Wednesday, February 27, 2019

business proposal

business proposal


Exxon says investor proposal an attempt to 'micro-manage' company - Dallas - Dallas Business Journal

Posted: 25 Feb 2019 01:18 PM PST

[unable to retrieve full-text content]Exxon says investor proposal an attempt to 'micro-manage' company - Dallas  Dallas Business Journal

Investors say that oil and gas giant Exxon Mobil Corp. is looking to block a proposal geared towards setting goals around lowering greenhouse gas emissions.

INTEMA Announces That the Creditors Have Accepted the Proposal - Rome News-Tribune

Posted: 25 Feb 2019 10:01 AM PST

MONTREAL--(BUSINESS WIRE)--Feb 25, 2019--Intema Solutions Inc. ("Intema" or the "Corporation") (TSXV: ITM). The Corporation announces that the Proposal to Creditors filed under the Bankruptcy and Insolvency Act, Quebec superior court, by Intema Solutions Inc. was approved by the vast majority of creditors at the Creditors' Meeting held at 11:00 am on February 22, 2019. Court ratification of the Proposal is expected sometime in the next weeks of March 2019.

The company presented a restructuring plan that reduces expenses mainly on the cost of rent, the cost of IT support and staff diminution." While revenues have remained stable, total expenses were cut by 55%.

"I am excited to announce that the Creditors present at the Creditors Meeting in person and by proxy voted in favour of the Proposal submitted by Intema Solutions Inc. We are grateful to our Creditors for supporting us with our restructuring plan to build a stronger and more viable business" as stated Intema Solutions Inc., President & CEO.

The Proposal To Creditors is an important step in the restructuring efforts of Intema Solutions Inc. The acceptance of the Proposal today by the Creditors shows that they believe the restructuring plan is the right move for the future of the company.

About INTEMA SOLUTIONS Inc.

Intema's mission is to integrate technologies to marketing. The company develops technologies for marketing and services related to predictive marketing, relationship marketing, database marketing and Block chain applications. Since its inception, INTEMA has dedicated its efforts to deliver key solutions to the marketing industry. Amongst its clients are companies of all sizes in North America. For more information, please visit our website at  www.intema.com

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

View source version on businesswire.com:https://www.businesswire.com/news/home/20190225005797/en/

INTEMA: Roger Plourde - +1-514-861-1881 —rplourde@intema.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE COMMUNICATIONS MARKETING

SOURCE: Intema Solutions Inc.

Copyright Business Wire 2019.

PUB: 02/25/2019 01:00 PM/DISC: 02/25/2019 01:01 PM

http://www.businesswire.com/news/home/20190225005797/en

Editorial: Tax proposal details slowly take shape - Corvallis Gazette Times

Posted: 25 Feb 2019 02:59 PM PST

The outlines of the tax overhaul that legislators have been working on continue to slowly come into focus, but we're weeks away from seeing the final details.

You'll recall that Gov. Kate Brown charged the Legislature with coming up with a new business tax that would generate an additional $2 billion per biennium, with the bulk of that money earmarked for K-12 education.

But she left the details to the Legislature. And so a legislative subcommittee facing that task has been holding sessions to hear pitches from various groups. Last week, the relatively new Coalition for the Common Good (an alliance of Oregon's largest public employee unions and some businesses) advocated for a gross receipts tax, one that would be calculated based on business sales. The potential problem there is that Oregon voters soundly defeated a gross receipts tax in 2016, when they trounced Measure 97.

It's true that lawmakers have many different ways to set up a gross receipts tax, but if the final proposal from legislators hews in that direction, it may have to contend with the ghost of Measure 97.

And, in general, the coalition representatives meeting with the subcommittee last week seemed interested primarily in how the money would be spent (to increase state spending on education) rather than the details of how the money would be raised. It's hard to blame the coalition for that: After all, that's essentially how Gov. Brown has approached the issue.

The coalition's representatives also urged the subcommittee not to pair any tax proposal with efforts to cut costs related to Oregon's Public Employees Retirement System, noting that previous attempts to do so proved fruitless. And that's correct, as far as it goes — but it fails to take into account the fact that school districts increasingly are groaning under the weight of increasing PERS premiums.

The subcommittee also has heard a somewhat different pitch from Oregon Business & Industry, the state's largest business group, which has proposed a business activity tax under which the state would tax businesses on their sales minus input. 

Subcommittee co-chair Sen. Mark Hass, D-Beaverton, a veteran of legislative tax battles, said that the committee isn't likely to fully adopt any specific proposal from any group; rather, he said, the committee will craft its own proposal. It will be interesting to see how that eventual proposal fares with the business groups that right now are expressing cautious support for at least some of these ideas. It also will be interesting to see how the proposal will affect the pocketbooks of ordinary Oregonians; after all, if a business can pass a tax through to a customer, it likely will do so. 

Finally, the entire tax-overhaul question hinges on whether Democrats can keep their legislative supermajorities in line. Democrats have the necessary three-fifths majorities to enact revenue increases without a single vote from a Republican. But it might not take much to pry away one or two Democrats from the party line, and that could doom any tax proposal. (mm) 

Winter driving

Reading about the plight of the hundreds of motorists stranded Monday on Interstate 5 south of Cottage Grove served as a reminder: It's still winter. That means if you're taking a road trip, you need to prepare as if you could get stuck between a pair of avalanches on Highway 20 near Santiam Pass — which, while unlikely, isn't completely out of the question.

So it's worth a moment to review these common-sense suggestions from the Oregon Department of Transportation: Make sure you have a full tank of gas. Turn on your headlights to increase your visibility (if snow has recently fallen, be sure to brush it off your headlights — we're still surprised at how many motorists forget about that). Slow down when approaching off-ramps, bridges and shady spots, where the snow often lingers longer.

And be prepared for delays. Make sure you have water, snacks and blankets on hand in the car. Toss in a deck of cards for good measure.

The Albany and Corvallis area didn't get hammered in Monday's storm the way that southwest Oregon did. But unseasonably chilly nights could make for icy roadways over the next few days, so we're not out of the woods yet. (mm)

Newmont Confirms Receipt of Barrick Acquisition Proposal - Business Wire

Posted: 25 Feb 2019 05:53 AM PST

DENVER--()--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) confirmed today that it has received an acquisition proposal from Barrick Gold Corporation (Barrick) proposing an all-stock merger with Newmont, at a negative premium based on market prices as of the close of business on February 22, 2019. The transaction proposal is conditional on Newmont not proceeding with its proposed combination with Goldcorp Inc. (Goldcorp) and other conditions, including confirmatory due diligence by Barrick.

Newmont has a long history of evaluating potential transactions, and undertakes robust analysis and diligence on a continuous basis of acquisition opportunities in the interests of creating long-term shareholder value. Newmont has previously reviewed and rejected potential combinations with each of Barrick and Randgold Resources Ltd., prior to their merger. Newmont's proposed combination with Goldcorp represents the best opportunity to create optimal value for Newmont's shareholders and other stakeholders, including for the reasons summarized below:

  • Superior Returns: Newmont has delivered superior shareholder returns. Since January 1, 2014 (merger discussions between Barrick and Newmont ended in April 2014), Newmont has achieved 65 percent total shareholder returns compared to the negative 22 percent total shareholder return delivered by Barrick, while gold prices improved 15 percent during that period.
  • Proven Track Record of Successful Execution: Newmont's management team has a consistent, long standing track record of delivering superior execution (including productivity improvements and cost reduction measures) through a proven, scalable operating model and deep bench strength supporting thoughtful and structured succession planning. In addition to compelling economic returns, Newmont has maintained industry leadership in environmental, social and governance performance, and generally avoided material operational, governmental and investment pitfalls.
  • Newmont Goldcorp Offers Compelling and Superior Benefits: The Newmont Goldcorp combination provides the greatest potential for additional value creation through asset optimization, project sequencing, and application of Newmont's operating model. The combination will be immediately and highly value-accretive to Newmont's net asset value and cash flow per share; generate an estimated $75 per ounce in Full Potential cost and efficiency improvements, representing anticipated benefits of approximately $165 million per year, and along with $100 million in pre-tax synergies, generate $265 million in combined expected annual pre-tax synergies and Full Potential benefits representing potential value creation of more than $2.5 billion. (1), (2) and (3)
  • Barrick's Proposed Combination Ignores Risks and Overstates Rewards: Newmont has analyzed a potential combination with Barrick, whose asset portfolio has changed significantly since 2014, including as a result of the merger with Randgold seven weeks ago and its ongoing integration process. Newmont has previously determined that Barrick's risk and return profile is inferior on many fronts, including factoring Barrick's comparatively ineffective operating model, poor track record on delivering shareholder returns and unfavorable jurisdictional risk.
  • Newmont Can Capture Nevada Synergies More Efficiently: Any of the Nevada synergies could be more efficiently realized through a Nevada joint venture between the companies without exposing Newmont's shareholders to Barrick's riskier portfolio, integration risks and transaction costs. Newmont has consistently communicated to Barrick its willingness to explore value-generating opportunities for the companies' Nevada assets.
  • Newmont Goldcorp Offers Strongest Opportunity: Compared to the demonstrated and compelling value creation benefits of the Newmont Goldcorp transaction, the synergy estimates referenced in the Barrick proposal are unsubstantiated and do not account for cost reduction initiatives Newmont has already implemented at various operations, including in Nevada, and would rely on a high-risk operating model to be realized.
  • Dividends: The Newmont Goldcorp combined entity will sustainably continue Newmont's industry-leading dividend.

A fuller summary of the above analysis can be found in the investor presentation.

Newmont's Board of Directors intends to fully evaluate the Barrick proposal and respond in due course, including providing advice to its shareholders. No shareholder action is necessary in response to Barrick's proposal.

About Newmont

Newmont is a leading gold and copper producer. The Company's operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015, 2016, 2017 and 2018. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.

Cautionary Statement Regarding Forward-Looking Statements:

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" within the meaning of applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "target," "indicative," "preliminary," or "potential." Forward-looking statements in this release may include, without limitation: (i) statements relating to Newmont's planned acquisition of Goldcorp (the "proposed transaction") and the expected terms, timing and closing of the proposed transaction, including receipt of required approvals and satisfaction of other customary closing conditions; (ii) estimates of future production and sales, including expected annual production range; (iii) estimates of future costs applicable to sales and all-in sustaining costs; (iv) expectations regarding accretion; (v) estimates of future capital expenditures; (vi) estimates of future cost reductions, efficiencies, value creation and synergies; (vii) expectations regarding future exploration and the development, growth and potential of Newmont's and Goldcorp's operations, project pipeline and investments, including, without limitation, project returns, expected average Internal Rate of Return, schedule, decision dates, mine life, commercial start, first production, capital average production, average costs and upside potential; (viii) expectations regarding future investments or divestitures; (ix) expectations of future dividends and returns to shareholders; (x) expectations of future free cash flow generation, liquidity, balance sheet strength and credit ratings; (xi) expectations of future equity and enterprise value; and (xii) expectations of future plans and benefits; (xiii) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and resources, grade and recoveries; and (xiv) estimates of future closure costs and liabilities. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of Newmont's and Goldcorp's operations and projects being consistent with current expectations and mine plans, including without limitation receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont and Goldcorp operate being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar or the Canadian dollar to the U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Risks relating to forward-looking statements in regard to Newmont and Goldcorp's business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, operational risks, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political risk, community relations, conflict resolution governmental regulation and judicial outcomes and other risks. In addition, material risks that could cause actual results to differ from forward-looking statements include: the inherent uncertainty associated with financial or other projections; the prompt and effective integration of Newmont's and Goldcorp's businesses and the ability to achieve the anticipated synergies and value-creation contemplated by the proposed transaction; the risk associated with Newmont's and Goldcorp's ability to obtain the approval of the proposed transaction by their shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all and the failure of the transaction to close for any other reason; the risk that a consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the arrangement agreement; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; potential volatility in the price of Newmont common stock due to the proposed transaction; the anticipated size of the markets and continued demand for Newmont's and Goldcorp's resources and the impact of competitive responses to the announcement of the transaction; and the diversion of management time on transaction-related issues. For a more detailed discussion of such risks and other factors, see Newmont's 2018 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) as well as the Company's other SEC filings, available on the SEC website or www.newmont.com, Goldcorp's most recent annual information form as well as Goldcorp's other filings made with Canadian securities regulatory authorities and available on SEDAR, on the SEC website or www.goldcorp.com. Newmont is not affirming or adopting any statements or reports attributed to Goldcorp (including prior mineral reserve and resource declaration) in this release or made by Goldcorp outside of this release. Goldcorp is not affirming or adopting any statements or reports attributed to Newmont (including prior mineral reserve and resource declaration) in this release or made by Newmont outside of this release. Newmont and Goldcorp do not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

Additional information about the proposed transaction and where to find it

This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This release is being made in respect of the proposed transaction involving the Company and Goldcorp pursuant to the terms of an Arrangement Agreement by and among the Company and Goldcorp and may be deemed to be soliciting material relating to the proposed transaction. In connection with the proposed transaction, the Company will file a proxy statement relating to a special meeting of its stockholders with the SEC. Additionally, the Company will file other relevant materials in connection with the proposed transaction with the SEC. Security holders of the Company are urged to read the proxy statement regarding the proposed transaction and any other relevant materials carefully in their entirety when they become available before making any voting or investment decision with respect to the proposed transaction because they will contain important information about the proposed transaction and the parties to the transaction. The definitive proxy statement will be mailed to the Company's stockholders. Stockholders of the Company will be able to obtain a copy of the proxy statement, the filings with the SEC that will be incorporated by reference into the proxy statement as well as other filings containing information about the proposed transaction and the parties to the transaction made by the Company with the SEC free of charge at the SEC's website at www.sec.gov, on the Company's website at www.newmont.com/investor-relations/default.aspx or by contacting the Company's Investor Relations department at jessica.largent@newmont.com or by calling 303-837-5484. Copies of the documents filed with the SEC by Goldcorp will be available free of charge at the SEC's website at www.sec.gov.

Participants in the proposed transaction solicitation

The Company and its directors, its executive officers, members of its management, its employees and other persons, under SEC rules, may be deemed to be participants in the solicitation of proxies of the Company's stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of the Company's executive officers and directors in the solicitation by reading the Company's 2018 Annual Report on Form 10-K filed with the SEC on February 21, 2019, its proxy statement relating to its 2018 Annual Meeting of Stockholders filed with the SEC on March 9, 2018 and other relevant materials filed with the SEC when they become available. Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the proposed transaction will be set forth in the proxy statement filed with the SEC relating to the transaction when it becomes available. Additional information concerning Goldcorp's executive officers and directors is set forth in its 2017 Annual Report on Form 40-F filed with the SEC on March 23, 2018, its management information circular relating to its 2018 Annual Meeting of Stockholders filed with the SEC on March 16, 2018 and other relevant materials filed with the SEC when they become available.

(1) Caution Regarding Projections: Projections used in this release are considered "forward looking statements". See cautionary statement above regarding forward-looking statements. Forward-looking information representing post-closing expectations is inherently uncertain. Estimates such as expected accretion, potential value creation, synergies, expected future production, internal rate of return, financial flexibility and balance sheet strength are preliminary in nature. There can be no assurance that the proposed transaction will close or that the forward-looking information will prove to be accurate.

(2) Full Potential cost savings or improvements as used in this release are considered operating measures provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Full Potential amounts are estimates utilized by management that represent estimated cumulative incremental value realized as a result of Full Potential projects implemented and are based upon both cost savings and efficiencies that have been monetized for purposes of the estimation. Because Full Potential savings/improvements estimates reflect differences between certain actual costs incurred and management estimates of costs that would have been incurred in the absence of the Full Potential program, such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Expected Full Potential cost savings or improvements are projections are "forward-looking statements" subject to risks, uncertainties and other factors which could cause actual results to differ from current expectations.

(3) Value creation potential as used in this release is a management estimate provided for illustrative purposes, and should not be considered a GAAP or non-GAAP financial measure. Value creation potential represents management's estimate of cost savings and improvements as the result of the Full Potential program and synergies as a result of the proposed transaction that have been monetized and projected over a twenty year period for purposes of the estimation, applying a discount rate of 7%. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Expected value creation potential is a "forward-looking statement" subject to risks, uncertainties and other factors which could cause actual value creation to differ from expected value creation.

No comments:

Post a Comment