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Brooge Energy Ltd. Announces Filing of Form F-3 Shelf Registration Statement and Intention to Offer Securities Primarily to Fund Phase III Expansion Project

Phase III expansion is expected to increase storage capacity by up to
3.5 million m3

NEW YORK, April 22, 2021 (GLOBE NEWSWIRE) — Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates, today announced that on April 19, 2021 the Company filed a shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (the “SEC”).

The Company intends to conduct an underwritten public offering of ordinary shares. The purpose of the proposed offering is to fund the construction of the Company’s Phase III project, which is expected to increase its storage capacity by up to 3.5 million m3.  The proposed offering is subject to market and other conditions, including the effectiveness of the registration statement filed under the U.S. Securities Act of 1933, as amended (the “Securities Act”). These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

If the registration statement related to these securities is declared effective by the SEC, up to US$500.0 million of various securities, including ordinary shares, preferred shares, warrants, rights and units, may be offered and sold by the Company from time to time. The registration statement additionally relates to the potential sale of up to 6,000,000 ordinary shares that may be offered from time to time by the shareholder identified in the prospectus. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This announcement is being made pursuant to, and in accordance with, Rule 135 under the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.

About Brooge Energy Limited

Brooge Energy conducts all of its business and operations through its wholly owned subsidiaries, Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), Fujairah Free Zone Entities. Brooge Energy is a midstream oil storage and service provider strategically located outside the Strait of Hormuz adjacent to the Port of Fujairah in the United Arab Emirates. Its oil storage business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low oil losses. For more information please visit at www.broogeenergy.com

Forward-Looking Statements

This press release contains statements concerning, among other matters, a proposed offering and the purpose thereof that constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by Brooge Energy with the SEC, including under the caption “Risk Factors” in Brooge Energy’s Annual Report on Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on April 5, 2021, as amended by Amendment No. 1 to the Annual Report on Form 20-F/A filed with the SEC on April 6, 2021. There can also be no assurance that the registration statement will be declared effective by the SEC, or that Brooge Energy will be able to complete the public offering on anticipated terms, or at all. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact


KCSA Strategic Communications
Valter Pinto / Elizabeth Barker
+1 212-896-1254 or +1 212-896-1203
[email protected] 



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Ryerson to Host Earnings Call on Thursday, May 6th to Discuss First Quarter 2021 Results

PR Newswire

CHICAGO, April 22, 2021 /PRNewswire/ — Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, announced today that it will host a conference call to discuss first quarter 2021 financial results for the period ended March 31, 2021, on Thursday, May 6th, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company’s investor relations website, ir.ryerson.com. Ryerson will report earnings after the market closes on Wednesday, May 5th.  


Ryerson Holding Corporation’s First Quarter 2021 Earnings Call Details:


DATE:   

Thursday, May 6, 2021


TIME:    

10:00 a.m. ET / 9:00 a.m. CT


DIAL-IN: 

888-254-3590 (U.S. & Canada) / 929-477-0448 (International)


CONFERENCE ID: 

3582914

An online replay of the call will be posted on the investor relations website, ir.ryerson.com, and remain available for 90 days.

Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 3,900 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ryerson-to-host-earnings-call-on-thursday-may-6th-to-discuss-first-quarter-2021-results-301275492.html

SOURCE Ryerson Holding Corporation

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goeasy Ltd. Announces Pricing of US$320 Million of Senior Unsecured Notes

MISSISSAUGA, Ontario, April 22, 2021 (GLOBE NEWSWIRE) — goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), a leading full-service provider of goods and alternative financial services, is pleased to announce that it priced US$320 million aggregate principal amount of 4.375% senior unsecured notes due 2026 (the “Notes”). The Notes will be guaranteed on a senior unsecured basis by certain of goeasy’s current and future subsidiaries.

goeasy estimates the net proceeds from the offering will be approximately C$392.7 million, based on the Bank of Canada daily rate on April 21, 2021 for the Canadian dollar/U.S. dollar exchange rate, after deducting fees and estimated offering expenses, and subject to adjustment as a result of the Currency Swap referred to below. The gross proceeds from the sale of the Notes will be deposited in an escrow account. The holders of the Notes will have a security interest in the escrow account and the escrowed funds to secure the obligations under the Notes pending satisfaction of the conditions to release of such proceeds. Upon release from escrow, the proceeds from the sale of the Notes, together with the proceeds from the previously announced bought deal equity offering of 1,404,265 subscription receipts of the Company, will be used to fund the cash portion of the purchase price for the Company’s previously announced acquisition (the “Acquisition”) of LendCare Holdings Inc. (“LendCare”) in the amount of $310 million, to repay $243.5 million of existing LendCare debt, and to pay expenses incurred in connection with the Acquisition and the offering, including fees associated with entering into the Currency Swap, with the balance to be used for general corporate purposes.

The offering of the Notes is expected to close on April 29, 2021, subject to customary closing conditions. Concurrently with the offering, goeasy expects to enter into a currency swap agreement (the “Currency Swap”) to fix the foreign currency exchange rate for the proceeds from the offering and for all required payments of principal and interest under the Notes.

If the Acquisition is not completed by December 1, 2021, or upon the occurrence of certain other events, the Notes will be subject to a special mandatory redemption. The special mandatory redemption price of the Notes will be equal to 100% of the initial issue price of the Notes plus accrued and unpaid interest and additional amounts, if any, from the issue date, or, if applicable, from the most recent date to which interest has been paid, to the payment date of such redemption. The escrowed funds will be applied to pay for any such special mandatory redemption.

The Notes and related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and the Notes may not be offered or sold in the United States or to any U.S. persons unless the Notes are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. This offering will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in compliance with Rule 903 of Regulation S under the Securities Act. Additionally, in Canada the offering will be made pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About goeasy

goeasy Ltd., a Canadian company, headquartered in Mississauga, Ontario, provides non-prime leasing and lending services through its easyhome and easyfinancial divisions. With a wide variety of financial products and services including unsecured and secured instalment loans, goeasy aspires to help put Canadians on a path to a better financial future, as they rebuild their credit and graduate to prime lending. Customers can transact seamlessly with easyhome and easyfinancial through an omni-channel model that includes online and mobile, as well as over 400 leasing and lending locations across Canada supported by more than 2,000 employees. Throughout the company’s history, it has served over 1 million Canadians and originated $5.0 billion in loans, with one in three customers graduating to prime credit and 60% increasing their credit score within 12 months of borrowing.

Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards including Waterstone Canada’s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in North America, Greater Toronto Top Employers Award, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, ranking on the TSX30 and placing on the Report on Business ranking of Canada’s Top Growing Companies. The company and its employees believe strongly in giving back to the communities in which it operates and has raised over $3.5 million to support its long-standing partnerships with BGC Canada, Habitat for Humanity and many other local charities.

goeasy’s common shares are listed on the TSX under the trading symbol “GSY”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. Visit www.goeasy.com.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the Company. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the expectations regarding the completion and the use of proceeds of the Notes offering, the closing of the Acquisition on the terms and conditions described herein, the guarantee of the Notes by certain of goeasy’s current and future subsidiaries, and the entry into and effect of the Currency Swap. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors, including the risks described under the heading “Risk Factors” in our annual information form and management’s discussion and analysis for the year ended December 31, 2020 filed on SEDAR and described under the heading “Risk Factors” in our material change report dated April 12, 2021 filed on SEDAR, could cause actual results to differ materially from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the other filings of the Company with securities regulators.

For further information contact:

Jason Mullins
President & Chief Executive Officer
(905) 272-2788

Farhan Ali Khan
Senior Vice President, Corporate Development & Investor Relations
(905) 272-2788



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Schmitt Announces Third Quarter Fiscal 2021 Operating Results

PR Newswire

PORTLAND, Ore., April 22, 2021 /PRNewswire/ — Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced its operating results for the fiscal quarter ended February 28, 2021. The operating results for the nine months ended February 28, 2021 include financial results from Schmitt’s July 9, 2020 acquisition of Ample Hills Creamery (“Ample Hills”).


Highlights of the three months and nine months ended February 28, 2021

  • Consolidated revenues increased $573,477, or 52.4%, to $1,668,444 for the three months ended February 28, 2021, as compared to $1,094,967 for the three months ended February 28, 2020. For the nine months ended February 28, 2021, consolidated revenues increased $1,982,795, or 61.5%, to $5,205,641, as compared to $3,222,846 for the nine months ended February 28, 2020.
  • The Company’s newly formed Ice Cream Segment generated revenues of $621,730 for the three months ended February 28, 2021. From the date of the Company’s acquisition of Ample Hills on July 9, 2020 through February 28, 2021, the Ice Cream Segment generated revenues of $2,282,139.
  • Measurement Segment revenue decreased $48,253, or 4.4%, to $1,046,714 for the three months ended February 28, 2021 as compared to $1,094,967 for the three months ended February 29, 2020. The decrease is primarily driven by a decrease in Acuity and Xact product revenue of $48,029 and $36,910, respectively. The decline was offset by an increase in Xact monitoring revenue of $36,893, or 9.4%. Measurement Segment revenue decreased $299,344, or 9.3%, to $2,923,502 for the nine months ended February 28, 2021 as compared to $3,222,846 for the nine months ended February 29, 2020. The decrease was driven by a decrease in Acuity and Xact product revenue of $161,465 and $157,880, respectively. The decline was offset by an increase in Xact monitoring revenue of $96,648, or 8.5%, for the nine months ended February 28, 2021.
  • Gross margin decreased to 49.8% for the three months ended February 28, 2021, as compared to 55.1% for the three months ended February 28, 2020. Gross margin increased to 46.1% for the nine months ended February 28, 2021 as compared to 45.6% for the nine months ended February 28, 2020.
  • Operating expenses increased $2,300,328, or 222.2%, to $3,335,650 for the three months ended February 28, 2021, as compared to $1,035,322 for the three months ended February 28, 2020. The increase was due to the inclusion of the Ample Hills business along with increased stock compensation, professional fees, and investments in information technology.
  • Net loss from continuing operations was ($2,419,797) or ($0.64) per fully diluted share, for the three months ended February 28, 2021 compared to net loss from continuing operations of ($240,277) or ($0.06) per fully diluted share, for the three months ended February 29, 2020. Net loss from continuing operations was ($4,635,607) or ($1.23) per fully diluted share, for the nine months ended February 28, 2021 compared to net loss from continuing operations of ($1,138,481) or ($0.29) per fully diluted share, for the nine months ended February 29, 2020.

The Company finished the quarter ended February 28, 2021 with $4,166,364 in cash, as compared to $10,566,531 for the year ended May 31, 2020.

Michael Zapata, Schmitt’s Chairman and Chief Executive Officer, commented, “We continue to make progress as a Company across our three business units. For Ample Hills, the team has overseen the capital expenditures for our Red Hook factory, has navigated the winter months appropriately while staying safe in the COVID environment and ensuring no inter-company transmissions, and has successfully launched new packaging for our Ample Hills pints. We are excited for the coming months as we head into the ice cream summer season. Please also keep an eye out for our new location opening soon in Brooklyn.”

“In our SMS Measurement segment, our Portland team continues to make great progress across the units as they focus on business development and improved customer experiences in both our Acuity and Xact business lines.”

Real Estate Update

Schmitt listed the 28th Street building for sale on December 18, 2020. There is no certainty or timing of the sale of this property.


Summary data for the three and nine months ended February 28, 2021 and February 29, 2020:

Three months ended February 28,

Change

2021

2020

$

%

Total net revenue

$

1,668,444

$

1,094,967

$

573,477

52.4%

Gross margin

49.8%

55.1%

Operating expenses

3,335,650

1,035,322

2,300,328

222.2%

Net loss from continued operations

(2,419,797)

(240,277)

(2,179,520)

907.1%

Net loss per common share
from continued operations, diluted

$

(0.64)

$

(0.06)

$

(0.58)

966.7%

Nine months ended February 28,

Change

2021

2020

$

%

Total net revenue

$

5,205,641

$

3,222,846

$

1,982,795

61.5%

Gross margin

46.1%

45.6%

Operating expenses

8,674,379

2,818,187

5,856,192

207.8%

Net loss from continued operations

(4,635,607)

(1,138,481)

(3,497,126)

307.2%

Net loss per common share
from continued operations, diluted

$

(1.23)

$

(0.29)

$

(0.94)

324.1%

 


Reconciliation of Adjusted EBITDA:

Three months ended February 28,

2021

2020

Loss before income taxes from continuing operations

$

(2,421,434)

$

(244,483)

Depreciation and amortization

120,617

37,803

EBITDA from continuing operations

$

(2,300,817)

$

(206,680)

Adjusted for:

Bargain purchase gain

(2,277)

–

Stock-based compensation

(87,878)

134,122

Unrecoverable Inventory Costs

–

–

Software write-down & recoveries

–

(19,079)

Non-recurring expenses

–

93,249

Adjusted EBITDA from continuing operations

$

(2,390,971)

$

1,612

Nine months ended February 28,

2021

2020

Loss before income taxes from continuing operations

$

(5,040,274)

$

(1,150,516)

Depreciation and amortization

307,732

121,080

EBITDA from continuing operations

$

(4,732,542)

$

(1,029,436)

Adjusted for:

Bargain purchase gain

1,187,235

–

Income from discontinued product line

57,140

(134,269)

Stock-based compensation

163,493

326,724

Unrecoverable Inventory Costs

–

76,099

Software write-down & recoveries

–

57,942

Non-recurring expenses

–

601,929

Adjusted EBITDA from continuing operations

$

(3,324,674)

$

(101,011)

 


Reconciliation of Adjusted Net Loss and Non-GAAP EPS:

Three months ended February 28,

2021

2020

Net loss from continuing operations

$

(2,419,797)

$

(240,277)

Adjusted for:

Bargain purchase gain

(2,277)

–

Income from discontinued product line

–

93,249

Stock-based compensation

(87,878)

134,122

Software write-down & recoveries

–

(19,079)

Tax effects of adjustments

22,539

(52,073)

Adjusted net loss from continuing operations (Non-GAAP)

$

(2,487,413)

$

(84,058)

Non-GAAP loss per fully diluted share

$

(0.66)

$

(0.02)

Nine months ended February 28,

2021

2020

Net loss from continuing operations

$

(4,635,607)

$

(1,138,481)

Adjusted for:

Bargain purchase gain

1,187,235

–

Income from discontinued product line

57,140

(134,269)

Stock-based compensation

163,493

326,724

Software write-down & recoveries

–

57,942

Non-recurring expenses

–

601,929

Unrecoverable Inventory Costs

–

76,099

Tax effects of adjustments

(351,967)

(232,106)

Adjusted net loss from continuing operations (Non-GAAP)

$

(3,579,706)

$

(442,162)

Non-GAAP loss per fully diluted share

$

(0.95)

$

(0.11)


Use of Non-GAAP Financial Measures by Schmitt Industries

This release presents the non-GAAP financial measures “Adjusted EBITDA from continuing operations”, “Adjusted net loss from continuing operations (Non-GAAP)”, and “Non-GAAP loss per fully diluted share.” The most directly comparable measure for these non-GAAP financial measures are net income and basic and diluted net income per share. The Company presents adjusted EBITDA after excluding the bargain purchase gain related to the Ample Hills acquisition, related transaction and re-organization expenses, and stock-based compensation.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding Schmitt’s financial condition and results of operations is included as Exhibit 10.5 to Schmitt’s report on Form 8-K filed with the Securities and Exchange Commission on January 15, 2021.


About Schmitt Industries

Schmitt Industries, Inc., founded in 1987, designs, manufactures and sells high precision test and measurement products, solutions and services through its Acuity® and Xact® product lines. Acuity provides laser and white light sensor distance measurement and dimensional sizing products, and our Xact line provides ultrasonic-based remote tank monitoring products and related monitoring revenues for markets in the Internet of Things environment. The Company also owns and operates Ample Hills Creamery, a beloved ice cream manufacturer and retailer based in Brooklyn, NY.


FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors. A complete discussion of the risks and uncertainties that may affect Schmitt’s business, including the business of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.

For further information regarding risks and uncertainties associated with the Company’s business, please refer to Schmitt’s SEC filings, including, but not limited to, its Forms 10-K, 10-Q and 8-K.

The forward-looking statements in this release speak only as of the date on which they were made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes to this document made by wire services or internet service providers.

For more information contact:

Michael R. Zapata, President and CEO

Philip Bosco, CFO and Treasurer

(503) 227-7908 or visit our website at www.schmitt-ind.com

 

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SOURCE Schmitt Industries, Inc.

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Vantage Drilling International Schedules First Quarter 2021 Earnings Release Date and Conference Call

HOUSTON, April 22, 2021 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”) today announced that it will host a conference call at 10:00 AM Eastern Time on May 6, 2021 to discuss operating results for the first quarter of 2021. Vantage will release earnings before the market opens on May 6, 2021. Vantage’s earnings release will be posted to the Vantage website at www.vantagedrilling.com. 

To access the conference call, Click to Join and enter your information to be connected. As an alternative, U.S. callers may dial toll free 800-289-0438 and international callers may dial +1 323-794-2423 using passcode 8106909. Please call ten minutes ahead of time to ensure proper connection. A replay of the conference call will be available for two weeks following the call and can be accessed by dialing 719-457-0820 for U.S. callers and 888-203-1112 for international callers. The access code for the replay is 8106909.

About the Company

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships and five premium jackup drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of, drilling units owned by others.

Contact Info:
Douglas E. Stewart
Chief Financial Officer and General Counsel
Vantage Drilling International
c/o Vantage Energy Services, Inc.
777 Post Oak Blvd. Suite 800
Houston, Texas 77056
Tel: +1 281 404 4700

PDF available: http://ml.globenewswire.com/Resource/Download/8d0a8a6b-34af-4380-a60e-ae764e40cb9c



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Dril-Quip, Inc. Schedules First Quarter 2021 Earnings Release and Upcoming Webcast

HOUSTON, April 22, 2021 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) announced today that it will release its first quarter 2021 earnings press release following the market close on Thursday, April 29, 2021. The Company will also participate in a fireside chat webcast conversation with Luke Lemoine of Capital One Securities on Friday, April 30, 2021 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).

Blake DeBerry, Dril-Quip’s Chief Executive Officer, and Raj Kumar, Dril-Quip’s Vice President and Chief Financial Officer, will be discussing multiple topics regarding the Company’s recent financial performance, current operations and business outlook with Mr. Lemoine. There will be no questions and answers from other participants during the event, but all stakeholders are welcome listen to the conversation via webcast or conference call.

Participants who wish to join the webcast may do so by registering through this link: https://edge.media-server.com/mmc/p/8pkwrqgd. Participants may also access the conversation by dialing (833) 562-0157 for domestic or (661) 567-1240 for international and conference call identification code 9274477.

The first quarter 2021 earnings press release and link to access the webcast will be available on Dril-Quip’s website, www.dril-quip.com, under the “Investors” section. A replay of the webcast will be available for one year following the event.

About Dril-Quip

Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep-water, harsh environments and severe service applications.

Investor Relations Contact

Blake Holcomb, Director of Investor Relations and Corporate Planning
(713) 939-7711
[email protected]



Posted on

AGCO Announces New Capital Allocation Framework

AGCO Announces New Capital Allocation Framework

Quarterly Dividend Increased to $0.20 per share

Special Dividend Declared of $4.00 per share

DULUTH, Ga.–(BUSINESS WIRE)–
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, announced today that it is implementing a new capital return framework to enhance the Company’s ability to return cash to shareholders across a variety of market conditions. The new capital return strategy will include AGCO’s regular quarterly dividend payments, share repurchases and an annual variable special dividend to return excess cash. As part of this framework, AGCO’s Board of Directors has increased its quarterly dividend by 25%, from $0.16 per share to $0.20 per share. At the new rate, regular dividends on an annual basis would total $0.80 per common share compared to the previous $0.64 per common share. The increased quarterly dividend was declared on April 22, 2021 and is payable on June 15, 2021 to stockholders of record as of the close of business on May 14, 2021.

AGCO reiterates its capital allocation priorities which remain focused on supporting its strategic objectives, followed by the return of cash to stockholders. As previously discussed, AGCO will be reinstating share repurchases in 2021. As of December 31, 2020, the remaining amount eligible to be repurchased under board-approved authorizations was approximately $245.0 million, which has no expiration date. The company expects to repurchase shares opportunistically with a target amount of $120 to $150 million in 2021.

Additional cash available for shareholder distribution will be deployed in the form of a variable special dividend, with the amount based upon cash flow generated in the Company’s prior fiscal year and the Company’s expected future earnings, capital requirements, acquisition opportunities and financial conditions. The first of AGCO’s variable special dividend payments was declared on April 22, 2021 in the amount of $4.00 per share, payable on June 1, 2021 to shareholders of record at the close of business on May 10, 2021. Any future annual variable special dividends made by the Company are expected to be declared and paid in the first quarter of each year. Special dividends, as well as regular dividends and share repurchases, may be suspended, discontinued or modified at any time, for any reason and without notice.

“This new capital return framework balances AGCO’s continued commitment to returning cash to shareholders while limiting shareholder concentration and supporting liquidity in the Company’s common stock,” said Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer.

Safe Harbor Statement

Statements that are not historical facts, including expectations regarding the new capital allocation framework and the timing and amount of share repurchases and dividends, are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the statements. These risks include declines in our sales as a result of weather, demand and other conditions that impact farm income, actions by producers of competitive products, and changes in the general economy. For more details on these and the other reasons that could cause actual results may differ materially, please see the discussion of “risk factors” contained in our Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

About AGCO

AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.1 billion in 2020. For more information, visit www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

Please visit our website at www.agcocorp.com

Greg Peterson

Vice President, Investor Relations

(770) 232-8229

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Agriculture Natural Resources Other Manufacturing Manufacturing

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Sensient Declares Dividend

Sensient Declares Dividend

MILWAUKEE–(BUSINESS WIRE)–
The Board of Directors of Sensient Technologies Corporation (NYSE: SXT) has declared a regular quarterly cash dividend on its common stock of $0.39 per share. The cash dividend will be paid on June 1, 2021, to shareholders of record on May 3, 2021.

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

Category: Dividends

Amy Agallar

(414) 347-3706

KEYWORDS: United States North America Wisconsin

INDUSTRY KEYWORDS: Cosmetics Retail Health Chemicals/Plastics Manufacturing Pharmaceutical Food/Beverage

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Sproutly Amends Maturity Date of Convertible Debentures

Sproutly Amends Maturity Date of Convertible Debentures

NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES

VANCOUVER–(BUSINESS WIRE)–
Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly” or the “Company”) announces that the Company has entered into a fourth supplemental indenture dated April 22, 2021 (the “Fourth Supplemental Indenture”) between the Company and TSX Trust Company, as trustee, which amends the terms of its convertible debenture indenture dated October 24, 2018 (the “Original Indenture”), as amended by the first supplemental indenture dated April 24, 2020 (the “First Supplemental Indenture”) and as further amended by the second supplemental indenture dated July 23, 2020 (the “Second Supplemental Indenture”) and as further amended by the third supplemental indenture dated September 23, 2020(the “Third Supplemental Indenture”, and together with the Original Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”) providing for the issuance of 8.0% senior unsecured convertible debentures in the aggregate principal amount of $10,750,000 (the “Debentures”).

Pursuant to the Fourth Supplemental Indenture, the Indenture was modified to extend the expiry date by one year, subject to the prior written approval of Debenture holders holding more than 20% of the outstanding Debentures.

As of the date hereof, Debentures in the principal amount of $2,000,000 are currently outstanding and due to mature on April 24, 2021. The Debentures were originally convertible by the holders thereof into common shares of the Company at a price of $0.75 per common share. Pursuant to the First Supplement Indenture, the Company and the Debenture holders approved an amendment to the conversion price to $0.105 per share. Pursuant to the Second Supplemental Indenture, the Indenture was amended to provide for certain payments of principal and interest under the Indenture to be settled by the Company in cash or common shares of the Company. Pursuant to the Third Supplemental Indenture, the Indenture was amended to move the conversion price to $0.06 per share and extend the maturity date by six months to April 24, 2021.

In connection with the execution of the Fourth Supplemental Indenture, the Company has extended the maturity date from April 24, 2021 to April 24, 2022.

For additional details regarding the Debentures, please refer to the Company’s news releases dated October 24, 2018, December 21, 2018, April 24, 2020, July 30, 2020, and September 23, 2020 along with the Company’s final short form prospectus dated December 19, 2018, each of which are available on the Company’s SEDAR profile at www.sedar.com.

About Sproutly Canada, Inc.

Sproutly’s core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Our natural water-soluble Infuz2O and BioNatural Oils will deliver revolutionary brands to international markets that are striving to produce a diverse portfolio of differentiated consumer products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.

For more information on Sproutly, please visit: www.sproutly.ca.

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of Sproutly. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release include without limitation, statements regarding the Fourth Supplemental Indenture and the amendments to the Indenture.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company’s inability to obtain the necessary approvals for the Fourth Supplemental Indenture and the amendments to the Indenture. In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will obtain all necessary approvals to approve the Fourth Supplemental Indenture and the amendments to the Indenture.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Dr. Arup Sen, Chief Executive Officer and Director of Sproutly Canada, Inc.

Email: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Men Retail Specialty Consumer

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Heritage Commerce Corp Declares Regular Quarterly Cash Dividend of $0.13 Per Share

SAN JOSE, Calif., April 22, 2021 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce, today announced that its Board of Directors declared its regular quarterly cash dividend of $0.13 per share to holders of common stock. The dividend will be payable on May 27, 2021, to shareholders of record at close of business day on May 13, 2021.

“The Board of Directors is pleased to be able to announce the issuance of its regular quarterly cash dividend, despite the challenges presented by the ongoing pandemic,” said Walter Kaczmarek, President and Chief Executive Officer. “We believe that our quarterly dividend is an important part of building shareholder value.”

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

Member FDIC

For additional information, contact:

Debbie Reuter

EVP, Corporate Secretary
Direct: (408) 494-4542
[email protected]