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Fang to Hold 2020 Annual General Meeting on December 21, 2020

PR Newswire

BEIJING, Nov. 16, 2020 /PRNewswire/ — Fang Holdings Limited (NYSE: SFUN) (“Fang” or the “Company”), a leading real estate Internet portal in China, today announced it would hold its 2020 annual general meeting of shareholders at Fang’s Beijing headquarters at Tower A, No. 20 Guogongzhuang Middle Street, Fengtai District, Beijing 100070, People’s Republic of China on December 21, 2020 at 10:00 a.m. (Beijing time). The proposal to be submitted for shareholders’ approval at the annual general meeting is the re-election of Mr. Changming Yan as an independent director of the board of directors of the Company (the “Board”), a member of the audit committee and the compensation committee of the Board, and a member and the chair of the nominating and corporate governance committee of the Board.

The record date (the “Record Date”) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof has been set as November 20, 2020. Holders of record of the Company’s ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

 

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SOURCE Fang Holdings Limited

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Arçelik Named Industry Leader in the Dow Jones Sustainability Index Once Again

PR Newswire

Arcelik’s ongoing commitment to sustainability has resulted in the company being named an industry leader for the second year running

ISTANBUL, Nov. 16, 2020 /PRNewswire/ — Arçelik has been named the “Industry Leader” in the Durable Home Appliances category for the second year in a row in the Dow Jones Sustainability Index, which evaluates the sustainability performance of the world’s largest companies. It is also the fourth consecutive year that Arçelik is the only Turkish Industrial company to be listed in the DJSI Emerging Markets Category.

Sustainability is one of Arçelik’s top priorities and the company’s ethos is “Respecting the World, Respected Worldwide”. Evaluating the company’s place in the index, Arçelik CEO Hakan Bulgurlu said, “Being selected as the Industry Leader in the Dow Jones Sustainability Index, which represents the gold standard in corporate sustainability, is an important achievement that demonstrates we are on the right track. We are proud of this success we have achieved together with all our employees. We have set an exemplary standard for the companies in our industry to follow. We have become carbon neutral in 2019 and 2020 global production thanks to the “Energy Efficient Refrigerators Carbon Credit Finance Project” in Turkey. Within the scope of the project, at Arçelik, we obtained the right to 305.407 tonnes of VCS (Verified Carbon Standard) carbon credits which have been used to offset our 2019 and 2020 global direct and indirect (Scope 1 and 2) GHG emissions. We plan to invest an additional $50 million in renewable energy and energy efficiency for the future of our planet in the coming years. Together with our brands we will continue to design environmentally friendly products, continue our efforts on energy and water efficient production and implement social projects across the globe, helping combat food waste and encourage healthy living. We are expanding our goals by implementing our sustainability initiatives not only in the environmental field, but also in the social and governance spheres. We will continue to contribute to the protection of our planet and encourage others to live a more sustainable lifestyle.”

Arçelik, which continues to commission pioneering studies into combating climate change, published its 2030 objectives in its 12th Sustainability Report and declared that they will establish a 15 MW renewable energy system in its own production facilities by 2030. Arçelik, which used 100% green electricity in 2019 for its Turkey and Romania operations, aims to use 100% green electricity in all global production facilities by 2030. Besides, Arcelik aims to decrease the energy consumption used to produce each product by 45% by 2030 (compared to 2015 baseline in South Africa, Russia, Turkey, Romania, China, Thailand and Pakistan plants).

Arçelik, Turkey’s first and only industrial company which owns two WEEE (Waste Electrical and Electronic Equipment) Recycling Facilities, achieved 315 GWh energy savings and 6.4 million tons of water savings by replacing old high energy and water consuming products with energy and water efficient products regardless of the brand since 2014. The old products collected from the market are being sent to Arçelik WEEE Recycling Facilities where they are recycled. The saving generated is equivalent to nearly 39 million households’ daily electricity consumption and 7.9 million households daily water consumption. By recycling these waste products, we have prevented approximately 155,000 tons of CO2 emissions.

Notes to editors

Arçelik has featured in the Dow Jones Sustainability Index (DJSI) since 2017. The DJSI evaluates company’s performance in various areas that cover all aspects of sustainability, such as management, financing, supply chain, transparency, human rights and combating climate change. Created by S&P Dow Jones Indices and RobecoSAM, the Dow Jones Sustainability Index selects the most sustainable companies from 61 industries and serves as a reference point for investors who integrate sustainability issues into their portfolios.

About Arçelik

With over 30,000 employees throughout the world, 12 brands (Arçelik, Beko, Grundig, Blomberg, ElektraBregenz, Arctic, Leisure, Flavel, Defy, Altus, Dawlance, Voltas Beko), sales and marketing offices in 34 countries, and 22 production facilities in 8 countries, Arçelik offers products and services in nearly 150 countries. As Europe’s second largest white goods company according to market share ranking based on quantity, Arçelik reached a consolidated turnover of 5 billion Euros in 2019. With almost 70% of its profits coming from the international markets, Arçelik is the R&D leader in Turkey – holding more than 3,000 international patent applications to date with the efforts of 1,600 researchers in 15 R&D and Design Centers in Turkey and R&D Offices across five countries.

www.arcelikglobal.com

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SOURCE Arçelik

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Liberty Global Named to Dow Jones Sustainability World and North America Indices

Liberty Global Named to Dow Jones Sustainability World and North America Indices

Liberty Global Included in Influential Index of the World’s Most Sustainable Companies

Liberty Global Belgian Subsidiary Telenet Tops Sector List

DENVER, Colorado–(BUSINESS WIRE)–
Liberty Global (Nasdaq: LBTYA, LBTYB and LBTYK), one of the world’s leading converged video, broadband and communications companies, has been recognized once again for its commitment to sustainability and corporate responsibility by its inclusion in the prestigious Dow Jones Sustainability World Index for the eighth year, as well as its ninth consecutive year in the North America Index. Liberty Global’s Belgian subsidiary Telenet also appears in the Index and has been named by Dow Jones as the sector leader.

The Dow Jones Sustainability Index ranks the performance of the world’s leading companies in terms of economic, environmental and social criteria. The Index serves as a benchmark for investors integrating sustainability considerations into their portfolios and provides an engagement platform for companies looking to adopt sustainable best practices.

Liberty Global achieved an overall score of 67 points, a two-point increase over last year, placing the company in the 97th percentile and ahead of the Media, Movies and Entertainment sector average of 22 points. In particular, the company was recognized for its performance in Environment Reporting, scoring 100%, and in two key areas in the social dimension, including Human Rights and Talent Attraction and Retention. The company also saw significant improvements in Operational Eco Efficiency.

Liberty Global’s Corporate Responsibility (CR) strategy is built around its Connected Purpose framework, developed to empower positive change through technology. This strategy has led the company to achieve a number of important CR goals, including avoiding over 11,000 metric tons of carbon emissions and helping over half a million people with disabilities get jobs and stay in work through Virgin Media’s partnership with the charity Scope.

Mike Fries, CEO, Liberty Global, comments: “Our inclusion in both the Dow Jones Sustainability World and North America Indices is a testament to our decades-long commitment to operating in an environmentally friendly, sustainable way and to support the communities in the markets in which we operate. I’m especially proud of how Liberty Global and our operating companies have rallied to help our employees and customers meet the extraordinary challenges brought about by the pandemic. The power of connectivity to deliver positive, meaningful change in people’s lives has never been clearer.”

For more information, please see Liberty Global’s Corporate Responsibility Summary Report for 2019.

ABOUT LIBERTY GLOBAL

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world’s leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 6 million mobile subscribers and offer WiFi service through millions of access points across our footprint.

In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, LionsGate, the Formula E racing series and several regional sports networks.

For more information, please visit http://www.libertyglobal.com.

Investor Relations:

Max Adkins +44 20 8483 6336

John Rea +1 303 220 4238

Stefan Halters +44 20 8483 6211

Corporate Communications:

Molly Bruce +1 303 220 4202

Matt Beake +44 20 8483 6428

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Online Mobile/Wireless Entertainment Mobile Entertainment Internet Consumer Electronics Technology General Entertainment Environment Other Entertainment Audio/Video Other Technology Telecommunications

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KKR Invests in CMC Machinery to Drive Innovation in Sustainable Packaging

KKR Invests in CMC Machinery to Drive Innovation in Sustainable Packaging

Investment is part of KKR’s Global Impact strategy, helping deliver commercial solutions to significant societal challenges

LONDON–(BUSINESS WIRE)–
Leading global investment firm KKR today announced an investment in CMC Machinery, a manufacturer of automated packaging solutions in Italy. Financial details of the transaction were not disclosed.

Founded in 1980 and headquartered in Città di Castello, CMC Machinery is a premium provider of innovative e-commerce 3D on-demand packaging, using advanced end-of-line technology to improve environmental impact by reducing the consumption of packaging materials. The company is led by the Ponti family and employs a team of approximately 200 based in the Umbria region, specializing in the design and manufacturing of advanced automated packaging solutions for some of the world’s largest retail and logistics companies.

Following KKR’s investment, CMC Machinery will continue to be led by the Ponti family and headquartered in Città di Castello, with Founder Giuseppe Ponti’s sons, Francesco and Lorenzo Ponti, serving as CEO and COO respectively.

The on-demand packaging market has seen strong growth over the past few years in response to the surge in the e-commerce sector as more people around the world shift to purchasing items online, a trend accelerated by the impact of COVID-19. With volumes expected to grow even further, the environmental sustainability of the related activities is a critical area of focus. CMC Machinery’s innovative 3D technology is market-leading, offering sustainability benefits by producing on-demand custom made boxes that fit the product size, resulting in significant reduction of raw material and void filler used.

Giuseppe Ponti, Founder, President and Strategic Business Development Director of CMC Machinery, said: “We are very pleased to have KKR on board as an investor with a shared vision to inspire the future of packaging and e-commerce. With KKR’s support, we are excited to continue on our journey, expanding our operations which will remain firmly rooted in the Umbria region to address an increasingly global market with sustainable packaging solutions.”

Stanislas de Joussineau, Director at KKR and Head of Global Impact in EMEA, said: “CMC Machinery’s market-leading innovation in sustainable packaging aligns well with the objectives of KKR’s mission to invest in companies that are providing solutions to critical challenges. We are excited to have the opportunity to work closely with the Ponti family on this important endeavor to drive innovation and promote sustainability across the global retail sector, particularly at this critical time for the industry as retailers increasingly seek to minimize their impact on the environment.”

Pedro Ramos, Principal at KKR’s Global Impact team in EMEA, said: “CMC Machinery is recognized as a leader in the sector, a testament to the passion and commitment of the Ponti family and their team, who have seen their factories in Città di Castello grow to supply customers around the world. We look forward to supporting them in scaling even further using KKR’s global platform and resources.”

The investment in CMC Machinery is the fourth in Europe by the KKR Global Impact Fund, following investments in MasterD, the leading vocational training company in Spain, The Citation Group, a leading provider of subscription-based HR and Employment law and Health & Safety services to SMEs in the UK, and Viridor, the UK’s leading recycling and responsible waste management company.

KKR Global Impact is focused on identifying and investing behind opportunities where financial performance and societal impact are intrinsically aligned. Specifically, the Fund is focused on generating risk-adjusted returns by investing in companies that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (“SDGs”). CMC Machinery’s business directly contributes toward SDG #12 (Responsible Consumption and Production) as their innovative packaging solution fits boxes to product size, enabling their e-commerce clients to use less material inputs, reducing waste.

In Italy, KKR has invested over €2.5bn across private equity, infrastructure and other asset classes, with investments including Selecta, MM and Sirti, employing 17,000 people across its portfolio companies. The firm has a long track record of working with entrepreneurial owners and founder-backed businesses across Europe, supporting these companies with the next stage of their growth ambitions by providing financial and operational expertise as well as access to KKR’s global network and resources.

-ends-

About CMC Machinery

Based in Città di Castello, Italy, CMC Spa is a privately held company that designs, manufactures and supports the most innovative and disruptive technology for the mailing, graphic arts, ecommerce and logistics industry. Founded in 1980, the company has focused on strategies to retain customers becoming their sole supplier for technology, service, parts and professional technical training. CMC has always been on track to timely respond to the ever-changing market requirements with creative design engineering and bespoke solutions. With the ecommerce surge reshaping the parcel industry, today CMC is helping retailers and logistics company to optimise their fulfilment process and deliver sustainable, strong, highly personalised and safe boxes through the much acclaimed and multi award winning CMC 3D right sizing packaging technology. For additional information about CMC please visit CMC’s website at www.cmcmachinery.com

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media:

KKR: Italy

Pasquo Cicchini

Community Group

[email protected]

KKR: International

Alastair Elwen / Alice Neave

Finsbury

+44 (0)20 7251 3801

[email protected]

KEYWORDS: Europe United Kingdom Italy

INDUSTRY KEYWORDS: Packaging Professional Services Manufacturing Finance

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Mexus Gives An Update On New Heap Leach Pad At Its Santa Elena Mine

CABORCA, Mexico, Nov. 16, 2020 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) announced that it has completed phase 1 of its new heap leach pad. The 250,000 ton pad, which is expandable to 1,000,000 tons, will have crushed mineralized material placed beginning 11/17. This material, averaging 2.7 Gpt Au, should begin leaching by 11/21. The company is looking for a return of .6 Gpt Au in solution. Start up flow at 10.5 liters per second is expected to return approximately 17.5 oz Au per 24 hour cycle. Mexus is targeting 12/1 to meet this goal.

Mexus President, Paul Thompson Sr., stated that it has taken several months to determine the extent of the contamination to the original heap leach pad done by the previous operator. The prior operator introduced salt and other chemicals to the entire leaching operation. The company has found silver chloride throughout the pad, ponds, and filter system. As previously noted, Mexus decided to remove the material from the entire leach pad. In addition, the company has drained and cleaned the pregnant and barren ponds along with a clean out of the water system and filters. Initially, the company had prepared one small leach pad area which successfully produced 134 oz. of gold in three weeks. Management believed that this plan could work over the whole pad avoiding the silver chloride areas. Unfortunately, this proved to be too timely and costly. Removing all traces of silver chloride from the gold production circuit is allowing Mexus to move forward with a more precise mining operation. The company is scheduled to begin blast hole drilling on 11/18 with a new round of blasting occurring by 12/8. This will expand the company’s pit no. 2 by approximately 1741 oz. Au at 2.7 Gpt.

About Mexus Gold US

Mexus Gold US is an American based mining company with holdings in Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the property. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates.

For more information on Mexus Gold US, visit www.mexusgoldus.com.

Mexus Gold US (775) 721-9960 Paul Thompson Sr

Cautionary Statement

Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.



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SMTC Corporation to Manufacture Aura V Ventilators in Battle to Combat COVID-19

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider and winner of Frost & Sullivan’s 2019 Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, today announced that the Company will produce Aura V ventilators for its customer IPM Chirana.

“With the number of COVID-19 cases continuing to rise, we are pleased that we are able to draw on experience in building complex equipment that will perform in critical situations to support the medical community in combatting COVID-19 by manufacturing IPM Chirana’s Aura V ICU ventilators,” said Ed Smith, SMTC Corporation’s President and Chief Executive Officer.

“We selected SMTC to manufacture our Aura V critical care ventilators because of their reputation for quality, customer responsiveness and ability to quickly bring complex medical equipment to market,” said Bud Reeves, IPM Chirana’s CEO.

The Aura V ventilator is designed for use in intensive care units to support and protect the patient’s lungs while providing critical information to caregivers. SMTC plans to manufacture IPM Chirana ventilators at its 58,000 square foot facility in Boston, which has earned a number of industry certifications, including ISO-9001, ISO-13485, AS9100, IPC-610, Class II & Class III and is RoHS compliant.

Forward-Looking Statements

The statements contained in this release that are not purely historical are forward-looking statements, which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward looking terminology such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other and similar words, and include, but are not limited to, statements regarding the location of manufacturing for and the financial results related to, the customer relationship referenced above, and certain of its noted certified quality standards. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company’s control, and that future events and results may vary substantially from what the Company currently foresees. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, such as modification or termination of the applicable customer orders, the success and timing of ramping, availability and timing and receipt of critical parts or components, demand from ultimate customers, as well as other risks and uncertainties detailed from time to time in the Company’s various SEC filings, including its annual report on Form 10-K, Form 10-Q and on subsequent reports on Form 8-K. The forward-looking statements contained in this release are made as of the date hereof and SMTC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

About IPM
Chirana

IPM Chirana is a global provider of life-changing medical technologies based in Research Triangle Park, North Carolina, with a manufacturing facility in Boston, Massachusetts. Led by knowledgeable leaders in respiratory care, IPM Chirana is focused on offering the Aura V ventilator’s unique capabilities globally. Through its unwavering commitment, IPM Chirana empowers and guides healthcare providers in their quest to improve and protect the health, safety and quality of life for patients around the world. Through its collaboration and unified efforts, IPM Chirana invests its resources to nurture and advance knowledge and the adoption of evidence-based, reliable and robust innovation.

About SMTC

SMTC Corporation was founded in 1985 and acquired MC Assembly Holdings, Inc. in November 2018. SMTC has more than 50 manufacturing and assembly lines in the United States and Mexico which creates a powerful low-to-medium volume, high-mix, end-to-end global electronics manufacturing services (EMS) provider. With local support and expanded manufacturing capabilities globally, including fully integrated contract manufacturing services with a focus on global original equipment manufacturers and emerging technology companies, including those in the Avionics, Aerospace and Defense, Industrial IoT, Power and Clean Technology, Medical and Safety, Retail and Payment Systems, Semiconductors, Telecom, Networking and Communications, and Test and Measurement industries. As a mid-size provider of end-to-end EMS, SMTC provides printed circuit board assembly production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, and sustaining engineering and supply chain management services. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. For further information on SMTC Corporation, please visit our website at www.smtc.com.

Investor
Relations Contact

Peter Seltzberg
Managing Director
Darrow Associates, Inc.
516-419-9915
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00884039-36d5-4cb1-89bd-861250f96981



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Successful Entry Into Service of EUTELSAT KONNECT Satellite

Successful Entry Into Service of EUTELSAT KONNECT Satellite

  • Marking a major step in Eutelsat’s Connectivity strategy
  • Contributing to making 2021 a turning point in Fixed Broadband

PARIS–(BUSINESS WIRE)–
Regulatory News:

Eutelsat Communications (Euronext Paris: ETL) announces the successful entry into service of its new-generation EUTELSAT KONNECT High Throughput Satellite at the 7° East orbital position.

Launched aboard an Ariane rocket on 16 January 2020, the availability of EUTELSAT KONNECT had been delayed due to Covid-related interruptions in the roll-out of the ground segment, but having now completed its testing, this much anticipated spacecraft is now operational and will gradually ramp up with 80% of the capacity in service by year-end and 100% by March 2021.

EUTELSAT KONNECT is an all-electric satellite, built by Thales Alenia Space and the first to use Thales Alenia Space’s new Spacebus Neo platform. With 75 Gbps of capacity across a network of 65 spot-beams, it delivers significant resources for broadband services and sets a new benchmark for flexibility in High Throughput Satellites leading to optimized fill rates. EUTELSAT KONNECT also comes with compelling economics, with a cost per sellable Gbps substantially lower than for existing in-orbit assets.

Coverage will initially be split between Europe with circa 55% of the capacity focused on high-demand areas namely France, Italy, Germany, Spain, the UK, and Africa where it will considerably supplement and gradually replace the capacity leased from a third-party operator.

The availability of EUTELSAT KONNECT marks a major step in Eutelsat’s Connectivity strategy, contributing to making 2021 a turning point in Fixed Broadband. The entire French capacity on the satellite has already been contracted on a wholesale basis by Orange. Moreover, Eutelsat’s recent acquisition of BigBlu Broadband adds a retail pillar to its distribution network which will accelerate the ramp up of the satellite and prepare the ground for the entry into service of KONNECT VHTS in the course of fiscal year 2022-23.

About Eutelsat Communications

Founded in 1977, Eutelsat Communications is one of the world’s leading satellite operators. With a global fleet of satellites and associated ground infrastructure, Eutelsat enables clients across Video, Data, Government, Fixed and Mobile Broadband markets to communicate effectively to their customers, irrespective of their location. Around 7,000 television channels operated by leading media groups are broadcast by Eutelsat to one billion viewers equipped for DTH reception or connected to terrestrial networks. Headquartered in Paris, with offices and teleports around the globe, Eutelsat assembles 1,000 men and women from 46 countries who are dedicated to delivering the highest quality of service. For more about Eutelsat go to www.eutelsat.com

Media

Joanna Darlington

Tel.: +33 1 53 98 31 07

[email protected]

Marie Sophie Ecuer

Tel.: +33 1 53 98 32 45

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Tel.: +33 1 53 98 46 21

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Investors

Joanna Darlington

Tel.: +33 1 53 98 31 07

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Cédric Pugni

Tel.: +33 1 53 98 31 54

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Alexandre Illouz

Tel.: +33 1 53 98 46 81

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KEYWORDS: Africa France United Kingdom Spain Italy Europe Germany

INDUSTRY KEYWORDS: Internet Satellite Other Technology Technology Telecommunications

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LeoVegas exercises authorisation for share repurchases

PR Newswire

STOCKHOLM, Nov. 16, 2020/PRNewswire/ — The Board of Directors of LeoVegas has decided to exercise the authorisation to repurchase own shares granted to it by the company’s Annual General Meeting on 8 May 2020. LeoVegas intends to repurchase shares for an amount up to EUR 10,000,000. The share repurchases will be conducted on one or more occasions before the Annual General Meeting on 11 May 2021. The purpose is to optimise the company’s capital structure and create shareholder value by reducing the number of shares outstanding. The repurchased shares may also be used as payment for potential future acquisitions.

The share repurchase programme is being initiated in accordance with the authorisation granted by the shareholders at the Annual General Meeting (AGM) on 8 May 2020 to repurchase up to 10% of the total number of shares in the company before the 2021 AGM. This entails that a maximum of 10,165,297 shares may be repurchased. However, the company intends during the prescribed period of time to repurchase shares for a maximum amount of EUR 10,000,000. LeoVegas today owns no treasury shares. The repurchase program will be carried out in accordance with Nasdaq Stockholm’s regulation for issuers and the following conditions:

  1. Repurchases may be conducted on one or more occasions before the AGM on 11 May 2021.
  2. Repurchases shall be made at a price within the range of the highest purchase price and lowest selling price for the shares on Nasdaq Stockholm at any given time.
  3. A maximum of 25%, with the exception of block trades, of the average daily trading volume in the shares on Nasdaq Stockholm may be repurchased on any given trading day.
  4. Payment for the shares shall be made in cash.

LeoVegas shall report to Nasdaq Stockholm all repurchases of own shares that have taken place during the program no later than within seven trading days after the date of repurchase.

This information is such that LeoVegas AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at the time stated by LeoVegas AB’s (publ) news distributor Cision, upon publication of this press release. The persons indicated below can also be contacted for further information.

for further INFORMATION, please contact:


Gustaf Hagman, Group CEO
+46 (0) 8 410 367 66
[email protected]


Stefan Nelson, Group CFO
+356 993 942 68
[email protected]

Philip Doftvik, Director of Investor Relations and Corporate Finance
+46 73 512 07 20,
[email protected]

About leovegas mobile gaming group:

LeoVegas vision and position is “King of Casino”. The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company’s shares are listed on Nasdaq Stockholm. 

www.leovegasgroup.com

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LeoVegas exercises authorisation for share repurchases

 

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Oppenheimer Accelerates Growth of Consumer Investment Banking Group with Appointment of James Murray as Managing Director, Based in London, United Kingdom

PR Newswire

NEW YORK and LONDON, Nov. 16, 2020 /PRNewswire/ — Oppenheimer & Co. Inc. (“Oppenheimer”), a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY), today announced the continued build-out of the leadership team within the Consumer Group of its investment banking business.  Oppenheimer is pleased to announce the appointment of James Murray as a Managing Director within its Global Consumer Investment Banking Group.  James will be based in London and report to Max Lami, European Chief Executive, and Emmanuel Durand, Global Head of Consumer Investment Banking.

James joins Oppenheimer with over 20 years’ experience in providing strategic advice to an extensive range of consumer clients.  He will be focused on both the UK and the Continent and will work closely with Jeroen Van Den Heuvel, Managing Director in the Consumer Investment Banking Group.  Together, Mr. Murray and Mr. Van Den Heuvel bring more than 40 years of collective mergers & acquisitions (“M&A”) and capital raising experience in the Consumer sector.

James holds an MBA from Imperial College, London and an MA from The University of St Andrews.

James started his investment banking career at Rothschild & Co in London, and prior to joining Oppenheimer was a Partner and Head of Consumer M&A at KPMG.  James has advised on over 50Bn USD worth of closed transactions, representing private and public companies, entrepreneurs and private equity clients.

Mr. Durand said, “We are thrilled to welcome James to our global team. His respected industry insight, experience and relationships in the Consumer sector complement those of Jeroen van den Heuvel.  He will enhance Oppenheimer’s capabilities in the U.K. and in continental Europe.  James will also be instrumental, together with Jeroen, in further consolidating our well established cross-border capabilities, notably strengthening the bridge with the US Consumer team.”

Mr. Lami added, “Oppenheimer is committed to the continued expansion of its Investment Banking capabilities in Europe and to servicing the needs of its clients by providing coverage across different geographies on an integrated basis. We are thrilled to be able to strengthen our business with James’ appointment to our team.”

Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions. For more information, please visit www.oppenheimer.com.

Oppenheimer Europe Limited
Oppenheimer Europe Limited is authorised and regulated by the Financial Conduct Authority and a Member firm of the LSE, providing advice to professional clients across Equities, Fixed Income and Corporate finance advisory. For more information please visit www.oppenheimer.com.

Media Contact:

Joseph Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
[email protected] or [email protected]

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SOURCE Oppenheimer & Co. Inc.

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GENFIT: Third Quarter 2020 Financial Information and Launch of Renegotiation of Convertible Bond

  • Cash and cash equivalents of €199.3 million as of September 30, 2020
  • Company proposes a partial buyback and an amendment of the existing terms of the 2022 OCEANEs  

                   

Lille (France), Cambridge (Massachusetts, United States), November 16, 2020
– GENFIT (Nasdaq and Euronext: GNFT) a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases, today announced its cash position as of September 30, 2020 and revenues for the first nine months of 20201, and proposes to 2022 OCEANEs holders a partial buyback and an amendment of the existing terms.

Cash Position

As of September 30, 2020, the Company’s cash and cash equivalents amounted to €199.3 million compared with €303.0 million one year earlier.

As of June 30, 2020, cash and cash equivalents totaled €225.7 million.

Revenues2

Revenues for the first nine months of 2020 amounted to €350 thousand compared to €31 million for the same period in 2019.

Revenues for the 3rd quarter resulted mainly from services provided and revenues under the licensing and collaboration agreements signed with Labcorp and Terns Pharmaceuticals.

Recap

On September 30, 2020, GENFIT announced its plan to reduce its cash burn by more than 50% by 2022 compared to the cash burn prior to the RESOLVE-IT Phase 3 data.

GENFIT confirms its objective to reduce the current cash burn rate from €110 million annually before our Phase 3 data, to approximately €45 million annually, beginning in 2022. Due to the residual expenses related to the termination of RESOLVE-IT and the workforce restructuring plan, 2021 will be a transition year from a cash burn standpoint.

This plan incorporates the following key components:

•     The overall clinical development program for elafibranor in NASH and all activities associated with the commercial launch of elafibranor in NASH have been terminated given the low probability of success compared to required expenses. The termination includes the NASH combination therapy trials, the pediatric trials, and other trials such as the evaluation of the impact of elafibranor on liver fat composition;

•     A comprehensive cost-saving plan has been implemented, including the redirection of R&D activities and the termination of secondary programs such as the RORgT program;

•     A workforce restructuring plan is underway to reduce the overall workforce by 40%, encompassing both the U.S and France in order to align the company size to the new scope of activity. The Company expects the plan to be completed by the end of the year.

Partial buyback and amendment of the terms of the 2022 OCEANEs

Pascal Prigent, CEO of GENFIT, commented: “The partial buyback and amendment of the terms of our convertible bonds, the terms of which are described below, aim to reduce by more than 50% the nominal amount of GENFIT’s financial debt, and to defer the maturity date of the remainder until 2025. We can allocate a maximum of €50 million to this transaction which will help the company maximize its chances of success in the interest of all stakeholders involved: the Company, its shareholders and bondholders. I am confident that through a constructive discussion with our bondholders we will find an acceptable compromise which will put the Company in a good position following the results of our Phase 3 PBC trial”.

Main terms of the October 2022 OCEANEs

In October 2017, GENFIT (the “Company”) issued 6,081,081 bonds convertible into new shares and/or exchangeable for existing shares due on October 16, 2020 for a nominal amount of €179,999,997.60 (“2022 OCEANEs”) by way of a private placement to institutional investors.

The 2022 OCEANEs were issued at a nominal unit value of €29.60 and bear interest at an annual nominal rate of 3.50%, payable semi-annually in arrears on April 16 and October 16 of each year.

The 2022 OCEANEs entitle their holders to receive new and/or existing GENFIT shares at an initial conversion/exchange ratio of one share per 2022 OCEANE.

The 2022 OCEANEs trade on Euronext Access™ (ISIN: FR0013286903).

Company objectives

Despite the Company’s significant cost savings initiatives, the expected cash position on the maturity date of the 2022 OCEANEs will not allow the Company to repay the convertible bonds at par. This represents a significant hurdle to the Company’s development and the pursuit of its new strategy, with adverse consequences in several areas: access to funding, signing of commercial agreements or strategic partnerships.

Therefore, this situation represents a major constraint for the Company and all the stakeholders: the 2022 OCEANE holders, shareholders, financial and commercial partners.

The Company’s significant efforts to preserve its cash must therefore be accompanied by an amendment of the terms and conditions of the 2022 OCEANEs.

Natixis and Kepler Cheuvreux (the “Counsels”) have been appointed by the Company to assist in this partial buyback and the amendment of the terms of the 2022 OCEANEs.

The Company and its Counsels have prepared a proposal encompassing a partial repurchase and an amendment of the terms of the 2022 OCEANEs, with the objective of:

  • preserving as much as possible the Company’s ability to finance its operations;
  • reducing the nominal amount of the financial debt to be redeemed;
  • deferring the maturity date of its convertible bonds in line with the next milestones in the Company’s two main programs: the ELATIVE™ Phase 3 clinical trial evaluating elafibranor in PBC and the NIS4™ technology for (NASH) diagnosis; and
  • maximizing the potential for value-creation for shareholders and the 2022 OCEANE holders.

Proposal to the 2022 OCEANEs holders

In order to reach its objectives, the Company is considering proceeding in two interdependent phases:

      1)    Partial buyback of the 2022 OCEANEs

The Company is looking to reduce by more than 50% the nominal amount of the 2022 OCEANEs by repurchasing bonds that will then be cancelled. Considering the current cash level and the expected cash consumption over the coming years, the Company has allocated a maximum of €50 million to this objective. This envelope was determined to allow the continued operation of the Company’s business until the ELATIVE™ Phase 3 clinical trial evaluating elafibranor in PBC can be monetized.

All the repurchased 2022 OCEANEs will be bought back at the same price.

Should the buyback requests from the 2022 OCEANEs holders exceed the €50 million maximum repurchase amount contemplated by the Company, buyback requests will be reduced proportionally to ensure equal treatment among all the holders.

      2)    Amendment of the remaining portion (post partial buyback) of the terms of the 2022 OCEANEs

In order to pursue its strategy and maximize value creation for its shareholders and the 2022 OCEANEs holders, the Company proposes to amend the 2022 OCEANEs terms as described below:

  • a 3-year deferral of the maturity date (until October 16, 2025) which would reduce the financial pressure on the Company and give it the flexibility to decide on the optimal strategy to monetize results of the Phase 3 clinical trial ELATIVE™ evaluating elafibranor in PBC: direct commercial development or through partnerships, strategic alliances, etc.;
  • a deferral of the start of the early redemption period3 provided for in the 2022 OCEANEs terms and conditions (until November 3, 2023); and
  • an increase of the conversion ratio of the 2022 OCEANEs to be further determined, leading to an increased likelihood of conversion of the remaining portion of the 2022 OCEANEs, ultimately reinforcing the Company’s equity.

Implementation4

2022 OCEANE holders interested in the proposed partial buyback are invited to contact the Company or its Counsels. Retail holders should contact the 2022 OCEANE Bondholder Representative (Représentant de la Masse) at [email protected]

The Company will announce the definitive terms of the partial buyback as well as the amendments to the 2022 OCEANEs terms and conditions (in particular, the repurchase price offered for the 2022 OCEANEs and the contemplated conversion ratio) in a subsequent communication.

The Company and the 2022 OCEANE holders will then be able to enter into agreements relating to the 2022 OCEANE buyback, which will remain contingent on and occur after the following events:

  1. approval by the Extraordinary General Meeting of the Company’s shareholders of the new conversion ratio; and
  2. approval by the 2022 OCEANE holders of the aforementioned amendments.

As a final step, the Company will convene a general meeting of the shareholders and a general meeting of the 2022 OCEANE holders, which are expected to be held in the first quarter of 2021.

ABOUT GENFIT

GENFIT is a late-stage biopharmaceutical company dedicated to improving the lives of patients with cholestatic and metabolic chronic liver diseases. GENFIT is a pioneer in the field of nuclear receptor-based drug discovery, with a rich history and strong scientific heritage spanning more than two decades. GENFIT is currently enrolling in a Phase 3 clinical trial evaluating elafibranor in patients with primary biliary cholangitis (PBC). As part of GENFIT’s comprehensive approach to clinical management of patients with liver disease, the Company is also developing NIS4™, a new, non-invasive blood-based diagnostic technology which could enable easier identification of patients with at-risk NASH.  NIS4™ technology has been licensed to LabCorp in the U.S. and Canada for the development and commercialization of a blood-based molecular diagnostic test powered by NIS4™ technology. GENFIT has facilities in Lille and Paris, France, and Cambridge, MA, USA. GENFIT is a publicly traded company listed on the Nasdaq Global Select Market and on compartment B of Euronext’s regulated market in Paris (Nasdaq and Euronext: GNFT). www.genfit.com

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, including those within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to GENFIT, including statements regarding our capacity to renegotiate the terms of our 2022 OCEANEs convertible bonds, our capacity to implement our restructuring plans, including a workforce restructuring plan, the impact of the  plans and negotiations on our capacity to significatively reduce, in the upcoming years, our operational expenses and our cash burn; in particular in a context of uncertainty related to the COVID-19 pandemic that could significatively affect our revenues projections, some operational expenses related to our clinical trials, and consequently, our projected cash burn.  The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements.  Although the Company believes its expectations are based on the current expectations and reasonable assumptions of the Company’s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, biomarkers, progression of, and results from, its ongoing and planned clinical trials, review and approvals by regulatory authorities of its drug and diagnostic candidates, exchange rate fluctuations and the Company’s continued ability to raise capital to fund its development, as well as those risks and uncertainties discussed or identified in the Company’s public filings with the French Autorité des marchés financiers (“AMF”), including those listed in Section 4 “Main Risks and Uncertainties” of the Company’s 2019 Universal Registration Document filed with the AMF on May 27, 2020 under n° D.20-0503, which is available on GENFIT’s website (www.genfit.com) and on the website of the AMF (www.amf-france.org) and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s 20-F dated May 27, 2020. In addition, even if the Company’s results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods.  These forward-looking statements speak only as of the date of publication of this document. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.

CONTACT

GENFIT | Investors

Naomi EICHENBAUM – Investor Relations | Tel: +1 (617) 714 5252 | [email protected]

PRESS RELATIONS | Media

Hélène LAVIN – Press relations | Tel: +333 2016 4000 | [email protected]

GENFIT | 885 Avenue Eugène Avinée, 59120 Loos – FRANCE | +333 2016 4000 | www.genfit.com

1
Unaudited financial information under IFRS

2
Revenue recognized under IFRS 15

3
Early redemption event at the Company’s option which may encourage the conversion of the OCEANEs into shares in the event the Company’s share price exceeds 150% of the conversion price over a specified period.

4
At this stage, the renegotiation of the 2022 OCEANE terms remains in draft form.


 

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