Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 259

Posts Tagged ‘cash’

8S Capital Holdings Announces Voluntary Conditional Cash Offer for 800 Super Holdings

Posted by fidest press agency su martedì, 7 maggio 2019

8S Capital Holdings Pte. Ltd. (the “Offeror”) today announced its intention to make a voluntary conditional cash offer (the “Offer”) for all the issued and paid-up ordinary shares (the “Shares”) of 800 Super Holdings Limited (SGX: 5TG) (“800 Super” or the “Company”) other than those Shares held by the Offeror as at the date of the Offer (the “Offer Shares”).
Lee Koh Yong, a Director of the Offeror, commented, “The Offer represents an opportunity for shareholders to realise their entire investment in the Shares at a premium to historical trading prices. It also provides shareholders with a means for a clean cash exit that would otherwise not be available given the low trading liquidity of the Shares. At the same time, privatising will enable 800 Super to save on expenses relating to the maintenance of a listed status and allow the Company to focus its resources on operational matters amidst the competitive business landscape.” Lee Koh Yong is also the Executive Chairman of 800 Super.The Offer will be conditional upon the Offeror having received not less than 90% of the total number of issued Shares as at the close of the Offer3. As at the date of this announcement, Lee Koh Yong and five of his siblings (collectively, the “Lee Family Members”), as well as a vehicle wholly-owned by the Lee Family Members (“YSI”), who together hold approximately 77.6% of the Shares, have provided irrevocable undertakings to accept the Offer and roll all of their Shares into the Offeror by subscribing for ordinary shares in the Offeror4 (the “Subscription”). Following the Subscription, the Lee Family Members and YSI will own all of the ordinary shares of the Offeror5.If the Offeror succeeds in garnering acceptances exceeding 90% of the total number of issued Shares, it intends to delist the Company.Leading global investment firm KKR intends to fund the Offer by providing a hybrid combination of debt and structured equity financing to the Offeror, primarily from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.Lee Cheng Chye, a Director of the Offeror, said, “Our family welcomes the financing solution provided by KKR. The innovative structure of the deal enables us to continue owning the Company and we look forward to go on working with the Company’s existing management team and employees in partnership with KKR.” Lee Cheng Chye is also an Executive Director and the Chief Executive Officer of 800 Super.
Ashish Shastry, Member & CEO of KKR Southeast Asia, said, “KKR’s primary goal in this region is to work with great entrepreneurs and the founding families of homegrown businesses. We are very flexible on the type of support we provide — in this case, the Lee family required a credit-oriented solution, but we are also working with family groups by making majority or minority equity investments. We are looking forward to doing more with the Lee family and other great entrepreneurial families in Singapore and across Southeast Asia.”An offer document setting out the terms and conditions of the Offer and enclosing the relevant form(s) of acceptance will be despatched to shareholders not earlier than 14 days and not later than 21 days from today.RHB Securities Singapore Pte. Ltd. (“RHBSEC”) is the financial adviser to the Offeror in connection with the Offer, while WongPartnership LLP is the legal adviser to the Offeror in connection with the Offer.

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Cash rewards have a positive impact on low income families’ health in New York City, a study found

Posted by fidest press agency su sabato, 10 marzo 2018

Lifepath announced the publication of its new study on the health impacts of Opportunity NYC–Family Rewards, a conditional cash transfer programme in New York City aimed at improving population health by making cash transfers conditional on engaging in a number of activities, including school attendance, preventive health care use and employment participation for parents. Family Rewards was the first conditional cash transfer program for low-income families in the US. The study, published in the March issue of Health Affairs, a leading health policy journal, found that Family Rewards had small but meaningful effects on the use of some preventive health services, especially dental care. In addition, the programme had a positive impact on parents’ perceptions of their health as well as their level of hope, mainly through improvements in reported financial well-being. This study is a collaboration between King’s College London, Columbia University and MDRC – a nonprofit, social policy research organization – as part of Lifepath, a project funded by the European Commission with the aim of investigating the biological pathways underlying social differences in healthy ageing.Dr. Emilie Courtin, Research Fellow at the Department of Global Health and Social Medicine, King’s College London (UK), and her colleagues found that participation in the program was associated with an increased probability of having had at least two dental check-ups in the past year (by 13% in adults and by almost 15% in children 42 months after the program started). This is a very important effect, as oral health care is one of the largest unmet health care needs in the US, and the single largest among children. Family Rewards also had positive effects on health insurance coverage and receiving treatment for any medical condition. Participants were also less likely to forgo medical care due to cost. These effects translated into modest improvements in health status as measured by parental self-rated health and level of hope.
Family Rewards was created by the New York City’s Center for Economic Opportunity (now NYC Opportunity) in partnership with MDRC and Seedco. It was privately funded and offered to more than 4,700 low-income families in six of New York City’s most deprived communities – two each in the boroughs of the Bronx, Brooklyn and Manhattan. It operated from 2007 to 2010 and distributed a total of $20.6 million in cash transfers to participating families, with an average of $8,674 per household. So far, the programme had already shown positive effects regarding reduction in poverty and material hardship, and improvement in perceived financial well-being and graduation rates for children. This new study further explores its effects on health and health care use.
“On top of New York City’s strong existing social safety net, Family Rewards has led to some improvements in health care access and perceived health of poor families” said Dr. Emilie Courtin, lead author of the study. Dr. Courtin added “A key strength of the study is its design. Family Rewards was evaluated in a randomized-controlled trial – the gold standard for finding out if a program like this works.” Conditional cash transfer programmes are becoming a prevalent policy for improving the education and health outcomes of poor children in developing countries, since their introduction in Mexico and Brazil in 1997. They have been implemented with the support of the World Bank and other international financial institutions in many countries, particularly in South East Asia and Latin America.Conditional cash transfer programmes aim to increase human capital investment among poor households to break the intergenerational transmission of poverty and generate individual as well as societal benefits. Interventions across Latin America have led to significant increases in the use of health services, including the number of visits to health facilities and receipt of prenatal care and paediatric examinations. Evidence shows that the interventions have also improved some health outcomes – in particular, developmental, nutritional and cognitive measures among children.“Strong evidence on what works, and also what doesn’t work, is essential for understanding the potential and limitations of conditional cash transfer programs,” said James Riccio of MDRC. “Conditional cash transfer programmes have been increasingly popular in low- and middle-income countries in Latin America, Africa and Asia,” explained Professor Paolo Vineis, Chair of Environmental Epidemiology within the School of Public Health at Imperial College London and co-ordinator of the Lifepath project. “However, programmes with different types of behavioural conditionality are also gaining ground in various developed countries. Our study can help bring lessons, positive and negative, and inform the design of similar experiments in Europe.”

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‘Cash machine’ Apple creates poor societies

Posted by fidest press agency su giovedì, 29 ottobre 2015

amsterdamAmsterdam. On the same day as Apple Inc. is set to announce its financial results for the fourth quarter, the GoodElectronics Network and SOMO are publishing a critical paper on the company. The paper explains how Apple is short-changing societies by acting as a financial investor when handling its enormous company profits instead of reinvesting it into the real economy. The multinational shrewdly minimises its corporate costs through the relentless offshoring of production and related ‘activities’ to low-wage countries and tax havens. Its accumulated returns far outstretch Apple’s capacity to reinvest its earnings productively. As a result, Apple increasingly operates like a large institutional investor, investing most of its mounting cash pile in financial markets.
The case of Apple does not stand on its own but is just one example of how multinational corporations have collectively come to embrace Wall Street’s maxim of shareholder value, leading to a global ‘race to the bottom’. The overall outcome of these developments is paradoxical.
Impoverishing societies. Never before were corporations more awash with cash, outside of a small group of corporate managers and shareholders hardly anyone is benefiting. On the contrary: corporate financial investments reinforce troubling trends of high unemployment, rising debts, inequality and fiscal austerity in Europe and the US an precarious and badly paid jobs in the Global South. When governments around the globe deal with lower corporate income taxes, it leads to hikes in different types of tax and/or reductions in public investments and services. All this at a time when workers worldwide are struggling with reduced purchasing power. As a result, mounting corporate riches based on cheap labour and relentless tax dodging reinforce ballooning public and private debts.
To contribute to a more balanced and sustainable economy, multinational corporations should be forced by governments to:
pay their fair share in taxes. Ultimately, from a long-term perspective these changes will also benefit multinational corporations, including Apple and their shareholders, as the status quo is simply unsustainable.

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Cash Prizes for Casual Players Now Available at Titan Poker

Posted by fidest press agency su mercoledì, 2 maggio 2012

Poker Night

Poker Night (Photo credit: IanMurphy)

London, (PRNewswire) As part of its upgraded loyalty program, popular online poker room Titan Poker offers industry-leading incentives for members of all levels. Titanpoker.com, the leading online poker site in Europe, has upgraded its VIP Program and introduced loyalty rewards that will benefit all players, including casual visitors to the poker tables. The revised Titan Poker VIP Club groups players in five VIP levels based on their activity at Titan Poker’s cash games and tournaments. Veteran enthusiasts and newly signed-up players who meet the requirements of a higher VIP level are recognized immediately with daily VIP level upgrades, speeding up their process of achieving extra benefits. Players receive Club Points according to their VIP levels’ real time multiplier, enabling them to cash out at any time in the exclusive VIP Store at their convenience. A Titan Annual Diamond VIP level has been added to provide year-long benefits to top-achieving players.
Poker players will be pleased to receive the benefits of Monthly Cash, an exchange of hard-earned Titan Points into cash conducted on a monthly basis. This new program automatically rewards casual players and new players who have not yet achieved VIP status with a return on their game play at a great redemption rate.Titan Poker will soon launch additional innovative features which will further enhance the fun element of the game of poker for all of its players. New players are invited to try out the free poker download available at Titan Poker and start receiving the benefits offered in the upgraded Titan Rewards program.
Titanpoker.com is the number one online poker room in Europe and part of the iPoker Network. Titan Poker’s software is developed and maintained by Playtech, a public company and leading gaming software developer. With tens of thousands of online players at peak hours, Titan Poker guarantees millions of dollars in monthly prizes, features special sit ‘n’ go tournaments with progressive jackpots as high as $300,000, and awards players with entries to major worldwide poker tournaments. The Titan Poker brand is promoted exclusively by Euro Partners.

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Credit Facility

Posted by fidest press agency su martedì, 17 agosto 2010

New York (Nasdaq:HHGP), one of the world’s leading providers of permanent recruitment, contract professionals and talent management solutions, today announced that it closed its new $40 million revolving credit facility with RBS Business Capital on August 12.  The combination of the company’s credit facilities, including the new facilities with RBS and Commonwealth Bank of Australia (CBA), markedly improves the company’s access to capital.  The company’s worldwide liquidity, including cash and availability under all global credit facilities, is approximately $60.0 million.  As previously disclosed, the company will record $0.9 million in charges in the third quarter associated with the termination of its facilities with Wells Fargo Capital Finance.
Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide.  From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses.  The company employs more than 2,000 professionals serving clients and candidates in approximately 20 countries.  More information is available at http://www.hudson.com.

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New $40 Million Revolving Credit Facility

Posted by fidest press agency su sabato, 7 agosto 2010

New York (Nasdaq:HHGP), one of the world’s leading providers of permanent recruitment, contract professionals and talent management solutions, today announced the signing of a new $40 million revolving credit facility with RBS Business Capital.  The company ended the second quarter of 2010 with $37.9 million in cash, an increase from $24.1 million in cash at the end of the first quarter, including the proceeds of the equity offering completed in early April. The company had $12.8 million in borrowings under its existing credit facilities at June 30. Subsequent to quarter end, the company made certain changes to its credit facilities.  On August 3, it completed a new (Aus)$15 million ($13.7 million at current exchange rates) financing agreement in Australia with Commonwealth Bank of Australia (CBA), on more favorable terms than existed in the past. Yesterday, the company entered into a revolving loan agreement with RBS Business Capital. This RBS facility is expected to close no later than August 25. The company expects to have $24.4 million of availability through the combination of the RBS and the CBA facilities based on current levels of accounts receivable and borrowings. This represents an increase of $9.2 million in availability.  The other existing local facilities will remain in place, which presently provide an additional $3.8 million of availability.
Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 2,000 professionals serving clients and candidates in approximately 20 countries. More information is available at http://www.hudson.com.
Safe Harbor Statement. This press release contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict.”

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Controversia Cnp Unicredit Vita – consumatori

Posted by fidest press agency su martedì, 2 febbraio 2010

Il Tribunale di Milano ha stabilito che Cnp Unicredit Vita Spa ha violato il diritto (art.2.2 Codice del Consumo) dei contraenti-consumatori a ricevere un’adeguata informazione e ad intrattenere rapporti contrattuali basati sulla correttezza, trasparenza ed equità, relativi alle polizze index-linked: Performance 5, Performance 6, Performance 7, Performance 8, Performance 9 (Ordinanza del 21.12.2009). L’azione giudiziaria contro CNP, a cui in una prima fase ha partecipato Adiconsum, aveva per oggetto la richiesta di illegittimità del comportamento della CNP UNICREDIT VITA SPA volto a non liquidare a tutti i risparmiatori coinvolti le somme di cui alle citate polizze oramai scadute e ad inibire la conversione delle polizze in base alle proposte alternative denominate “cash” e “trasformazione”, le quali non prevedevano il rimborso quantomeno dell’intero capitale di polizza alla relativa scadenza.  L’azione aveva inoltre lo scopo di far riconoscere il diritto dei consumatori sottoscrittori ad ottenere la restituzione integrale del premio versato.  Ciò perché i risparmiatori erano stati convinti di non avere diritto al pagamento quantomeno del capitale investito, essendo esposti al rischio di insolvenza dell’emittente Lehman Brothers, mentre le polizze oggetto di giudizio, denominate “Performance”, prevedevano espressamente la “garanzia” della restituzione del capitale da parte della Compagnia. Anche se si tratta di una prima interpretazione, che dovrà essere confermata nel giudizio di merito, l’Ordinanza riconosce l’obbligo contrattuale di CNP VITA al rimborso del 100% del premio unico versato, condannando la compagnia a inviare ai singoli consumatori interessati al cd. crack Lehman e che abbiano sottoscritto le polizze Performance a ricevere entro e non oltre la data del 1.3.2010, una comunicazione scritta formale in cui CNP Unicredit Vita affermi tra l’altro: “Il Tribunale di Milano ha ritenuto probabilmente non rispondente ai principi di buona fede, correttezza e lealtà e comportamento lesivo dei diritti dei consumatori” e ancora: “Come probabilmente non corretto il comportamento della CNP Unicredit Vita SpA perché fondata su un’interpretazione non univoca del contenuto contrattuale delle polizze Performance 5,6,7,8,9. Interpretazione che ha evidenziato unicamente i profili di esonero della responsabilità della società CNP Unicredit Vita”. Adiconsum, per assistere i risparmiatori coinvolti, ha pubblicato sul proprio sito http://www.adiconsum.it una nota informativa sulla decisione del Tribunale di Milano, la sentenza stessa e il fac-simile di lettera che i risparmiatori potranno inviare a CNP Unicredit Vita per chiedere l’immediata liquidazione delle somme dovute a saldo del 100% del capitale investito  Adiconsum, nel caso in cui la compagnia non dovesse dar corso al rimborso richiesto dai consumatori avvierà cause collettive a tutela dei consumatori, avendo presente l’impossibilità di avviare un’azione collettiva perché i fatti si riferiscono a prima dell’agosto 2009, senza peraltro doversi sottoporre al giudizio del giudice e alla pubblicità a cui la class action obbliga.

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