Buying back shares will boost earnings per share and save Apple $1.5 billion a year in dividends.
Go here to see the original: Apple’s shrinking diluted share count
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Buying back shares will boost earnings per share and save Apple $1.5 billion a year in dividends.
Go here to see the original: Apple’s shrinking diluted share count
Vienna (Austria), Nantes (France) May 14, 2013 – Intercell AG (Intercell, VSE; “ICLL”) and Vivalis SA (Vivalis, NYSE Euronext; “VLS”) today announced that the final administrative step for closing of the proposed merger between the two companies to create Valneva SE (Valneva) has been initiated by filing of the relevant documents with the companies’ register at the Commercial Court of Lyon. This step follows the approval of the proposed merger by the extraordinary general meetings of both companies, the issuance of the pre-merger certificates by the French Commercial Register on April 3, 2013 and by the Austrian Commercial Register on April 12, 2013, and the issuance of the certificate of legality of the merger on April 17, 2013. Subject to the registration decision by the Court of Lyon, the completion of the merger is expected for May 28, 2013 and will have the following impact on shares and trading:
Automatic exchange of Intercell shares
On the expected closing date May 28, 2013, Intercell shareholders will receive 13 new ordinary shares and 13 new preferred shares of Valneva for every 40 Intercell shares (ISIN AT0000612601) that they own. The exchange of the shares will be executed automatically and without costs for shareholders. Fractional entitlements of less than one new Valneva share will be sold on the stock market and proceeds will be credited to each shareholders account free of all charges. Vivalis shares (ISIN FR0004056851) will not be affected by any share exchange and continue to exist under the new name of Valneva. The Valneva shares will be traded on both the NYSE Euronext Paris and the Vienna Stock Exchange.
Share trading on the Vienna Stock Exchange
Intercell shares will be suspended from trading on the Vienna Stock Exchange at close of business of May 21, 2013 in order to enable the settlement of all orders before the exchange into Valneva ordinary and preferred shares. Valneva ordinary shares (ISIN FR0004056851) will start trading in the Prime Market segment of the Vienna Stock Exchange on May 28, 2013 under the ticker symbol “VLA” and will continue to be listed on the regulated market of NYSE Euronext in Paris under the ticker symbol “VLS.PA”. Valneva preferred shares (ISIN FR0011472943) will start trading on May 28, 2013 on the regulated market of NYSE Euronext in Paris under ticker symbol “VLSpr.PA” and on the unregulated Third Market Segment of the Vienna Stock Exchange under the ticker symbol “VLAP”.
The beleaguered tech giant has seen its stock rise in the weeks since it caved and announced a record share repurchase program.
Originally posted here: Apple picks itself up off the mat
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VANCOUVER, May 8, 2013
VANCOUVER, May 8, 2013 /PRNewswire/ – Brazil Resources Inc. (the “Company“) (TSX-V: BRI; OTCQX: BRIZF) announced today that it has granted
incentive stock options to purchase 25,000 common shares of the Company
(the “Options“) to its previously appointed investor relations provider.
The Dow Jones index closes above 15,000 for the first time as strong German factory data pushes US and European share markets higher.
Read more: Dow tops 15,000 as world shares gain
Apocalyptic predictions are circulating about the size of electricity bills in 2030 if the move to green power goes ahead. There is no need for them to come true
The UK’s energy policy is not “plausible” and a “crisis” is inevitable. That is the view of Peter Atherton, a respected utilities analyst who works for Liberum Capital, an investment bank in the City.
Atherton is convinced that successive UK governments have grossly underestimated the engineering, financial and economic challenges posed by the planned move from a high-carbon electricity sector to a low-carbon one.
He believes that the cost of switching from largely coal- and gas-fired power stations to a mix of gas-, wind- and nuclear-generated electricity will cost more than £160bn by 2020 and more than £375bn 10 years later. He warns that it means “electricity bills rising by at least 30% by 2020 and 100% by 2030 in real terms.”
That would be political dynamite and Atherton knows it. He predicts that there will be three groups of “casualties”: the government, consumers and investors.
This apocalyptic scenario – contained in an investment note issued last week – will warm the hearts of many in the City (and possibly some in the Treasury) who believe the green agenda is a giant waste of money.
It will alarm the wider community who accept that climate change must be tackled, and those who believe a “carbon bubble” is developing around fossil fuel companies whose assets are overvalued in a world turning away from coal and oil.
And it is clearly at odds with the ideas of ministers such as Ed Davey, the energy secretary, whose Department of Energy and Climate Change (DECC) calculated last month that “household dual fuel bills are estimated to be on average 11% (or £166) less in 2020 than they would be without policies being pursued.” Those figures do, however, involve some heroic assumptions about energy-efficiency measures being
The supermarket boss insists that he only wants to overtake Asda – but the Grand Prix rumours won’t go away
As the horsemeat scandal reached its peak in February, the bosses of Britain’s biggest supermarkets and suppliers were summoned to Whitehall to explain themselves.
Packed into a Defra meeting room on a Saturday morning, the shopkeepers were given an almighty dressing down and ordered to take responsibility for one of the biggest food adulteration revelations of recent years.
Among them was Justin King, at 51, and after nearly a decade at the helm of Sainsbury’s, regarded as the elder statesman of the grocery business. He was, he says, determined not to take the criticism lying down. He accused government officials of failing to understand the industry, and even threatened to call on the prime minister to demand a ceasefire.
Three months on, with horsemeat found in beefburgers, bolognese sauces, lasagnes and corned beef – but not in any Sainsbury’s products – King still recalls the behaviour of those running the country with exasperation.
He said: “That moment was when politics and business were at their most tense, because politicians felt they had to be saying something. The reason no one was saying anything was because we were doing the responsible, trustworthy thing, which is understanding the issue before we shouted about it, while the dynamic of politics is the opposite.
“In business, we understand it and then we talk about it, while in politics they talk about it and at some later date work out whether their understanding fits with what they said about it some weeks before.”
It was perhaps surprising that King wanted to take such an active role in tackling the scandal on behalf of the industry, given that his own supermarket group had come through unscathed while bitter rivals Tesco and Asda were caught out.
But the new old man of retail, having worked for PepsiCo, Marks & Spencer and Asda before his nine years at Sainsbury’s, says he has seen far worse and that the public is not quite as worried about horsemeat as might be expected.
“We’ve had foot and mouth, bird flu and BSE, all of which were examples where the supply chain was challenged, so this is nothing new. It’s all about trust and acting in a trustworthy way.
“People are pretty realistic. If you Google horsemeat, [a lot of the hits] are horsemeat jokes. So there was an immediate juxtaposition in the consumers’ minds that it was serious but they got a lot of enjoyment from it, too.”
However, King is keen to stress that businesses must stop feeling sorry for themselves and realise that the customers are victims too.
“I don’t think it is fair enough for retailers affected to say they were victims. I had a very simple view – which is that I’m on the same side of the table as the customer.
“The second you say you’re a victim in this situation, even when you are, you put yourself on the wrong side of the table. The real victims are the consumers, who have paid their hard-earned cash.”
This week, the City will see that Sainsbury’s has been largely unaffected by the scandal. Full-year results released on Wednesday will show sales up 4.6% to around £25.6bn, with underlying pre-tax profits expected to be up 5% to £748m.
The focus may now have moved away from horsemeat, but City investors will be keen to learn more about King’s future. He has been touted as the next boss of Formula One, when Bernie Ecclestone hands over the keys to the world’s most glamorous sporting franchise.
Last weekend that speculation reached a new pitch after the supermarket confirmed that headhunters Egon Zehnder had been retained to advise on King’s successor. Sources inside the company suggest the process could take a year and that the process is merely a matter of good management.
King refuses to quash rumours that he is interested in the F1 job – he only ever says that he is “not aware of a vacancy”. He is a huge racing fan and has helped his son Jordan to become one of the most promising drivers of his generation.
But if the call from Ecclestone, F1′s diminutive owner, fails to come, a career in politics might appeal.
King is a former board member of the London Organising Committee of the Olympic and Paralympic Games, and was a member of David Cameron’s business advisory group – before they fell out over King’s objections to government plans to allow new staff to surrender employment rights in exchange for shares.
However, poor pay in the public sector could prove a sticking point for the businessman, who earned £3m last year – 20 times more than the PM.
On the subject of King’s future, analysts at Barclays wrote: “No CEO remains forever, and at some point Justin King will prove the press predictions correct and move on. However, he may be keen to be in charge when Sainsbury’s regains its number two market-share position from Asda – his former employer.”
That could happen later this year, after a remarkable 33 consecutive quarters of growth.
According to industry data from Kantar Worldpanel, Sainsbury’s is outperforming its rivals as the only big four supermarket to be increasing its market share. The grocer now accounts for nearly 17% of all the money spent on groceries in the UK, a slight rise on last year, at a time when Morrisons, Asda and Tesco all lost customers.
Sainbury’s successful Paralympics sponsorship, leading position in convenience stores and growing online presence have also helped, while Tesco’s decision to open no more megastores, and write off £800m on land it had bought for new developments but will now never use, may also give King cause to crow.
He was always angry about Tesco’s land-grab. “If you’re acquiring a site just a mile from an existing site, are you doing it because you think it’s valuable to trade, or because it stops a competitor?”
And his vitriol for the number one supermarket doesn’t stop there. He is equally scathing about Tesco’s new price promotion, which promises shoppers that Tesco’s prices for own-label and branded goods are cheapest. Having complained directly to Tesco and failed to reach a compromise, Sainsbury’s has now appealed to the Advertising Standards Authority. “We have exhausted everything we could with them [Tesco], so were left with no choice but to go to the ASA,” he says.
“You can’t have advertising saying that where your chicken comes from is important, while at the same time still sourcing your chicken from Thailand and Brazil, and then doing a price comparison with Sainsbury’s chicken, which is sourced from the UK. That is inherently unfair.”
Tesco said: “We use an independent agency to check prices of branded and own-label products at other retailers – online daily for Asda and Sainsbury’s, and, since they don’t have an online grocery service, twice a week at Morrisons stores. The basis for our comparisons is made clear on the price promise website.”
This may not be enough to soothe King’s feelings, but perhaps he will soon be directing his passions elsewhere. Less horsemeat, more horsepower?
Bailed-out bank’s chairman uses strongest language yet to talk of sale, as RBS reports first-quarter profits of £826m
Royal Bank of Scotland has given the clearest signal yet that the government is preparing to sell off part of the taxpayer’s stake in the bailed-out bank next year.
As the Edinburgh-based bank reported a profit of £826m for the first quarter compared with a £1.4bn loss the same time last year, its chairman, Sir Philip Hampton, said RBS could be ready for sale from the middle of 2014 – or even earlier.
But the return to profit, and talk about a return to the private sector, did not impress the stock market. RBS shares were the biggest fallers in the FTSE 100, dropping 5.5% to 289p, a level that represents a £19bn loss on the £45bn ploughed in by the taxpayer during 2008 and 2009.
The decision to sell the 81% stake rests with the Treasury and the disposal is expected to take place in a series of tranches over a number of years. Hampton used more definitive language about the prospects of a share sale than he did at the results in February, issuing a video message in which he said drawing up a prospectus for shareholders could be achieved from the middle of 2014. “It could be earlier … we think the recovery process will be complete in about a year or so’s time,” he said.
A prospectus contains all the details about the bank’s financial performance and would be needed to be sent to prospective shareholders if the shares are to be sold off.
An uncharacteristically upbeat Stephen Hester, who became RBS chief executive at the time of the October 2008 banking crisis, said the group was “back in profit … a big change on recent times”.
Some £900bn has been taken off the bank’s balance sheet which was £2.3tn at the time of its bailout.
But Ian Gordon, banks analyst at Investec, said: “We were quite bemused listening to RBS management describe the business as ‘ready for privatisation in 12 months’. It is ready now – it was ready three years ago – surely the only issue we are actually discussing here is the price.”
The average share price at which taxpayers bought the stake in the bank was around 500p, although a figure has since emerged of 407p, which was the average price of the shares on the stock market on the days the shares were bought.
Hester, who described the possibility of privatisation as a “terrific thing for the country”, conceded that some of the share sales could take place at a loss. “There may well be a cogent case for starting at a lower price but I believe the average price can, and should, be above the government purchase price,” Hester said.
The slow economy and tougher regulations had made all bank shares less valuable, Hester said, but he insisted he was not complaining about the regulatory changes facing the industry. “It is our view that privatisation would be a terrific thing for the country psychologically and in terms of taxpayers money be freed up for other needs,” Hester said.
The parliamentary banking standards commission could still call for the break-up of RBS into a good and bad bank. Such a decision should be for the government, Hester said, but he did not dismiss the idea out of hand.
Even though RBS was back in profit, the City had been expecting a stronger performance and was surprised by the sharp downturn in the investment bank’s profits. “Underlying trends are weaker, with [group] operating profit of £800m – down 28% – a £400m consensus miss. The markets [investment bank] division [pre-tax profit down 64%] looks awful,” said Gordon.
Hester has been under political pressure to scale back the investment banking division and focus RBS on helping grow the domestic economy.
The bank did not make an additional charge for payment protection insurance on top of the existing £2.2bn it has set aside, although it ring-fenced an extra £50m for insurance rate swap mis-selling. It is also falling behind in selling off the 316 branches that it has been instructed to by Brussels and signalled a stock market flotation of the branches under the revived Williams and Glyn’s brand could take place in 2015.
The bank is also still waiting to learn the size of any fine for money laundering offences in the US and warned it could have a “material adverse affect” on future results.
For the purposes of Disclosure and Transparency Rules, following the Option Exercises throughout April, the Company’s total issued and admitted share capital is 136,443,812 Ordinary Shares. There are no Ordinary Shares held in treasury. The total number of voting rights in the Company will therefore be 136,443,812.