posted by Yahoo! News Search Results for dividends on Jun 30
Five stocks with far more free cash than earnings over the past year, low share prices relative to their free cash flow and pay decent dividends.Archive for June, 2009
posted by Yahoo! News Search Results for dividends on Jun 30
Five stocks with far more free cash than earnings over the past year, low share prices relative to their free cash flow and pay decent dividends.posted by Yahoo! News Search Results for dividends on Jun 30
Austin Daye and DaJuan Summers grew up watching Detroit Pistons stars Joe Dumars and Isiah Thomas on television. At the same time, Jonas Jerebko was in Sweden watching two other Detroit stars — Nicklas Lidstrom and Tomas Holmstrom of the NHL’s Red Wings. The trio are now teammates, the first players in what is expected to be a wave of new Detroit Pistons. Detroit took Daye with the 15th pick in ...posted by Yahoo! News Search Results for dividends on Jun 30
In ten years Ryman Healthcare has lifted profits and dividends nine-fold and is now one of the top 10 listed companies in New Zealand. The Christchurch retirement village owner yesterday celebrated its 10th anniversary since listing on the New Zealand stock exchange.posted by Yahoo! News Search Results for dividends on Jun 29
June 29 (Bloomberg) -- Jose Muniz , chief executive officer of Centrais Eletricas Brasileiras SA , Latin America’s largest utility, said he hopes to pay $10 billion of back dividends to Brazil’s government and minority shareholders within a year.posted by Yahoo! News Search Results for dividends on Jun 29
TORONTO - Canadian earnings declared Monday as of 3:45 p.m. ET:GuestLogix Inc. (TSXV:GXI): Three months ended May 31, 2009, net incomeposted by Yahoo! News Search Results for dividends on Jun 29
June 29 (Bloomberg) -- Jose Muniz , chief executive officer of Centrais Eletricas Brasileiras SA , Latin America’s largest utility, said he hopes to pay $10 billion of back dividends to Brazil’s government and minority shareholders within a year.posted by Adam Durchslag on Jun 29
FirstGroup, the Aberdeen-based transport group led by its chairman Martin Gilbert, confirmed on Monday that it made an approach for smaller, embattled National Express on June 19.
But, National Express’s newly appointed chairman, John Devaney, and his chief executive, Richard Bowker, believe they can go it alone and have firmly rebuffed First Group. They are hoping, instead, to launch a £400 million rights issue.
This is not the first time the two companies have been linked as merger partners: there was talk three years ago of doing a £3 billion, nil-premium merger.
This time, however, FirstGroup made its opportunistic all-share merger proposal to National Express, after talks broke down between the British government and National Express over a bail-out of its London-to-Edinburgh East Coast Mainline franchise.
“No bail-outs in rail” is the government’s stance on the matter. No surprise there, then, when the coffers over at Treasury are empty.
“National Express now faces the choice of either racking up huge losses at East Coast or defaulting on the franchise, which would mean exiting UK rail altogether,” believes UK broker Collins Stewart.
National Express has been particularly hit hard from the cost of the East Coast line. To pay the government £138 million per year, it needs annual passenger revenue growth of at least 9 percent. It has only managed 0.3 percent in the first quarter.
That doesn’t put National Express in a very good position, when it has around £1.2 billion of net debt on its balance sheet. Indeed, its shares have more or less collapsed over the course of the year by around 70 percent, despite being confident that it will meet its renegotiated debt covenant tests tomorrow.
Advised by JPMorgan Cazenove, FirstGroup is clearly exploiting the situation, given that up until this point its strategy had always been focussed on cash generation and organic growth while it lumbered under a £2.5 billion debt pile.
“Without rail and with a sensible balance sheet structure – our sum-of-the-parts points to a fair value of around 500p for National Express,” says Collins Stewart. That’s about 70 percent above where the company’s share price is currently.
Buying National Express would make First Group into the UK’s biggest transport company. Failing that, there are plenty of other companies out there that might look to do a deal during these hard times: Arriva, Go-Ahead, and Stagecoach all come to mind.
posted by Megan Davies on Jun 29
By Steve James
Although Enterprise Products Partners CEO Michael Creel could not join a conference call with analysts to dicuss his company’s planned $3.3 billion acquisition Teppco Partners, the energy pipeline company was quick to reassure investors all was well.
“He is not hiking the Appalachian Trail, he is not in Argentina and his wife IS with him,” Randy Burkhalter, Enterprise’s executive in charge of investor relations, told the call.
It was a joking reference to South Carolina Governor Mark Sanford, who last week admitted cheating on his wife with a woman in Argentina, where he had disappared for several days. His office had told reporters during his absence that Sanford was hiking the Appalachian Trail.
A spokesman for Houston-based Enterprise said Creel was “out of town” and was unable to take part in the analyst call.
posted by Paritosh Bansal on Jun 29
Hostile deals - and there are a few going on - have one unintended consequence: too many press releases.
Every side feels compelled to correct a rival’s spin as things heat up, which means almost every press statement has an equal and opposite reaction.
In Bermuda, a three-way battle between IPC, Validus and Max Capital flooded the wires for weeks with innumerable press releases, as each side tried to make a case for why their deal was better. (Shareholders voted down an IPC-Max deal, but the fight is not over yet.)
Sometimes the new point is, well, a rather fine point.
Consider this statement put out by Agrium, which is battling to take over rival CF.
Mike Wilson, Agrium’s CEO:
“Following a successful stockholder referendum on Agrium’s offer and after we reached out to CF and its advisors, CF’s Chairman and CEO Steve Wilson told me that CF would not meet with Agrium. Contradicting recent public comments that CF is prepared to engage, he stated to me that ‘there is no reason to meet because nothing has changed.’ Steve Wilson said he called since stockholders wanted him to engage with Agrium. I do not consider returning my phone calls to say that CF refuses to meet to be engagement and I don’t think CF stockholders will either.”
This time, though, CF did not rush out its own statement to address the allegation by Agrium’s Wilson that CF’s Wilson was contradicting his recent public comments.
CF spokesman Charles Nekvasil, when reached by phone, said the company did not “wish to engage in duelling press releases or press statements.”
And then he added: “Our position is that — as we spelled out last week when our CEO did an interview — nothing has changed from the perspective of the Agrium offer. We have indicated that given that situation we are willing to listen but nothing new is on the table.”
