Qube Holdings Limited has submitted a binding proposal to acquire all remaining shares in Asciano it does not already own. The proposal offers A$6.97 cash plus 1 Qube share for every Asciano share, implying a value of A$9.17 to A$9.08 per Asciano share. The acquisition would include Asciano's ports assets. Qube would fund the ports acquisition with at least A$1.8 billion in equity and new debt facilities. The transaction is expected to achieve A$30-50 million in annual synergies and be accretive to Qube's earnings per share.
Qube Consortium submits binding proposal to acquire Asciano
The Qube Consortium submitted a binding proposal to acquire all shares in Asciano it does not already own. The proposal offers A$6.97 cash plus 1 Qube share for every Asciano share, implying a value of A$9.17-A$9.08 per Asciano share. This represents superior value to Brookfield Infrastructure Partners' uncertain conditional offer of A$8.77 per share. The acquisition would see Qube gain 100% of Asciano's ports business. Qube will fund the acquisition through at least A$1.80bn in equity including scrip issued to Asciano shareholders and new debt facilities, maintaining a prudent leverage level
1. Prophecy Resources is developing the Chandgana coal mine and power plant project in Mongolia to address Mongolia's growing energy needs and reliance on costly imports.
2. The proposed power plant would have an initial installed capacity of 600 MW through phases of development and could potentially export power to China.
3. Prophecy is committed to building the power plant to the highest environmental and efficiency standards to reduce pollution compared to Mongolia's existing power sources and ensure safe operations with local employment.
- Unilever Overseas Holdings B.V. is making a tender offer to acquire up to 942,215,930 ordinary shares of 50 kobo each of Unilever Nigeria Plc at N45.50 per share, representing up to 75% of Unilever Nigeria's total issued share capital.
- Qualifying shareholders who wish to accept the offer must complete and submit an Acceptance Form along with their share certificates or CSCS statements to the registrar, GTL Registrars Limited, by 5:00pm on June 10, 2015.
- Accepting shareholders will receive settlement for validly tendered shares within 15 business days of the closing date if they have not withdrawn or sold
This document is a corporate presentation by Aseana Properties Limited providing an overview of the company and its business. Key points include:
- Aseana Properties is a property developer focused on upscale residential, commercial and mixed-use developments in Malaysia and Vietnam.
- At a June 2015 shareholder meeting, continuing the company's operations for 3 more years and a new divestment/investment policy were approved, with an intention to return $20 million to shareholders in 2015, subject to lender approvals.
- As of August 2015, two lenders had not approved returning capital to shareholders due to market conditions in Malaysia and currency concerns; the company will continue working with lenders to facilitate returns.
This document provides an overview of Aseana Properties Limited, a property developer focused on Malaysia and Vietnam. It discusses the company's business model, highlights recent corporate developments including proposals to return capital to shareholders, and provides an overview of the Malaysian and Vietnamese property markets highlighting growing populations and economies. Key points covered include the company's diversified portfolio across the two countries, focus on upscale developments, use of leverage, and active management approach to development projects.
The document summarizes an order passed by SEBI regarding the failure of certain promoters of Nakoda Limited to make an open offer as required under takeover regulations.
Key details:
- Promoters of Nakoda Limited allotted warrants and GDRs to certain entities which increased their shareholding beyond thresholds without making an open offer as required.
- SEBI observed that the allotment of warrants and GDRs were not a simultaneous composite proposal. Warrants cannot be treated as partly paid up shares. Applicability of takeover regulations in 2011 was triggered when shareholding increased upon conversion of warrants.
- SEBI directed the promoters to make an open offer to shareholders as required under regulations, along
Province of mendoza extension of expiration and consent payment eligibility...Mendoza Post
The Province of Mendoza, Argentina announces an extension of the expiration and consent payment eligibility deadline for its $590 million 8.375% notes due 2024. The expiration date is extended to September 25, 2020 from the original date of September 11, 2020 to allow more time for negotiations with noteholders. If certain conditions are met, the terms of the exchange offer may be amended to provide improved economic terms to all noteholders. Those who have already tendered notes will be eligible for a consent payment without needing to re-tender. The extension provides additional time for negotiations towards a sustainable debt restructuring.
This corporate presentation by Aseana Properties Limited provides an overview of the company and its property portfolio in Malaysia and Vietnam. It discloses that Aseana is seeking to realize its assets in an orderly manner by 2018 to return capital to shareholders, while engaging with lenders regarding the first intended capital distribution of $10 million. The presentation also provides details on Aseana's individual properties and development projects, including their expected sales values, ownership structure, sales progress and financial performance through June 2016.
Qube Consortium submits binding proposal to acquire Asciano
The Qube Consortium submitted a binding proposal to acquire all shares in Asciano it does not already own. The proposal offers A$6.97 cash plus 1 Qube share for every Asciano share, implying a value of A$9.17-A$9.08 per Asciano share. This represents superior value to Brookfield Infrastructure Partners' uncertain conditional offer of A$8.77 per share. The acquisition would see Qube gain 100% of Asciano's ports business. Qube will fund the acquisition through at least A$1.80bn in equity including scrip issued to Asciano shareholders and new debt facilities, maintaining a prudent leverage level
1. Prophecy Resources is developing the Chandgana coal mine and power plant project in Mongolia to address Mongolia's growing energy needs and reliance on costly imports.
2. The proposed power plant would have an initial installed capacity of 600 MW through phases of development and could potentially export power to China.
3. Prophecy is committed to building the power plant to the highest environmental and efficiency standards to reduce pollution compared to Mongolia's existing power sources and ensure safe operations with local employment.
- Unilever Overseas Holdings B.V. is making a tender offer to acquire up to 942,215,930 ordinary shares of 50 kobo each of Unilever Nigeria Plc at N45.50 per share, representing up to 75% of Unilever Nigeria's total issued share capital.
- Qualifying shareholders who wish to accept the offer must complete and submit an Acceptance Form along with their share certificates or CSCS statements to the registrar, GTL Registrars Limited, by 5:00pm on June 10, 2015.
- Accepting shareholders will receive settlement for validly tendered shares within 15 business days of the closing date if they have not withdrawn or sold
This document is a corporate presentation by Aseana Properties Limited providing an overview of the company and its business. Key points include:
- Aseana Properties is a property developer focused on upscale residential, commercial and mixed-use developments in Malaysia and Vietnam.
- At a June 2015 shareholder meeting, continuing the company's operations for 3 more years and a new divestment/investment policy were approved, with an intention to return $20 million to shareholders in 2015, subject to lender approvals.
- As of August 2015, two lenders had not approved returning capital to shareholders due to market conditions in Malaysia and currency concerns; the company will continue working with lenders to facilitate returns.
This document provides an overview of Aseana Properties Limited, a property developer focused on Malaysia and Vietnam. It discusses the company's business model, highlights recent corporate developments including proposals to return capital to shareholders, and provides an overview of the Malaysian and Vietnamese property markets highlighting growing populations and economies. Key points covered include the company's diversified portfolio across the two countries, focus on upscale developments, use of leverage, and active management approach to development projects.
The document summarizes an order passed by SEBI regarding the failure of certain promoters of Nakoda Limited to make an open offer as required under takeover regulations.
Key details:
- Promoters of Nakoda Limited allotted warrants and GDRs to certain entities which increased their shareholding beyond thresholds without making an open offer as required.
- SEBI observed that the allotment of warrants and GDRs were not a simultaneous composite proposal. Warrants cannot be treated as partly paid up shares. Applicability of takeover regulations in 2011 was triggered when shareholding increased upon conversion of warrants.
- SEBI directed the promoters to make an open offer to shareholders as required under regulations, along
Province of mendoza extension of expiration and consent payment eligibility...Mendoza Post
The Province of Mendoza, Argentina announces an extension of the expiration and consent payment eligibility deadline for its $590 million 8.375% notes due 2024. The expiration date is extended to September 25, 2020 from the original date of September 11, 2020 to allow more time for negotiations with noteholders. If certain conditions are met, the terms of the exchange offer may be amended to provide improved economic terms to all noteholders. Those who have already tendered notes will be eligible for a consent payment without needing to re-tender. The extension provides additional time for negotiations towards a sustainable debt restructuring.
This corporate presentation by Aseana Properties Limited provides an overview of the company and its property portfolio in Malaysia and Vietnam. It discloses that Aseana is seeking to realize its assets in an orderly manner by 2018 to return capital to shareholders, while engaging with lenders regarding the first intended capital distribution of $10 million. The presentation also provides details on Aseana's individual properties and development projects, including their expected sales values, ownership structure, sales progress and financial performance through June 2016.
This document provides information on Pag-IBIG Fund's savings and loan programs. It discusses the essential features of Pag-IBIG's savings program including doubling/tripling of savings, annual dividends, tax-free earnings, and availability of loan programs. It also outlines the grounds for withdrawal of savings including retirement, death, disability, and program maturity. The document summarizes Pag-IBIG's affordable housing loan program, individual home financing program, and loan application and processing timelines. It provides the loan terms, interest rates, monthly amortization tables and loan eligibility requirements.
The document provides an overview of key transitional provisions under the Goods and Services Tax (GST) in India. Some of the main points covered include:
- Existing taxpayers will be issued provisional GST registrations which will later be converted to final registrations upon furnishing of required information.
- Taxpayers can carry forward eligible credits for CENVAT, VAT, and input taxes not availed under previous laws to be claimed as input tax credit under GST.
- Transitional provisions for works contracts, periodic supplies, and goods/services where tax was payable under previous law but supply occurs under GST.
- Treatment of pending appeals, refunds, and recoveries under previous laws
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
This document provides an introductory presentation by AB InBev regarding its proposed acquisition of SABMiller in January 2016. It notes that the information is not intended to form any contract and that attendees should conduct their own independent analysis of the companies and transaction. The presentation contains forward-looking statements regarding the financial benefits and synergies expected from the transaction but disclaims any representation or warranty as to its accuracy or completeness. It also notes that no statement within should be considered a profit forecast and that future SEC filings may contain additional important information regarding any potential transaction.
This document summarizes the Pag-IBIG Fund membership programs and benefits in the Philippines. It discusses (1) the mandatory membership coverage which includes government employees, private sector employees earning PHP1,000 or more per month, OFWs, and self-employed individuals; (2) the monthly contribution rates of 1-2% for employees and employers; (3) the short-term loan programs for multi-purpose and calamity loans; (4) the end-user home financing program requirements and loan terms; and (5) the provident benefits available such as optional and mandatory withdrawals, retirement, and death benefits.
Pakistan fertilizers - GIDC, adding up to the uncertainitiesAijaz Siddique
The document discusses the implications of a recent Sindh High Court ruling against the application of Gas Infrastructure Development Cess (GIDC) on natural gas consumed by industries. It outlines three possible scenarios for how the government may respond - keeping GIDC in place, removing it without retrospective refunds and lowering urea prices, or removing it retrospectively which would require large refunds to fertilizer companies. The author argues that retaining GIDC is most likely due to fiscal constraints, but some fertilizer stocks could experience short-term price fluctuations pending clarity on the issue.
Mostyn J considered principles relating to spousal maintenance in a case involving a husband (H) and wife (W) who divorced after 11 years of marriage and 3 children. Some key principles discussed included:
1) Maintenance should only be awarded based on needs arising from choices made during the marriage.
2) A term for maintenance should generally be imposed to encourage independence, unless the recipient would face undue hardship.
3) The standard of living during marriage is relevant but not decisive, as the goal is the recipient's eventual independence.
4) If the respondent's income includes salary and bonuses, needs can be partitioned with base salary meeting strict needs and a percentage of bonuses awarded discretion
HOUSE Preliminary Prospectus (draft 2015-05-18) filed8990HOUSE
This document is a prospectus for the public offering of unsecured fixed-rate peso bonds by 8990 Holdings, Inc., a real estate development company incorporated in the Philippines. 8990 Holdings plans to raise up to P9 billion through the issuance of bonds in three series (Series A bonds due 2020, Series B bonds due 2022, and Series C bonds due 2025). The bonds will be offered at face value through several joint lead underwriters and bookrunners. Proceeds will be used to refinance existing debt and for general corporate purposes.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
- Qube Holdings Limited reported pleasing underlying revenue and earnings growth for FY 15, with EBITA up 14%. However, trading conditions are expected to remain challenging in FY 16.
- The company achieved a transformational outcome for the Moorebank intermodal terminal project, securing exclusive rights to develop the entire precinct.
- Post-FY 15, Qube entered a new joint venture to develop major fuel storage facilities in Australia, diversifying its portfolio and leveraging its logistics expertise.
Qube public relations
we provide Media services like-
*Press release
*Blogging
*Social Media Advertising
*Lead Generation
*Crisis Management
*Media Buying
*Speech Writing
know more-
Qube is acquiring Patrick Container Terminals and is conducting an entitlement offer to raise funds. The acquisition and entitlement offer are subject to various conditions and risks. If successful, the transactions will expand Qube's port operations and increase its scale. Pro forma financial information indicates the acquisition would significantly increase Qube's revenue and assets upon completion.
Innovation with Open Source: The New South Wales Judicial Commission experienceLinuxmalaysia Malaysia
Innovation with Open Source: The New South Wales Judicial Commission experience. MyGOSSCON 2008. Mr. Murali Sagi
Director,
Information Management & Corporate Services,
JUDICIAL COMMISSION OF NSW, SYDNEY, AUSTRALIA
The document contains summaries of several different types of reptiles written by students, including descriptions of their physical features such as legs, scales, tails, lungs and whether they are vertebrates. Summaries are provided for reptiles including ground skink lizards, Kirtland's snake, Mississippi green water snake, brown water snake, common checkered lizard, green turtle, five-lined skink lizard, lined snake, Atlantic ridley turtle, common kingsnake, and Gila monster.
Introduction to Qube Learning work based Training ProviderAdrian Grove
This Slideshow as been designed to showcase Qube Learning, we are a workbased training provider, offering Traineeships, Apprenticeships, Recruitment and short courses to businesses in England.
2i Rete Gas - Debt Investor Presentation 2i Rete Gas
This debt investor presentation by 2i Rete Gas S.p.A. provides an overview of the company and its subsidiaries. It begins with introductions of the speakers and a disclaimer noting that the presentation does not constitute an offer or invitation to purchase securities. The presentation contains forward-looking statements and is intended only for relevant persons in the UK. It includes sections on credit highlights, final remarks, and an appendix.
This document provides an overview and disclaimer for a corporate presentation by Aseana Properties Limited. It summarizes that Aseana is a property developer focused on upscale developments in Malaysia and Vietnam. It operates based on principles like diversification, employing leverage, and actively managing its portfolio. The document also provides highlights on Aseana's future plans to realize its assets over 3 years and make capital distributions, updates on obtaining lender consent for distributions, and an overview of the Malaysian and Vietnamese economic and property market environments.
PT PP Presisi is a leading heavy equipment-based construction company in Indonesia. It provides various construction services including civil works, formwork, foundations, ready mix concrete, and heavy equipment rental. The company has a large fleet of over 1,500 units and a nationwide operational presence across Indonesia. It is well-positioned to capture opportunities from Indonesia's significant planned infrastructure spending in the coming years.
Hibiscus Investor Day 2023-16Mar2023.pdfLucas907215
The document provides information about an investor day presentation by Hibiscus Petroleum. It summarizes Hibiscus' strategy of focusing on value accretive acquisitions to expand its reserves base and production. It highlights successful past acquisitions that have delivered strong internal rates of return and payback periods of less than 3 years. The document also discusses Hibiscus' track record of improving asset performance through operational excellence, increasing average uptime and reducing costs. This has helped grow its net production and 2P reserves over time.
This document provides information on Pag-IBIG Fund's savings and loan programs. It discusses the essential features of Pag-IBIG's savings program including doubling/tripling of savings, annual dividends, tax-free earnings, and availability of loan programs. It also outlines the grounds for withdrawal of savings including retirement, death, disability, and program maturity. The document summarizes Pag-IBIG's affordable housing loan program, individual home financing program, and loan application and processing timelines. It provides the loan terms, interest rates, monthly amortization tables and loan eligibility requirements.
The document provides an overview of key transitional provisions under the Goods and Services Tax (GST) in India. Some of the main points covered include:
- Existing taxpayers will be issued provisional GST registrations which will later be converted to final registrations upon furnishing of required information.
- Taxpayers can carry forward eligible credits for CENVAT, VAT, and input taxes not availed under previous laws to be claimed as input tax credit under GST.
- Transitional provisions for works contracts, periodic supplies, and goods/services where tax was payable under previous law but supply occurs under GST.
- Treatment of pending appeals, refunds, and recoveries under previous laws
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
This document provides an introductory presentation by AB InBev regarding its proposed acquisition of SABMiller in January 2016. It notes that the information is not intended to form any contract and that attendees should conduct their own independent analysis of the companies and transaction. The presentation contains forward-looking statements regarding the financial benefits and synergies expected from the transaction but disclaims any representation or warranty as to its accuracy or completeness. It also notes that no statement within should be considered a profit forecast and that future SEC filings may contain additional important information regarding any potential transaction.
This document summarizes the Pag-IBIG Fund membership programs and benefits in the Philippines. It discusses (1) the mandatory membership coverage which includes government employees, private sector employees earning PHP1,000 or more per month, OFWs, and self-employed individuals; (2) the monthly contribution rates of 1-2% for employees and employers; (3) the short-term loan programs for multi-purpose and calamity loans; (4) the end-user home financing program requirements and loan terms; and (5) the provident benefits available such as optional and mandatory withdrawals, retirement, and death benefits.
Pakistan fertilizers - GIDC, adding up to the uncertainitiesAijaz Siddique
The document discusses the implications of a recent Sindh High Court ruling against the application of Gas Infrastructure Development Cess (GIDC) on natural gas consumed by industries. It outlines three possible scenarios for how the government may respond - keeping GIDC in place, removing it without retrospective refunds and lowering urea prices, or removing it retrospectively which would require large refunds to fertilizer companies. The author argues that retaining GIDC is most likely due to fiscal constraints, but some fertilizer stocks could experience short-term price fluctuations pending clarity on the issue.
Mostyn J considered principles relating to spousal maintenance in a case involving a husband (H) and wife (W) who divorced after 11 years of marriage and 3 children. Some key principles discussed included:
1) Maintenance should only be awarded based on needs arising from choices made during the marriage.
2) A term for maintenance should generally be imposed to encourage independence, unless the recipient would face undue hardship.
3) The standard of living during marriage is relevant but not decisive, as the goal is the recipient's eventual independence.
4) If the respondent's income includes salary and bonuses, needs can be partitioned with base salary meeting strict needs and a percentage of bonuses awarded discretion
HOUSE Preliminary Prospectus (draft 2015-05-18) filed8990HOUSE
This document is a prospectus for the public offering of unsecured fixed-rate peso bonds by 8990 Holdings, Inc., a real estate development company incorporated in the Philippines. 8990 Holdings plans to raise up to P9 billion through the issuance of bonds in three series (Series A bonds due 2020, Series B bonds due 2022, and Series C bonds due 2025). The bonds will be offered at face value through several joint lead underwriters and bookrunners. Proceeds will be used to refinance existing debt and for general corporate purposes.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
- Qube Holdings Limited reported pleasing underlying revenue and earnings growth for FY 15, with EBITA up 14%. However, trading conditions are expected to remain challenging in FY 16.
- The company achieved a transformational outcome for the Moorebank intermodal terminal project, securing exclusive rights to develop the entire precinct.
- Post-FY 15, Qube entered a new joint venture to develop major fuel storage facilities in Australia, diversifying its portfolio and leveraging its logistics expertise.
Qube public relations
we provide Media services like-
*Press release
*Blogging
*Social Media Advertising
*Lead Generation
*Crisis Management
*Media Buying
*Speech Writing
know more-
Qube is acquiring Patrick Container Terminals and is conducting an entitlement offer to raise funds. The acquisition and entitlement offer are subject to various conditions and risks. If successful, the transactions will expand Qube's port operations and increase its scale. Pro forma financial information indicates the acquisition would significantly increase Qube's revenue and assets upon completion.
Innovation with Open Source: The New South Wales Judicial Commission experienceLinuxmalaysia Malaysia
Innovation with Open Source: The New South Wales Judicial Commission experience. MyGOSSCON 2008. Mr. Murali Sagi
Director,
Information Management & Corporate Services,
JUDICIAL COMMISSION OF NSW, SYDNEY, AUSTRALIA
The document contains summaries of several different types of reptiles written by students, including descriptions of their physical features such as legs, scales, tails, lungs and whether they are vertebrates. Summaries are provided for reptiles including ground skink lizards, Kirtland's snake, Mississippi green water snake, brown water snake, common checkered lizard, green turtle, five-lined skink lizard, lined snake, Atlantic ridley turtle, common kingsnake, and Gila monster.
Introduction to Qube Learning work based Training ProviderAdrian Grove
This Slideshow as been designed to showcase Qube Learning, we are a workbased training provider, offering Traineeships, Apprenticeships, Recruitment and short courses to businesses in England.
2i Rete Gas - Debt Investor Presentation 2i Rete Gas
This debt investor presentation by 2i Rete Gas S.p.A. provides an overview of the company and its subsidiaries. It begins with introductions of the speakers and a disclaimer noting that the presentation does not constitute an offer or invitation to purchase securities. The presentation contains forward-looking statements and is intended only for relevant persons in the UK. It includes sections on credit highlights, final remarks, and an appendix.
This document provides an overview and disclaimer for a corporate presentation by Aseana Properties Limited. It summarizes that Aseana is a property developer focused on upscale developments in Malaysia and Vietnam. It operates based on principles like diversification, employing leverage, and actively managing its portfolio. The document also provides highlights on Aseana's future plans to realize its assets over 3 years and make capital distributions, updates on obtaining lender consent for distributions, and an overview of the Malaysian and Vietnamese economic and property market environments.
PT PP Presisi is a leading heavy equipment-based construction company in Indonesia. It provides various construction services including civil works, formwork, foundations, ready mix concrete, and heavy equipment rental. The company has a large fleet of over 1,500 units and a nationwide operational presence across Indonesia. It is well-positioned to capture opportunities from Indonesia's significant planned infrastructure spending in the coming years.
Hibiscus Investor Day 2023-16Mar2023.pdfLucas907215
The document provides information about an investor day presentation by Hibiscus Petroleum. It summarizes Hibiscus' strategy of focusing on value accretive acquisitions to expand its reserves base and production. It highlights successful past acquisitions that have delivered strong internal rates of return and payback periods of less than 3 years. The document also discusses Hibiscus' track record of improving asset performance through operational excellence, increasing average uptime and reducing costs. This has helped grow its net production and 2P reserves over time.
Alaska Communications (NASDAQ: ALSK) is a premium telecom asset with embedded growth.
ALSK has limited competition and is a strong, growing #2 player vs. its primary competitor, GCI Communications (NASDAQ: GLIBA).
On November 3, 2020, Macquarie and GCM Grosvenor announced an all-cash deal to take-private ALSK for $3.00/share, valuing the enterprise at ~$310 million.
This valuation amounts to:4.65x TTM Adjusted EBITDA;10.15x TTM Adjusted EBITDA less CapEx;1.0x tangible book (no goodwill on balance sheet).
This is a ridiculously low price for a premium asset. 30-day go-shop period currently in progress, expires 11:59pm ET on December 3rd, 2020.
This confidential document provides an overview of valuations for heavy engineering and mining & construction companies in Asia Pacific. It includes indexes of companies by sector and geographic region. Trading multiples are presented for companies in North Asia, other parts of Asia, and Europe/USA based on actual enterprise value to EBITDA ratios. Detailed company profiles are also referenced. The document is intended for the exclusive use of the recipient using it and contains important disclaimers about the information presented.
This document provides an overview of Aseana Properties Limited, a property developer focused on Malaysia and Vietnam. It discusses the company's business principles, highlights such as recent proposals to realize assets in an orderly manner by 2018, and its property portfolio including developments in Kuala Lumpur, Sandakan, Ho Chi Minh City and an equity investment in Nam Long. Performance data is given for some operating assets such as hotel occupancy rates and net results.
This document provides a disclaimer for a financial information document prepared by London Cocktail Club and reviewed by Crowdcube. It states that the financial projections are illustrative and not guarantees. It also notes that the information is subject to risks and uncertainties and potential investors should seek independent advice. The document disclaims liability for any losses resulting from reliance on the information provided.
This corporate presentation by Aseana Properties Limited provides an overview of the company and its property portfolio in Malaysia and Vietnam. Key points include:
- Aseana is a property developer focused on upscale residential, commercial, and mixed-use developments in Malaysia and Vietnam, with the objective of generating returns through capital appreciation.
- The presentation provides details on Aseana's business principles, corporate highlights such as plans to return capital to shareholders, and macroeconomic overviews of the real estate markets in Malaysia and Vietnam.
- Aseana's property portfolio is then described, including details on the status of development projects in Malaysia such as Tiffani by i-ZEN in Kuala Lumpur
This document provides an investor update from Management Resource Solutions Plc regarding changes in the past year, including acquisitions, contract terminations, leadership changes, and new financing. It outlines the company's current divisions - Bachmann Plant Hire which provides bulk earthworks in Brisbane, and MRS Services Group which offers mining services in the Hunter Valley region of Australia. Biographical details are also provided for the new CEO.
ALTUM Investor presentation, June 2022 from ALTUM.pptxAgneseSperga
ALTUM is Latvia's national development finance institution that provides financing to support the country's economic development priorities. It has a portfolio of financial instruments worth 896 million euros, including loans, guarantees, venture capital funds, and a land fund. ALTUM operates with a unique legal status and high barriers to entry in the market. It aims to improve access to finance for SMEs, agriculture, individuals and other sectors in Latvia.
ALTUM Investoru prezentācija, Septembris 2021 (full screen)ALTUM
ALTUM is Latvia's development financial institution that provides financing to support the country's economic development priorities. It has a unique position in the market with over 859 million euros in financial instruments and 28,951 contracts. ALTUM follows strong corporate governance practices and has an experienced management team. It aims to continue expanding its portfolio and implementing its 2022-2024 strategy.
ALTUM Investor presentation, September 2021 (full screen)ALTUM
ALTUM is Latvia's development financial institution that provides financing to support the country's economic development priorities. It has a unique market position as the sole state-owned institution focused on development financing. ALTUM has grown significantly since its establishment in 2015 through the merger of three state entities, and now manages a portfolio of over EUR 859 million in financial instruments. It aims to continue expanding access to financing while maintaining strong corporate governance and financial stability.
Unlocking Capital for Land Use and Conservation Projects – Fabian Huwyler, Cr...CIFOR-ICRAF
This presentation by Credit Suisse's Fabian Huwyler was given at a session titled "Unlocking Capital for Land Use and Conservation Projects" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/
This presentation provides an overview of Altum, Latvia's development finance institution. Key points include:
- Altum provides financing to priority sectors identified by the Latvian government through loans, guarantees, and venture capital investments.
- It has a well-diversified portfolio across industries and a strong liquidity position with over 350% liquidity ratio.
- Operational efficiency has improved through streamlining processes and a strategic shift to less administrative funding sources.
The panel discussion focused on country models that are successful for mining and why. Key factors that investors, explorers, and governments look for were discussed. Investors prefer stable democracies with consistent economic growth and security of investment. Explorers consider diamond prospectivity, proven economic production, and transparent regulations. Governments seek to maximize revenue, job creation, and community development. Junior diamond explorers rely heavily on equity financing and face regulatory hurdles to progress discoveries.
Credit Suisse launched the Nature Conservation Notes in 2014 to provide market-rate returns while supporting sustainable agriculture and forest protection through investments in the Althelia Climate Fund and green bonds. The Notes offer a 6.5-year term with partial repayments after 3.5 years and exposure to a portfolio of high-quality green bonds alongside the Althelia Climate Fund's projects in countries like Brazil, Peru and Kenya. USAID provides a guarantee on up to 50% of potential losses from the Althelia Climate Fund. The document also outlines some other potential scalable instruments for mobilizing finance towards landscape initiatives and conservation.
This corporate presentation by Aseana Properties Limited provides an overview of the company and its property portfolio in Malaysia and Vietnam. It notes that at the company's 2015 Annual General Meeting, shareholders will vote on a resolution for the company to cease operations and enter liquidation. However, the board recommends voting against this and instead favors a proposal to amend the investment policy to enable an orderly realization of assets over 3 years, aiming to complete disposals by June 2018. The presentation then provides details on the status of individual properties within Aseana's portfolio in Malaysia and Vietnam.
This investor presentation provides an overview of ALTUM, a Latvian state-owned financial institution. Key highlights include:
- ALTUM provides access to finance for areas prioritized by the Latvian government with over EUR 800 million in financial instruments.
- It operates across Latvia with regional centers and consulting offices to serve clients.
- ALTUM has a unique standing as the sole national development bank in Latvia, established by law to implement state economic policy.
- The presentation reviews ALTUM's business lines, financial performance, funding and liquidity, risk management, and key indicators.
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Qube aio 28012016
1. 28 January 2016
Consortium submits binding proposal to acquire Asciano
Qube Holdings Limited
Forpersonaluseonly
2. 1
Disclaimer
This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors
or other persons. The information contained in this presentation was prepared as of its date, and remains subject to change without notice. This presentation has been provided to you solely for the purpose of
giving you background information about Qube Holdings Limited (Qube)
This presentation is intended only for those persons to whom it is delivered personally by or on behalf of Qube. By attending this presentation, you represent and warrant that (i) if you are in Australia, you are a
person to whom an offer of securities may be made without a disclosure document (as defined in the Corporations Act 2001 (Cth) “Corporations Act”)) on the basis that you are exempt from the disclosure
requirements of Part 6D.2 in accordance with Section 708(8) or 708(11) of the Corporations Act; (ii) if you are outside Australia, you are a person to whom an offer and issue of securities can be made outside
Australia without registration, lodgement or approval of a formal disclosure document or other filing in accordance with the laws of that foreign jurisdiction. If you are not such a person, you are not entitled to
attend this presentation. Please return this document and any copies and do not provide this document to any other person.
This presentation is strictly confidential and is intended for the exclusive benefit of the person to which it is presented. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without
the express consent of Qube. The recipient shall not disclose any of the information contained in this presentation to any other person without the prior written consent of Qube, which may be withheld in its
absolute discretion.
No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. Neither Qube, its
related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, related bodies corporate, affiliates, agents or advisers makes any representations or warranties that this
presentation is complete or that it contains all material information about Qube or which a prospective investor or purchaser may require in evaluating a possible investment in Qube or acquisition of shares. To
the maximum extent permitted by law, none of those persons accept any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information
contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions
from, this presentation.
Qube has not independently verified any of the contents of this presentation (including, without limitation, any of the information attributed to third parties). No person is under any obligation to update this
presentation at any time after its release to you.
Certain statements in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this
presentation. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”,
“propose”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future
earnings or financial position or performance are also forward looking statements. These statements are subject to internal and external risks and uncertainties that may have a material effect on future business.
Actual results may differ materially from any future results or performance expressed, predicted or implied by the statements contained in this presentation. As such, undue reliance should not be placed on any
forward looking statement. Past performance is not necessarily a guide to future performance. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a
promise, representation, warranty or guarantee, whether as to the past, present or future.
The provision of this presentation is not a representation to you or any other person that an offer of securities will be made. Any prospective transaction would be undertaken solely on the basis of disclosure
documentation prepared in accordance with applicable securities laws and regulations. The information presented in this presentation may differ materially in both content and presentation from that presented in
any disclosure document prepared in connection with any prospective transaction. Qube reserves the right to alter the information contained in this presentation in any disclosure document prepared in respect of
any prospective transaction from the form of this presentation accordingly.
This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in Qube and neither this presentation nor any of the information
contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.
This presentation may not be reproduced or redistributed to any other person. This is a private communication and was not intended for public circulation or publication or for the use of any third party without
the approval of Qube.
All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.
In receiving this presentation, each recipient agrees to the foregoing terms and conditions.
Forpersonaluseonly
3. 2
• Qube, GIP, CPPIB and CIC Capital (the "Consortium") has submitted a binding proposal to acquire all the issued
share capital in Asciano that it does not already own
• Offer of A$6.97 cash plus 1 Qube share for every Asciano share held for an implied value of:
– A$9.17 per Asciano share based on Qube's 30 day1 VWAP of A$2.20; and
– A$9.08 based on Qube's last closing price on 25 January 2016 of A$2.11, the trading day prior to the date of
submission of the proposal
– Asciano able to pay fully-franked permitted dividends of up to a maximum of A$0.90 per share, in aggregate, to
enable franking benefits of up to A$0.386 per share to be distributed to shareholders (with the cash component
of the consideration to be reduced by an equivalent amount)
• The Proposed Transaction represents superior value to Brookfield Infrastructure Partners' ("Brookfield") uncertain,
conditional scheme of arrangement and conditional takeover offer, which has a value of A$8.77 per share as at 25
January 20162
– relative to Brookfield's proposed offering of CDIs, provides Asciano shareholders with a better legal and
governance framework and no external management fees will be payable
– provides Asciano shareholders with participation in future upside of the combination of Qube with Asciano's
Ports businesses and direct exposure to benefits of Qube strategy and management
• Clear, achievable regulatory path to completion
Transaction summary
Note:
1. 30 trading days to 25 January 2016.
2. Based on Brookfield's last closing price of US$32.82 on 25 January 2016, and exchange rate of 0.6956 US dollars per Australian dollar.
Forpersonaluseonly
4. 3
• If the proposed transaction is successful, Qube will acquire 100% of Asciano's Patrick terminals business and its 50% interest
in Australian Amalgamated Terminals ("AAT") (together "Ports")
– transaction structured to enable Qube to acquire 100% of Ports without the support of Brookfield
• Cost to Qube for the acquisition of Ports will be A$2.65bn (before transaction costs), of which at least A$1.80bn will be
equity funded (including scrip issued to Asciano shareholders), with the balance funded through new debt facilities
– funding structure is consistent with Qube’s prudent approach to leverage and ensures that post completion of the
transaction, Qube will remain well positioned to fund the continued growth in its business, including the transformational
Moorebank project
• In addition to the funding for Ports, Qube will also contribute an additional A$129m (at 50.1% relevant interest) – A$258m
(at 100% relevant interest) towards the takeover consideration, proportional to the level of acceptances under the offer
• Qube will also provide an A$850m debt bridge to fund the acquisition by BAPS HoldCo (an entity owned by GIP, CPPIB and
CIC Capital) of Asciano's Bulk & Automotive Port Services ("BAPS") assets (excluding the AAT interest, but including the
ACFS interest), which will be held for sale if not sold prior to completion. Qube will also have the right to acquire any of the
BAPS assets from BAPS Holdco (subject to any necessary regulatory approvals)
• Qube expects to be able to achieve an estimated A$30–50m p.a. of benefits in synergies and business improvement projects
over 2–3 years from the acquisition of Ports, resulting in double digit EPS accretion1 to Qube on a pro forma basis
• Highly complementary acquisition, representing a continuation of Qube's strategy to be Australia's leading provider of
logistics solutions, providing significant opportunities to create substantial shareholder value
Transaction summary – Qube participation
Note:
1. Pro forma EPS accretion calculated before the impact of amortisation of identifiable intangibles, based on FY2015 underlying earnings for Qube and the Ports businesses, includes the full run
rate impact of synergies based on Qube management's estimates, assumes funding comprising A$1.8 billion of Qube equity with the remainder funded through debt, A$100 million of one
off transaction costs, and assumes the BAPS assets are divested for A$850 million (i.e. no gain or loss on divestment to Qube).
Forpersonaluseonly
5. 4
Benefits of the transaction for Asciano shareholders
Delivers highly attractive value to Asciano shareholders
Exposure to synergies and Qube management team offers significant potential upside
Qube ordinary share component highly attractive relative to Brookfield CDIs
Asciano shareholders to own up to c.40% of Qube post transaction, and share in the benefits of
Moorebank
1
2
3
4
Highly credible, fully funded Qube Consortium5
Clear path to completion6
Forpersonaluseonly
7. 6
Qube's vision and strategy
"To be Australia's leading provider
of integrated logistics solutions
focussed on import and export
supply chains"
Qube's vision
Forpersonaluseonly
8. 7
Qube’s strategy is to deliver shareholder value over the medium to long term by developing
logistics solutions to address inefficiencies in import and export logistics chains
In addition to its core activities, Qube has recently been diversifying its operations and investing
into services for the oil & gas markets, grain exports through its Quattro joint venture and
petrochemical imports through its TQ Holdings fuel storage joint venture with TonenGeneral
The acquisition of the Ports businesses is a continuation of this strategy and will provide significant
opportunities to create substantial shareholder value
The intermodal terminal at Moorebank Sydney is the largest and most significant new port related
infrastructure project currently being undertaken in Australia and will deliver long term earnings
growth for Qube
Qube's management team has a deep knowledge of and experience in managing the Patrick
terminals businesses
Qube's strategy in action
Forpersonaluseonly
9. 8
Qube's Australian management team has extensive experience and knowledge in:
building and maintaining the Patrick terminals businesses
delivering innovative solutions for customers
delivering cost efficiencies at the Patrick terminals businesses
the Australian waterfront industrial relations environment
terminal automation and associated operating systems
improvement in road/rail interface performance
the strategies to retain customers and increase volumes across terminals and logistics activities
Management experience and capability
Qube is the natural owner of the Asciano Patrick terminals business with an unmatched track record in
maximising shareholder value within the Australian ports industry
Forpersonaluseonly
10. 9
Overview of the Patrick assets to be acquired by Qube
Patrick Container Terminals
• Australia's leading container terminals business
– holds lease concessions for and operates shipping container terminals in the four largest container ports
in Australia:
– Port Botany in Sydney
– East Swanson in Melbourne
– Fisherman Islands in Brisbane
– Fremantle in Perth
Australian Amalgamated
Terminals ("AAT")
• Operates port terminals
for importing and
exporting motor vehicles
and general cargo
• All major Australian ports
except Fremantle
• Currently held in 50/50 JV
with Qube
• Currently held within
Asciano's BAPS division
Australia's leading container terminals business
FY15 EBITDA: A$200m1,2 FY15 EBITDA: A$32m
(100%)
Notes:
1. Reflects Terminals and the pro forma continuing Logistics unit to be acquired, excluding earnings from the ACFS JV and businesses transferred from Terminals and Logistics to BAPS
under the Logistics restructure conducted by Asciano.
2. Excluding associates.
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11. 10
Highlights of Qube post transaction
Highly complementary portfolios
– Combines Asciano's national container terminal assets with Qube's third party logistics operations
– Combination of high quality asset bases
Substantial synergies expected from transaction
– Synergies expected from rationalisation of facilities and corporate structure
– Value creation from specific business improvement projects
– Major opportunities for longer term value creation, including through enhancing the Moorebank project
Highly respected management team with significant strategic and operational expertise and knowledge of the Patrick assets
– Qube's management team responsible for building and managing the Patrick terminals business prior to the acquisition by Toll in 2006
Significantly enhanced scale and market relevance
– Indicative pro-forma market capitalisation of ~A$4.0bn1—expected to rank well within the ASX100 index
Substantial growth opportunities within combined portfolio
– Base business leveraged to a recovery in economic growth
– Significant additional upside from portfolio of growth projects, including Moorebank, the Quattro grain export joint venture and TQ
Holdings fuel storage joint venture with TonenGeneral
The proposed transaction would create a market leading ports and logistics company
Notes:
1. Assuming A$1.8bn equity funding within the transaction.
Forpersonaluseonly
12. 11
Synergies and long term value creation
Near term synergies
• Reduced head-office and divisional
costs, increased purchasing power,
consolidation of facilities and
equipment
• Lower costs and improved service
through enhanced efficiency of the
logistics interface
• Productivity improvements in
maintenance activities
• Incremental revenue opportunities
Significant benefits are expected to accrue from combining Patrick with Qube under a single ownership and
management structure, with an estimated A$30–50m+ p.a. of near term synergies, and the potential for
substantial additional longer term value creation
Estimated near term synergies and business improvement projects
• Ability to ensure efficient rail operations at
Port Botany and East Swanson which will
improve the timing and quantum of potential
cost savings
• Significant benefits for Moorebank and other
inland terminal operators
– the transaction is expected to accelerate
the timeframe for delivery, reduce the risk
and enhance the value of the Moorebank
project
• Substantial efficiencies which will benefit the
entire supply chain
Expected longer term value creation
A$30–50m+ p.a. achieved over 2-3 years ++++
Near term synergies and business improvement expected to result in double digit EPS accretion1 to Qube on a pro-forma basis.
Substantial additional upside expected from longer term supply chain efficiencies
Business improvement projects
• Specific business improvement projects
/ investments
– crane semi automation
– lashing activities
– Port Botany rail interface
Note:
1. Pro forma EPS accretion calculated before the impact of amortisation of identifiable intangibles, based on FY2015 underlying earnings for Qube and the Ports businesses, includes the full run
rate impact of synergies based on Qube management's estimates, assumes funding comprising A$1.8 billion of Qube equity with the remainder funded through debt, A$100 million of one
off transaction costs, and assumes the BAPS assets are divested for A$850 million (i.e. no gain or loss on divestment to Qube).
Forpersonaluseonly
14. 13
Transaction overview
• A$6.97 per Asciano share in cash plus 1 Qube share for every Asciano share, implying a value of:
– A$9.17 per Asciano share based on Qube's 30 day1 VWAP of A$2.20; and
– A$9.08 per Asciano share based on Qube's last closing price of A$2.112
• Asciano able to pay fully-franked permitted dividends of up to a maximum of A$0.90 per share, in aggregate, to enable franking benefits of up to
A$0.386 per share to be distributed to shareholders (with the cash component of the consideration to be reduced by an equivalent amount)
Binding offer for the acquisition of all of the issued share capital of Asciano not already owned by the
Consortium by way of an off-market takeover offer
Offer Consideration
• 50.1% minimum relevant interest (including the Consortium’s existing interest)
• ACCC, FIRB, OIO, ASIC and ASX approvals
• Asciano shareholder approval (by way of votes with 50.1% thresholds) for:
– sale of the Ports businesses to Qube for A$2.65bn
– sale of BAPS to BAPS HoldCo for A$850m
– equal return of capital to Asciano shareholders (of an amount not exceeding the proceeds from the sale of Ports and BAPS)
• Other customary conditions including no regulatory restraints, no Asciano material adverse change, no Asciano prescribed occurrence and third
party consents
Key Conditions
Note:
1. 30 trading days to 25 January 2016.
2. Last closing price on 25 January 2016, the trading day prior to the date of submission of the proposal.
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15. 14
Transaction structure
Assuming satisfaction of all conditions, including the 50.1% minimum relevant interest condition and Asciano shareholder approval for the sale of
Ports and BAPS and the equal return of capital:
• GIP, CPPIB and CIC Capital to acquire the rail business of Asciano by acquiring shares in Asciano through a jointly-owned bid vehicle ("BidCo")
• Qube to subsequently acquire Asciano's Patrick container terminals business (excluding ACFS) and its 50% interest in the AAT JV for A$2.65bn
• The remaining BAPS businesses and Asciano's 50% interest in the ACFS JV to be sold to an entity to be established and owned by GIP, CPPIB and
CIC Capital initially ("BAPS HoldCo"), with the intention that the BAPS assets be ultimately sold to a third party:
– funding for the acquisition of BAPS to be provided by a bridge loan from Qube
– assets to be held for subsequent sale to third parties following completion of the offer
– Qube may subsequently seek to acquire certain of the BAPS assets as part of this sale process (subject to regulatory approval)
• Proceeds from the sale of Ports and BAPS (net of the amount of the permitted dividends) to be returned to non-accepting Asciano shareholders
BAPS HoldCoBidCo
Asciano
Pacific National
BAPS (ex-AAT JV interest) +
ACFS JV interest
Patrick container terminals
(ex-ACFS JV interest) + AAT
JV interest
100% 100%>50.1%
Proposed ownership structure post transaction
Transaction structure enables Qube to acquire 100% of the Patrick Container Terminals business
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16. 15
Key transaction steps
Proposed transaction steps (subject to agreement with Asciano and timing of regulatory approvals)
1 Proposal made to Asciano
2
Entry into binding transaction documentation with Asciano
– Bid Implementation Agreement
– Ports Share Purchase Agreement
– BAPS Share Purchase Agreement
3
Dispatch transaction documentation
– Bidder's Statement
– Target's Statement
– Notice of Meeting for Asciano shareholders to approve the sale of Ports and BAPS and for the pro rata
capital return
4 Asciano shareholder vote
5 Payment of special dividend
6 Takeover offer period closes
7 Payment of consideration under the takeover offer
8 Ports and BAPS sales complete and payment of pro rata capital return
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17. 16
Qube funding
• Cost to Qube for the acquisition of Ports will be A$2.65bn (before transaction costs), of which at least A$1.80bn will be equity funded
(including up to A$1.651bn of Qube scrip issued to Asciano shareholders), with the balance funded through new debt facilities
• In addition to the funding for Ports, Qube will also contribute an additional A$129m (at 50.1% relevant interest) – A$258m (at 100%
relevant interest) towards the takeover consideration, proportional to the level of acceptances
• To the extent that the total relevant interest in Asciano following the close of the takeover offer is between 50.1–90%:
– Qube's ability to acquire 100% of Ports will be unaffected
– Qube will have issued less scrip to Asciano shareholders, and so will conduct an equity raising, such that its total equity funding
under the transaction remains at least A$1.80bn
• Qube has underwriting commitments in place for any such incremental equity funding. In addition, CPPIB has provided Qube a letter of
commitment in relation to investing an amount equivalent to 9.9% of Qube's expanded issued share capital (subject to any necessary
regulatory approvals), with the price of the investment to be agreed prior to lodgment of the bidder's statement. Any further required
equity funding is expected to be raised on a pro rata basis
• Qube will also provide an A$850m debt bridge to fund the acquisition of the BAPS assets by BAPS Holdco
– to be repaid from proceeds of subsequent sale to third parties following completion of the Offer (if not sold prior to completion)
– Qube will also have the right to acquire any of the BAPS assets from BAPS Holdco (subject to any necessary regulatory approvals)
– Qube maintains exposure to any upside or downside risk in relation to the price of any subsequent sale
• Qube's existing stake in Asciano will be divested to BidCo within the transaction, with the cost of the stake incorporated within the
transaction funding requirements above
Funding structure is consistent with Qube’s prudent approach to leverage and ensures that post completion of the transaction, Qube will
remain well positioned to fund the continued growth in its business, including the transformational Moorebank project
Note:
1. Based on 784m Qube shares issued to Asciano shareholders
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18. 17
• The Consortium has submitted its applications for FIRB and OIO approvals
– the Consortium has maintained constructive engagement with both FIRB and OIO and is confident of these
approvals being obtained within the timeframes of the offer
• The Consortium does not anticipate there will be any material adverse ACCC issues
– constructive engagement with ACCC since early November 2015
– proposal is structured to minimise potential for perceived competition issues, with approval of:
– BidCo’s acquisition of shares in Asciano
– Qube’s acquisition of the Ports businesses
– BAPS HoldCo’s acquisition of the remaining BAPS businesses
Regulatory approvals
The Consortium has had constructive engagement with all regulatory bodies and no material issues are
anticipated with Qube's acquisition of the Ports businesses
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20. 19
Attractive valuation for Asciano shareholders
Source: IRESS, company filings.
Note: IER refers to Independent Expert's Report.
Based on last close on 25 January 2016 for Qube, and 25 January 2016 for Brookfield. Qube VWAPs based on ASX and Chi-X trading for trading days across the relevant periods. Brookfield VWAPs based on NYSE
trading and average AUD/USD exchange rates for trading days across the relevant periods.
Highly attractive valuation, which is demonstrably superior to the Brookfield transaction across all relevant
periods
Fully-franked permitted dividends of up to a maximum of A$0.90 per share, in aggregate, will enable
franking benefits of up to A$0.386 per share to be distributed to shareholders
(A$)
Consortium
offer
Brookfield
offer
Consortium
offer premium
to Brookfield
offer
Last close 9.08 8.77 0.31
5 day VWAP 9.02 8.75 0.27
10 day VWAP 9.02 8.77 0.25
20 day VWAP 9.12 8.82 0.30
30 day VWAP 9.17 8.85 0.31
60 day VWAP 9.24 8.98 0.26
Superior to Brookfield offer across all relevant periods Highly attractive to Asciano shareholders
A$6.61 A$6.65
A$7.56
A$8.91
A$9.08
A$9.17
1 month VWAP
prior to
Brookfield
approach on 1-
Jul-15
Day prior to
Brookfield offer
(30-Jun-15)
Day prior to
consortium stake
(29-Oct-15)
Mid-point of IER
range
Consortium offer
(last close)
Consortium offer
(30 day VWAP)
38.7% 37.8% 21.2% 2.9%
Brookfield offer (last close)
Consortium offer (last close & 30 day VWAP)
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21. 20
Relative value of offers since submission of Consortium’s non-binding indicative offer
Source: IRESS.
Note: Market data as at 25 January 2016. Based on Consortium offer of A$6.97 cash + 1 Qube share per Asciano share, and Brookfield offer of A$6.9439 cash +
0.0387 Brookfield shares per Asciano share. Value of Brookfield scrip converted into AUD at daily spot AUDUSD rate.
Demonstrably superior value to the Brookfield proposal
$8.50
$8.70
$8.90
$9.10
$9.30
$9.50
09-Nov-15 18-Nov-15 27-Nov-15 06-Dec-15 15-Dec-15 24-Dec-15 02-Jan-16 11-Jan-16 20-Jan-16
Impliedoffervalue(A$/Ascianoshare)
Consortium Offer (A$) Brookfield Offer (A$)
A$9.08
A$8.77
3.5%
higher
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22. 21
Comparison of Qube scrip relative to Brookfield CDIs
Grant Samuel Independent Expert commentary on risks associated with Brookfield CDIs
Legal structure
“The legal and governance structure of Brookfield Infrastructure is different in a number of important respects
to that of a typical Australian listed company. Many of these differences could be regarded as
disadvantageous”
- Grant Samuel, Asciano Scheme Booklet, Independent Expert’s Report, page 4
Governance
“The general partner, subject to certain constraints, has absolute discretion in relation to the management of
Brookfield Infrastructure” … “Fiduciary duties owed by the general partner to Brookfield Infrastructure have
been modified”
- Grant Samuel, Asciano Scheme Booklet, Independent Expert’s Report, page 12
Voting rights
“Brookfield Infrastructure limited partnership unitholders have no rights to elect or remove the directors of the
general partner … [or] to remove the general partner”
- Grant Samuel, Asciano Scheme Booklet, Independent Expert’s Report, page 12
Internal
management
“Brookfield Infrastructure is externally managed by Brookfield Asset Management, for which it receives an
annual management fee … [and] incentive distributions” … “Incentive distributions have increased substantially
since 2011 and, given the structure, they are likely to continue to grow faster than distributions to limited
partnership unitholders and become larger relative to the base management fee”
- Grant Samuel, Asciano Scheme Booklet, Independent Expert’s Report, page 122
Taxation
(franked
dividends)
“Distributions from Brookfield Infrastructure will not be franked”
- Grant Samuel, Asciano Scheme Booklet, Independent Expert’s Report, page 4
Qube shares are likely to be significantly more attractive to Asciano shareholders than Brookfield CDIs
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23. 22
Dividends per share (A$, cents)Underlying earnings per share (A$, cents)
Delivery of earnings growth
Source: Company filings.
Due to Qube restructure, EPS in 2011 is not comparable.
Qube has a sound track record of increasing underlying earnings per share and dividends
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24. 23
Key transaction benefits
Highly attractive proposal to Asciano shareholders, demonstrably superior to the Brookfield
proposal
If completed, transaction enables Qube to acquire 100% of Asciano's Patrick container terminals
business
Highly complementary acquisition, representing a continuation of Qube's strategy to be Australia's
leading provider of logistics solutions, providing significant opportunities to create substantial
shareholder value
Funding structure consistent with Qube’s prudent approach to leverage and ensures that post
completion of the transaction, Qube will remain well positioned to fund the continued growth in
its business, including the transformational Moorebank project
Qube expects to be able to achieve A$30–50m p.a. of benefits from synergies and business
improvement projects over 2-3 years from the acquisition of Ports, resulting in double digit EPS
accretion1 to Qube on a pro forma basis
An investment in Qube is an investment in a new national logistics champion and moderniser of
Australian infrastructure
Market leading board and management team with unmatched industry expertise and focus on
shareholder value
Note:
1. Pro forma EPS accretion calculated before the impact of amortisation of identifiable intangibles, based on FY2015 underlying earnings for Qube and the Ports businesses, includes the full run
rate impact of synergies based on Qube management's estimates, assumes funding comprising A$1.8 billion of Qube equity with the remainder funded through debt, A$100 million of one
off transaction costs, and assumes the BAPS assets are divested for A$850 million (i.e. no gain or loss on divestment to Qube).
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