DOCSLIB.ORG

Challenger Acquisitions (CHAL.L)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Challenger Acquisitions (CHAL.L) 7 December 2015 Challenger Acquisitions (CHAL.L) LeisureChallenger & Attractions was formed as a vehicle to undertakeAcquisition acquisitions of ofStarneth highly prospective completed companies within the “attractions” sector of the leisure market. The company recently acquired the Starneth Group which specialises in the design and engineering of large observation wheels and structures. Starneth is currently a providerChallenger of technical was support formed services as a tovehicle the New to undertakeYork Wheel acquisitions project, a development of highly prospective in which Challenger also has a direct equity interest. Part ofcompanies Challenger’s within core the strategy “attractions” is to acquire sector ofsignificant the leisure equity market. interests The company in additional recently iconic giant observation wheel projects around the world.acquired the Starneth Group which specialises in the design and engineering of giant observation wheels. Starneth currently provides technical support services to the New York Wheel project, a development in which Challenger has a direct equity interest. We believe that Starneth’s activities coupled with a very exciting project pipeline are highly complemented by Challenger’s strategy to acquire equity interests in additional iconic giant observation wheel projects around the world. Source: LSE Challenger raised £1.1m upon admission to the LSE in February 2015 and a further £3.0m through the issue of convertible notes in April. The company subsequently Market data invested US$3.0m for a 2.463% equity stake in the New York Wheel Project which is Price (p) 38.0 expected to open in mid-2017. 12m High (p) 78.5 12m Low (p) 13.0 Challenger completed the acquisition of the Starneth Group for €7.2m in July 2015. We Shares (m) 13.3 believe that Starneth is the only global provider of turnkey design and engineering Market Cap. (£m) 5.1 solutions in the highly specialised giant observation wheel sector. EV (£m) 4.5 The acquisition excluded two subsidiaries; Starneth B.V. and Starneth LLC. Starneth B.V. EPIC CHAL is currently engaged in legal arbitration in Singapore with a substantial claim against Free Float (%) 45% Hyundai related to the Dubai-I project. Starneth LLC is part of the joint venture which Market LSE has been contracted to design, engineer and supply the giant observation wheel for the New York Wheel Project and could not be acquired for contractual reasons. Challenger Description retains its involvement in this project through the provision of technical services to Challenger is an investment vehicle Starneth LLC from a wholly owned subsidiary. formed to undertake value adding The iconic observation wheel market is characterised by a small number of high value acquisitons in the 'attractions' sector of the leisure market. The company is contracts. Challenger believes that a major project is completed every 2-3 years and currently focused on the global market the market could consist of up to 10 such projects over the next 10 years with a for giant observation wheels. potential value of at least US$1.0bn. With at least 25 opportunities in Starneth’s project pipeline and discussions regarding several major projects close to fruition, we believe that the potential for winning exciting new mandates is huge. Directors and Company information Mark Gustafson Chairman The company is in advanced discussions to provide turnkey project management Markus Dieter Kameisis CFO services for a US$121m iconic wheel project in Jakarta in Indonesia. The group is also Gert Rieder Non-Exec conducting negotiations with regards to 24 other potential giant observation wheel +1 604 454 8677 projects. www.challengeracquisitions.com These projects provide the prospect for near term revenue generation. However, highly leveraged upside will be derived from direct equity ownership in major projects Analyst through which Challenger has the potential to derive highly significant long term Barney Gray income streams. +44 (0)207 186 9950 At its core, we believe that Challenger represents a highly attractive management play. In particular, the group has retained Starneth’s founder, Chiel Smits, who has unrivalled experience in the sector and is the architect of Starneth’s growth. This expertise is complemented hugely by the existing Challenger team which has wide experience in the acquisition of funding for major industrial and commercial projects. Year end Dec (£000) Dec-15E Dec-16E Dec-17E Dec-18E Revenue 3,250 36,724 63,954 82,067 EBITDA -386 4,191 7,991 11,313 Profit (loss) before tax -638 3,942 8,003 11,421 EPS fully diluted (p) - 17.8 29.4 37.8 Net cash 594 5,946 13,960 24,763 7 December 2015 Introduction to Challenger Challenger Acquisitions Limited (LSE: CHAL) is a holding company for the recently acquired Starneth Group which specialises in the design and engineering of giant observation wheels and structures. Prime examples of these include the London Eye which opened in 2000 and the upcoming New York Wheel which, when completed in mid-2017, should be the tallest of its kind in the world. Challenger also has a 2.463% equity interest in the New York Wheel. This investment of US$3.0m was completed in May 2015. The New York Wheel Project which is located on Staten Island includes a 630 foot high observation wheel with 36 viewing capsules. In addition, the wider project includes 68,000 square feet of retail and leisure space and a large parking garage for 950 vehicles. Recent landmarks Challenger was incorporated in November 2014 as an investment vehicle with a clearly stated aim of making acquisitions in the leisure and entertainment sectors. At this stage, the company outlined its intention to focus specifically on acquiring business in the “Attractions” sector. Challenger was admitted to trading on LSE in February 2015 raising initial capital of £1.1m before expenses. Co-operation agreement with Starneth In March 2015, Challenger announced the landmark step of signing a cooperation agreement with Starneth Holding B.V. As outlined previously, Starneth and its subsidiaries specialise in the design and engineering of giant observation wheels and structures. Of particular interest to Challenger was the fact that the Starneth team is comprised of several people who were involved in the design and construction of the London Eye. In particular, the Starneth CEO, Chiel Smits was the project manager for the London Eye project. Mr Smits’ detailed biography and those of his colleagues on the Challenger management team can be found in Appendix B. Initial funding At the end of April, Challenger raised approximately £3.0m through the issue of convertible notes. These funds were earmarked for the purposes of future acquisitions. An initial tranche of approximately £2.2m was received in early May and the balance of £850,000 was received by July 2015. These notes accrue interest of 12% per annum payable quarterly or upon conversion in cash or ordinary Challenger shares. The shares can be converted at either a fixed price of 50p or the market price at the time less 7.5%. Challenger has the option to redeem the notes at any time at a 10% premium anytime that the market price is below the fixed conversion price of 50p. Investment in the New York Wheel As a result of the funding conducted in the previous months, Challenger was able to participate as an investor in the New York Wheel project. The company invested US$3.0m for a 2.463% interest in New York Wheel Investor LLC at the end of May 2015. Under the terms of the investment, Challenger may be required to make further capital contributions in the event of a cash shortfall during the construction phase of the project. However, given the comparatively modest initial interest that Challenger has acquired, we would not expect this to be a significant contribution. 2 7 December 2015 Acquisition of Starneth Challenger completed the acquisition of the principal operating businesses of Starneth in mid-July. On 15 July 2015, Challenger entered into a Share Purchase Agreement (SPA) with the sellers: Smits International B.V. Yamapro Trading - F.Z.E. Systems Engineering International, Inc. The SPA related primarily to the acquisition of all the shares in Starneth Holding B.V., and its subsidiary companies. These are outlined in the pre-acquisition group structure below. At this stage, it should be noted that the post-acquisition group has several significant differences to the model below. Starneth: Pre-acquisition structure Source: Challenger Acquisitions Consideration The total consideration under the SPA was equivalent to €7.2m in cash and shares plus a variable component. As the table below depicts, €1.25m was paid in cash upon closing and two further cash payments of €1.25m will be made on the first and second anniversary of the initial closing date. The balance of the fixed consideration will be settled in Challenger shares. A total of 1,100,000 Challenger shares were issued to the sellers upon closing and two identical instalments will be made on the first and second anniversary of closing. It should be noted that all the Challenger shares already issued and those to be issued to the sellers are valued at 75p per share, a significant premium to the share price prior to suspension. Applying a Euro/Sterling exchange rate of approximately €1.40 to the Sterling valuation of £2.475m for the equity component of the acquisition implies a valuation of €3.45m for the shares. This brings the aggregate total up to €7.2m as per the original news release. 3 7 December 2015 Summary of the SPA terms Item Consideration Notes Total consideration (€) 7,200,000 Cash instalment (€) 1,250,000 Cash paid on closing (paid) Cash instalment (€) 1,250,000 1st anniversary (c.
Load more

Recommended publications
  • Chessington World of Adventures Guide
    Chessington World of Adventures Guide Overview One of three theme parks located in Greater London that are operated by Merlin Entertainments Group, Chessington World of Adventures combines a host of rides and shows with a world-class zoo. Whereas nearby LEGOLAND Windsor is aimed at families with kids aged 2-12, and Thorpe Park caters for teens and young adults, Chessington offers something for just about every age group. In addition to the theme park and zoo, the site is also home to the Holiday Inn Chessington, a safari-themed hotel that overlooks the Wanyama Village & Reserve area. History The origins of Chessington World of Adventures can be traced back to 1931, when a new zoo was established in the grounds of a fourteenth century country mansion by entrepreneur Reginald Goddard. The zoo was eventually acquired by the Pearsons Group in 1978, which subsequently merged with the Madame Tussauds chain to form The Tussauds Group. The newly-formed company embarked on an ambitious £12 million project to build a theme park on the site, and Chessington World of Adventures opened to the public in 1987. Attractions Africa Penguins of Madagascar Live: Operation Cheezy Dibbles User rating: (3 votes) Type: Live show Opening date: Mar 23, 2012 A new Madagascar-themed show set to open in 2015 to celebrate the "Year of the Penguins" Penguins of Madagascar Mission: Treetop Hoppers User rating: (2 votes) Type: Drop tower Height: 20 feet Manufacturer: Zamperla Model: Jumpin' Star Minimum rider height: 35 inches Opening date: 2001 Penguins of Madagascar Mission: Treetop Hoppers is a child-friendly take on the classic drop tower attraction.
    [Show full text]
  • Theme Park Favourite Rides, Chessington World of Adventure, Planning a New Ride
    THEME PARK FAVOURITE RIDES, CHESSINGTON WORLD OF ADVENTURE, PLANNING A NEW RIDE Type of module Creative Communication Target group 12–15-year-old learners Level A2 Written by Fehér Judit aangol_7_diak_4.inddngol_7_diak_4.indd 1 22006.12.31.006.12.31. 112:42:012:42:01 A kiadvány az Educatio Kht. kompetenciafejlesztő oktatási program kerettanterve alapján készült. A kiadvány a Nemzeti Fejlesztési Terv Humánerőforrás-fejlesztési Operatív Program 3.1.1. központi program (Pedagógusok és oktatási szakértők felkészítése a kompetencia alapú képzés és oktatás feladataira) keretében készült, a suliNova oktatási programcsomag részeként létrejött tanulói információhordozó. A kiadvány sikeres használatához szükséges a teljes oktatási programcsomag ismerete és használata. A teljes programcsomag elérhető: www.educatio.hu címen. Szakmai vezető: Kuti Zsuzsa Szakmai bizottság: Enyedi Ágnes, dr. Majorosi Anna, dr. Morvai Edit Szakértők: Faragó Lívia, Fehér Judit, Tartsayné Németh Nóra Szakmai lektor: Poór Zsuzsanna Idegen nyelvi lektor: Peter Doherty Alkotószerkesztő: Sákovics Lídia Grafi kai munka: Walton Promotion Kft. Hangfelvételek: Phoenix Stúdió Felelős szerkesztő: Burom Márton © Szerzők: Fehér Judit, Csibi Erzsébet, Helen Sherwin, Hunya Márta, K. Szabó Ilona Educatio Kht. 2008 angol_12-15_1.indd 1 2009.05.05. 16:10:14 THEME PARK 1.5 TASK SHEET Find information about adventures in Chessington Theme Park and answer the questions below. Read fast! Do not try to understand everything, only concentrate on the questions! 1 Which level is good for a very small child? 2 Which level is good for a family with children? 3 Which level has the most exciting rides? 4 Which rides can't you get on? 5 Which level rides would you be the most interested in? aangol_7_diak_4.inddngol_7_diak_4.indd 5 22006.12.31.006.12.31.
    [Show full text]
  • TPO City Members Destination Directory
    TPO City Members Destination Directory TPO Contact Information Address. TPO Secretariat, No.7 Jonghabundongjang-ro, Yeonje-gu, Busan 47500, Korea TEL. +82-51-502-2984~7 FAX. +82-51-502-1968 E-mail. secretariat @ aptpo.org Web Site. http: www.aptpo.org TPO Members 300 TOURISM SCOPE 301 IA A A N S N E A S I R P U H O A R C J K TPO City Members DESTINATION DIRECTORY CONTENTS 02 ABOUT TPO 136 MALAYSIA EI IP 06 CHINA 152 PHILIPPINES A T E S E N I 44 CHINESE TAIPEI 156 RUSSIA H C 52 INDONESIA 162 THAILAND ND A IL A H T 60 JAPAN 166 VIETNAM 76 KOREA 176 INDEX M A IA ES A SI S IN N Y E P T N P E A I I L O L V A D L I M N I H P About TPO TPO is a network of Asia TPO, A Centre for Tourism Marketing TPO, A Centre for Tourism Network Pacific cities and a growing TPO performs various marketing activities in major tourism markets in TPO has more than one hundred member organizations including international organization the Asia Pacific region to support its member cities’ tourism promotion city governments, NGOs, and private businesses across the Asia in the field of tourism. and marketing. Such as holding the TPO Travel Trade Event, running Pacific region, setting up an extensive and powerful network for A powerful city network TPO Joint Promotion Booths at international travel fairs, and organizing proactive inter-city tourism exchange and cooperation.
    [Show full text]
  • Appeal of the United States Forest Service's Approval of Iberdrola's
    UNITED STATES OF AMERICA DEPARTMENT OF AGRICULTURE UNITED STATES FOREST SERVICE Before the Regional Forester Eastern Region In re Appeal of the Record of Decision, ) And Final Environmental Impact Statement for the ) Deerfield Wind Project ) USDA Forest Service ) Manchester Ranger District ) Green Mountain National Forest ) Searsburg and Readsboro, ) Bennington County ) Vermont ) ) Appeal No. ________ ) VERMONTERS FOR A CLEAN ) ENVIRONMENT, INC. ) ) ) Appellant ) ) ) NOTICE OF APPEAL AND STATEMENT OF REASONS OF VERMONTERS FOR A CLEAN ENVIRONMENT, INC. Appeal Submitted To: Appeal Deciding Officer, Chuck Meyers USDA Forest Service, Eastern Region 626 E. Wisconsin Avenue Milwaukee, WI 53202 [email protected] Forest Supervisor, Colleen Pelles Madrid Green Mountain and Finger Lakes National Forests 231 North Main Street, Rutland, VT 05701 Fax: 802-747-6766 February 24, 2012 Deerfield Wind Appeal – Vermonters for a Clean Environment, Inc. Appeal Prepared By: Robert E. Woolmington, Esq. & Patrick J. Bernal, Esq. Witten, Woolmington & Campbell, P.C. 4900 Main Street P.O. Box 2748 Manchester Center, VT 05255 -&- Stephen L. Saltonstall, Esq. 5188 Main Street P.O. Box 1992 Manchester Center, VT 05255 (802) 362-7077 APPELLANT’S CONTACT INFORMATION Annette Smith Vermonters for a Clean Environment, Inc. 789 Baker Brook Road Danby, VT 05739 (802) 446-2094 [email protected] NOTICE OF APPEAL Pursuant to 36 C.F.R. Part 215, Vermonters for a Clean Environment, Inc. (Appellant or VCE) hereby appeals the Record of Decision (ROD) and the Final Environmental Impact Statement (FEIS) for the Deerfield Wind Project in the Manchester Ranger District of the Green Mountain National Forest (GMNF), USDA Forest Service, in Searsburg and Readsboro, Bennington County, Vermont.
    [Show full text]
  • LONDON the Queen’S Windsor Castle
    YOUR 6 PAGE GUIDE TO SHORT BREAKS AROUND BRITAIN BEYOND Visit LONDON the Queen’s Windsor Castle Day trips less than an hour away Fun times await Leeds Castle is closer Snap up style bargains at Legoland than you think at Bicester Village BEYOND LONDON One of Windsor Castle’s By Jo Caird lavish bedrooms BIGGEST This is the world’s largest inhabited castle The exterior of Windsor Castle St. George’s Chapel Windsor Castle Windsor Castle is and troupe of drummers, is the world’s oldest inhabited a spectacle not to be missed. Event highlights castle and one of the offi cial Windsor Castle is also home To 5 May residences of Her Majesty the to a signifi cant number of Capturing The Castle: Queen – you’ll see the Royal important artworks. They make Watercolours Of Windsor Standard fl ying from the Round up part of the Royal Collection, By Paul And Thomas Tower when the monarch is at which comprises over a million Sandby. Depictions of the home. There’s lots to explore, pieces of fi ne and decorative art. castle during George III’s including the State Apartments, The State Apartments feature reign by Paul Sandby, the the magnifi cent St. George’s paintings by Rembrandt, Rubens ‘father of English watercolour’, Chapel (where you’ll fi nd the and Canaletto, and many works and his brother Thomas. CASTLE IMAGE COURTESY OF THE ROYAL COLLECTION © 2002 HER MAJESTY QUEEN ELIZABETH II/PETER PACKER; ST. GEORGE’S CHAPEL QUEENIMAGE HER MAJESTY 2002 © ELIZABETHII/PETER ST. COLLECTION PACKER; THEROYAL OF IMAGECOURTESY CASTLE WINDSOR CASTLE BEDROOM IMAGE COURTESY OF THE ROYAL COLLECTION © 2002 HER MAJESTY QUEEN HER MAJESTY 2002 © ELIZABETH II/MARK COLLECTION FIENNES; WINDSOR BEDROOM THEROYAL OF WINDSORIMAGECOURTESY CASTLE tomb of Henry VIII) and the are still in the same place as COURTESY OF THE ROYAL COLLECTION © 2002 HER MAJESTY QUEEN ELIZABETH II/JOHN FREEMAN; STATUE IMAGE © VISIT BRITAIN/BRITAIN ON VIEW ON BRITAIN/BRITAIN VISIT © IMAGE STATUE II/JOHNFREEMAN; QUEEN ELIZABETH HERMAJESTY 2002 © COLLECTION ROYAL THE OF COURTESY Semi-State Rooms, the private they were centuries ago.
    [Show full text]
  • Kinetic Architecture and Aerial Rides
    58 Forum ____. 2007b. (director) Chaos! Ex-Pistols’ Secret The Times. 2011. “Anarchy in the DIY: Would it be History: The Dave Goodman Story (DVD). London: in the True Spirit of Punk to Preserve Johnny Rot- Universal. ten’s Wall of Graffiti?” 22 November. Available online: http://www.thetimes.co.uk/tto/opinion/ leaders/article3233868.ece Paul Graves-Brown is an Honorary Research Associate at the Institute of Archaeology, UCL. Address for correspondence: 88 Trallwm Road, Llwynhendy, Llanelli SA14 9ES, UK. Email: [email protected] Kinetic Architecture and Aerial Rides: Towards a Media Archaeology of the Revolving Restaurant View n Synne Tollerud Bull University of Oslo, Norway [email protected] Ever since the erection of the Eiffel Tower in 1889 and its overwhelming public success, cities have continued to incorporate various types of kinetic observation structures into their urban tissue, serving as an influential visual medium for the masses. In my media- archeological project, of which this text is a part, I explore how the experience and current innovation of these structures relate to the new imaging technologies that shape our contemporary media culture. In this text I will be treating the revolving restaurant as an optical device, where the attributes of elevated view combined with mechanical motion evoke a cinematic experience. In order to describe the relationship to cinema that such a view inhabits, I have turned to what I call cinéma trouvé—a cinematic experience of sites or places outside the traditional cinematic apparatus. The artist duo Bull.Miletic (2011) have written about the genealogy of the revolving restaurant view as a panoramic desire starting from the Italian veduta, the Claude glass, and the picturesque gardens of the early eighteenth century.
    [Show full text]
  • The Puzzling Side of Chess
    TTHHEE PPUUZZZZLLIINNGG SSIIDDEE OOFF CCHHEESSSS Jeff Coakley INDEX updated August 30, 2021 I. Common Puzzles (through column 202) II. Problem Types & Topics III. Composers IV. Side Themes & Miscellanea I. Common Puzzles bold = column number Board Domination 06: 5Q, 3Q+2R, 2Q+4R, 1Q+5R 15: 8 Officers 24: 4R+4B+4N 71: BBNN 82: 7B 86: 4R+4N, 5R+5N 93: 6Q 97: 4B+4N (each attack 8 squares) 100: 4Q (attack total of 100 squares) 106: 6Q 107: 8R, 11R 110: 4Q 111: 8B (each attack 8 squares) 135: 6B (each attack 11 squares) 142: 4R+4B 178: 8 Officers Construction Task 15: 1,2 QRRBBNN 24: 3ab RBN, 4ab RRBBNN (most #1) 37: 5ab QRBN 59: 6 multi-Qs 67: 5ab QRBN 70: 7 BBNN 86: 8 RRNN 94: 9 RBNN 116: 10 QQRRBBNN 135: 12 BBB 138: most by R 142: 13 RRBB 143: 14 QQNN 153: most by B 161: most by N 167: most by P 185: KQQ, KQQQ Construction Task 93: K+9Q vs. K+9Q no captures (other) 106: no mate, max Qs 110: K+maxQs vs K, unique mate in 1 116: 11 no mate, max pieces 127: 11 no mate, max pieces 145: 11 149: DR longest inevitable stalemate 176: DR max moves 178: DR max moves 185: max get out of check 190: max disco checks 193: max consecutive disco checks 195: max consecutive disco checks Cyclotron 55: 1-6 61: 7 74: 8-15 89: 16-22 92: 23-29 94: 37 95: 30-36 98: 38 119: 39-42 126: 43-47 128: 48-52 130: 53-57 132: 58-62 138: 63 174: 64 177: 65-70 178: 71-72 180: 73-78 183: 79-84 195: helpmate 196: 85-92 Defensive Loop 15: 1 eight officers 18: 2 eight officers 24: 4R+4B+4N 36: 16 pieces 59: 14Q 67: KQRBN (non-loop) 70: BBNN 71: 4B+4N 82: 12B 86: 8R+8N 140: 32N
    [Show full text]
  • Moderately Confused Reality Check Garfield Rose Is
    GARFIELD ROSE IS ROSE FRANK & ERNEST MUTTS THE GRIZZWELLS RHYMES WITH ORANGE BEETLE BAILEY HAGAR THE HORRIBLE REX MORGAN MODERATELY CONFUSED REALITY CHECK THE BORN LOSER This edition of Shortcuts is I feel sponsored by Ferris Bueller. this cartoon I wish is just taking What did George Ferris I had a day me for a say when he was told off. ride. to design his wheel? he organizers of the 1893 World’s I’ll get around Columbian Exposition in Chicago were looking for to it. a landmark structure to attract visitors. A bridge designer named George Washington Gale Ferris Jr. submitted a design for a gigantic wheel that he hoped would rival the Eiffel Tower. While Ferris’ completed wheel was only about one fourth the height of the Eiffel Tower, it stuck in people’s minds enough to make Ferris wheels popular amusement park rides all over the world. Ferris wheels are sometimes called “Pleasure wheels” with swings for observation wheels. seats began to gain popularity in Bulgaria and Turkey during the After the early 1600s. Can you find the hidden words? Why is Search carefully because some it difficult 1893 Exposition, George Early Ferris wheels called words are backward or diagonal. How do you to argue with Ferris’ wheel was dismantled. “ups-and-downs” were popular in thank a Ferris wheel? CARNIVAL WHEEL a Ferris wheel? It was reassembled in another England during the early 1700s. HIGH With a round of It will just give PLEASURE CIRCLE FAIR applause. you the run Chicago location, and then later CHICAGO DOWN RIDE around.
    [Show full text]
  • Lesson 2: the Height and Co-Height Functions of a Ferris Wheel
    NYS COMMON CORE MATHEMATICS CURRICULUM Lesson 2 M2 ALGEBRA II e Lesson 2: The Height and Co-Height Functions of a Ferris Wheel Student Outcomes . Students model and graph two functions given by the location of a passenger car on a Ferris wheel as it is rotated a number of degrees about the origin from an initial reference position. Lesson Notes Students extend their work with the function that represents the height of a passenger car on a Ferris wheel from Lesson 1 to define a function that represents the horizontal displacement of the car from the center of the wheel, which is temporarily called the co-height function. In later lessons, the co-height function is related to the cosine function. Students sketch graphs of various co-height functions and notice that these graphs are nonlinear. Students explain why the graph of the co-height function is a horizontal translation of the graph of the height function and sketch graphs that model the position of a passenger car for various-sized Ferris wheels. The work in the first three lessons of Module 2 serves to ground students in circular motion and set the stage for a formal definition of the sine and cosine functions in Lessons 4 and 5. In Lesson 1, students measured the height of a passenger car of the Ferris wheel in relation to the ground and started tracking cars as passengers boarded at the bottom of the wheel. In this lesson, we change our point of view to measure height is measured as vertical displacement from the center of the wheel, and the co-height is measured as the horizontal displacement from the center of the wheel.
    [Show full text]
  • THESIS BOOK.Indb
    HHOLLOWOLLOW GGROUNDROUND BByy HHayleyayley IIsaacssaacs A tthesishesis ppresentedresented ttoo tthehe UUniversityniversity ooff WWaterlooaterloo iinn fulfillmentfulfillment ooff tthehe tthesishesis rrequirementequirement fforor thethe degreedegree ooff MMasteraster ooff AArchitecturerchitecture iinn AArchitecturerchitecture WWaterloo,aterloo, OOntario,ntario, CCanada,anada, 22007007 © HHayleyayley IIsaacssaacs 22007007 AAUTHOR’SUTHOR’S DDECLARATIONECLARATION FFOROR EELECTRONICLECTRONIC SSUBMISSIONUBMISSION OFOF A TTHESISHESIS I hherebyereby ddeclareeclare tthathat I aamm tthehe ssoleole aauthoruthor ooff tthishis tthesis.hesis. TThishis iiss a ttruerue ccopyopy ooff tthehe tthesis,hesis, iincludingncluding aanyny rrequiredequired ffinalinal rrevisions,evisions, aass acceptedaccepted bbyy mymy examiners.examiners. I uunderstandnderstand thatthat mmyy thesisthesis maymay bebe mademade electronicallyelectronically aavailablevailable toto tthehe ppublic.ublic. iiiiii . HHOLLOWOLLOW GGROUNDROUND ABSTRACT Friedrich Nietzsche classified all precepts which were imposed upon us by human intervention as idols; his aim was to instigate “a revaluation of all values”, through the irrefutable sounding out of these idols. Armed with a tuning fork, his intention was to strike them so as to illicit a hollow reverberation. With a mischievous contentment he declared, “. that which would like to stay silent has to become audible.”1 Our faith in technology, consumption and our economic system, like our faith in the gods of the past, has facilitated and encouraged
    [Show full text]
  • Sustainability As a Part of the Company Philosophy
    DEUTZINSIDE The magazine of DEUTZ AG Edition 3 I 2012 Protect resources; create value from stock Sustainability as a part of the company philosophy Sustainability INNOVATION & TECHNOLOGY PEOPLE & MARKETS Innovative, efficient, Ideally integrated, progressive socially committed CONTENTS EDITORIAL NEWS SPECIAL Dear Readers, p8 Reports and information MOVING MOMENTS Welcome to the new edition of our about DEUTZ ................................ p4 Winners of the DEUTZ INSIDE magazine DEUTZ INSIDE. We have photo competition ........................ p28 recently submitted our business fig- The power of the Tiger ures for the third quarter of this year, SAME celebrates TEAM & CHANCES and we would like to explain them its 70th year ..................................... p6 to you at this point. Ideas management goes mobile TITLE Prototype test with Characterised by the continuing DEUTZ ideas management ........... p29 sluggishness of the economic cli- Protecting resources mate, the demand for our engines has fallen in particular during the summer months due Sustainability as a part of the “They look after us!” to seasonal effects. Hence sales revenue in the first nine months of 2012 amounted to DEUTZ company philosophy .......... p8 A year with DEUTZ: €969.4 million, about 14 per cent lower than the good figures of the previous year. In this report from trainees ...................... p30 nine-month period, new orders amounted to €960.5 million, almost 18 per cent less than INNOVATION & TECHNOLOGY in the comparison period. At €24.6 million, operating earnings (EBIT) only attained a third of FASCINATION & VISION the figure of the previous year. In addition to the reduced business volume, this is primarily Innovative, effective, progressive due to lower profit contributions from our joint ventures, production start-ups of new en- Introduced ten years ago: When the fire brigade gines and negative one-off effects in previous quarters.
    [Show full text]
  • Download the Great Wheel Free Ebook
    THE GREAT WHEEL DOWNLOAD FREE BOOK Robert Lawson, Richard Peck | 192 pages | 01 Nov 2004 | Walker Childrens | 9780802777058 | English | New York, NY, United States The Great Wheel It was demolished in [8] following its last use at The Great Wheel Imperial Austrian Exhibition. I don't know how historically accurate this story is in regards to Mr. When are your light shows? Get to know Seattle's first established neighborhood, Pioneer Square, by walking its underground pathways as they existed in the s The Great Wheel the company of a guide. For a more extensive list, see List of Ferris wheels. Soon after his Uncle Michael sent for him to come help with his sewer company in New York. Although it is written for younger readers, the story was uplifting and fun to read. TSRpp. And the little wheel ran by faith And the big wheel ran by the grace of God. Escape the Present with These 24 Historical Romances. Your other The Great Wheel would be to take advantage of the VIP cabin which is guaranteed private AND comes with front of the line The Great Wheel, t-shirts, photo's and a cocktail while you ride! Please note that the door width is 30". Ferris's wheel, to be The Great Wheel. June 29, [2]. The wheel extends nearly 40 feet beyond the end of the pier, over Elliott Bay. If we are very busy, we may require a minimum of 4 or 6 persons per cabin so that the line is not extraordinarily long. This type of wheel is still The Great Wheel rare and normally found in scenic tourist areas as well as several high-density European cities.
    [Show full text]