionally, a larger sales
organization will lead to greater customer service and broader global sales
coverage, opening up new growth opportunities.

EMD Millipore will consist of three business units – Bioscience, Lab Solutions
and Process Solutions – and each unit will itself comprise a number of key focus
areas, known as business fields.

Integration planning progressing well: senior management team appointed

To ensure a swift and smooth integration, EMD Millipore has made significant
progress on the integration planning process and has appointed the senior
management team.

Following Merck`s “best-of-both-worlds” integration approach across all
operating business functions, the leaders for EMD Millipore are drawn from both
companies: Jon DiVincenzo (currently President of Millipore`s Bioscience
Division) will head up the Bioscience Business Unit; Klaus R. Bischoff
(currently President of the Merck`s Performance & Life Science Chemicals
Division) will lead the Lab Solutions Business Unit; Jean-Paul Mangeolle
(currently President of Millipore`s Bioprocess Division) will be the new head of
the Process Solutions Business Unit; and Peter C. Kershaw (currently Corporate
Vice President of Global Operations at Millipore) will head Operations.

Martin Madaus, CEO of Millipore, will not be joining EMD Millipore but will be
available as an advisor during the integration process. Charles Wagner, the CFO
of Millipore, and Bruce Bonnevier, Corporate Vice President for Human Resources
at Millipore, will leave the company. Joerg Hornstein, Chief Financial Officer
for Merck Serono in China, has been appointed as the new Head of Controlling for
EMD Millipore; Toni Spinazzola, Vice President for Human Resources at Millipore,
will become Head of Human Resources for EMD Millipore.

Merck expects that the majority of the integration decisions will be made by the
end of 2010. As already announced, Merck expects the combined business to
generate annual cost synergies of around $100 million, which Merck expects to
realize within three years from the closing of the transaction.

New Performance Materials division created

The second Chemicals division of Merck, Performance Materials, will be led by
Walter Galinat, currently head of the Liquid Crystals division. It will comprise
Merck`s current Materials businesses and activities – i.e. Liquid Crystals,
Pigments and Cosmetics businesses.

The launch of Performance Materials will combine Merck`s successful range of
materials-based products, technologies and innovative solutions as well as its
application know-how and customer-centric research to create an even more
compelling customer offering and open up additional growth opportunities. The
division will be able to more effectively address current and future megatrends
through R&D focused on future demand drivers and a broad portfolio of innovative
solutions and common customer engagement.

Mr. Galinat said, “The integration of our specialty chemicals materials
businesses in Performance Materials allows Merck to merge innovative chemical
research and development, strong application know-how, excellent product
solutions and distinctive customer focus in promising growth areas.” The
division had pro forma sales of more than $1.6 billion for fiscal year 2009,
with approximately 5,000 employees worldwide.

About EMD Millipore

EMD Millipore is the Life Science division of Merck KGaA of Germany and offers a
broad range of innovative, performance products, services and business
relationships that enable our customers` success in research, development and
production of biotech and pharmaceutical drug therapies. Through dedicated
collaboration on new scientific and engineering insights, and as one of the top
three R&D investors in the Life Science Tools industry, EMD Millipore serves as
a strategic partner to customers and helps advance the promise of life science.
Headquartered in Billerica, Massachusetts, the division has around 10,000
employees, operations in 64 countries and pro forma 2009 revenues of $2.9
billion. EMD Millipore is known as Merck Millipore outside of the U.S. and
Canada.

Forward Looking Statements

The Information in this document may contain “forward-looking statements”.
Forward-looking statements may be identified by words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or
words of similar meaning and include, but are not limited to, statements about
the expected future businesses of Merck KGaA (Merck) and Millipore Corporation
(Millipore) resulting from and following the acquisition. These statements are
based on the current expectations of Merck and Millipore and are inherently
subject to uncertainties and changes in circumstances. Among the factors that
could cause actual results to differ materially from those described in the
forward-looking statements are changes in global, political, economic, business,
competitive, market and regulatory forces. Merck and Millipore do not undertake
any obligation to update the forward-looking statements to reflect actual
results, or any change in events, conditions, assumptions or other factors.
Please refer to Millipore`s filings with the SEC, including its most recent
Annual Report on Form 10-K, for more information on additional risks that could
cause actual results to differ from the forward-looking statements made herein.

All Merck Press Releases are distributed by e-mail at the same time they become
available on the Merck Website. Please go to http://www.subscribe.merck.de to
register online, change your selection or discontinue this service.

Merck is a global pharmaceutical and chemical company with total revenues of €
7.7 billion in 2009, a history that began in 1668, and a future shaped by
approximately 40,000 (including Merck Millipore (in the US and CA EMD
Millipore)) employees in 64 countries. Its success is characterized by
innovations from entrepreneurial employees. Merck’s operating activities come
under the umbrella of Merck KGaA, in which the Merck family holds an
approximately 70% interest and free shareholders own the remaining approximately
30%. In 1917 the U.S. subsidiary Merck & Co. was expropriated and has been an
independent company ever since.

*Merck KGaA or Merck shall mean Merck KGaA, Darmstadt, Germany

Millipore
Karen Marinella Hall, +1 978-715-1567

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Sembcorp Successfully Completes Tender Offer for Cascal Shares

July 10, 2010 By Leave a Comment

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

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Teck Reports Serious Incident at Greenhills

July 1, 2010 By Leave a Comment

VANCOUVER, BRITISH COLUMBIA, Jun 29 (MARKET WIRE) —
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK)
(“Teck”) reported that an explosion occurred in the coal dryer
at Teck’s Greenhills coal mine near Elkford British Columbia today at
approximately 3.15 p.m. All employees, visitors and contractors have been
accounted for. Four employees have been treated for minor smoke
inhalation. Teck has mobilized teams to control a brush fire triggered by
the explosion. The cause of the accident is not known at this time.
Damage to the dryer building is extensive. It is expected to be several
days before the damage can be fully assessed and the extent of the
interruption of production at Greenhills can be estimated.

Regulatory agencies and authorities have been notified.

Teck has an 80% interest in Greenhills. Greenhills’s planned 2010
production was approximately 4.3 million tonnes of metallurgical coal, of
which Teck’s share is approximately 3.4 million tonnes.

About Teck

Teck is a diversified resource company committed to responsible mining
and mineral development with major business units focused on copper,
steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada,
its shares are listed on the Toronto Stock Exchange under the symbols
TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.
Further information about Teck can be found at: www.teck.com.

Contacts:
Teck Resources Limited
Greg Waller
Vice President, Investor Relations & Strategic Analysis
(604) 699-4014
greg.waller@teck.com
www.teck.com

Copyright 2010, Market Wire, All rights reserved.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Ameron Announces Quarterly Dividend

June 26, 2010 By Leave a Comment

PASADENA, Calif.–(Business Wire)–
Ameron International Corporation (NYSE: AMN) today announced that its Board of
Directors declared a quarterly dividend of 30 cents per share of common stock,
payable August 17, 2010 to stockholders of record on July 22, 2010.

About Ameron International

Ameron International Corporation is a multinational manufacturer of
highly-engineered products and materials for the chemical, industrial, energy,
transportation and infrastructure markets. Traded on the New York Stock Exchange
(AMN), Ameron is a leading producer of water transmission lines and fabricated
steel products, such as wind towers; fiberglass-composite pipe for transporting
oil, chemicals and corrosive fluids and specialized materials; and products used
in infrastructure projects. The Company`s businesses operate in North America,
South America, Europe and Asia. The Company also has partial ownership in
several unconsolidated affiliates in the U.S. and the Middle East.

Ameron International Corporation
James S. Marlen, Chairman, President and Chief Executive Officer
Gary Wagner, Senior Vice President, Chief Financial Officer
626-683-4000

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Low Stock Shares Prompt Fannie and Freddie to Act

June 18, 2010 By Leave a Comment

In 2007 Fannie Mae (FNM) and Freddie Mac (FRE) were trading above $60; now, with shares hovering around $1, the companies are delisting from the New York Stock Exchange, reports the Washington Post. While Freddie’s shares were trading above $1, Fannie has been below for 30 trading days. According to the NYSE rules, a company has to “take action to boost its shares or delist.” Shares for both companies tumbled more than 40 percent after the announcement. Both Fannie and Freddie plan to start trading on the Over-the-Counter Bulletin Board on July 8.

A complicated claims process helped bring about a new $20 billion fund set up by BP (BP) for damage claims related to the Gulf of Mexico oil spill, according to Reuters. The money would be paid into the fund over a period of four years. To help create the fund, BP agreed to “cut three quarters of dividends, significantly reduce its investment program and sell $10 billion of assets.” The company also has to pay $100 million to workers who are unable to work during the six months of halted deep-sea drilling. The deal seems to help both sides: Obama now has “his most tangible success since the crisis began 58 days ago,” and BP has little less pressure on it.

The $20 billion fund set up by BP could be dwarfed by potential criminal charges and rising civil fine estimates, according to the New York Times. For all the oil escaping into the Gulf, BP could owe $280 million. However, the real costs would come from legal costs and criminal fines that could reach $62 billion, according to Raymond James analyst Pavel Molchanov. Most likely, BP will be charged for environmental misdemeanors since “merely negligent actions can lead to misdemeanor penalties.” Any tougher penalties would require proving that BP “knew its actions would lead to the gushing well on the ocean floor.”

The circuit breakers put in place after May’s “flash crash” began operating this week and not a moment too soon: They were triggered Wednesday when the price of Washington Post Company (WPO) shares doubled in a second, reports the Financial Times. Three erroneous trades went through around 3 p.m., causing the breakers to kick in and halt trading on the company’s shares. The breakers were put in place to halt trading in an S&P 500 stock “if the price either rises or falls by 10 percent inside a period of five minutes.” Afterward, a total of 766 shares in three separate orders were determined to be incorrect.

Once again, AT&T (T) has proven itself incapable of handling the sheer amount of customers Apple (AAPL) brings in, according to the Wall Street Journal. The newest iPhone was available for preorder, but after 600,000 advance orders, AT&T had “difficulty processing orders.” The carrier had system malfunctions, and there were “reports that some customers had inadvertently gained access to others’ account information.” After the troubles AT&T stopped taking preorders yesterday but might take more orders before the phone is released on June 24. According to Apple’s site, “customers who preorder the iPhone 4 will receive their phones on July 14.”

After almost a week, Spirit airlines will no longer be grounded by a pilot strike when its planes take to the sky on Friday, reports the Wall Street Journal. The strike cost the airline “an estimated $2 million a day in lost revenue.” The airline left its passengers stranded—roughly 1 percent of U.S. passengers—even though it was supposed to “team up with other airlines to serve its customers in the event of a strike.” Spirit may have made the pilots happy, but it now has to work on winning back its customers.

Finally, companies that aren’t among the World Cup’s official sponsors are using “guerilla-marketing tactics” to get around FIFA’s restricted zones, according to the Wall Street Journal. The event is so exclusive that companies who didn’t pay the millions of dollars to become an official sponsor can’t advertise close to the venues. Despite the restrictions, companies have taken to plastering Johannesburg with advertisements. Others are resorting to drastic measures like the pair of women who supposedly were “involved in a large scale ambush marketing effort by Dutch brewer Bavaria NV.”

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Old Republic to buy PMA Capital for $229 mln in stock

June 11, 2010 By Leave a Comment

June 10 (Reuters) – Insurance holding company Old Republic International Corp (ORI.N) agreed to buy PMA Capital Corp (PMACA.O) for about $229 million in an all-stock deal to grow its general insurance business.

Old Republic will also assume $137 million of PMA’s debt.

Under the deal, Old Republic will issue 0.55 shares of its common stock for each PMA share. The deal represents a 16 percent premium to $6.11, PMA’s closing price on Wednesday.

Depending on the price of Old Republic’s shares 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 transaction is expected to close during the third quarter, the two companies said in a statement.

BofA Merrill Lynch acted as financial advisor to PMA Capital, while Macquarie Capital advised Old Republic.

Old Republic shares closed at $12.91 Wednesday on New York Stock Exchange. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Aradhana Aravindan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Viacom declares first dividend, buying back stock

June 10, 2010 By Leave a Comment

(Reuters) – Viacom Inc (VIAb.N) declared its first quarterly dividend on Wednesday and reinstated a stock repurchase program, addressing questions about how it would invest its extra cash.

Hot Stocks

Viacom, the only major U.S. media company that had not been paying a dividend, set a quarterly dividend of 15 cents a share.

The owner of film studio Paramount Pictures along with cable TV networks such as MTV and Comedy Central also announced plans to buy back up to $4 billion of its stock. It suspended its repurchase program in early 2009.

The moves return some of its cash to shareholders after several quarters of improving results.

Alan Gould, an analyst with Soleil Gould Research, said the size of the repurchase program came as a surprise — representing almost 20 percent of company’s stock market value. He added that the dividend was also more generous than he expected.

The dividend is the first Viacom has paid as a standalone company following its split with CBS Corp (CBS.N) in 2006. At the time, Sumner Redstone, who still controls both companies, wanted to separate out the Viacom’s faster-growing cable networks and films division from the slower-growing CBS TV and radio and radio operations.

The idea was that those seeking dividends and who are attracted to higher cash flows drawn to CBS. The company has regularly paid a dividend ever since, though it was forced to cut it back sharply in early 2009 amid concerns about the company’s financial position in the credit crises.

Analysts and investors have recently said Viacom could also start paying a dividend, citing its improving results, strong balance sheet and lack of suitable acquisition targets.

In its most recent quarterly call with analysts, Viacom executives said a dividend and buyback were under consideration, helping underpin shares.

Following Wednesday’s announcement, shares of Viacom were up nearly 3.5 percent on the New York Stock Exchange. So far this year, Viacom shares are up 9.5 percent, outpacing both the Standard & Poor’s 500 and media rivals like News Corp (NWSA.O), Walt Disney Co (DIS.N) and Time Warner (TWX.N).

Viacom said the dividend would be payable for both Class A and Class B shareholders on July 1, 2010.

(Reporting by Jennifer Saba; Editing by Derek Caney)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 2-Viacom declares first dividend, buying back stock

June 10, 2010 By Leave a Comment

NEW YORK, June 9 (Reuters) – Viacom Inc (VIAb.N) declared its first quarterly dividend on Wednesday and reinstated a stock repurchase program, addressing questions about how it would invest its extra cash.

Viacom, the only major U.S. media company that had not been paying a dividend, set a quarterly dividend of 15 cents a share.

The owner of film studio Paramount Pictures along with cable TV networks such as MTV and Comedy Central also announced plans to buy back up to $4 billion of its stock. It suspended its repurchase program in early 2009.

The moves return some of its cash to shareholders after several quarters of improving results.

Alan Gould, an analyst with Soleil Gould Research, said the size of the repurchase program came as a surprise — representing almost 20 percent of company’s stock market value. He added that the dividend was also more generous than he expected.

The dividend is the first Viacom has paid as a standalone company following its split with CBS Corp (CBS.N) in 2006. At the time, Sumner Redstone, who still controls both companies, wanted to separate out the Viacom’s faster-growing cable networks and films division from the slower-growing CBS TV and radio and radio operations.

The idea was that those seeking dividends and who are attracted to higher cash flows drawn to CBS. The company has regularly paid a dividend ever since, though it was forced to cut it back sharply in early 2009 amid concerns about the company’s financial position in the credit crises.

Analysts and investors have recently said Viacom could also start paying a dividend, citing its improving results, strong balance sheet and lack of suitable acquisition targets.

In its most recent quarterly call with analysts, Viacom executives said a dividend and buyback were under consideration, helping underpin shares.

Following Wednesday’s announcement, shares of Viacom were up nearly 3.5 percent on the New York Stock Exchange. So far this year, Viacom shares are up 9.5 percent, outpacing both the Standard & Poor’s 500 and media rivals like News Corp (NWSA.O), Walt Disney Co (DIS.N) and Time Warner (TWX.N).

Viacom said the dividend would be payable for both Class A and Class B shareholders on July 1, 2010. (Reporting by Jennifer Saba; Editing by Derek Caney)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Neuberger Berman, proudly private, seeks an IPO

June 10, 2010 By Leave a Comment

(Reuters) – Even as Neuberger Berman celebrates its first year as a private and independent firm, the money manager’s executives are moving toward an initial public offering.

Deals

In May last year, Neuberger’s executives acquired a 51 percent stake of their company from bankrupt Lehman Brothers (LEHMQ.PK) and re-emerged as an employee-owned firm. Now as the Lehman bankruptcy approaches two years and business improves, Neuberger employees intend to increase their ownership in the fund manager and, in time, return to public markets.

“We’re on a base case to be a public company, most likely to monetize that stake through an IPO,” Neuberger Berman President Joseph Amato told Reuters. “At some point, the estate may look to monetize a portion or all its interest in Neuberger Berman.”

Amato, speaking on the sidelines of a press briefing, stressed there is no timeline and no pressure to pursue a transaction. He said an IPO would likely take place “a fair amount into the future.”

A Lehman Brothers spokeswoman said the estate “will evaluate various options and alternatives to monetize the investment in Neuberger Berman. While an IPO could be one of the several alternatives, there are no specific plans at this time for any particular path.”

HAPPY MARRIAGE FALLS APART

Neuberger Berman, a pioneering mutual fund manager founded by Roy Neuberger in 1939, was one of the country’s leading investment firms when it listed on the New York Stock Exchange in 1999. Four years later, it was acquired by Lehman for $2.6 billion and grew rapidly as the bank’s asset management arm.

That happy marriage fell apart in September 2008, when Lehman succumbed to the credit crisis and went bankrupt.

Neuberger Berman was among the bank’s most valuable and liquid assets. Creditors initially tried to sell the business to private investors, but Neuberger management prevailed with a deal to buy 51 percent of the firm for about $922 million.

After the sale, Lehman held 93 percent of Neuberger preferred equity and 49 percent of the common equity.

Lehman, in a recent regulatory filing, said its interests in Neuberger were now worth between $1 billion and $2 billion. The estate expects to recover value from its various assets over the next three to four years.

Neuberger’s employee stake crept to 52 percent in the past year, reflecting shares issued to new hires. On Tuesday, as Neuberger marked its first year of independence, Chairman and Chief Executive George Walker made it clear the firm’s 1,700 employees want even more.

“The firm is employee-controlled and will continue to be employee-controlled as long as we own more than 50 percent. If anything, we would like to find ways to increase our share,” Walker told reporters at a press briefing Tuesday.

Walker clarified that Neuberger has no “firm timetable.”

CONTROLLING ITS DESTINY

One thing for certain is that Neuberger’s business operations have stabilized and started to grow after a difficult launch.

Clients withdrew funds from numerous money managers during the panic of late 2008, but in particular they steered clear of a firm linked to Lehman. Clients continued to withdraw money in the first half of last year, but by the fourth quarter of last year, new money was outpacing withdrawals.

Amato said money flows in 2009 overall were negative.

Still, surging markets helped boost assets to $180 billion at the end of March from $155 billion last May, though Amato told Reuters that assets may be closer to $155 billion again following the recent market downturn.

Neuberger is again bringing in new clients and new assets, including $2.9 billion of first-quarter net in-flows. Client mandates across the firm add up to $7.9 billion of business in the past six months.

Since March, inflows remained “significant,” Amato told Reuters. “In the last three to four weeks, we are quite pleased. We’ve maintained nicely positive net flows, even through (Monday).”

Neuberger does not have complete control of its destiny, but it did secure various rights, including veto powers, as part of its separation agreement. Amato stressed that the Lehman estate has been a supportive partner.

Plans for Neuberger’s float are still highly preliminary, and the Lehman estate may sell its Neuberger interests in a number of different ways. In any case, Amato said Neuberger employees intend to own a controlling stake.

“Employees will always be the dominant holders and that’s important. Whether it’s 52 (percent) or 49 or 55, that will depend on lots of factors,” Amato said. “We have to look at clients in the eye and tell them we’re in charge, we’re in control of our destiny.”

(Reporting by Clare Baldwin and Joe Giannone; Additional reporting by Emily Chasan, editing by Matthew Lewis)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Pebblebrook buys first hotel since going public

June 8, 2010 By Leave a Comment

(Reuters) – Pebblebrook Hotel Trust (PEB.N) said it bought the Doubletree Bethesda Hotel and Executive Meeting Center for $67.1 million, the first deal for the company that was formed to take advantage of acquisition opportunities in the lodging space.

Pebblebrook said it funded the acquisition of the 269-room, upscale hotel located in downtown Bethesda, through its initial public offering.

The hotel will continue to be operated according to a franchise agreement with Doubletree, a subsidiary of Hilton Worldwide, and will be managed by Thayer Lodging Group.

Pebblebrook was formed in October and went public in December for about $350 million.

The Maryland-based company said it expects the hotel to generate earnings before interest, tax, depreciation and amortization of about $5.1 million to $5.6 million and net operating income, after capital reserves, of about $4.4 million to $4.9 million.

This does not include the amount the company plans to shell out over the next 12 to 24 months on guest room improvements and repairs to the hotel’s underground garage and the impact of the revamps on the hotel’s EBITDA and net operating income.

The company, led by LaSalle Hotel Properties (LHO.N) founder Jon Bortz, has also signed agreements for four other hotels.

Shares of the company closed at $18.36 Friday on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Don Sebastian)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

IDT Corporation to Report Third Quarter Fiscal 2010 Results

June 4, 2010 By Leave a Comment

NEWARK, N.J.–(Business Wire)–
IDT Corporation (NYSE: IDT; IDT.C) has scheduled its presentation of financial
and operational results for the third quarter of fiscal 2010 (the three months
ended April 30th) on June 10, 2010 at 5:15 PM Eastern.

As in the prior quarter, management`s pre-recorded remarks will be accessible
through the investor relations page of the IDT website
(http://www.idt.net/about/ir/overview.asp) in an MP3 audio file. The audio file
will be available through the IDT website for one year.

Investors are invited to e-mail questions for IDT`s management to
invest@idt.net. The Company will accept questions received through close of
business on Friday, June 11, 2010. Questioners must identify themselves by name
and (if applicable) firm.

When management can constructively answer the question, the initial question,
the questioner`s name and firm`s name, and management`s response, will be posted
in a document available on the IDT Corporation`s website`s investor relations
page and on a Form 8-K filing as early as Wednesday, June 16, 2010 following the
market close.

An earnings release will be filed on a Form 8-K and posted on the investor
relations page of the IDT website (http://www.idt.net/about/ir/overview.asp)
simultaneously with the posting of management`s remarks. As in prior quarters,
the earnings release will not be issued over a wire service.

About IDT Corporation:

IDT Corporation (www.idt.net) is a consumer services company with operations
primarily in the telecommunications and energy industries. IDT Corporation’s
Class B Common Stock and Common Stock trade on the New York Stock Exchange under
the ticker symbols IDT and IDT.C, respectively.

IDT Corporation
Bill Ulrey, 973-438-3838
Investor Relations
invest@idt.net

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,
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