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  • The Dutch Buffett: Hal Trust Outperformed Berkshire Hathaway Past Quarter Century [View article]
    The GV IPO announced for next week will generate quite the windfall...HAL holds 98.57% of the shares. Book value of their ownership interest amounted to € 800 million on 2014-12-31.

    The offering range of € 17.50 - € 21.50 implies a market value of € 4.4 - € 5.4 billion.
    Jan 26, 2015. 05:23 AM | 4 Likes Like |Link to Comment
  • BP (BP +0.6%) begins a more aggressive campaign to challenge settlement payouts related to the 2010 Gulf of Mexico spill, running an ad blitz in some of the largest U.S. newspapers highlighting what it sees as unfairness of some of the spill claims against them and sending hundreds of letters to people it believes received some of those excessive payments. [View news story]
    Barbier appointed Patrick Juneau to administer the settlement program and upheld Juneau's interpretation of settlement terms that govern how businesses' pre- and post-spill revenue + expenses. Plaintiffs' attorneys are saying the payments to businesses were clearly spelled out in the agreement, so perhaps BP indeed undervalued the settlement and underestimated how many would qualify for payments. Still Long BP though.
    Jun 27, 2013. 09:05 AM | Likes Like |Link to Comment
  • Dish (DISH) abandons its bid for Clearwire (CLWR) five days after abandoning its bid for Sprint (S). This paves the way for Sprint's $5/share offer to be approved at Clearwire's July 8 meeting. CLWR -2% AH to $4.99. Will Dish now turn its sights on T-Mobile USA (TMUS)? [View news story]
    Well played at least, making your opponent bleed as much as possible.
    Jun 27, 2013. 08:50 AM | Likes Like |Link to Comment
  • At the second time of asking, EU Finance Ministers have agreed on measures to deal with failing banks. Losses of up to 8% of a bank's total liabilities will first be imposed on shareholders, creditors and major depositors with over €100,000, after which governments will be able to supply funds of up to 5% of liabilities. As further protection for taxpayers, states will create resolution funds that they'll finance with levies on banks. EU leaders are set to approve the measures at a meeting today. [View news story]
    A step in the right direction.
    Jun 27, 2013. 08:48 AM | Likes Like |Link to Comment
  • The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
    Company OJSC OC Rosneft
    Headline AGM Statement
    Released 07:00 21-Jun-2013
    Number 5649H07

    The dividends will be paid simultaneously to all shareholders no later than August 19, 2013.
    Jun 25, 2013. 07:17 AM | Likes Like |Link to Comment
  • Lenovo And Huawei: Chinese Smartphones Ready To Take On The World [View article]
    Proven false, is it that simple?!
    The Financial Times isn't some two-bit sensationalist rag, it's probably the most influential and respected media title around, and also the most read amongst top companies and organisations.

    The denial came from Huawei's vice president for external affairs, Bill Plummer. FT had quoted the head of Huawei's consumer business, Richard Yu. (We are considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia. We are open-minded.)
    Jun 19, 2013. 01:50 PM | Likes Like |Link to Comment
  • Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
    Out of court settlement


    The Dutch technical services provider has reached an out of court settlement with Polish firm Adventure World Warsaw and its affiliates, and has ended cooperation with the parties, Imtech said on Tuesday after market close.

    Last month Imtech had to write down 150 million euros on Polish projects, including the theme park Adventure World Warsaw.
    Mar 13, 2013. 09:07 AM | Likes Like |Link to Comment
  • Google: A Sound Investment? [View article]
    'Although Apple currently has the highest EPS of the three companies, they are predicted to have negative growth this quarter. This should raise a red flag when considering investment. Apple has had its share of innovations but if it does not revamp its current products or business model, it will fall behind Google and eventually Microsoft.'

    Apple is arguably your best investment opportunity for the next 12 months given present valuation, although Google is a fine investment. Microsoft comes in a distant third.
    Feb 19, 2013. 06:13 AM | 1 Like Like |Link to Comment
  • Nestle (NSRGY.PK) is the latest major food company to be drawn into the European horse-meat scandal after traces of equine DNA of above 1% were found in pasta meals, which it removed from shelves in Italy and Spain yesterday. Nielsen says the scandal has had a big effect on the consumption of frozen meat products in the U.K., with burger sales dropping 40% in the week to February 2. [View news story]
    Eating horse meat has become common practice in most countries nowadays, if you ever traveled anywhere, so scandal is a bit of an overstatement. Steak de cheval is very tasty, but unlikely to make most menus.
    Feb 19, 2013. 06:00 AM | Likes Like |Link to Comment
  • BP (BP) is ready to take its chances at a civil trial over the Gulf oil spill after failing to reach a settlement with the government, states and other private plaintiffs. BP could face a fine of $21B for the crude spilled if the court accepts the government's claims, although the company reckons the bill will be under $5B. The trial is due to start on Monday. [View news story]
    Ouch. Not helpful for BP, not helpful for U.K.-U.S. relations.
    Feb 19, 2013. 05:44 AM | Likes Like |Link to Comment
  • Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
    Must confess that Imtech may have hit rock bottom yesterday, that was one hell of an intraday recovery. Someone was closing shorts or adding longs in a big way.

    Again looking good today, let's see if the share price will see a more sustained recovery. Without the timestamp I would have had difficulty believing your purchase price, quite a move Ramon.
    Feb 19, 2013. 05:30 AM | 1 Like Like |Link to Comment
  • Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
    Imtech UK chief insists business is 'unchanged' by £86m Polish hit

    7 February, 2013 | By Luke Cross

    Imtech UK’s chief executive has stressed that his company’s financial position and growth plans are “unchanged” after its Dutch parent group was forced into urgent talks with its banks following an £86 million write down and problems in its Polish business.

    Imtech UK chief insists business is 'unchanged' by £86m Polish hit

    Paul Kavanagh said the UK company is “one of the stand alone local for local businesses within Imtech”, which operates separately from the Dutch parent group.

    The directors in charge of Imtech’s German division, which runs the Polish operation, stepped down yesterday after parent group Royal Imtech announced it had been “severely harmed” by a lack of payment and likely cancellation of projects at theme park Adventure World Warsaw.

    It cited “possible irregularities” after finding that advanced payments included in the accounts had not been received.

    The Dutch parent group, which saw its share price fall 48 per cent to €10.2 on Monday, said the write downs have left it in breach of its bank covenants.

    Although part of the group, Mr Kavanagh stressed that Imtech UK, which plans to double its revenue to £1bn by 2015, has “a strong position and a record forward order book…with good prospects for further revenue and profit growth”.

    “These fundamentals are unchanged by the events in a separate part of the Imtech NV organisation,” he said.

    “We follow the Imtech model of decentralised control and each individual business within our group has the financial strength, local autonomy and capability to deliver in its local market place,” he added.

    “For many years we have pursued a policy of managed positive growth adhering to this entrepreneurial principle.

    “At the end of 2012 this strategy has left us with a broad based autonomous technical services business with local control, financial strength and strong prospects in a number of markets and regions as well as internationally.”

    Imtech was established in the UK in 2003 and has become one of UK and Ireland’s largest technical services providers through several acquisitions and organic growth. It had a turnover of £515 million in 2011.

    Mr Kavanagh took over as CEO of the M&E and building solutions business from Jim Steele, who remains with the company as group director, and is tasked with the aims of making Imtech “the strongest technical services business in the UK”.

    The £86m it to the parent group relates to three projects for Adventure World Warsaw and one project involving energy-generating bio power stations, also in Warsaw. These projects have a combined value of around £657m

    Parent group Royal Imtech said the departure of the German CEO and CFO was “to safeguard management continuity in Germany in the short term”.

    In a trading update earlier this week, the group said it is delaying publishing its accounts.

    The outgoing German CEO Klaus Betz, has been replaced by Jos Graauwmans, director of human resources at Royal Imtech, who becomes acting CEO of Imtech Deutschland.

    Jan van Middelkoop, CFO Imtech Nederland, will replace Axel Glass and become acting CFO for the German division.

    Permanent successors will be appointed as “quickly as possible,” the group statement said.

    Peter Kronenberg and Peter Eilers, the two other members of the Imtech Deutschland management, will stay on.

    Imtech up 5% from yesterday's close
    Feb 7, 2013. 07:51 AM | 1 Like Like |Link to Comment
  • Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
    'Imtech angers foreign investors with Dutch only conference call'
    Monday 04 February 2013

    Technical services group Imtech angered investors on Monday morning when its manager of investor relations refused to speak English during a conference call on its problems in Poland, the Financieele Dagblad reports.

    The FD says Jeroen Leenaers told people taking part in the conference call he would only speak Dutch. The call was set up following the news that Imtech has taken a €100m write-off following possible fraud in Poland.

    One analyst told the paper he suspected part of the 50% plunge in Imtech's share price was due to irritations over the language. The company gave a second conference call in English at 10.30.

    Some 40% of Imtech's shares are in American hands, the paper said. Dutch investors own less than 20% of the company.
    Feb 4, 2013. 03:33 PM | Likes Like |Link to Comment
  • Oil rigs are again heading into the Gulf of Mexico, and Barron's David Englander believes GulfMark Offshore (GLF +2.4%) is poised to take advantage of the industry resurgence. With GLF's key markets expected to strengthen and more new boats going into service, Englander sees its fleet commanding steadily higher rates and earnings jumping significantly. [View news story]
    Transocean (RIG), Ensco (ESV) remain in an uptrend
    Feb 4, 2013. 03:22 PM | Likes Like |Link to Comment
  • Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
    Certainly caught AWW by surprise..


    In furtherance to the press statement dated 4th February 2013 by the board of Royal Imtech, the management board of Adventure World Warsaw states the following.

    We are saddened by the recent information on the internal problems of companies from Imtech group that involve suspension in duties of the current board members of Imtech Poland and reports on irregularities that are investigated at the latter company.

    To no one’s surprise, the construction of Adventure World Warsaw theme park that is mentioned in the above press statement has not yet attracted the long term project finance. While AWW theme park enjoys a strong support from public authorities and it is evident that the park construction is a viable project that has all the needed security for issuance of construction permits still in February 2013, the construction is managed in the development phase based on shareholders’ finance. Given that the project development phase of the park construction is to be completed this month, the board of AWW is confident that the long term finance will be secured latest in in the second quarter of 2013.

    It now becomes apparent that the situation at Imtech will not be without an influence over the construction of AWW theme park. However, the board of AWW remains confident that Imtech Poland will properly perform as a general contractor for AWW park construction and offers any needed assistance in investigation of irregularities that has been reported at Imtech Poland
    Feb 4, 2013. 03:03 PM | 1 Like Like |Link to Comment