Issuing Trust Preferred Securities
|
|
- Dana Jordan
- 6 years ago
- Views:
Transcription
1 Issuing Trust Preferred Securities
2 MERITS OF ISSUING TRUST PREFERREDS Why Issue Trust Preferreds? Tier 1 Capital Treatment frm the Federal Reserve Bard Since 1996, Trust Preferred Securities have been apprved as Tier 1 capital by the Federal Reserve at the Hlding Cmpany level. Trust preferred Securities may cmprise up t 25% f a bank hlding cmpany s Tier 1 capital. Excess Trust Preferred issuance is treated as Tier 2 capital, but may rll up t Tier 1 as the Tier 1 capital grws, subject t the 25% limit. Tax-Deductible Peridic Payments Because Trust Preferred Securities are viewed as debt fr federal incme tax purpses, the perid payments are tax-deductible. Nn-Dilutive Trust Preferred Securities neither represent, nr cnvert int, the cmmn shares f a Bank Hlding Cmpany, and therefre the issuance f Trust Preferred Securities des nt increase the number f cmmn shares utstanding fr purpses f calculating EPS. Flexible Pricing Alternatives Flating Rate priced at a spread ver 3-mnth LIBOR (quarterly re-pricing) Fixed/Flating fixed fr first 5 years; then quarterly re-pricing Fixed Rate Fixed fr 30 years Trust Preferred Securities can enhance sharehlder value. Repurchase Stck - Repurchase utstanding stck t increase ROE, EPS, lwer verall cst f capital Fund External Grwth - Prvide cash and capital t fund the Cmpany s grwth thrugh acquisitins Fund Internal Grwth - Prvide cash and capital t fund internal grwth in excess f capital generatin rate Reduce Debt - Cnvert debt t capital Bank Hlding Cmpanies als have the added flexibility t redeem Trust Preferred Securities at par after 5 years. 1
3 TRUST PREFERRED SECURITIES VS. COMMON EQUITY Why Issue Trust Preferred Securities vs. Cmmn Equity? Trust Preferred Securities Time t Issue: As sn as 1 week Undetermined Cmmn Stck Cst t Issue: 0%-3% Placement Fee Apprximately $10,000 fr legal. Initial Trustee fees f $4,250 and $3,000 annually, thereafter. Certain issuers may be eligible fr the underwriters t reimburse legal csts (up t $10,000) and pay fr trustee fees fr life f security. Up t 6-7% Placement Fee Dcumentatin fr public cmmn ffering can cst up t $300,000 Sharehlder Dilutin: Trust Preferred Securities are nt cnvertible int cmmn stck and therefre are a nn-dilutive frm f Tier 1 capital. -N cntrl issues -N negative impact n ROE Sharehlders are diluted by the amunt f the ffering Filing Requirements: N filing requirements Public filing required Tax Deductibility: Trust Preferred Securities are a taxdeductible frm f Tier 1 regulatry capital fr Bank Hlding Cmpanies. N tax deductibility fr dividend payments Regulatry Capital Treatment: Trust Preferreds can cunt up t 25% f Tier 1 capital 100% cunts as Tier 1 capital Dcumentatin: Standardized dcumentatin with shrt turnarund Requirement fr ffering memrandum fr investrs Due Diligence Prcess: N n-site due diligence required On-site due diligence with cunsel generally required
4 UNDERWRITING PROCESS Streamlined Underwriting Prcess Streamlined Due Diligence Prcess Fewer Demands n Management s Time N need fr individual ffering memrandum Standardized Dcumentatin Overall Lwer Transactin Csts What are the Csts Assciated with a Trust Preferred Transactin? Traditinally, the initial ut-f-pcket expenses required fr a trust preferred transactin are apprximately $10,000 fr legal (depending n chice f cunsel) and $4,250 fr initial trustee fees and $3,000 trustee fees annually thereafter. Fr certain issuers, the underwriters will reimburse the issuer fr ut-f-pcket expenses up t $10,000 and arrange t pay fr the initial trustee set-up fee, the trustee s upfrnt cunsel fee, and the annual trustee fees fr the life f the securities. Why Issue with The Baker Grup & StneCastle? Since 1979, The Baker Grup has wrked with thusands f cmmunity banks in Investment Prtfli and Asset / Liability Management, as well as prviding strategic planning and ther investment banking needs. The Baker Grup currently assists ver 600 banks natinwide in managing ver $20 billin dllars in fixed incme securities. The Principals f The Baker Grup have ver 200 years f cmbined Investment Banking experience. StneCastle s principals develped the pled trust preferred structure and have an indepth understanding f all f the structure s issues. StneCastle s principals were the lead members f the team that successfully executed the first pled trust preferred transactin in March StneCastle s principals have helped ver 500 banks raise apprximately $5 billin in regulatry capital since March 2000.
5 TRUST PREFERRED STRUCTURE ISSUANCE OF $10 MILLION TPS The BHC establishes a grantr trust (the Trust ) whse sle purpse is t facilitate the issuance f TPS. The BHC will acquire 100% f the Trust s cmmn shares with a liquidatin value f at least 3% f the Trust s ttal capitalizatin ($0.31 mm f cmmn shares fr a $10 millin TPS issue). The Trust issues $10 mm in TPS. T the extent that Trust has sufficient funds, the BHC will guarantee n a subrdinated basis that the TPS hlders will receive dividend payments. The Trust then lends the prceeds t the BHC in return fr Junir Subrdinated Debt Securities with terms matching thse f the TPS. The Junir Subrdinated Debt Securities are subrdinated t senir and subrdinated debt f the BHC (except pari passu subrdinated debt) but senir t the BHC s capital stck. The Trust will distribute the interest it receives n the Junir Subrdinated Debt Securities t the hlder f the TPS t fulfill its dividend bligatins.
6 SUMMARY OF TERMS June 6, 2006 Sample Bank Trust Preferred Securities Prpsed Term Sheet Timing: On r befre June 2006 Issuance Size: Maturity: Payment Frequency: $10.0 mm 30 years Quarterly, in arrears. Cupn: 3-mnth LIBOR plus 1.50% Subrdinatin: Call Prvisin: Interest Deferral: Issuer Expense: Trust Expenses: Subrdinate t senir and subrdinated debt (except fr any pari passu subrdinated debt) Trust Preferred Securities are callable after 5 years n any Interest Payment Date at par, with Regulatry apprval. Trust Preferred Securities are als callable within the first 5 years at a predetermined premium upn the ccurrence f a Tax Event, a Regulatry Capital Event r any Investment Cmpany Event. Issuers may defer distributins n Trust Preferred Securities n a cumulative basis fr up t 5 cnsecutive years prvided that dividend payments n all equal r subrdinate capital instruments are suspended. Placement Fee equal t 0.00% f the par amunt f securities issued. Issuer may use the legal cunsel f its chice. Hwever, upn request, StneCastle can recmmend a law firm t represent an issuer at a pre-negtiated price. Issuers will be reimbursed fr ut-fpcket expenses up t $10,000. The initial trustee set-up fee, the trustee s upfrnt cunsel fee, and the annual trustee fees fr the life f the securities will als be cvered and will nt be expenses f the Issuer.
TECHSHOP, INC. NOTICE OF LIQUIDATION EVENT
TECHSHOP, INC. NOTICE OF LIQUIDATION EVENT T the Hlders f Series A Preferred Stck and Series B Preferred Stck f TechShp, Inc., a Califrnia crpratin ("TechShp"): As yu may have heard, TechShp ceased peratins
More informationACCT 101 LECTURE NOTES CH.
ACCT 101 LECTURE NOTES CH. 11 Crprate Reprting and Analysis Gals: 1) Be familiar with characteristics f a crpratin and with different surces f equity. 2) Be familiar with varius cmmn stck transactins,
More informationChina Commercial Credit Inc. September 2013
China Cmmercial Credit Inc. September 2013 April 2013 Fulfilling the Market Need in a Fast Grwing Industry China Cmmercial Credit, Inc. ( CCC ) is a micrcredit cmpany prviding direct lans and lan guarantee
More informationLOAN AGREEMENT WITH A RELATED PARTY AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
TRUSTCO GROUP HOLDINGS LIMITED Incrprated in the Republic f Namibia (Registratin number 2003/058) Registered as an external cmpany in Suth Africa (External registratin number 2009/002634/10) NSX share
More informationHouse Passes Regulatory Reform That Would Loosen Restrictions on BDCs and Other Funds
Client Alert June 30, 2017 Huse Passes Regulatry Refrm That Wuld Lsen Restrictins n BDCs and Other Funds On June 8, 2017, the U.S. Huse f Representatives, by a vte mstly alng party lines, apprved a bill
More informationFor personal use only
8 March 2017 KABUNI ENTERS INTO A LETTER OF INTENT FOR POTENTIAL SALE OF ITS OPERATING SUBSIDIARIES AND ALSO RESETS STRATEGIC PRIORITIES The Bard f Directrs f Kabuni Ltd. (the Cmpany r Kabuni ) is pleased
More informationThe VCT and EIS regimes encourage investment in unquoted trading companies by offering generous tax reliefs to investors.
briefing January 2017 VCT and EIS Qualifying Investments Is yur cmpany lking t raise investment frm venture capital trusts (VCTs) r frm individuals seeking tax relief under the enterprise investment scheme
More informationManitex International, Inc. (NASDAQ:MNTX)
Manitex Internatinal, Inc. (NASDAQ:MNTX) Cnference Call Secnd Quarter 2016 August 4th, 2016 Frward Lking Statements & Nn GAAP Measures Safe Harbr Statement under the U.S. Private Securities Litigatin Refrm
More informationbriefing The Enterprise Investment Scheme Tax reliefs
briefing January 2016 The Enterprise Investment Scheme This nte prvides a summary f the Enterprise Investment Scheme and has been prepared based n the law up t and including the Finance (N 2) Act 2015.
More informationIn Force Fixed Annuity Block Reinsurance
In Frce Fixed Annuity Blck Reinsurance A Strategy t Imprve Return n Capital Many insurers are experiencing lw r negative returns n in-frce fixed annuity blcks f business. In mst cases this is driven by
More informationPRODUCT HIGHLIGHTS SHEET
Prepared n: 03/07/18 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f the Aberdeen Glbal Australian Dllar Incme Bnd Fund (the Fund ) and cmplements the Singapre
More informationSummary Prospectus July 31, 2018
AlphaMark Actively Managed Small Cap ETF TRADING SYMBOL: SMCP LISTED ON NASDAQ Summary Prspectus July 31, 2018 www.alphamarkadvisrs.cm Befre yu invest, yu may want t review the AlphaMark Actively Managed
More information2017 PERFORMANCE SHARE AND STOCK OPTION PLANS
INFORMATION 2017 PERFORMANCE SHARE AND STOCK OPTION PLANS The Bard f Directrs f L Air Liquide at its meeting n September 20, 2017 adpted the 2017 perfrmance share and stck ptin plans which are aimed, abve
More informationInvestor Teleconference Presentation First Quarter Fastenal Company April 12, 2017
Investr Telecnference Presentatin First Quarter 2017 Fastenal Cmpany April 12, 2017 1 Safe Harbr Statement All statements made herein that are nt histrical facts (e.g., gals regarding Onsite and vending
More informationPLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available.
PLANNING FOR QUALITY CARE AND INDEPENDENCE Why yu need t plan fr lng-term care assistance, and what funding ptins are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE THE VALUE OF PLANNING AHEAD
More informationCAPITAL GROUP INC. Imperial Capital Global Opportunities Conference
Imperial Capital Glbal Opprtunities Cnference September 18, 2014 Frward Lking Statements This presentatin cntains r may cntain certain frward-lking statements within the meaning f the Private Securities
More informationADMINISTRATIVE REPORT
LATE DISTRIBUTION FOR COUNCIL JANUARY 20, 2009 RR-2 ADMINISTRATIVE REPORT Reprt Date: January 19, 2009 Cntact: Kenneth Bayne Cntact N.: 604.873.7223 RTS N.: 07877 VanRIMS N.: 08-2000-20 Meeting Date: January
More informationOverview of the Municipal Bond Market and Bond Capacity
Overview f the Municipal Bnd Market and Bnd Capacity THE MUNICIPAL BOND MARKET Bnds are a type f investment security Bnds evidence the issuer s prmise t repay the bndhlder the principal amunt plus interest
More informationInvestor Teleconference Presentation Third Quarter Fastenal Company October 11, 2017
Investr Telecnference Presentatin Third Quarter 2017 Fastenal Cmpany Octber 11, 2017 1 Safe Harbr Statement All statements made herein that are nt histrical facts (e.g., gals regarding Onsite and vending
More informationIOOF SUBMITS PROPOSAL TO ACQUIRE THE TRUST COMPANY LIMITED
Level 6, 161 Cllins Street GPO Bx 264 Melburne VIC 3000 Melburne VIC 3001 Phne 13 13 69 3 September 2013 IOOF SUBMITS PROPOSAL TO ACQUIRE THE TRUST COMPANY LIMITED IOOF Hldings Limited (ASX:IFL) ( IOOF
More informationNewsRelease. Third Quarter 2015 Highlights (All financial figures are unaudited) o
NewsRelease TC PipeLines, LP Annunces 2015 Third Quarter Financial Results Agrees t purchase a 49.9% interest in Prtland Natural Gas Transmissin frm TransCanada Hustn, Texas Nvember 6, 2015 TC PipeLines,
More informationVisa Inc. Reports Fiscal Third Quarter 2014 Net Income of $1.4 billion or $2.17 per Diluted Share
Visa Inc. Reprts Fiscal Third Quarter 2014 Net Incme f $1.4 billin r $2.17 per Diluted Share Fster City, CA, July 24, 2014 Visa Inc. (NYSE: V) tday annunced financial results fr the Cmpany s fiscal third
More informationADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY. Page 1 of 10
ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY Page 1 f 10 TABLE OF CONTENTS Sr. N. Particulars Page Ns. 1. Preamble 3 2. Purpse 3 3. Definitins 3 4. Plicy and Prcedure 5 5. Transactins which d nt
More informationFor a copy of the following presentation, please visit our website at Go to the Wisdom tab and then to the HR webinar series
Fr a cpy f the fllwing presentatin, please visit ur website at www.ubabenefits.cm. G t the Wisdm tab and then t the HR webinar series page. 2 This presentatin prvides general infrmatin regarding its subject
More informationHuman Resources & Remuneration Committee Charter. Bank of Queensland
Human Resurces & Remuneratin Cmmittee Charter Bank f Queensland 31 May 2018 1Intrductin The Human Resurces & Remuneratin Cmmittee (Cmmittee) has been established by the Bank f Queensland Limited (BOQ)
More informationLocal currencies and constant currency exchange rates
The infrmatin included in the fllwing sheets f this Excel file frms an integral part f the AEGON press release n the Full year results 2009 as published n February 25, 2010. Cautinary nte regarding nn-gaap
More informationNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEWS RELEASE FOR IMMEDIATE RELEASE NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Eagle Energy Trust Annunces the Acquisitin f Maple Leaf Ryalties Crp. and Cnversin
More informationUnaudited Interim Condensed Consolidated Financial Statements As at and for the six month period ended 30 June 2017
Unaudited Interim Cndensed Cnslidated Financial Statements As at and fr the six mnth perid ended 31 July 2017 Telefónica Celular del Paraguay S.A. Cnslidated Financial Statements fr the six-mnth perid
More informationSirtex Medical Limited Senior Executive Short Term Incentive Policy and Procedure
Sirtex Medical Limited Senir Executive Shrt Term Incentive Plicy and Prcedure 1 Sirtex Medical Limited Shrt Term Incentive 1 Plicy 1.1 Purpse The primary purpse f the shrt term incentive (STI) is t acknwledge
More informationFull Year 2016 Highlights and Fourth Quarter Highlights (All financial figures are unaudited) Full Year Highlights o o o o o
NewsRelease TC PipeLines, LP Annunces 2016 Furth Quarter and Year End Financial Results Receives Offer frm TransCanada t Purchase Interests in the Irquis and PNGTS Systems HOUSTON, Texas February 27, 2017
More informationWhat employers need to know about The Patient Protection and Affordable Care Act (PPACA)
What emplyers need t knw abut The Patient Prtectin and Affrdable Care Act (PPACA) 1. It is nw the law. Dept. f Health & Human Services (HHS) guidance is still needed n pen issues. 2. New state insurance
More informationThomson Reuters Reports Fourth-Quarter and Full-Year 2017 Results
Thmsn Reuters Reprts Furth-Quarter and Full-Year 2017 Results TORONTO, February 8, 2018 Thmsn Reuters (TSX/NYSE: TRI) tday reprted results fr the furth quarter and full year ended December 31, 2017. As
More informationLocal Market Update Week ending 11 th August 2017
Lcal Market Update Week ending 11 th August 2017 MSE Perfrmance Vs Internatinal Markets Index 30/12/2016 04/08/2017 11/08/2017 YTD Week % EURO STOXX 50 3290.52 3507.41 3406.34 3.5% -2.9% Deutsche Berse
More informationDANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES. Three-Month. Three-Month Period
Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins Diluted Net Earnings Per Share frm Cntinuing Operatins (GAAP) 29, 30, 29, 30, $ 0.81 $ 0.57 $ 2.29 $ 2.01 Pretax amrtizatin f acquisitin-related
More informationABLE Accounts: 10 Things You Should Know
ABLE Natinal Resurce Center 1667 K Street, NW Suite 640 Washingtn, DC 200006 (202) 296-2040 inf@ablenrc.rg ABLE Accunts: 10 Things Yu Shuld Knw 1. What is an ABLE accunt? ABLE Accunts, which are tax-advantaged
More informationSummary of proposed section 951A GILTI regulations
Delitte Tax LLP Summary f prpsed sectin 951A GILTI regulatins The Treasury and the IRS n September 13 released prpsed regulatins addressing the new Glbal Intangible Lw-Taxed Incme (GILTI) prvisin f the
More informationSuperannuation contributions tax ruling Tax deductibility of superannuation contributions
July 2011 Technical Bulletin Superannuatin cntributins tax ruling Tax deductibility f superannuatin cntributins Wh is impacted? As a result f tax ruling 2010/1 yur clients can n lnger claim a tax deductin
More informationAudit and Risk Management Committee Charter
Audit and Risk Management Cmmittee Charter Pivtal Systems Crpratin ("Cmpany") 1. Objectives The Audit and Risk Management Cmmittee (Cmmittee) has been established by the bard f directrs (Bard) f the Cmpany.
More informationTAX ISSUES IN RESTRUCTURING TROUBLED PARTNERSHIPS AND CORPORATIONS. Tax Group
TAX ISSUES IN RESTRUCTURING TROUBLED PARTNERSHIPS AND CORPORATIONS Tax Grup 2016 TOPICS Cancellatin f Indebtedness Incme Partnership Debt fr Equity Exchange Cnsequences t the Debtr Partnership and its
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washingtn, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant t Sectin 13 r 15(d) f the Securities Exchange Act f 1934 Date f Reprt (Date f earliest event reprted)
More informationMittal Steel Significantly Improves Offer for Arcelor
Fr immediate release Mittal Steel Significantly Imprves Offer fr Arcelr 19 th May 2006 Lndn/Rtterdam Mittal Steel Cmpany N.V. ( Mittal Steel ) tday annunces its decisin t imprve its ffer made t the security
More informationPRINCIPLES OF FINANCE NOTES
FNCE 10002 PRINCIPLES OF FINANCE NOTES Week 1-12 1 Week 3 Applicatins in Financial Mathematics I Annual lan payment is an rdinary annuity. In a lan amrtizatin schedule: Ø Interest paid = (previus perid
More informationAnnual Investment Policy Report. Board of Trustees Finance & Audit Workgroup August 16, 2012
Annual Investment Plicy Reprt Bard f Trustees Finance & Audit Wrkgrup August 16, 2012 Annual Investment Plicy Reprt EXECUTIVE SUMMARY Investment Perfrmance (As f 3/31/12) 1-Year Return = 3.35%, 0.35% ver
More informationThe Company is a public company incorporated in Bermuda and its securities are listed on AIM.
(Incrprated in Bermuda Registratin N. 44512) POLICY FOR TRADING IN COMPANY SECURITIES The Cmpany is a public cmpany incrprated in Bermuda and its securities are listed n AIM. Schedule 1 t this Plicy cntains
More informationPowerlink - Corporate Entertainment & Hospitality - Policy
Pwerlink - Crprate Entertainment & Hspitality - Plicy Plicy stream Gvernance Authred by Chief Financial Officer Maurie Brennan Apprved by Pwerlink Bard Current versin: 04/05/2017 SECURITY CLASSIFICATION
More informationUnderstanding Self Managed Superannuation Funds
Understanding Self Managed Superannuatin Funds Hw t read this dcument Managing yur finances t meet yur day t day requirements as well as yur lng-term gals can be a cmplex task. There are all srts f issues
More informationTC PipeLines, LP Announces 2017 Third Quarter Financial Results
NewsRelease TC PipeLines, LP Annunces 2017 Third Quarter Financial Results HOUSTON, Texas Nvember 6, 2017 News Release- TC PipeLines, LP (NYSE: TCP) (the Partnership) tday reprted third quarter 2017 net
More informationForth Quarter Results 2016 February 24, 2017
Frth Quarter Results 2016 February 24, 2017 4Q16 Results February 24, 2017 Fd segment revenue reaches R$45 billin in 2016, up 11.7%, accelerating t 12.5% in 4Q16 4Q16: Net sales: R$11.7 billin EBITDA (1)
More informationFEDERAL CORPORATE TAX PROFESSOR STEVEN BANK UNIVERSITY OF CALIFORNIA LOS ANGELES SCHOOL OF LAW
FEDERAL CORPORATE TAX PROFESSOR STEVEN BANK UNIVERSITY OF CALIFORNIA LOS ANGELES SCHOOL OF LAW CHAPTER 1: DOUBLE TAXATION, DEBT VS. EQUITY A crpratin is treated as a taxable entity. This results in taxatin:
More informationAMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES
March 2013 AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES Summary. The Securities and Exchange Cmmissin recently apprved the fllwing amendments t the NASDAQ listing rules relating t cmpensatin cmmittees:
More informationSPARTAN ENERGY CORP. ANNOUNCES STRATEGIC BUSINESS COMBINATION WITH VERMILION ENERGY INC.
3200, 500 Centre Street SE Calgary, AB T2G 1A6 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES STRATEGIC BUSINESS COMBINATION WITH VERMILION ENERGY INC. CALGARY, ALBERTA (April
More informationHUMAN RESOURCES AND COMPENSATION COMMITTEE CHARTER
HUMAN RESOURCES AND COMPENSATION COMMITTEE CHARTER PURPOSE The Human Resurces and Cmpensatin Cmmittee (the Cmmittee ) f Precisin Drilling Crpratin (the Crpratin ) is a standing cmmittee f the bard f directrs
More informationHighlights for 2017 Compliance
Prvided by Natinal Insurance Services, Inc. Highlights fr 2017 Cmpliance The Affrdable Care Act (ACA) has made a number f significant changes t grup health plans since the law was enacted in 2010. Many
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF ON DECK CAPITAL, INC.
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF ON DECK CAPITAL, INC. (Adpted n September 15, 2014, amended thrugh July 29, 2016) PURPOSE The purpse f the Cmpensatin Cmmittee f the Bard
More informationDear Investor, A. SVX AS AN EXEMPT MARKET DEALER
MaRS SVX 101 Cllege Street, Suite 406 Trnt, ON M5G 1L7 Dear Investr, As a part f ur cntinued effrts t keep yu infrmed abut ur business peratins, the regulatins, plicies and prcedures guiding ur peratins,
More informationDisclosures in the financial statements-seminar of WIRC on & May, By Jayesh Gandhi
Disclsures in the financial statements-seminar f WIRC n & May, 2016 -By Jayesh Gandhi 1) Cash Flw Statement - Cash flw statements is cvered under the definitin f financial statements Sectin 2(40) f the
More informationAnnouncement of Amendment to the Prospectus of the Fundshare UCITS Umbrella Fund
Annuncement f Amendment t the Prspectus f the Fundshare UCITS Umbrella Fund Herewith,. (the Manager ), in its quality f fund manager f the FundShare UCITS Umbrella Fund (the Fund, including any and all
More informationEmployee Benefits Guide. January 1 December 31, 2019
Emplyee Benefits Guide 2019 January 1 December 31, 2019 Medical and Prescriptin Drugs Benefits are insured by: 4 Medical Plan Optins Effective January 1, 2019 Premium Netwrk HDHP 1 Nn-Premium Netwrk Nn-Netwrk
More informationNet Income $ $ $ (65.4) Adjusted Net Income (1) $ $ $ (61.0)
$ in millins - except per share data CFO Review f Fiscal 2016 Furth Quarter Results Fiscal 2016 Results Fiscal Years Ended July 2, 2016 June 27, 2015 Net Chg Sales $ 26,219.3 $ 27,924.7 $ (1,705.4) Grss
More informationTC PipeLines, LP Announces 2017 First Quarter Financial Results and Agreement to Acquire Interests in Iroquois and PNGTS
NewsRelease TC PipeLines, LP Annunces 2017 First Quarter Financial Results and Agreement t Acquire Interests in Irquis and PNGTS Hustn, Texas May 4, 2017 TC PipeLines, LP (NYSE: TCP) (the Partnership)
More informationInformation on capital adequacy. of Bank Polska Kasa Opieki S.A. Group. as at 31 December 2008
Infrmatin n capital adequacy f Bank Plska Kasa Opieki S.A. Grup Warsaw. May 2009 The scpe and principles f publishing infrmatin specified in Reslutin N. 6/2007 f the Cmmissin fr Banking Supervisin (KNB)
More informationQ1' FY16 Q1' FY17 Y/Y Chg Sales $ 4,600.8 $ 4,173.4 $ (427.4) Gross Profit $ $ $ (37.8) Gross Profit Margin 12.2 % 12.
$ in millins - except per share data Octber 1, 2016 CFO Review f Fiscal 2017 First Quarter Results Discntinued Operatins On September 19, 2016, Avnet, Inc. annunced that it had entered int an agreement
More informationALERT. The SEC s Final Crowdfunding Rules: Still May Not Be a Crowd Pleaser. Author: Issuer and Investor Eligibility.
ALERT Nvember 4, 2015 The SEC s Final Crwdfunding Rules: Still May Nt Be a Crwd Pleaser Authr: Dnna L. Brks (860) 251-5917 dbrks@gdwin.cm On Octber 30, 2015, the Securities and Exchange Cmmissin (the SEC
More informationQuantX Risk Managed Growth ETF. QuantX Risk Managed Multi-Asset Income ETF. QuantX Risk Managed Real Return ETF
QuantX Risk Managed Grwth ETF QXGG QuantX Risk Managed Multi-Asset Incme ETF QXMI QuantX Risk Managed Real Return ETF QXRR QuantX Risk Managed Multi-Asset Ttal Return ETF QXTR QuantX Dynamic Beta US Equity
More informationVirtusa Corporation to acquire controlling interest in Polaris Consulting & Services Limited
Virtusa Crpratin t acquire cntrlling interest in Plaris Cnsulting & Services Limited Greatly strengthens ur psitin in Banking and Financial Services Nvember 5, 2015 1 Frward Lking Statements This presentatin
More informationFirst Trust Alternative Absolute Return Strategy ETF (FAAR) Consolidated Portfolio of Investments September 30, 2018 (Unaudited) Stated.
Cnslidated Prtfli f Investments Principal Descriptin Stated Cupn Stated Maturity U.S. TREASURY BILLS 76.6% $ 1,000,000 U.S. Treasury Bill (a)... (b) 10/11/2018 $ 999,433 1,500,000 U.S. Treasury Bill (a)...
More information21 November Introduction
EVCA, The Eurpean Private Equity and Venture Capital Assciatin, cmments n CESR s 2 nd Cnsultatin Paper n CESR s Draft Advice f Definitins cncerning Eligible Assets fr Investments f UCITS (CESR/05-490b)
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF DROPBOX, INC.
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF DROPBOX, INC. (Adpted n February 22, 2018, Effective upn the effectiveness f the registratin statement relating t the Cmpany s initial
More informationCommunication to the market as per Art. 114 par. 5 Leg. Decree No. 58/98
Cmmunicatin t the market as per Art. 114 par. 5 Leg. Decree N. 58/98 Cagliari, Nvember 30, 2018 In cmpliance with Cnsb request sent t the Cmpany n July 14, 2009, pursuant t article 114, paragraph 5 f the
More informationPRODUCT HIGHLIGHTS SHEET
Prepared n: 03/07/18 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f the Aberdeen Glbal Select Emerging Markets Bnd Fund (the Fund ) and cmplements the Singapre
More informationCALCULATION OF REGISTRATION FEE
Pricing Supplement N. U721 T the Underlying Supplement dated March 23, 2012, Prduct Supplement N. U-I dated March 23, 2012, Prspectus Supplement dated March 23, 2012 and Prspectus dated March 23, 2012
More informationInvestor s Guide to Exchange Traded Funds.
Investr s Guide t Exchange Traded Funds. Investment Strategies Risk Management 1.877.622.5552 www.firsttrust.ca ETFs Exchange-Traded Funds (ETFs) prvide an efficient and simple way t invest in wrldwide
More informationCAPITAL GROUP INC. Investor Presentation. December 2014
Investr Presentatin December 2014 Frward Lking Statements This presentatin cntains r may cntain certain frward-lking statements within the meaning f the Private Securities Litigatin Refrm Act f 1995, including
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adopted May 3, 2018
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adpted May 3, 2018 PURPOSE The purpse f the Cmpensatin Cmmittee (the Cmpensatin Cmmittee ) f the Bard f Directrs (the
More informationThomson Reuters Reports Second-Quarter 2017 Results
TORONTO, August 1, 2017 Thmsn Reuters (TSX/NYSE: TRI) tday reprted results fr the secnd quarter ended 2017. Based n its first-half results, the cmpany raised its full-year 2017 utlk fr several metrics,
More informationLoncar China BioPharma ETF (CHNA) Summary Prospectus December 31, 2018
Lncar China BiPharma ETF (CHNA) Summary Prspectus December 31, 2018 Listed n The Nasdaq Stck Exchange LLC Befre yu invest, yu may want t review the Fund s Prspectus and Statement f Additinal Infrmatin
More informationManual of Administrative Policies and Procedures
Manual f Administrative Plicies and Prcedures POLICY 1.49 Cntract Management and Signing Authrity Plicy Categry: General Related Prcedures: Prcedures fr Negtiating, Apprving and Signing University Cntracts
More informationQuantX Risk Managed Multi-Asset Income ETF QXMI
QuantX Risk Managed Multi-Asset Incme ETF QXMI a series f Nrthern Lights Fund Trust IV Supplement dated March 24, 2017 t the Prspectus dated January 20, 2017 The fllwing replaces the first sentence in
More informationIQnovate Share Placement Completed
NSX: IQN IQnvate Share Placement Cmpleted 13 March 2013 Further t the Cmpany s previus annuncement, and the expiry f the 12 mnth escrw perid fr existing shares,attached is an Applicatin fr Qutatin f the
More informationThomson Reuters Reports First-Quarter 2018 Results
TORONTO, May 11, 2018 Thmsn Reuters (TSX/NYSE: TRI) tday reprted results fr the first quarter ended 2018. The cmpany als issued a full-year 2018 Outlk fr its cntinuing peratins and annunced a new $500
More informationColliers International Group Inc.
Clliers Internatinal Grup Inc. Third Quarter 2016 Financial Results Octber 28, 2016 Frward-Lking Statements Certain statements included herein cnstitute frward lking statements within the meaning f the
More informationIndependent Director and Audit Committee
Independent Directr and Audit Cmmittee Rules summary The listed cmpany s bard f directrs is representing the sharehlders. They are respnsible fr making decisins n the cmpany s imprtant plicies and strategies.
More informationAdministrative Budget of the Green Climate Fund for 2017
Meeting f the Bard 13 15 December Apia, Sama Prvisinal agenda item 22(b) GCF/B.15/21/Rev.01 11 December Administrative Budget f the Green Climate Fund fr 2017 Summary This dcument prpses the administrative
More informationVOLUMETRIC PRODUCTION PAYMENTS. Liz McGinley
VOLUMETRIC PRODUCTION PAYMENTS Liz McGinley What is a Vlumetric Prductin Payment ( VPP )? A nn-perating, nn-expense bearing, limited term ryalty. It entitles the hlder t a specified vlume f hydrcarbns
More informationF. David Rounthwaite
F. David Runthwaite, 308 Carltn Street Trnt, Ontari M5A 2L7 fdrunthwaite@msn.cm 647.522.9240 EXPERIENCE F. David Runthwaite, Barrister Slicitr, July 2015 t date Sle practitiner fcusing n cmpliance and
More informationSpookfish Partners With EagleView in North America
17 May 2016 Spkfish Partners With EagleView in Nrth America Highlights Spkfish signs license, ryalty and equity investment agreements with EagleView, a Nrth American market leading prvider f aerial imagery,
More informationAudit Committee Charter. St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd
Audit Cmmittee Charter St Andrew s Insurance (Australia) Pty Ltd St Andrew s Life Insurance Pty Ltd St Andrew s Australia Services Pty Ltd Versin 3.0, 19 February 2018 Apprver Bard f Directrs St Andrew
More informationAPPLIED INDUSTRIAL TECHNOLOGIES, INC. EXECUTIVE ORGANIZATION & COMPENSATION COMMITTEE CHARTER
APPLIED INDUSTRIAL TECHNOLOGIES, INC. EXECUTIVE ORGANIZATION & COMPENSATION COMMITTEE CHARTER Primary respnsibility fr the rganizatin and cmpensatin f the Crpratin s executive management is vested in the
More informationCompany Update Nine Months 2016
Nine Mnths 2016 14 Nvember 2016 Share Price Data (as f 14 Nv 2016) Ticker @IDX DOID Last Price (Rp) 470 Outstanding Shares (mn) 8,311 Market Capitalizatin (Rp bn) 3,906 Market Capitalizatin (USD mn) *
More informationPolicy & Procedure Manual
Plicy & Prcedure Manual Agency Vacatin Reviewed Date HR0701 Revised Date May 12, 2014 Apprved Date December 19, 1990 Intrductin The Bard f Health believes in prviding fair and equitable benefits t all
More informationMICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS
Seattle, Washingtn 98101 MICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS D nt cancel any existing plicies until yu receive cnfirmatin f final rates and/r acceptance f the grup by Regence BlueShield (Regence).
More informationScorpio Tankers Inc. Announces Merger Agreement with Navig8 Product Tankers Inc. and the Launch of a Concurrent Public Offering of Common Shares
Scrpi Tankers Inc. Annunces Merger Agreement with Navig8 Prduct Tankers Inc. and the Launch f a Cncurrent Public Offering f Cmmn Shares MONACO May 23, 2017 Scrpi Tankers Inc. (NYSE: STNG) ( Scrpi ) annunced
More informationCommercial Real Estate Finance Council (CREFC) Highlights of US Proposals Implementing Basel III Framework
Cmmercial Real Estate Finance Cuncil (CREFC) Highlights f US Prpsals Implementing Basel III Framewrk On June 7, 2012, US banking regulatrs released three ntices f prpsed rulemaking (the Prpsals ) and ne
More informationThe Pre-Action Protocol for Debt Claims
The Pre-Actin Prtcl fr Debt Claims The Pre-Actin Prtcl fr Debt Claims The final versin has nw been released and it has been cnfirmed that this will cme int frce n 1 Octber 2017. The Prtcl aims t encurage
More informationDecember 31, 2017 (Date of Event Which Requires Filing of this Statement)
CUSIP N. 30263Y104 13G/A Page 1 f 5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washingtn, D.C. 20549 SCHEDULE 13G/A Under the Securities Exchange Act f 1934 (Amendment N. 3) * FS Bancrp, Inc. ( Name
More informationDISABILITY TRUST PROGRAMS
DISABILITY TRUST PROGRAMS POOLED TRUST PROGRAM INDIVIDUAL TRUST SERVICES The disability trust prgrams at Guardian Cmmunity Trust, Inc. ( Cmmunity Trust ) are prfessinally run, nn prfit fiduciary platfrms
More informationFinal Debt-Equity Tax Regulations Significantly Narrow the Scope of the Proposed Regulations
OCTOBER 17, 2016 SIDLEY UPDATE Final Debt-Equity Tax Regulatins Significantly Narrw the Scpe f the Prpsed Regulatins On Octber 13, 2016, the Treasury Department (Treasury) and the Internal Revenue Service
More informationAustrade: Significant and Premium Investor Visa Programmes
Austrade: Significant and Premium Investr Visa Prgrammes Michaela Brwning General Manager, Established Markets Special Adviser t the CEO, Strategy and China Plicy August 2015 Disclaimer: This is fr infrmatin
More informationPeralta Community College District AP 6305
ADMINISTRATIVE PROCEDURE 6305 DEBT ISSUANCE AND MANAGEMENT The Peralta Cmmunity Cllege District (the District ) wishes t establish gals and plicies fr the issuance and management f debt bligatins f the
More informationNANOSTRING TECHNOLOGIES, INC. COMPENSATION COMMITTEE CHARTER. (Adopted as of October 16, 2012 and amended as of April 26, 2017)
NANOSTRING TECHNOLOGIES, INC. COMPENSATION COMMITTEE CHARTER (Adpted as f Octber 16, 2012 and amended as f April 26, 2017) PURPOSE The purpse f the Cmpensatin Cmmittee (the Cmmittee ) f the Bard f Directrs
More information