The document discusses the challenges facing oil and gas companies in Southeast Asia due to the recent sharp decline in oil prices. It summarizes that E&P companies will likely cut capital expenditures and prioritize existing assets over new exploration. E&P service providers may also face reduced demand and earnings declines. Companies may restructure debt and renegotiate or selectively perform contracts to address reduced revenues and liquidity issues. Private equity funds could benefit from investment opportunities in distressed upstream assets and companies.
Oil & Gas Distress Contagion Spreads to Europe - A Case Study on Afren plc (2...Christine Tadros
The document summarizes a proposed debt restructuring plan for Afren plc, a London-listed oil and gas company experiencing financial distress due to falling oil prices. Afren has over $1.2 billion in debt, including bonds maturing in 2016, 2019 and 2020. The restructuring plan involves issuing new bonds and shares to bondholders in exchange for debt forgiveness. If approved, it would reduce Afren's debt, extend maturities, and provide interim funding to avoid default. However, the plan requires approval from various stakeholders and faces significant challenges.
public serviceenterprise group 10/08/04-82-125finance20
PSEG presented its strategic direction for its Energy Holdings and Resources divisions. For Energy Holdings, the objectives are to focus on continued earnings and cash generation from existing international generation and distribution assets, selectively dispose of assets over 5 years to reduce exposure, and explore both private and public sale opportunities. For Resources, the objectives are continued earnings and cash flow from its primarily investment-grade energy lease portfolio and to monitor credit quality. PSEG aims to reduce leverage, maintain investment-grade credit ratings, preserve liquidity, and generate free cash flow across its businesses.
Public Market Alternatives for Energy Portfolios - Comparing Yieldcos to REIT...Rick Borry
Prior to the dramatic recent growth, and subsequent volatility, of Yieldcos, renewable energy financiers believed that their best hope of access to the public equity capital markets would be through Real Estate Investment Trusts (REITs) and/or Master Limited Partnerships (MLPs). Both of these structures are exempt from corporate level taxation, with their earnings taxed only at the investor level, but to date, neither vehicle is permitted unrestricted equity ownership of renewable generation assets. This presentation compares structures, tax treatment, legal issues and economics of Yieldcos, REITs and MLPs, and how they might compete for renewable energy issuers and investors if permitted to do so.
Please join us as industry-leading expert, Kenneth Kramer, managing director of Rushton Atlantic, shares his experience and insights into this essential field.
The document discusses restructuring the debts of Dhandapani Finance Limited (DFL), a non-banking financial company in India. DFL's financial position deteriorated due to external factors like the global recession affecting its business. Its debts were proposed for restructuring under the Corporate Debt Restructuring mechanism. The restructuring considered DFL's future outlook and viability. A cash flow statement projected repayment over five years at 15% interest, with assumptions about new customers, loan sizes, defaults, non-performing assets and provisions. The restructuring aimed to minimize losses for creditors and support DFL's continuing operations.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
An Employee Stock Ownership Plan (“ESOP”) is a tax qualified retirement plan which is designed to invest primarily in stock of the sponsor corporation. Under §4975 of the Internal Revenue Code of 1986, as amended (the “Code”) and §§406 and 408 of the Employee Retirement Income Security Act of 1974 (“ERISA”), ESOPs are the only type of retirement plan that can borrow money from (or obtain loans guaranteed by) a party in interest (an “exempt loan”).
he government of South Africa has recently paved the way for a further R33.8-billion (US$3.3-billion) worth of investment that will add up to 1 470 megawatts (MW) of clean energy to South Africa's national grid and wind energy is at the forefront of such investment opportunities.
Learn about the South African wind energy finance roadmap by filling in the form on the right ->
With developers and financiers across the country lining up to bid for such lucrative power purchase agreements, gaining clarity into legislative, regulatory and economic forces in South Africa can make or break a development. Inside this 45 minute presentation given by Alastair Campbell, Managing Director of the Vantage GreenX fund you will:
Understand the regulations, legislation and policy changes that affect wind financing going forward, learn about debt capital markets and bond issuances.
Gain critical forecasts for the long term prospects for wind energy finance.
Establish lending appetite of non- banking financial institutions, and hear about progress regarding the creation of the various debt funds in the secondary market.
This chapter discusses the motivations for companies to engage in share buybacks. Some of the key reasons include: returning surplus cash to shareholders, increasing earnings per share, stabilizing the share price, using it as a defense against takeovers, facilitating shareholder exit, and signaling to the market that the shares are undervalued. However, buybacks could also be abused to manipulate the share price or entrench management against takeovers. The motivations discussed provide context for understanding the regulations surrounding share buybacks in subsequent chapters.
Oil & Gas Distress Contagion Spreads to Europe - A Case Study on Afren plc (2...Christine Tadros
The document summarizes a proposed debt restructuring plan for Afren plc, a London-listed oil and gas company experiencing financial distress due to falling oil prices. Afren has over $1.2 billion in debt, including bonds maturing in 2016, 2019 and 2020. The restructuring plan involves issuing new bonds and shares to bondholders in exchange for debt forgiveness. If approved, it would reduce Afren's debt, extend maturities, and provide interim funding to avoid default. However, the plan requires approval from various stakeholders and faces significant challenges.
public serviceenterprise group 10/08/04-82-125finance20
PSEG presented its strategic direction for its Energy Holdings and Resources divisions. For Energy Holdings, the objectives are to focus on continued earnings and cash generation from existing international generation and distribution assets, selectively dispose of assets over 5 years to reduce exposure, and explore both private and public sale opportunities. For Resources, the objectives are continued earnings and cash flow from its primarily investment-grade energy lease portfolio and to monitor credit quality. PSEG aims to reduce leverage, maintain investment-grade credit ratings, preserve liquidity, and generate free cash flow across its businesses.
Public Market Alternatives for Energy Portfolios - Comparing Yieldcos to REIT...Rick Borry
Prior to the dramatic recent growth, and subsequent volatility, of Yieldcos, renewable energy financiers believed that their best hope of access to the public equity capital markets would be through Real Estate Investment Trusts (REITs) and/or Master Limited Partnerships (MLPs). Both of these structures are exempt from corporate level taxation, with their earnings taxed only at the investor level, but to date, neither vehicle is permitted unrestricted equity ownership of renewable generation assets. This presentation compares structures, tax treatment, legal issues and economics of Yieldcos, REITs and MLPs, and how they might compete for renewable energy issuers and investors if permitted to do so.
Please join us as industry-leading expert, Kenneth Kramer, managing director of Rushton Atlantic, shares his experience and insights into this essential field.
The document discusses restructuring the debts of Dhandapani Finance Limited (DFL), a non-banking financial company in India. DFL's financial position deteriorated due to external factors like the global recession affecting its business. Its debts were proposed for restructuring under the Corporate Debt Restructuring mechanism. The restructuring considered DFL's future outlook and viability. A cash flow statement projected repayment over five years at 15% interest, with assumptions about new customers, loan sizes, defaults, non-performing assets and provisions. The restructuring aimed to minimize losses for creditors and support DFL's continuing operations.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
An Employee Stock Ownership Plan (“ESOP”) is a tax qualified retirement plan which is designed to invest primarily in stock of the sponsor corporation. Under §4975 of the Internal Revenue Code of 1986, as amended (the “Code”) and §§406 and 408 of the Employee Retirement Income Security Act of 1974 (“ERISA”), ESOPs are the only type of retirement plan that can borrow money from (or obtain loans guaranteed by) a party in interest (an “exempt loan”).
he government of South Africa has recently paved the way for a further R33.8-billion (US$3.3-billion) worth of investment that will add up to 1 470 megawatts (MW) of clean energy to South Africa's national grid and wind energy is at the forefront of such investment opportunities.
Learn about the South African wind energy finance roadmap by filling in the form on the right ->
With developers and financiers across the country lining up to bid for such lucrative power purchase agreements, gaining clarity into legislative, regulatory and economic forces in South Africa can make or break a development. Inside this 45 minute presentation given by Alastair Campbell, Managing Director of the Vantage GreenX fund you will:
Understand the regulations, legislation and policy changes that affect wind financing going forward, learn about debt capital markets and bond issuances.
Gain critical forecasts for the long term prospects for wind energy finance.
Establish lending appetite of non- banking financial institutions, and hear about progress regarding the creation of the various debt funds in the secondary market.
This chapter discusses the motivations for companies to engage in share buybacks. Some of the key reasons include: returning surplus cash to shareholders, increasing earnings per share, stabilizing the share price, using it as a defense against takeovers, facilitating shareholder exit, and signaling to the market that the shares are undervalued. However, buybacks could also be abused to manipulate the share price or entrench management against takeovers. The motivations discussed provide context for understanding the regulations surrounding share buybacks in subsequent chapters.
PVA is an E&P company focused on transitioning from natural gas to oil production through development of its Eagle Ford Shale position. It has grown its Eagle Ford acreage and is seeing strong production and reserve growth from its Eagle Ford drilling program. PVA is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. Its strategy is focused on continued expansion of its Eagle Ford drilling inventory and reserves to grow its oil and liquids production and cash flows.
The thin capitalisation arm’s length debt test_Will BattagleneWill Battaglene
The document discusses issues with Australia's thin capitalization rules. Specifically, it notes that the rules are intended to limit debt deductions for Australian taxpayers that borrow funds to invest in controlled foreign entities. However, in practice the rules have failed to restrict these deductions. This is because the arm's length debt test focuses only on a company's ability to service debt, rather than the actual use of the debt. The document proposes adding a requirement that the arm's length debt amount cannot exceed debt actually applied to the Australian business. This would help ensure the thin capitalization rules meet their policy goal of restricting deductions for debt used overseas.
The document discusses accounting for share capital and debentures. It defines key terms like share classes, issued capital, paid-up capital and uncalled capital. It also describes procedures for issuing shares such as setting the issue price, differentiating between fully-paid and partly-paid shares, accounting for public share issues, and costs associated with share issues. The document also differentiates between types of debentures and accounting for their issue and redemption.
This document provides an overview of shares and debentures under Indian company law. It defines various types of share capital such as authorized, issued, subscribed, and paid-up capital. It also discusses the classification of shares into equity and preference shares, and the classification of preference shares into cumulative, non-cumulative, redeemable, irredeemable, convertible and non-convertible shares. The document also covers topics such as voting rights of shareholders, issue of shares, share certificates, transfer and transmission of shares, debentures, types of debentures, and certificates of debenture.
InfraREIT provided forward-looking statements about its business prospects. It owns $1.1 billion in regulated electric transmission and distribution assets located primarily in Texas. InfraREIT expects to achieve double-digit growth in cash available for distribution through 2018 by expanding its existing footprint and pursuing acquisition opportunities. Hunt Consolidated is a major long-term investor and will offer future development projects to InfraREIT on a right-of-first-offer basis.
InfraREIT provided forward-looking statements about its business prospects. It discussed potential growth opportunities through projects in its current service territories that could facilitate double-digit growth in cash available for distribution. It also mentioned a pipeline of development projects and potential acquisitions. However, it noted that actual results could differ materially from forward-looking statements due to various risks and uncertainties.
Intact Financial Corporation is Canada's largest property and casualty insurer, with $7 billion in direct premiums written. It has consistently outperformed the industry over the past 10 years in key metrics like combined ratio, return on equity, and premium growth. Intact plans to continue growing organically and through acquisitions in the fragmented Canadian P&C market. Recent acquisitions of AXA Canada and Jevco have bolstered Intact's capabilities and scale. Intact is well-positioned for further industry consolidation and to maintain its track record of outperforming peers.
This document provides an overview and agenda for EnLink Midstream's 2014 Analyst & Investor Day. It begins with forward-looking statements and disclosures about non-GAAP financial measures used. The agenda then outlines the presentations that will be made on the company's roadmap for growth, natural gas and liquids businesses, financial outlook, and non-operated investments. Background is given on EnLink Midstream's MLP structure and relationship with sponsor Devon Energy, as well as the experience of the management team. Key aspects of the company's growth strategy are its fee-based contracts, strategic assets, and investment grade balance sheet to fund expansion.
This presentation provides a look at Performance-based Equity from three angles: Design, Legal issues (provided by Jennifer George at Orrick) and Administration concerns (provided by Paz Dizon of Gilead). The administrative concerns is especially interesting since Paz drills deep into some of the difficulties and how she handled them.
1) UGI reported third quarter 2016 adjusted earnings per share of $0.23, up from $0.07 in the prior year period. Weather was colder than the prior year across UGI's service territories.
2) AmeriGas achieved strong results due to solid margin management, expense control, and colder weather. Adjusted EBITDA increased 30% year-over-year.
3) UGI International benefited from the acquisition of Finagaz and strong unit margin management, partially offset by integration expenses. Weather was significantly colder than the prior year.
The document discusses differential voting rights (DVRs) shares in India. It provides background on DVRs and details rules around their issuance. Key points include: DVRs were allowed in India in 2001 and have inferior or superior voting rights compared to regular shares; companies must meet conditions like having profits for 3+ years to issue DVRs; SEBI prohibited superior voting rights DVRs in 2009; the new Companies Bill may disallow DVRs entirely. Examples of companies issuing DVRs, like Tata Motors and Pantaloon Retail, are provided along with their DVR structures. Overall the document analyzes the concept of DVRs in India.
Basics of company accounts and issue of sharesTej Kiran
The document provides information on company accounts including:
1. Types of companies such as statutory, government, foreign, registered, private and public companies.
2. Key aspects of shares such as types (equity, preference), issue, allotment, calls and forfeiture.
3. Maintaining of proper books of accounts and preparation of key financial statements for a company.
The document discusses different types of limited companies, including private limited companies and public limited companies. It describes the key differences between the two, such as private companies having "Ltd" in the name while public companies end in "plc". It also covers various classes of shares like ordinary, preference, cumulative preference shares. The document then discusses methods for raising capital, including debentures, bank overdrafts, trade creditors, leasing, mortgages, hire purchase, government grants, factoring, and venture capital. It concludes by outlining the process of forming a public limited company, including creating a memorandum and articles of association.
This document provides an overview and update from Pembina Pipeline Corporation. It begins with forward-looking statements and information disclosures. It then discusses Pembina's value proposition as an efficient, well-managed midstream company with a solid business platform and growth opportunities. The document reviews Pembina's corporate profile, businesses, operating areas, recent developments, financial performance, and the oil sands and heavy oil business in more detail. It provides capital spending plans for 2013 with a focus on expanding pipeline capacity. In summary, the document outlines Pembina's operations and growth strategy as a leading North American midstream company.
Aveda energy investor presentation october 2012AvedaEnergy
This presentation provides an overview of Aveda Transportation and Energy Services to investors. It summarizes that Aveda is a growing provider of specialized oilfield hauling and rentals in the US and Western Canada. It also outlines Aveda's management team and board, capitalization details, balance sheet summary, and largest shareholders. The presentation contains forward-looking statements and identifies risks to projections.
This document discusses the latest trends and strategies for SMSF estate planning, including:
1. Using binding death benefit nominations and including provisions in governing rules to direct benefits to specific beneficiaries.
2. Paying death benefits to "non-traditional" beneficiaries like those in an interdependency relationship.
3. Managing the tax implications of death benefits, including any untaxed elements or use of anti-detriment payments.
4. Preserving fund assets and control after a member's death through strategies like non-member benefit insurance or paying income streams.
Good SMSF estate planning requires a holistic understanding of the SMSF's interaction with a member's other assets and estate plan.
Issue of Shares-Comapanies Act 2013 (CS/CA/CMA/B.COM/LLB)The Legal Magister
This document discusses various provisions around issuing shares under the Companies Act 2013 in India. It covers different types of shares like equity shares, preference shares, sweat equity shares. It discusses rules around issuing shares at premium or discount, differential voting rights, further issue of shares, bonus shares, employee stock options. Key points include what constitutes share capital, types of preference shares, conditions for issuing shares with differential voting rights, prohibitions on issuing shares at discount, rules for issuing sweat equity shares and utilization of securities premium.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
This document discusses CHP financing options for customers. It describes operating leases and power purchase agreements as common types of financing that allow customers to install CHP systems with no upfront capital. An example 4MW CHP project is provided that shows over $12 million in savings over 10 years through an operating lease that allows the customer to benefit from low rates by monetizing tax incentives. The document emphasizes that while CHP projects may make economic sense, cash constraints can prevent adoption, so financing is useful to overcome this barrier.
The document summarizes recent rating changes and analysis from CRISIL Credit Conversations. It discusses rating upgrades and outlook revisions for various companies driven by factors such as consolidation trends, project stabilization, new capex plans, and fine-tuning of CRISIL's parent notch-up criteria. Specific examples of rating changes are provided for companies in sectors like real estate, steel, sugar, ship breaking, consumer goods, education, auto components and banks. The document also discusses the impact of declining commodity prices on ratings in steel and sugar industries.
- The company reported solid results for Q1 2013, with good performance in several regions offset by some planned dry-docking and lower vessel utilization.
- 2013 guidance was re-iterated, with revenue and earnings expected to show progress despite some project delays and seasonal utilization patterns.
- The company has a record backlog above $10 billion and sees growth opportunities across all its markets, though some industry projects have been postponed.
PVA is an E&P company focused on transitioning from natural gas to oil production through development of its Eagle Ford Shale position. It has grown its Eagle Ford acreage and is seeing strong production and reserve growth from its Eagle Ford drilling program. PVA is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. Its strategy is focused on continued expansion of its Eagle Ford drilling inventory and reserves to grow its oil and liquids production and cash flows.
The thin capitalisation arm’s length debt test_Will BattagleneWill Battaglene
The document discusses issues with Australia's thin capitalization rules. Specifically, it notes that the rules are intended to limit debt deductions for Australian taxpayers that borrow funds to invest in controlled foreign entities. However, in practice the rules have failed to restrict these deductions. This is because the arm's length debt test focuses only on a company's ability to service debt, rather than the actual use of the debt. The document proposes adding a requirement that the arm's length debt amount cannot exceed debt actually applied to the Australian business. This would help ensure the thin capitalization rules meet their policy goal of restricting deductions for debt used overseas.
The document discusses accounting for share capital and debentures. It defines key terms like share classes, issued capital, paid-up capital and uncalled capital. It also describes procedures for issuing shares such as setting the issue price, differentiating between fully-paid and partly-paid shares, accounting for public share issues, and costs associated with share issues. The document also differentiates between types of debentures and accounting for their issue and redemption.
This document provides an overview of shares and debentures under Indian company law. It defines various types of share capital such as authorized, issued, subscribed, and paid-up capital. It also discusses the classification of shares into equity and preference shares, and the classification of preference shares into cumulative, non-cumulative, redeemable, irredeemable, convertible and non-convertible shares. The document also covers topics such as voting rights of shareholders, issue of shares, share certificates, transfer and transmission of shares, debentures, types of debentures, and certificates of debenture.
InfraREIT provided forward-looking statements about its business prospects. It owns $1.1 billion in regulated electric transmission and distribution assets located primarily in Texas. InfraREIT expects to achieve double-digit growth in cash available for distribution through 2018 by expanding its existing footprint and pursuing acquisition opportunities. Hunt Consolidated is a major long-term investor and will offer future development projects to InfraREIT on a right-of-first-offer basis.
InfraREIT provided forward-looking statements about its business prospects. It discussed potential growth opportunities through projects in its current service territories that could facilitate double-digit growth in cash available for distribution. It also mentioned a pipeline of development projects and potential acquisitions. However, it noted that actual results could differ materially from forward-looking statements due to various risks and uncertainties.
Intact Financial Corporation is Canada's largest property and casualty insurer, with $7 billion in direct premiums written. It has consistently outperformed the industry over the past 10 years in key metrics like combined ratio, return on equity, and premium growth. Intact plans to continue growing organically and through acquisitions in the fragmented Canadian P&C market. Recent acquisitions of AXA Canada and Jevco have bolstered Intact's capabilities and scale. Intact is well-positioned for further industry consolidation and to maintain its track record of outperforming peers.
This document provides an overview and agenda for EnLink Midstream's 2014 Analyst & Investor Day. It begins with forward-looking statements and disclosures about non-GAAP financial measures used. The agenda then outlines the presentations that will be made on the company's roadmap for growth, natural gas and liquids businesses, financial outlook, and non-operated investments. Background is given on EnLink Midstream's MLP structure and relationship with sponsor Devon Energy, as well as the experience of the management team. Key aspects of the company's growth strategy are its fee-based contracts, strategic assets, and investment grade balance sheet to fund expansion.
This presentation provides a look at Performance-based Equity from three angles: Design, Legal issues (provided by Jennifer George at Orrick) and Administration concerns (provided by Paz Dizon of Gilead). The administrative concerns is especially interesting since Paz drills deep into some of the difficulties and how she handled them.
1) UGI reported third quarter 2016 adjusted earnings per share of $0.23, up from $0.07 in the prior year period. Weather was colder than the prior year across UGI's service territories.
2) AmeriGas achieved strong results due to solid margin management, expense control, and colder weather. Adjusted EBITDA increased 30% year-over-year.
3) UGI International benefited from the acquisition of Finagaz and strong unit margin management, partially offset by integration expenses. Weather was significantly colder than the prior year.
The document discusses differential voting rights (DVRs) shares in India. It provides background on DVRs and details rules around their issuance. Key points include: DVRs were allowed in India in 2001 and have inferior or superior voting rights compared to regular shares; companies must meet conditions like having profits for 3+ years to issue DVRs; SEBI prohibited superior voting rights DVRs in 2009; the new Companies Bill may disallow DVRs entirely. Examples of companies issuing DVRs, like Tata Motors and Pantaloon Retail, are provided along with their DVR structures. Overall the document analyzes the concept of DVRs in India.
Basics of company accounts and issue of sharesTej Kiran
The document provides information on company accounts including:
1. Types of companies such as statutory, government, foreign, registered, private and public companies.
2. Key aspects of shares such as types (equity, preference), issue, allotment, calls and forfeiture.
3. Maintaining of proper books of accounts and preparation of key financial statements for a company.
The document discusses different types of limited companies, including private limited companies and public limited companies. It describes the key differences between the two, such as private companies having "Ltd" in the name while public companies end in "plc". It also covers various classes of shares like ordinary, preference, cumulative preference shares. The document then discusses methods for raising capital, including debentures, bank overdrafts, trade creditors, leasing, mortgages, hire purchase, government grants, factoring, and venture capital. It concludes by outlining the process of forming a public limited company, including creating a memorandum and articles of association.
This document provides an overview and update from Pembina Pipeline Corporation. It begins with forward-looking statements and information disclosures. It then discusses Pembina's value proposition as an efficient, well-managed midstream company with a solid business platform and growth opportunities. The document reviews Pembina's corporate profile, businesses, operating areas, recent developments, financial performance, and the oil sands and heavy oil business in more detail. It provides capital spending plans for 2013 with a focus on expanding pipeline capacity. In summary, the document outlines Pembina's operations and growth strategy as a leading North American midstream company.
Aveda energy investor presentation october 2012AvedaEnergy
This presentation provides an overview of Aveda Transportation and Energy Services to investors. It summarizes that Aveda is a growing provider of specialized oilfield hauling and rentals in the US and Western Canada. It also outlines Aveda's management team and board, capitalization details, balance sheet summary, and largest shareholders. The presentation contains forward-looking statements and identifies risks to projections.
This document discusses the latest trends and strategies for SMSF estate planning, including:
1. Using binding death benefit nominations and including provisions in governing rules to direct benefits to specific beneficiaries.
2. Paying death benefits to "non-traditional" beneficiaries like those in an interdependency relationship.
3. Managing the tax implications of death benefits, including any untaxed elements or use of anti-detriment payments.
4. Preserving fund assets and control after a member's death through strategies like non-member benefit insurance or paying income streams.
Good SMSF estate planning requires a holistic understanding of the SMSF's interaction with a member's other assets and estate plan.
Issue of Shares-Comapanies Act 2013 (CS/CA/CMA/B.COM/LLB)The Legal Magister
This document discusses various provisions around issuing shares under the Companies Act 2013 in India. It covers different types of shares like equity shares, preference shares, sweat equity shares. It discusses rules around issuing shares at premium or discount, differential voting rights, further issue of shares, bonus shares, employee stock options. Key points include what constitutes share capital, types of preference shares, conditions for issuing shares with differential voting rights, prohibitions on issuing shares at discount, rules for issuing sweat equity shares and utilization of securities premium.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
This document discusses CHP financing options for customers. It describes operating leases and power purchase agreements as common types of financing that allow customers to install CHP systems with no upfront capital. An example 4MW CHP project is provided that shows over $12 million in savings over 10 years through an operating lease that allows the customer to benefit from low rates by monetizing tax incentives. The document emphasizes that while CHP projects may make economic sense, cash constraints can prevent adoption, so financing is useful to overcome this barrier.
The document summarizes recent rating changes and analysis from CRISIL Credit Conversations. It discusses rating upgrades and outlook revisions for various companies driven by factors such as consolidation trends, project stabilization, new capex plans, and fine-tuning of CRISIL's parent notch-up criteria. Specific examples of rating changes are provided for companies in sectors like real estate, steel, sugar, ship breaking, consumer goods, education, auto components and banks. The document also discusses the impact of declining commodity prices on ratings in steel and sugar industries.
- The company reported solid results for Q1 2013, with good performance in several regions offset by some planned dry-docking and lower vessel utilization.
- 2013 guidance was re-iterated, with revenue and earnings expected to show progress despite some project delays and seasonal utilization patterns.
- The company has a record backlog above $10 billion and sees growth opportunities across all its markets, though some industry projects have been postponed.
Climargy Innovative Energy Efficiency Financing through ESCO Project Aggregat...OECD Environment
Third OECD-DOE Workshop: Unlocking finance and investment in offshore wind power and energy efficiency in public buildings in the Philippines, 6-7 March 2024, Makati, Philippines
Far East Energy Corporation provides a corporate presentation on their coalbed methane assets and operations in China. The presentation contains cautionary statements about forward-looking estimates and describes various resource categories like original gas-in-place and recoverable resources that are not consistent with SEC reserve definitions. It also notes that results may vary from estimates in studies and additional information is provided on how reserves and valuations are calculated.
This is the first edition of the Deloitte Outlook for oilfield services. The forward-looking report is based on in-depth interviews with 12 executives of oilfield services companies. Its purpose is to obtain companies’ views of their current business environment and where they think the market is heading, both in the short and long term.
This document provides an overview of a proposed 660 MW coal-fired thermal power plant project in India. It discusses the company profile, objectives and scope of the project, financial modelling conducted, risk analysis, and SWOT analysis. The financial model examines factors that could impact project costs and revenues in order to determine feasibility. Key risks include potential cost overruns, fuel supply issues, and selling a portion of power on the merchant market at lower rates. The conclusion is that the project is viable and will help meet India's growing power demand.
The document is the Q2 2018 earnings presentation for Teekay Offshore Partners.
The summary is:
- Teekay Offshore Partners generated $162 million in cash flow from vessel operations and $25 million in distributable cash flow in Q2 2018.
- They secured contract extensions for the Voyageur Spirit and Ostras FPSO units through 2020 and 2018 respectively.
- They ordered two new shuttle tankers to service the growing North Sea market, bringing their total newbuild orderbook to 6 shuttle tankers.
- They refinanced $700 million in debt maturities through 2023 with a private placement of 8.5% senior notes, improving their maturity
Advanced Emissions Solutions presented at the Sidoti & Company Spring 2018 Conference on March 29, 2018. The presentation summarized AES's refined coal and emissions control businesses. It noted that the refined coal business is expected to generate $65-75 million in annual cash flows through 2021. It also discussed AES's priorities of increasing cash flows, evaluating opportunities to monetize tax assets or build on its public platform, and continuing to return capital to shareholders.
Chicago Bridge & Iron (CBI) is an energy infrastructure provider with four main business segments: Engineering and Construction, Fabrication, Technology, and Capital Services. CBI has a diverse portfolio of projects across oil, natural gas, and nuclear power. It also has a competitive advantage in the growing nuclear industry due to its recent acquisition of Shaw Group. While some risks exist from debt and potential delays in nuclear projects, CBI trades at a discount compared to peers due to short-selling reports. The investment thesis is that CBI is well-positioned for long-term growth due to its backlog, diverse customer base, and synergies from acquisitions. Based on a discounted cash flow model, the stock provides upside
The document provides information on rescuing Suzlon Energy Limited, an Indian wind turbine manufacturer that was facing financial distress. Key points:
1) Suzlon accumulated large amounts of high-cost debt for acquisitions that did not generate expected returns, and faced issues like customer payment defaults and supply chain problems that impacted cash flow.
2) A Corporate Debt Restructuring plan was approved involving debt reduction, interest rate cuts, additional working capital, and equity infusion to improve Suzlon's financial stability.
3) Recent positive developments in the wind energy industry, along with Suzlon's restructuring measures like cost cuts, asset sales, and subsidiaries reorganization, are expected to help the company achieve a
Lt income opportunities fund presentationatul baride
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Ashurst_Challenges and Opportunities in the Asian Oil and Gas Sector
1. AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE)
ITALY JAPAN PAPUA NEW GUINEA SAUDI ARABIA SINGAPORE SPAIN SWEDEN
UNITED ARAB EMIRATES UNITED KINGDOM UNITED STATES OF AMERICA
Challenges and Opportunities in the
Asia Oil and Gas Sector
February 2015
Restructuring and
Special Situations Group
2. Background: Recent Drop in Oil Prices
• Sharp decline in Brent crude
oil prices.
• 60% lower in Jan 2015
compared to 2014 high,
followed by a slight rebound.
• However, concern over
perceived weak fundamentals
remain.
• Industry participants are also
wary of the high volatility in
the oil markets.
2
Source: Nasdaq
3. Case Study: South East Asia
• “lower crude oil prices will be negative for exploration and
production (E&P) companies in South and Southeast Asia producing
a high proportion of liquids or exporting crude price-linked liquefied
natural gas (LNG)” (Moody’s, Jan 2015).
• The region's main oil producers are:
– Indonesia (928,000 barrels/day);
– Malaysia (670,000 barrels/day); and
– Vietnam (353,700 barrels/day).
• In particular, quite a large number of independent and mid-cap E&P
companies currently operate in South East Asia.
• These companies are likely to be more exposed to the price of
crude oil when compared to the oil majors.
• South East Asia is also a hub for many oil and gas services
companies.
3
4. Key E&P Stakeholders
4
E&P
company
Drilling rig
contractors
E&P service
providers
Financiers
Government
Regulatory
bodies
Transportation
providers
Customers
Refinery &
storage
5. Business Implications for E&P Companies (1)
• Reduced revenues
– Crude oil and natural gas are typically sold on contracts with “floating”
prices linked to specified crude oil benchmarks.
– Timing and level of revenue impact will depend on existing hedging
arrangements.
• Capital expenditure cuts
– E&P companies will reduce overall capital expenditure and utilise
committed capital more efficiently.
– Maintenance of “producing” assets is likely to be prioritised over new
exploration ventures.
– Several companies have already announced significant cuts to their
expenditure over the coming years. E.g.
• Indonesian state energy giant Pertamina recently announced that it is cutting its
2015 spending plans by up to half.
• Royal Dutch Shell has announced plans to cut spending by $15 billion over the
next three years.
• Decline in trading prices of many E&P companies’ securities.
5
6. Business Implications for E&P Companies (2)
• However, existing commitments under signed concession
agreements will still need to be honoured
– E.g. Minimum Work Commitments to shoot [x] km of seismic and/or to
drill [x] wells of [x] depth etc.
– Consequences of failure to perform obligations may include termination of
concession and/or default under any joint venture arrangements.
• Streamlining of portfolio assets
– E&P companies may rationalise their portfolios by divesting non-core and
capital intensive assets.
– However, E&P companies looking to strategically dispose of certain
upstream assets are currently less likely to find buyers for such assets on
a stand-alone basis, which could drive down asset prices.
– Merger and acquisition activity in the E&P sector may be muted in the
short-term as buyers and sellers try to digest the large price shift and
“un-bridgeable” price expectations may exist between sellers and
potential buyers.
6
7. Implications for E&P Service Providers
7
• E&P service providers are likely to face reduced demand for their
services and increased competition for work.
• Overall E&P costs are also expected to decline as a result.
• A recent Moody’s report predicted that E&P service providers’
earnings could fall by 25%-30% if oil prices remain below $60/bbl.
– COSCO Corporation (Singapore) Ltd recently issued a profit warning.
– Keppel Corp and Sembcorp Marine, which together account for 70% of
global jackup rigs, have suffered share price falls of 25% and 27%
respectively over the past six months.
• Smaller independent service providers may not be able to weather
the storm.
• Decline in trading prices of many E&P service providers’ securities.
8. Debt Service Implications for E&P Companies and
Service Providers (1)
• Financing and re-financing exposure
– A sustained period of reduced revenues will likely see some E&P
companies and E&P service providers face difficulty in servicing their
existing loans.
– Access to new debt or equity is likely to be reduced as lenders and
investors scale back their exposure to the sector and sponsors balk at
higher pricing.
– New loans are expected to be subject to tighter borrowing caps, shorter
tenures and increased interest rates to reflect sector risk.
– Significant impact on E&P companies that have reserves based or
borrowing based financing where borrowing capacity is linked to oil
prices.
– Such companies may be required to provide additional collateral or pay
down the outstanding loans.
8
9. Debt Service Implications for E&P Companies and
Service Providers (2)
• High-yield debt
– Globally, E&P company high yield debt has begun to trade below par.
• Honghua Group, a Chinese equipment manufacturer and drilling service
provider, has seen its bond price drop close to 60% since the end of October
2014.
• Anton, a leading Chinese oil field service company, has seen its bond price drop
40% over the last three months.
– A recent S&P Capital IQ article predicts a 6% default rate for energy
companies over the next 12 months.
• Limited liquidity
– The industry is capital-intensive and requires continued investment.
– E&P companies generally have limited liquidity on their books.
– In the past, E&P companies raised liquidity through borrowing or through
the sale of assets.
– Access to liquidity may become increasingly difficult as E&P business
partners and lenders withdraw from the sector.
9
10. Immediate Contract/Legal Implications for Upstream
E&P Companies
• Pressure on existing contracts
– The sharp fall in oil prices will put pressure on contractual performance
by E&P companies.
– Renegotiations and/or selective performance of contracts?
• But certain commitments are likely to be difficult to renegotiate. E.g. Minimum
Work Commitments under concession agreements and fixed term contracts etc.
– May result in breach, litigation, arbitration or negotiated settlements.
• Legal issues to consider:
– What is your dispute resolution forum?
– Can litigation be pursued effectively in local courts?
– Challenges of enforcing foreign court judgments locally.
– Does arbitration provide more certainty?
– What about a local arbitration forum versus an international arbitration?
– Is mediation a possibility?
10
11. Immediate Contract/Legal Implications for Upstream
E&P Companies
• Possible debt restructuring and the relevance of local
bankruptcy/restructuring court processes
– Singapore – Schemes of Arrangement and Judicial Management.
– Hong Kong – Schemes of Arrangement under the Companies Ordinance
and possible provisional liquidation.
– Indonesia – PKPU process.
– China – Reorganisation of corporation under the Enterprise Bankruptcy
Law.
– Thailand – Voluntary reorganisation under the Bankruptcy Act.
– India – Schemes of Arrangement and processes under SICA, BIFR and
CDR.
– The Philippines – Suspension of payments/corporate rehabilitation
under the Insolvency Law.
– Korea – Corporate rehabilitation under the Corporate Restructuring
Promotion Act.
11
12. Immediate Contract/Legal Implications for Upstream
E&P Companies
• Possible debt restructuring and the relevance of local
bankruptcy/restructuring court processes
– Depending on the jurisdiction of the debt-issuing entity, consider the
possibility of a Scheme of Arrangement? Possible jurisdictions include:
Singapore, Hong Kong, England, Cayman Islands, Bermuda, British
Virgin Islands.
– A scheme may be effective in achieving (a) a stay against litigation, and
(b) a cram-down of dissenting creditors.
– A Chapter 11 bankruptcy filing may also be relevant – note the relative
ease of establishing jurisdiction.
– Recent developments in England make the English courts a possible
restructuring destination (see recent cases – Vinashin and Apcoa
Parking)
12
13. Other Issues to Consider: Exit or Sell-down
• Investment funds could benefit from reduced asset valuations and
fewer competing buyers in the E&P sector.
• Energy sector-focused private equity funds would appear well-
placed to invest in upstream E&P companies or service providers.
• Investment funds may also choose to buy all or part of an interest
in upstream assets (e.g. the participating interest in a production
sharing contract) or strategic assets owned by the relevant service
providers (e.g. vessels, rigs etc.).
– KKR & Co recently announced that it is targeting US$3 billion to provide
financing to troubled energy companies.
– Blackstone is raising its first energy focused credit fund.
– Apollo Global Management is also raising a new fund to buy the debt of
distressed energy companies.
13
14. Other Issues to Consider: Alternative Financing
• Investment funds may provide alternative sources of senior debt
(e.g. term loan financing) or mezzanine debt (e.g. through
subscription for convertible bonds which give investors the right to
convert such bonds into the shares of the issuer) to such
companies.
• However, this would have to be priced attractively compared to
other potential financing options, including:
– Structured trade loans, e.g. through various commodity advance
payment arrangements etc.
– Multilateral/export credit agency loans.
– Loans which may be tied to certain equipment providers.
14
15. Case Study: Upstream Interest Legal Due Diligence –
Concession Agreements
15
Issue Indicative Checklist
Status of E&P interest • Nature of E&P interest: Production Sharing Contract or petroleum licence?
To what extent can the terms of the interest be varied?
• Phase of E&P: exploration; appraisal and development; production?
• Minimum work commitments?
• Remaining Term: need for renewal or extension? Process, timing and
likelihood of extensions?
Chain of title • Is the seller the legal and beneficial owner of the E&P interest?
• Common encumbrances on title to E&P interests include:
o carried interest arrangements;
o open waivers; and
o sole risk.
Restrictions on transfer • What government consents/approvals are required?
• Are there any restrictions on transfers under the applicable legislation?
• Is approval required prior to a change in control or does it just apply to
direct interest transfers (i.e., asset deals)?
Regulatory restrictions
applicable to holders of
E&P interests
• Are there restrictions on the type of project vehicle which may hold the
E&P interest? E.g. Is there a local ownership requirement?
• Are there general restrictions on the transfers of shares in such vehicles?
16. 16
Issue Indicative Checklist
Operator • Who is designated as the Operator? Technical and financial capability?
• What is the procedure for removal of the Operator and appointment of a
new Operator?
Restrictions on Transfer
and Pre-emption
• Is consent required, and on what grounds can it be withheld (e.g.
technical or financial capacity etc.)?
• Any restrictions on assignment or transfer to Affiliates?
• Any restrictions on transfer by a defaulting party?
• Pre-emptive rights: Right of First Refusal, Right of First Offer, Right of
First Negotiation etc.
• Is a “Change in Control” caught (e.g. corporate deals)?
• Waiver: is time to complete third party deal sufficient?
Operating Committee and
Voting
• Right to attend and vote at Operations Committee meetings.
• Voting pass marks: control and negative control. Are there any matters
which require unanimity or which allow minority interest holders to block
key decisions?
• Non-consent and consequences.
Other issues • Sole risk / exclusive operations: what kind of sole risk projects (if any) are
permitted? Rights and obligations of non-participating parties?
• Default and forfeiture.
• Withdrawal: Buyer to proceed with caution if Seller is already in default.
Case Study: Upstream Interest Legal Due Diligence –
Joint Operating Agreements (JOAs)
17. 17
Issue Indicative Checklist
Crude Oil Marketing
Arrangements
• Are there joint marketing arrangements in place?
• Are each party's crude oil entitlements to be separately lifted? Is there a
nomination and lifting agreement in place to regulate the lifting
arrangements?
• Term and termination.
• When does ownership of oil and gas pass to holder of the E&P interest?
• Liability regime under any joint marketing arrangement or nomination and
lifting agreement.
Gas Sales Agreements
(GSAs)
• Term and termination.
• Take-or-Pay and Seller shortfall.
• Gas price and price review.
• Force majeure.
• Back-to-back with other contracts (e.g., LNG SPAs).
Case Study: Upstream Interest Legal Due Diligence –
Offtake Agreements
18. Team Members
18
Joel Hogarth
Partner, Singapore
T: +65 6602 9176
E: joel.hogarth@ashurst.com
Carl Dunton
Partner, Singapore
T: +65 6416 9508
E: carl.dunton@ashurst.com
Daniel Reinbott
Partner, Singapore
T: +65 6416 9529
E: daniel.reinbott@ashurst.com
Bertie Mehigan
Partner, Hong Kong and Singapore
T: +65 6602 9177
E: bertie.mehigan@ashurst.com
Matthew Bubb
Asia Managing Partner
T: +65 6416 0272
E: matthew.bubb@ashurst.com
Sean Prior
Partner, Singapore
T: +65 6602 9155
E: sean.prior@ashurst.com
Restructuring and Special Situations Group Energy and Resources Group
19. AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE)
ITALY JAPAN PAPUA NEW GUINEA SAUDI ARABIA SINGAPORE SPAIN SWEDEN
UNITED ARAB EMIRATES UNITED KINGDOM UNITED STATES OF AMERICA
These materials are for briefing purposes only and are not
intended to be a comprehensive review of all developments in
the law and practice, or to cover all aspects of those referred
to. Please take legal advice before applying anything
contained in these materials to specific issues or transactions.
For more information please contact the presenters or your
usual contact.