posted by Yahoo! News Search Results for dividends on Jul 31
VANCOUVER, B.C. - Silver Wheaton Corp. (TSX:SLW) says it could begin paying dividends to shareholders in the next year or two, but is focusedArchive for July, 2009
posted by Yahoo! News Search Results for dividends on Jul 31
VANCOUVER, B.C. - Silver Wheaton Corp. (TSX:SLW) says it could begin paying dividends to shareholders in the next year or two, but is focused first on making another acquisition "to transform the company."posted by Yahoo! News Search Results for dividends on Jul 31
July 31 (Bloomberg) -- Empresas ICA SAB plans to start paying dividends within five years as Mexico’s largest construction company anticipates its return on equity will more than double as toll projects are expanded or completed, Chief Financial Officer Alonso Quintana said.posted by Yahoo! News Search Results for dividends on Jul 31
Payouts to be made in August, Septemberposted by Yahoo! News Search Results for dividends on Jul 31
I don't blame Dorgan and Pomeroy for being sceptical of the "postage stamp" strategy. Their state will face major costs, and the strategy puts supporters at risk in the 2010 or 2012 elections.posted by Yahoo! News Search Results for dividends on Jul 31
These companies recently increased their dividends.posted by Tom Freke on Jul 31
A month of overcast skies and frequent showers indicates it is business as usual for the British summer, and for one company each day of rain brings particular displeasure.
British car cleaning firm IMO Car Wash is struggling with more than 350 million pounds of debt, and some detractors say demand for its services drops each time it rains. As such, the value of the company is almost as changeable as a British summer.
This is a headache for both its private equity owner and lenders, who have been trying to settle a restructuring of IMO’s finances since the start of the year. Disputes over valuations have sparked a battle between different groups of lenders, with the result set to be decided in a London court on Monday.
The court case has wider ramifications for European restructurings, as I wrote earlier, because the case is likely to set the tone for many restructurings to come.
Senior lenders hope to be able to clear out junior creditors from the list of borrowers if the value of the company falls below the amount of senior debt owed. The seniors think they have done enough to prove the value of the company is less than their debt; the junior lenders disagree.
The decision is now with Mr Justice Mann at London’s Royal Courts of Justice. Such is the interest amongst distressed debt and mezzanine investors it’ll likely be a tight squeeze in the court’s public gallery on Monday.
Maybe they should all have heeded Rose Royce: as the Seventies act once warned, “you might not ever get rich” working at the car wash.
posted by Yahoo! News Search Results for dividends on Jul 31
PINEVILLE, LA--(Marketwire - July 31, 2009) - The Board of Directors of Cleco Corporation ( NYSE : CNL ) today declared regular quarterly dividends on the Company's common stock and preferred stock. Following is a summary of dividend payments, as declared: Dividend Record Payment Class of Stock Declared Date Date -------------- -------- ------ ------- Common Stock $0.225 August 10, 2009 August ...posted by Alexander Smith on Jul 31
Anglo American hasn't yet received a formal bid from Xstrata. But the miner's interim results read very much like a defence document.
The highlights alone give a pretty good idea of what chief executive Cynthia Carroll and new chairman John Parker will focus on if Xstrata does eventually pounce.
Anglo's case hinges on four things.
First, that its plan to cut $2 billion of costs by 2011 is ahead of target. Second, that it is getting on top of its $11 billion net debt, and third, that progress is being made in restructuring its problem child Anglo Platinum <AMSJ.J>. Lastly, Anglo acknowledges that it is an objective to reinstate the dividend.
Added to these elements, lest they appeared to have too defensive a flavour, is the promise of growth, largely through its Minas-Rio iron ore project in Brazil and its Los Bronces copper development.
Of these, cost savings are a crucial point of contention in the Xstrata debate, with the rival miner's chief executive Mick Davis confident he can squeeze a further $1 billion out of a combination with Anglo, taking the total to $3 billion.
Anglo isn't making any promises beyond those already given but the tone of the language -- which includes talk of being ahead on "asset optimisation", procurement and job reductions -- hints that it may be able to find more savings on its own, without handing anything to Xstrata.
So far the market seems largely happy to let Carroll stick to her plan -- highlighting Anglo's leading position in platinum, diamonds and iron ore alongside its cost cutting success. But investors might ask more searching questions in the event that Xstrata did come back offering a premium.
posted by Alexander Smith on Jul 31
The war between Continental and Schaeffler rumbles on. Karl-Thomas Neumann has got board assent for the capital increase he wants to pay down Continental's heavy debts, a hard-fought for move that is likely to dilute the company's largest shareholder Schaeffler.
But it is only a partial victory for the chief executive of the German auto parts group -- and one that may yet turn out to be Pyrrhic. Neumann may yet be ejected from Conti for resisting Maria-Elisabeth Schaeffler and her right-hand man Juergen Geissinger (CEO of the privately-owned ball-bearing maker).
Schaeffler has already seen off several former Conti bosses -- Manfred Wennemer left in August last year and CFO Alan Hippe has since quit. If it succeeds in pushing out Neumann and replacing him with its own candidate, Elmar Degenhart -- at a meeting scheduled for August 12 -- Schaeffler will then certainly push ahead with the sale of Conti's well-known rubber business as a way of reducing its 11 billion euro debt.
Conti and Schaeffler have been deadlocked since the private group took a majority stake last year after an acrimonious takeover battle. Schaeffler's ability to exercise control is constrained by its own heavy borrowings, much of which are against Conti stock which has lost two-thirds of its value.
Meanwhile, Conti is also labouring under massive borrowings, which its banks would like it to reduce. Both groups are at odds over how to reconcile their differing interests. Schaeffler, which has entered into a standstill agreement which prevents it from taking over Conti till 2012, does not want the target to issue more equity because it doesn't have the cash to follow its money. Nor does it want to merge with Conti because it fears the exchange ratio would be disadvantageous.
What it would like is for Conti to sell assets to reduce its debt -- even though this is hardly an ideal moment to do this. Shares in Michelin <MICP.PA> are trading at less than half their mid-2007 peak, while Bridgestone <5108.T> shares are at just over half their level in May 2006 and Pirelli <PECI.MI> shares are less than a quarter of their peak.
Neumann wanted Conti to raise 1.5 billion euros in fresh equity and then to merge with Schaeffler. The board has now consented to the first of these moves. However it remains to be seen if the banks will be queuing up to underwrite the issue, especially as Conti seems keen to issue it at a very narrow discount to the market price.
If Conti goes ahead, and neither Schaeffler nor its allies follow their money, Schaeffler's direct stake could fall to 35 percent from 49.9 percent and its total stake (including shares held by its banks) to 63 percent from nearly 90 percent.
What seems clear is that the key players in this deadlock are the banks to both companies. They may themselves have differing interests. Conti's bankers may not be keen on a change of management at the company, especially given the rapid changes which have already taken place at the top. And Schaeffler's bankers might not welcome capital increases at Conti that diluted their equity position.
Debt has become an albatross around the necks of both companies, which only the banks are able to remove.
