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Communisis Plc Coverage Initiated: 02 June 2014 Ticker: LSE:CMS This Document: 5 May 2015 Headquarters: London, U.K
Due Diligence and Valuation Report Arrowhead Code: 64-01-02 Company: Communisis plc Coverage initiated: 02 June 2014 Ticker: LSE:CMS This document: 5 May 2015 Headquarters: London, U.K. Fair share value bracket (DCF): £0.66 and £0.84 Chairman: Mr. Peter Hickson Share price (1 May 15): £0.57i CEO: Mr. Andy Blundell Analysts S&C Development Director: Mr. Nigel Howes Snehal Mahajan Finance Director: Mr. Mark Stoner [email protected] Website: www.communisis.com +1 (212) 619-6889 Market Data Multi-Channel Diversified Offerings And Relentless 52-Week Range: £0.47 - £0.70ii Focus On Acquiring New Contracts To Fuel Growth Average Daily Volume (3M): 385,266iii Arrowhead is initiating coverage on Communisis plc with Market Cap. (01 May 15): £117.2 MM a fair value bracket of £0.66 (Low-Bracket estimate) and £0.84 (High-Bracket estimate). Financial Forecast (in £) (FY ending - Dec) Key Highlights: (1) Client confidence in Communisis’ '15E '16E '17E ‘18E ‘19E ‘20E '21E quality of service offerings, as evidenced by the High NI 9.48 12.52 14.55 16.82 18.84 18.91 20.70 Company’s track record of consistently winning large and £ MM long-term contracts from blue-chip firms such as LBG, High EPS* 5.95 7.05 8.14 9.07 9.95 9.98 10.82 Low NI AXA UK, Nationwide Building Society (NBS), and Proctor 6.14 8.45 11.01 13.38 14.30 14.61 16.18 £ MM & Gamble (P&G); (2) Communisis through its diversified Low EPS* 4.38 5.14 6.48 7.46 7.82 7.96 8.70 service offerings positions itself as a perfect partner to *Adjusted Diluted EPS in pence provide communication more effectively and profitably Company Overview: Based in London, Communisis plc across multiple channels; (3) Communisis is well- (hereafter referred to as “Communisis” or “the Company”) positioned to take advantage of the growing preference is a leading multi-channel customer communication for digital marketing; (4) The Company has access to services provider with expertise in transactional, market leading technology and has successfully deployed marketing, and regulatory communications. -
Public Plicy Brief 44
PPB No.44 2/18/99 2:50 PM Page a1 The Jerome Levy Economics Institute of Bard College Public Policy Brief The Asian Disease: Pl a u s i b l e Di a g n o s e s , Po s s i b l e Re m e d i e s Regulation of Cros s - B o r der Interbank Lending and Derivatives Tra d e Ma r tin Mayer No. 44, 1998 PPB No.44 2/18/99 2:50 PM Page 2 The Jerome Levy Economics Institute of Bard Co l l e g e , founded in 1986, is an autonomous, inde- pendently endowed re s e a rch organization. It is n o n p a rtisan, open to the examination of diverse points of view, and dedicated to public servi c e . The Jerome Levy Economics Institute is publish - ing this proposal with the conviction that it rep r e - sents a constructive and positive contribution to the discussions and debates on the relevant policy issues. Neither the Institute’s Board of Governo r s nor its Advisory Board necessarily endorses the pr oposal in this issue. The Levy Institute believes in the potential for the study of economics to improve the human condi- tion. Through scholarship and economic forecast- ing it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. The present res e a r ch agenda includes such issues as financial instability, povert y, employment, pro b- lems associated with the distribution of income and wealth, and international trade and competitive- ness. -
Tuesday July 30, 1996
7±30±96 Tuesday Vol. 61 No. 147 July 30, 1996 Pages 39555±39838 federal register 1 II Federal Register / Vol. 61, No. 147 / Tuesday, July 30, 1996 SUBSCRIPTIONS AND COPIES PUBLIC Subscriptions: Paper or fiche 202±512±1800 FEDERAL REGISTER Published daily, Monday through Friday, Assistance with public subscriptions 512±1806 (not published on Saturdays, Sundays, or on official holidays), by General online information 202±512±1530 the Office of the Federal Register, National Archives and Records Administration, Washington, DC 20408, under the Federal Register Single copies/back copies: Act (49 Stat. 500, as amended; 44 U.S.C. Ch. 15) and the Paper or fiche 512±1800 regulations of the Administrative Committee of the Federal Register Assistance with public single copies 512±1803 (1 CFR Ch. I). Distribution is made only by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC FEDERAL AGENCIES 20402. Subscriptions: The Federal Register provides a uniform system for making Paper or fiche 523±5243 available to the public regulations and legal notices issued by Assistance with Federal agency subscriptions 523±5243 Federal agencies. These include Presidential proclamations and For other telephone numbers, see the Reader Aids section Executive Orders and Federal agency documents having general applicability and legal effect, documents required to be published at the end of this issue. by act of Congress and other Federal agency documents of public interest. Documents are on file for public inspection in the Office of the Federal Register the day before they are published, unless earlier filing is requested by the issuing agency. -
The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital
- Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re affirm its allegiance to the European monetary agreement and return to a fixed parity. -
EUROPEAN BANICING INTEGRATION, TEN YEARS AFTER by 95/92/FIN * Professor of Banking and Finance, at INSEAD, Boulevard De Constanc
EUROPEAN BANICING INTEGRATION, TEN YEARS AFTER by J. DERMINE 95/92/FIN * Professor of Banking and Finance, at INSEAD, Boulevard de Constance, 77305 Fontainebleau Codex, France. The author acknowledges financial support from INSEADs International Financial Services (IFS) programme. A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researchers thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Printed at INSEAD, Fontainebleau, France EUROPEAN BANKING INTEGRATION, Ten Years After by Jean Dermine INSEAD F-77300 Fontainebleau, France October 1995 Revised and expanded version of a paper "Banking Industry in the ECs Internal Market" presented at a conference organized by the Sveriges Riksbank, Stockholm, November 1993. Forthcoming in European Financial Management. Abstract Ten year ago, the White Paper on the Completion of the Single Market announced the integration of European banking markets. The purpose of this essay is to identify four public issues that remain to be addressed. Home country control of international banks need to be complemented by host country control. The deposit guarantee schemes should be modified by rendering insured deposits "first order claim". A European authority is needed to ensure that banks do not exploit domestic rents to subsidize international activities. Finally, tax evasion is a fourth issue that remains to be addressed. At a meeting of the Council of Ministers held in Milan in 1985, the European Commission proposed a detailed timetable for the complete integration of European markets by January 1993. The aim was to dismantle the technological, regulatory and fiscal barriers which prevented the free flow of goods, capital and persons in the European Union. -
Negativliste. Fossil Energi
Bilag 6. Negativliste. Fossil energi Maj 2017 Læsevejledning til negativlisten: Moderselskab / øverste ejer vises med fed skrift til venstre. Med almindelig tekst, indrykket, er de underliggende selskaber, der udsteder aktier og erhvervsobligationer. Det er de underliggende, udstedende selskaber, der er omfattet af negativlisten. Rækkeetiketter Acergy SA SUBSEA 7 Inc Subsea 7 SA Adani Enterprises Ltd Adani Enterprises Ltd Adani Power Ltd Adani Power Ltd Adaro Energy Tbk PT Adaro Energy Tbk PT Adaro Indonesia PT Alam Tri Abadi PT Advantage Oil & Gas Ltd Advantage Oil & Gas Ltd Africa Oil Corp Africa Oil Corp Alpha Natural Resources Inc Alex Energy Inc Alliance Coal Corp Alpha Appalachia Holdings Inc Alpha Appalachia Services Inc Alpha Natural Resource Inc/Old Alpha Natural Resources Inc Alpha Natural Resources LLC Alpha Natural Resources LLC / Alpha Natural Resources Capital Corp Alpha NR Holding Inc Aracoma Coal Co Inc AT Massey Coal Co Inc Bandmill Coal Corp Bandytown Coal Co Belfry Coal Corp Belle Coal Co Inc Ben Creek Coal Co Big Bear Mining Co Big Laurel Mining Corp Black King Mine Development Co Black Mountain Resources LLC Bluff Spur Coal Corp Boone Energy Co Bull Mountain Mining Corp Central Penn Energy Co Inc Central West Virginia Energy Co Clear Fork Coal Co CoalSolv LLC Cobra Natural Resources LLC Crystal Fuels Co Cumberland Resources Corp Dehue Coal Co Delbarton Mining Co Douglas Pocahontas Coal Corp Duchess Coal Co Duncan Fork Coal Co Eagle Energy Inc/US Elk Run Coal Co Inc Exeter Coal Corp Foglesong Energy Co Foundation Coal -
The Real Scandal on Spain's Economic Scene
Click here for Full Issue of EIR Volume 10, Number 10, March 15, 1983 ical environment of Spain today would appear to have other motivations than economic ones. A key to the apparent mystery may be the unusual serenity of the private banks. Indeed, it is now suspected that the entire operation against Rumasa was cooked up between the top private banks, in particular Banesto, Bilbao, Central, and Hispanoamericano, and Mariano Rubio, deputy governor of the Bank of Spain since 1965 and architect of the monetarist The real scandal on takeover of the country's finances. The profile of these top banks is highly interesting. Spain's economic scene Investments abroad-otherWise known as capital flight doubled in 1982 relative to 1981. Ninty-five percent of all overseas investment by banks was carried out by the top 10, by Katherine Kanter in Paris and after the United States-Miami, to be precise--Chile, Portugal, and Puerto Rico were the major recipients of Span When Spanish Finance Minister Miguel Boyer announced ish bankers' money. Investments increased most into Chile, Feb. 23, that due to non-cooperation on the part of the coun Puerto Rico, and Uruguary, and decreased in those countries try's largest private enterprise Rumasa S.A. (1.5 percent of struggling to industrialize in spite of their debt burden: Ar the GNP, 400 companies, 350,000 employees, 18 banks), gentina, Mexico, Brazil, and Peru. the government would probably have to send in auditors from Now, whatever one may think of the "ride' em cowboy" the central bank, the Bank of Spain, he provoked an imme entrepreneurial approach of Ruiz Mateus, the unescapable diate run on the Rumasa group's banks and a stir in the fact is that the Rumasa empire he controlled was the only :'1ternational financialpress demanding that Spain should be major economic and financial power in the country with some blacklisted on the credit markets. -
A Map of the Financial Powers That Control P-2 Operations
Click here for Full Issue of EIR Volume 8, Number 27, July 7, 1981 THE BANKING CONNECTIONS A map of the financial powers that control P-2 operations by David Goldman, Economics Editor Italian banking has been more international in character precedented opportunity to work through the Chinese than any other country's since the 14th century, and it is boxes of money-laundering fr om the inside outwards. not likely that a scandal implicating the board chairmen The most prominent financier of the Italian Socialist of every major Italian bank could fail to have worldwide Party, Calvi built the $6 billion Banco Ambrosiano as the ramifications. In fact, the publication of P-2 Grand core of a $20 billion international empire of merged and Master Licio Gelli's membership list sent shock waves associated companies. But Ambrosiano itself fits tightly out to Canada, Hong Kong, and the Caribbean. The into a larger series of boxes, a publicity-shy but powerful evidence now in the public domain comes very close to international syndicate known as "Inter-Alpha," among demonstrating the existence of a tightly coordinated the first. It includes West Germany's BHF-Bank, world network for dirty money transactions-a "Dope, France's Swiss-connected Credit Commercial, the Kre Inc.," as this publication first characterized it in an dietbank of Luxemburg, and the British combination of October 1978 feature. Williams and Glyns-Royal Bank of Scotland, the latter Not merely the major Italian banks, but Bank of about to merge with the Hongkong and Shanghai Bank. America and Chase Manhattan in the United States, the Ambrosiano is thoroughly Italian in character, but Hongkong and Shanghai Bank, and major institutions not in ownership. -
Punch Taverns Plc Annual Report and Financial Statements 2005
Punch Taverns plc Annual Report and Financial Statements 2005 Punch Taverns plc Jubilee House Second Avenue Burton upon Trent Staffordshire Punch Taverns plc DE14 2WF Annual Report and Financial Statements 2005 www.punchtaverns.com Tel: +44 (0) 1283 501600 Helping retailers build better businesses Fax: +44 (0) 1283 501601 Punch Sector Split Our pub portfolio covers a broad range of sectors. By recognising the needs of each sector we are able to identify the J K A H I requirements of each retailer. G F A Basic Local 39% E B Mid Market Local 28% C City Local 10% D D Upmarket Local 5% E Premium Dining 3% F Value Dining 6% G Chameleon 2% H Circuit 2% C I Venue 2% J Others 2% K Unallocated 1% B Punch Geographical Split Our portfolio covers the geographical spread of the UK. This year we have successfully integrated 880 pubs into our portfolio following the acquisitions of InnSpired Group and Avebury Holdings. A Scotland 6% B North 7% C North West 14% D Yorks and Humber 13% E West Midlands 13% F East Midlands 7% G East Anglia 4% H Wales 5% I London 5% A J South East 18% B K South West 8% C D Contents 01 Highlights of 2005 F 02 Key strategies for growth E 04 Strategic and operational review G 10 Financial review H 13 Board of Directors 15 Senior Management I 16 Directors’ report J 18 Corporate governance K 22 Report on Directors’ remuneration 34 Statement of Directors’ responsibilities in respect of the financial statements 35 Independent auditors’ report 36 Group profit & loss account 37 Group statement of total recognised gains & losses 38 Group balance sheet 39 Company balance sheet 40 Group cash flow statement 41 Notes to the financial statements 72 Supplementary information www.punchtaverns.com PUNCH IS A PROACTIVE AND FORWARD THINKING PUB COMPANY WITH MORE THAN 8,200 PUBS ACROSS THE UK. -
Annual Report and Financial Statements 2015 C Ommunisis
Communisis plc Longbow House 14-20 Chiswell Street London EC1Y 4TW Tel: +44 (0) 207 382 8950 Annual Report and Financial Statements 2015 C ommunisis www.communisis.com plc Annual Report and Financial Statements 2015 Designed, produced and deployed by Communisis plc P140 Andy Blundell Front cover image: Celia Bush “ We have delivered an improvement across all key performance metrics during 2015. Adjusted operating margin moved further ahead and bottom-line profitability contributed to a doubling in free cash flow. Significant contract renewals and our new business pipeline will enable us to continue delivering growth, profitability and value in 2016.” Andy Blundell, Chief Executive 3 March 2016 Contents 1. Highlights .................................................................................................................................. 4 2. Chairman’s Statement ............................................................................................................7 3. Strategic Report ...................................................................................................................... 9 Risks and Uncertainties .................................................................................................26 Our People and Organisation .........................................................................................30 Corporate Social Responsibility Report .........................................................................36 4. Governance ........................................................................................................................... -
2005 Annual Report on Form 20-F
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 20-F Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2005 Commission file number 1-32575 Royal Dutch Shell plc (Exact name of registrant as specified in its charter) England and Wales (Jurisdiction of incorporation or organisation) Carel van Bylandtlaan 30, 2596 HR, The Hague, The Netherlands tel. no: (011 31 70) 377 9111 (Address of principal executive offices) Securities Registered Pursuant to Section 12(b) of the Act Title of Each Class Name of Each Exchange on Which Registered American Depositary Receipts representing Class A ordinary shares of the New York Stock Exchange issuer of an aggregate nominal value €0.07 each American Depositary Receipts representing Class B ordinary shares of the New York Stock Exchange issuer of an aggregate nominal value of €0.07 each Securities Registered Pursuant to Section 12(g) of the Act None Securities For Which There is a Reporting Obligation Pursuant to Section 15(d) of the Act None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Outstanding as of December 31, 2005: 3,817,240,213 Class A ordinary shares of the nominal value of €0.07 each. 2,707,858,347 Class B ordinary shares of the nominal value of €0.07 each. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. -
Karen Millen Holdings Ltd
PROSPECTUS Listing on ICEX Main List Public share offering ISK 1,233 million 90,661,831 shares ISK 13.6 per share JUNE 2005 Mosaic Fashions TABLE OF CONTENTS Prospectus June 2005 I STATEMENTS AND NOTICE................................................................................................................................. 2 Issuer’s Statement..................................................................................................................................................... 2 Manager’s Statement................................................................................................................................................. 2 Auditors’ Statements .................................................................................................................................................. 3 References and Glossary of Terms and Abbreviations .................................................................................................. 4 Publication Calendar of Accounts ................................................................................................................................ 4 Notice to Investors ..................................................................................................................................................... 5 II OFFERING AND LISTING OF SHARES.................................................................................................................. 6 III SHARE CAPITAL AND OWNERSHIP.....................................................................................................................11