Barclays PLC Rights Issue Prospectus
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Connection Issue 70.Pdf
Issue 70 Winter 2017 connection INSIDE Q3 RESULTS • DIVERSITY AWARDS • BARCLAYS UK TRUSTS WHEELS FOR CHANGE RAISES OVER £255,000 WIN A HOTEL BREAK + WOMEN IN BARCLAYS ARCHIVE SPECIAL + SPECTRUM GALA DINNER Click to get started Keeping retired Barclays employees in touch Inside this issue... EDITOR’S WORD FEATURES REGULARS 5 10 Page 6 Page 4 Barclays news Barclays news Q3 2016 Results, The new £5 note, Barclays Diversity Wheels for Change, Spectrum’s Gala Business Awards 2016 Dinner and Pension Fund newsletter Page 8 Pensioners’ clubs & contacts Happy New Year to you all and welcome Page 12 Bournemouth and District Pensioners’ to the first edition of connection for Archive article 2017. We hope you’ve enjoyed the festive Club, Cornwall Pensioners’ Club, Women in Barclays season and are ready to embrace the Liverpool Retired Staff Club, East New Year. Midlands Pensioners’ Club and Many of you will be reading connection Ipswich District Pensioners’ Club on your computer or tablet screens for the Page 14 first time. To help you move through the Page 16 magazine more easily, we’ve added arrows Life beyond Your letters Barclays to the bottom of the pdf, and we’ve also Page 20 made the clickable links bold to make it The end of an era clear when you can click through to Retirements & obituaries other websites. Please let the Barclays Page 26 Team at Willis Towers Watson know if you Useful contacts no longer wish to receive a printed copy. If you’re thinking of embarking on a new Page 28 adventure this year, turn to pages 14 Competition & crossword and 15 for some Life beyond Barclays inspiration. -
Venture Capital Firms • Institutional Investors • Corporate Investors • Corporations
BBK34133 | Investment Analysis Prepared by Khairul Anuar L2 - Initial Public Offering & Rights Issue 1 Content Content 1. Sources of Funds for Private Companies 2. Initial Public Offering 3. Advantages and Disadvantages of Going Public 4. Appointment of Advisers 5. The IPO Process 6. Pricing of the IPO Shares 7. IPO Puzzles 8. Raising Additional Capital: The Seasoned Equity Offering 9. Rights Issue 10. Dilution of Percentage Ownership 2 Security Markets Are designed to allow corporations and governments to raise new funds and to allow investors to execute their buying and selling orders. Primary and Secondary Security Markets Primary Market Secondary Market Where corporate and Where previously government entities can issued securities are raise capital traded among investors. In short: All securities are first traded in the primary market, and the secondary market provides liquidity for these securities. 1. Sources of Funding for Private Companies -1 A private company can seek funding from several potential sources: • Angel Investors • Venture Capital Firms • Institutional Investors • Corporate Investors • Corporations 5 1. Sources of Funds for Private Companies -2 Angel Investors • Individual investors who buy equity in small private firms. • For many start-ups, the first round of outside private equity financing is often obtained from „angels‟. Institutional Investors • Include superannuation funds, insurance companies, investment companies and charities. • May invest directly in private firms, or may invest indirectly by becoming investors in venture capital firms. 6 1. Sources of Funding for Private Companies -3 Venture Capital Firms • A venture capital firm specialises in raising money to invest in the private equity of young firms. • Typically, institutional investors, such as superannuation funds, are investors in a venture capital firm. -
Orege Launches a €49.2 Million Rights Issue to Strengthen Its Financial Structure and Fund Its Development
This press release is not intended to be published, released or distributed, directly or indirectly, in the United States of America, Canada, Australia or Japan. Orege launches a €49.2 million rights issue to strengthen its financial structure and fund its development ▪ Rights issue for a maximum amount of approximately €49.2 million ▪ Subscription price: €1.24 per new share, i.e. a nominal discount of 14.48% over the last closing price ▪ Subscription ratio: 85 new shares for 40 existing shares ▪ Detachment of preemptive rights on 28 June 2019 and subscription open from 2 July 2019 to 11 July 2019 inclusive ▪ Commitments and guarantee by the majority shareholder, Eren Industries S.A. and commitments by third- party investors to subscribe for 76.46% of the issue Voisins-le-Bretonneux, 26 June 2019, 7:30am – Orege, an innovative company specialized in municipal and industrial sludge conditioning, treatment and recovery solutions, is announcing the launch of a capital increase through issuing new shares (the “New Shares”) with preemptive rights for a maximum gross total of €49.2 million (“the Rights Issue”). With this operation, Orege aims to strengthen its financial position in order to accelerate the commercial and industrial rampup that began in 2018. The Autorité des marchés financiers (AMF, the French financial markets authority) granted visa number 19- 296 on 25 June 2019 for the Prospectus relating to the Rights Issue, comprising the Document de Référence registered on 25 June 2019 under number R. 19 – 023 and the Note d’Opération (including the summary of the Prospectus). The Rights Issue will reconstitute the Company’s net equity by capitalising a substantial proportion of the shareholder current account held by its majority shareholder, Eren Industries S.A. -
Refinitiv Corporate Actions Methodology
REFINITIV EQUITY INDICES Corporate Action Methodology April 2020 Published: April 6, 2020 © 2019 Refinitiv Limited. All Rights Reserved. Refinitiv Limited, by publishing this document, does not guarantee that any information contained herein is or will remain accurate or that use of the information will ensure correct and faultless operation of the relevant service or associated equipment. Neither Refinitiv Limited, nor its agents or employees, shall be held liable to any user or end user for any loss or damage (whether direct or indirect) whatsoever resulting from reliance on the information contained herein. This document may not be reproduced, disclosed, or used in whole or part without the prior written consent of Refinitiv. 1 Sensitivity: Confidential Contents Introduction ......................................................................................................................................... 3 Corporate Actions ............................................................................................................................... 4 1.1 Cash Dividend .......................................................................................................................... 4 1.2 Special Dividend ...................................................................................................................... 5 1.3 Cash Dividend with Stock Alternative ....................................................................................... 5 1.4 Stock Dividend ........................................................................................................................ -
Market Reaction to Rights Offering Announcements in the Turkish Stock Market
MARKET REACTION TO RIGHTS OFFERING ANNOUNCEMENTS IN THE TURKISH STOCK MARKET A THESIS SUBMITTED TO THE GRADUATE SCHOOL OF APPLIED MATHEMATICS OF MIDDLE EAST TECHNICAL UNIVERSITY BY METE TEPE IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN FINANCIAL MATHEMATICS JANUARY 2012 Approval of the thesis: MARKET REACTION TO RIGHTS OFFERING ANNOUNCEMENTS IN THE TURKISH STOCK MARKET submitted by METE TEPE in partial fulfillment of the requirements for the degree of Master of Science in Department of Financial Mathematics , Middle East Technical University by, Prof. Dr. Ersan Akyıldız ____________ Director, Graduate School of Applied Mathematics Assoc. Prof. Dr. Ömür U ğur ____________ Head of Department, Financial Mathematics Assist. Prof. Dr. Seza Danı şoğlu ____________ Supervisor, Department of Business Administration, METU Examining Committee Members: Prof. Dr. Gerhard-Wilhelm Weber ____________ Department of Financial Mathematics, METU Assist. Prof. Dr. Seza Danı şoğlu ____________ Department of Business Administration, METU Prof. Dr. Zehra Nuray Güner ____________ Department of Business Administration, METU Assoc. Prof. Dr. Azize Hayfavi ____________ Department of Financial Mathematics, METU Assoc. Prof. Dr. Zeynep Önder ____________ Department of Management, Bilkent University Date: ____________ I hereby declare that all information in this document has been obtained and presented in accordance with academic rules and ethical conduct. I also declare that, as required by these rules and conduct, I have fully cited and referenced all material and results that are not original to this work. Name, Last Name : METE TEPE Signature : iii ABSTRACT MARKET REACTION TO RIGHTS OFFERING ANNOUNCEMENTS IN THE TURKISH STOCK MARKET Tepe, Mete M.Sc., Department of Financial Mathematics Supervisor : Assist. -
Loan Notes & Rights Issue to Raise $1,958,777
ASX AND MEDIA ANNOUNCEMENT 11 December 2019 LOAN NOTES & RIGHTS ISSUE TO RAISE $1,958,777 MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to announce that it has secured $1 million (before costs) through the issue of unsecured Loan Notes (“Loan Notes”) to sophisticated investors. The Loan Notes have a face value of $0.01 each with a coupon rate of 12% per annum and a maturity date of 3 February 2020 (which may be extended by the Company to 1 May 2020) (“Maturity Date”). Subject to Shareholder approval at a General Meeting of Shareholders to be held on 20 January 2020 (“General Meeting”), each Loan Note will convert into one (1) Fully Paid Ordinary Share (“Share”) in the Company at a conversion price of $0.01 per Share at the earlier of Shareholder approval or the Maturity Date. New Shares issued through the conversion of the Loan Notes, will have one (1) free-attaching Unlisted Option (”Option”) for every four (4) Shares, exercisable at $0.04 per Option on or before 30 months from the date of issue and which will be issued upon the conversion of the Loan Notes. The Company is also pleased to announce that it intends to conduct a Non-Renounceable Entitlements Issue (“Rights Issue”) of one (1) Share for every one (1) Share held by the Company’s Shareholders at the record date, to issue up to a maximum of 95,877,727 Shares at an issue price of $0.01 per Share to raise up to $958,777.27 (before costs) with one (1) free-attaching Option for every four (4) Shares issued under the proposed Rights Issue, exercisable at $0.04 per Option on or before 30 months from the date of issue. -
Rights Issue Fees Inquiry Report
Rights Issue Fees Inquiry December 2010 In association with: RIGHTS ISSUE FEES INQUIRY Contents Foreword 3 Executive Summary 5 1. Background 9 1.1 Rights issue 9 1.2 Discount 9 1.3 Underwriting 10 1.4 Underwriting risks 10 1.4.1 Pre-marketing 11 1.4.2 Offer period 11 1.4.3 Discount 11 1.5 Professional Advisers 11 1.5.1 Corporate Broker 11 1.5.2 Sponsor 12 1.5.3 Independent Financial Adviser 12 1.5.4 Legal Counsel and Reporting Accountants 12 2. How practice has developed over time 14 2.1 Volumes 14 2.2 Fees and Discounts 15 2.2.1 Pre MMC Report 15 2.2.2 MMC Report to financial crisis 15 2.2.3 Post 2007 16 2.3 The changing roles of the participants 17 2.3.1 Broker 17 2.3.2 Shareholder 18 2.3.3 Primary underwriter 19 2.3.4 Sub-underwriter 19 3. Issues identified by the Inquiry 20 3.1 Context 20 3.2 Level of underwriting fees 20 1 RIGHTS ISSUE FEES INQUIRY 3.2.1 Position of issuers 21 3.2.2 Issuers’ views on fee levels 21 3.2.3 Views of institutional investors 22 3.2.4 Conclusions of the Inquiry 22 3.3 Competition 23 3.3.1 Tendering by prospective lead underwriters 23 3.3.2 Competition in sub-underwriting 23 3.3.3 Tendering for sub-underwriting 23 3.3.4 Sub-underwriting offset 24 3.4 Transparency 24 3.4.1 Fees 24 3.4.2 Bundling of underwriting and advice fees 24 3.4.3 Transparency of sub-underwriting fees 26 3.4.4 Publication of fees 26 3.5 Other issues 26 3.5.1 Proliferation of advisers 26 3.5.2 Leaks 27 3.5.3 Index funds 27 3.5.4 Regulation 27 3.5.5 Standardisation of documentation 27 3.5.6 Shareholder registers 28 3.5.7 Logistical issues 28 4. -
Here Could Be a Recognition Only of What I Have Called External Goods […]
Competition and the London Clearing Banks, 1946-1979 Linda Arch © [email protected] The Court Room, The Bank of England https://www.flickr.com/photos/ba nkofengland/6220545302, accessed 3 May, 2015 1 Should Nation States Compete? 25-26 June 2015 Structure 1. Introduction 2. Context 3. Attitudes towards competition in clearing banking - ambivalence 4. Attitudes towards competition in clearing banking - embracing competition 5. Discussion and questions 2 Should Nation States Compete? 25-26 June 2015 1. INTRODUCTION 3 Should Nation States Compete? 25-26 June 2015 Alasdair MacIntyre Credit: Sean. https://www.flickr.com/p hotos/seanoconnor365/33 51618688 4 Should Nation States Compete? 25-26 June 2015 Introduction • “without the virtues there could be a recognition only of what I have called external goods […]. And in any society which recognised only external goods competitiveness would be the dominant and even exclusive feature.” • Alasdair MacIntyre, After Virtue: A Study in Moral Theory, Third Edition, (Notre Dame, IND: University of Notre Dame Press, 2007), 196. 5 Should Nation States Compete? 25-26 June 2015 Introduction External goods: • ‘goods of effectiveness’ • profit, money, share price, status, prestige … • property or possession of an individual Internal goods: • ‘goods of excellence’ • achieved in the context of ‘practices’ • benefit the whole community who take part in that practice • Eg. an internal good in clearing banking might be the good of ‘trustworthiness’ 6 Should Nation States Compete? 25-26 June 2015 Introduction -
Lehman Brothers: Reasons of Failure: (2007-2008) Ceos
LEHMAN BROTHERS: Lehman was a global financial services firm. Lehman Brothers started in 1844 as a small grocery and dry goods store established by Henry Lehman. Later on they traded cotton, moved to New York and established New York Cotton Exchange. After this events Lehman continued on the road of success and before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA with 26000 employees, doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), market research, investment management, private equity, and private banking. On September 15, 2008, the firm filed for bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history, which is a major cause of crisis. REASONS OF FAILURE: (2007-2008) There were many reasons behind the collapse of Lahman brothers but the main cause was technical issues and corporate governance failures. Lehman Brothers had very weak corporate governance arrangements. The main areas of weakness were board of directors, corporate risk management, remuneration scheme and nomination committees. As the crisis started in August 2007 with the failure of two funds Lehman’s stock fell sharply. During that month company eliminated 2,500 jobs and shut down its BNC unit. It also closed offices in three states. Lehman’s collapse was a seminal event that greatly intensified the 2008 crisis and contributed to the erosion of close to ten trillion in market capitalization from global equity markets in October 2008, the biggest monthly decline on record at the time. -
The Grasshopper Pensioners' Club Just As We Have For
THE GRASSHOPPER PENSIONERS’ CLUB Website: www.martinsbank.co.uk © gut informiert! SECRETARY: David Baldwin, Lower Windle, Windle Royd Lane, Warley, HX2 7LY. 'Phone: 01422 832734. email: [email protected] CHAIRMAN: Bernard Lovewell TREASURER: Robert Bunn WELFARE OFFICER: Susan Sutcliffe New Year Edition 2021 JUST AS WE HAVE MORE MEMORIES On this occasion from 1951 when our two best- FOR BEEN 458 YEARS, represented Districts in our membership met in WE’RE STILL HERE WITH their annual match, where the following photograph and comments were cut from their magazine by Joan and Gordon Anthony: The annual match between Liverpool and London Districts took place on Monday 8th October on the ground of the Odyssey WE WILL REMEMBER THEM THE MARTINS BANK WAR MEMORIAL In our last edition we mentioned the rededication of our War Memorial in 54 Lombard Street we are now attempting to identify its current location. Club in Liverpool, the kick-off being taken by Mr. J.A. Banks, the Liverpool District Manager. Fog, which persisted all day, lifted just before the match began and the game took place in brilliant sunshine but with a rather strong breeze across the pitch. Liverpool pressed strongly from the beginning and after fifteen minutes they were rewarded with a goal by Smith, the left winger, from an opening made by Bass, who had headed across the goal mouth. Play was fairly even for the next twenty minutes and then London broke away and Anthony, the centre forward, scored for the visitors. Both goal-keepers had more to do in the second half and had it not been the good work of Ford, the keeper for London, who made two excellent saves, the visitors would probably have been defeated, whereas the match ended in a draw. -
Analysing Risk Management in Banks: Evidence of Bank Efficiency
British Journal of Economics, Finance and Management Sciences 1 March 2017, Vol. 13 (2) The Nature and Extent of the Reciprocal Obligations Involved in the Banker/Customer Relationship Stanyo Dinov Abstract The current paper explores the banker/customer relationship and its historical development. Based on statuary and case law, it outlines the definitions of banker and customer, the duration of their relationship and their individual rights and obligations. Recent changes of the relationship and the differences, resulting from court decisions in England and Scotland regarding their obligations, are also presented. The article also trays to predict the possible changes to the banker/customer relationship in the near future. The most important conclusions, as well as possible further developments, are outlined at the end. Keywords: BEA, CCA, JCR, BPS, ATM systems I. Introduction The relationship between the banker and the customer has changed over time, so it is not easy to predict the nature of this relationship in the near future. Recent rapid technological development has raised many questions about customers‟ privacy and protection. Therefore, there is still a need to closely examine the legal aspects of this relationship from the past to the present, in order to find the best approach to its future context. II. Definition, nature and formation of reciprocal obligation 1. Definition The banker/customer relationship consists of two sides. A banker, according to the Bills of Exchange Act (BEA) 1882 s 2, „includes a body of persons whether -
Unit 8: Duties, Liabilities and Protection of Bankers in Handling Bills of Exchange
Unit 8: Duties, Liabilities and Protection of Bankers in Handling Bills of Exchange Payment of Cheques The legal position of a bank paying a cheque may be considered by looking at the contract of the bank with its customer; and the provisions of the Bills of Exchange Act Cap. 68 The legal relationships involving the paying bank may include: • That with its customer • That with some remote true owner of the cheque • That with the collecting bank Item (iii) is covered in Unit 9. Item (i) and (ii) relates to the contract the bank has with its customer as well as the statutory provisions in the BEA. The banker therefore needs to exercise a reasonable degree of care and skill when conducting its customer’s account. The cheque must be validly signed in order for the bank to have evidence of its customer’s authority (Catlin v Cyprus Finance Corporation London Ltd (1983)) to pay, (and in order for it to be covered by the BEA). By s. 2(4)a of the BEA, a cheque need not be dated at all. The paying bank has a right to insert a date under s. 19(1), although in practice, it is safer for the bank to return the cheque unpaid, stating ‘not dated’. By s.12 (2) of the BEA, a post-dated cheque is within the legal definition of a cheque as there is no contradiction with it being payable on demand – Royal Bank of Scotland v Tottenham (1894). Banks in practice do not honour cheques dated more than six months in the past marking them as ‘stale’, and whereas a case may be brought against the bank for dishonouring its customer’s instructions, this would be seen to be an implied term of the Banker/customer contract not to pay six months after date.