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Bentley Systems to Announce Operating Results on March 2, 2021

Bentley Systems to Announce Operating Results on March 2, 2021

EXTON, Pa.–(BUSINESS WIRE)–
Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, will release fourth quarter and its fiscal full-year 2020 operating results, before the market opens, on March 2, 2021. (The Company’s filing schedule accords with its designation, for the initial public offering of its common stock in September, 2020, as an Emerging Growth Company).

During its presentation, the Company will provide its annual investor guidance for 2021 revenues, ARR growth, and Adjusted EBITDA.

A live Zoom Video Webinar of the event can be accessed at 8:30 a.m. Eastern Time that same day through a direct registration link at https://zoom.us/webinar/register/WN_i4XEjuozSPicl1dXJtnsCg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. A replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annualized revenues of more than $800 million in 172 countries. www.bentley.com.

Investor Contact:

Carey Mann

1-610-458-3170

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Software Technology Engineering Manufacturing

MEDIA:

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TechnipFMC to Host Capital Markets Day Dedicated to Technip Energies on January 28, 2021

TechnipFMC to Host Capital Markets Day Dedicated to Technip Energies on January 28, 2021

LONDON & PARIS & HOUSTON–(BUSINESS WIRE)–
Regulatory News:

TechnipFMC plc (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) (the “Company” or “TechnipFMC”) today announced that it will host a Capital Markets Day dedicated to Technip Energies B.V. (“Technip Energies”) in connection with the Company’s previously announced plan to separate into two industry-leading independent, publicly traded companies: TechnipFMC and Technip Energies. The transaction is expected to be structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies business segment. The separation is expected to be completed in the first quarter of 2021, subject to customary conditions and regulatory approvals.

The Capital Markets Day will feature presentations from members of Technip Energies’ executive team, including:

  • Arnaud Pieton, Chief Executive Officer
  • Bruno Vibert, Chief Financial Officer
  • Marco Villa, Chief Operating Officer

Participants will have the opportunity to interact with these individuals and other key members of Technip Energies’ leadership team.

The presentations will (1) highlight Technip Energies’ extensive project delivery capability and technology, products and services offering, (2) discuss Technip Energies’ long-term strategic vision and unique positioning in the energy transition and (3) review Technip Energies’ financial performance.

The Capital Markets Day event will be held on Thursday, January 28, 2021, at 2pm CET. A live webcast and an accompanying presentation will be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com. An archived replay of the webcast will be available on the same website for one year. A supplemental presentation containing selected financial information for Technip Energies for the years ended December 31, 2017, 2018 and 2019, and for the six months ended June 30, 2020, will also be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com.

Advisors

Rothschild & Co. is acting as financial advisor and Latham & Watkins, LLP is acting as legal advisor, with Darrois Villey Maillot Brochier and De Brauw Blackstone Westbroek N.V serving as additional legal advisors, to the Company.

BNP Paribas, J.P. Morgan, Morgan Stanley and Société Générale are acting as joint equity capital markets advisors in connection with the proposed distribution of Technip Energies shares to the holders of TechnipFMC shares upon completion of the separation.

Credit Agricole Corporate and Investment Bank is also acting in a supporting role.

About Technip Energies (“SpinCo”)

With approximately 15,000 employees, Technip Energies would be one of the largest engineering and technology companies globally, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in sustainable chemistry and CO2 management. In addition, the new company will benefit from its robust project delivery model and extensive technology, products and services offering. The company would comprise the Technip Energies segment, including Genesis – a leader in advisory services and front-end engineering.

About TechnipFMC (“RemainCo”)

With approximately 21,000 employees, TechnipFMC would be the largest diversified pure play in the industry. The Company’s role will be to support clients in the delivery of unique, integrated production solutions. TechnipFMC will continue to transform the industry through its pioneering integrated delivery model – iEPCI™, technology leadership and digital innovation.

Important Information for Investors and Securityholders

Forward-looking statements

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “expect,” “plan,” “intend,” “would,” “will,” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, and include any statements with respect to the potential separation of the Company into TechnipFMC and Technip Energies, the expected financial and operational results of TechnipFMC and Technip Energies after the potential separation and expectations regarding TechnipFMC’s and Technip Energies’ respective capital structures, businesses or organizations after the potential separation. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the U.S. Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority, as well as the following:

  • risks associated with disease outbreaks and other public health issues, including the coronavirus disease 2019 (“COVID-19”), their impact on the global economy and the business of our company, customers, suppliers and other partners, changes in, and the administration of, treaties, laws, and regulations, including in response to such issues and the potential for such issues to exacerbate other risks we face, including those related to the factors listed or referenced below;
  • risks associated with the impact or terms of the potential separation;
  • risks associated with the benefits and costs of the potential separation, including the risk that the expected benefits of the potential separation will not be realized within the expected time frame, in full or at all;
  • risks that the conditions to the potential separation, including regulatory approvals, will not be satisfied and/or that the potential separation will not be completed within the expected time frame, on the expected terms or at all;
  • the expected tax treatment of the potential separation, including as to shareholders in the United States or other countries;
  • risks associated with the sale by TechnipFMC of shares of Technip Energies to Bpifrance, including whether the conditions to closing will be satisfied;
  • changes in the shareholder bases of the Company, TechnipFMC and Technip Energies, and volatility in the market prices of their respective shares, including the risk of fluctuations in the market price of Technip Energies’ shares as a result of substantial sales by TechnipFMC of its interest in Technip Energies;
  • risks associated with any financing transactions undertaken in connection with the potential separation;
  • the impact of the potential separation on our businesses and the risk that the potential separation may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, governmental authorities, suppliers, employees and other business counterparties;
  • unanticipated changes relating to competitive factors in our industry;
  • our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers;
  • our ability to hire and retain key personnel;
  • U.S. and international laws and regulations, including existing or future environmental or trade/tariff regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
  • disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; and
  • downgrade in the ratings of our debt could restrict our ability to access the debt capital markets.

We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

Disclaimers

This press release is intended for informational purposes only for the shareholders of TechnipFMC, the majority of whom reside in the United States, the United Kingdom and Europe. This press release does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Prospectus Regulation”), and Technip Energies’ shares will be distributed in circumstances that do not constitute “an offer to the public” within the meaning of the Prospectus Regulation. This press release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a press release of this nature.

The joint equity capital markets advisors are acting exclusively for TechnipFMC and no one else in connection with the planned spin-off of the majority stake of TechnipFMC’s Technip Energies business segment and will not regard any other person as their respective clients and will not be responsible to anyone other than TechnipFMC for providing the protections afforded to their respective clients in connection with any distribution of Technip Energies shares or otherwise, nor for providing any advice in relation to the distribution of Technip Energies shares, the content of this press release or any transaction, arrangement or other matter referred to herein.

About TechnipFMC

TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.

Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.

Each of our approximately 36,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.

TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information.To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations

Matt Seinsheimer

Vice President Investor Relations

+1 281 260 3665

Matt Seinsheimer

Phillip Lindsay

Director Investor Relations (Europe)

+44 (0) 20 3429 3929

Phillip Lindsay

Media relations

Christophe Bélorgeot

Senior Vice President Corporate Engagement

+33 1 47 78 39 92

Christophe Belorgeot

Brooke Robertson

Public Relations Director

+1 281 591 4108

Brooke Robertson

KEYWORDS: Texas North America France United States United Kingdom Europe

INDUSTRY KEYWORDS: Oil/Gas Manufacturing Energy Engineering Chemicals/Plastics

MEDIA:

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OncoSec Medical Announces Proposed Public Offering of Common Stock

PR Newswire

PENNINGTON, N.J. and SAN DIEGO, Jan. 20, 2021 /PRNewswire/ — OncoSec Medical Incorporated (NASDAQ:ONCS) (the “Company” or “OncoSec”), a late-stage biotechnology company focused on designing, developing and commercializing innovative therapies and proprietary medical approaches to stimulate and to guide an anti-tumor immune response for the treatment of cancer today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares to be sold in the offering will be offered by OncoSec.

BTIG, LLC is acting as sole book-running manager for the offering.

OncoSec intends to use the net proceeds from this offering for (i) clinical, regulatory, manufacturing and, if and when approved, potential commercial activities of its product candidates; (ii) clinical development of our product candidates; (iii) research and development activities; (iv) potential acquisitions and in-licensing; and (v) other general corporate purposes.

OncoSec will file a preliminary prospectus supplement and accompanying base prospectus to its effective shelf registration statement on Form S-3 (File No. 333-233447) with the U.S. Securities and Exchange Commission (“SEC”) for the proposed public offering of its common stock. The offering will be made only by means of a prospectus and a prospectus supplement, which will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to these securities may also be obtained, when available, by contacting BTIG, LLC 65 East 55th Street, New York, NY, 10022, or by telephone at (212) 593-7555 or by e-mail at [email protected].

The offering of these securities is being made under an effective shelf registration statement on file with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.

About TAVO
™ 

OncoSec’s gene therapy technology combines TAVO™ (tavokinogene telseplasmid), a DNA plasmid-based interleukin-12 (“IL-12”), with an intra-tumoral electroporation gene delivery platform to achieve endogenous IL-12 production in the tumor microenvironment that enables the immune system to target and attack tumors throughout the body. TAVO has demonstrated a local and systemic anti-tumor response in several clinical trials, including the pivotal Phase 2b trial KEYNOTE-695 for metastatic melanoma and the KEYNOTE-890 Phase 2 trial in triple negative breast cancer (“TNBC”). TAVO has received both Orphan Drug and Fast-Track Designation by the U.S.  Food & Drug Administration for the treatment of metastatic melanoma.

About OncoSec Medical Incorporated

OncoSec Medical Incorporated (the “Company,” “OncoSec,” “we” or “our”) is a late-stage biotechnology company focused on developing cytokine-based intratumoral immunotherapies to stimulate the body’s immune system to target and attack cancer. OncoSec’s lead immunotherapy investigational product candidate – TAVO (tavokinogene telseplasmid) – enables the intratumoral delivery of DNA-based interleukin-12 (“IL-12”), a naturally occurring protein with immune-stimulating functions. The technology, which employs electroporation, is designed to produce a controlled, localized expression of IL-12 in the tumor microenvironment, enabling the immune system to target and attack tumors throughout the body. OncoSec has built a deep and diverse clinical pipeline utilizing TAVO as a potential treatment for multiple cancer indications either as a monotherapy or in combination with leading checkpoint inhibitors; with the latter potentially enabling OncoSec to address a great unmet medical need in oncology: anti-PD-1 non-responders. Results from recently completed clinical studies of TAVO have demonstrated a local immune response, and subsequently, a systemic effect as either a monotherapy or combination treatment approach along with an acceptable safety profile, warranting further development. In addition to TAVO,  OncoSec is identifying and developing new DNA-encoded therapeutic candidates and tumor indications for use with its new Visceral Lesion Applicator, to target deep visceral lesions, such as liver, lung or pancreatic lesions. For more information, please visit www.oncosec.com. 

TAVO™ is a trademark of OncoSec Medical Incorporated.

Risk Factors and Forward-Looking Statements

This release, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements, including statements regarding the completion, timing and size of its public offering and the anticipated use of proceeds,  that involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Forward-looking statements provide the Company’s current beliefs, expectations and intentions regarding future events and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” and similar expressions (including the negative of these terms). Although we believe that expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company intends these forward-looking statements to speak only at the time they are published on or as otherwise specified and does not undertake to update or revise these statements as more information becomes available, except as required under federal securities laws and the rules and regulations of the Securities Exchange Commission (“SEC”). In particular, you should be aware that the success and timing of our clinical trials, including safety and efficacy of our product candidates, patient accrual, unexpected or expected safety events, the impact of COVID-19 on the supply of our candidates or the initiation or completion of clinical trials and the usability of data generated from our trials may differ and may not meet our estimated timelines. Please refer to the risk factors and other cautionary statements provided in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020 and subsequent periodic and current reports filed with the SEC (each of which can be found at the SEC’s website www.sec.gov), as well as other factors described from time to time in the Company’s filings with the SEC.

Company Contact

Kim Jaffe, Ph.D.
Assistant Vice President, Business Development & Operations  
+1-858-210-7330
[email protected] 

Media Contact

Patrick Bursey

LifeSci Communications
+1-646-970-4688
[email protected]

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/oncosec-medical-announces-proposed-public-offering-of-common-stock-301212038.html

SOURCE OncoSec Medical Incorporated

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First Trust Mortgage Income Fund Declares its Monthly Common Share Distribution of $0.06 Per Share for February

First Trust Mortgage Income Fund Declares its Monthly Common Share Distribution of $0.06 Per Share for February

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Mortgage Income Fund (the “Fund”) (NYSE: FMY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.06 per share payable on February 16, 2021, to shareholders of record as of February 2, 2021. The ex-dividend date is expected to be February 1, 2021. The monthly distribution information for the Fund appears below.

First Trust Mortgage Income Fund (FMY):

  

Distribution per share:

$0.06

Distribution Rate based on the January 19, 2021 NAV of $14.33:

5.02%

Distribution Rate based on the January 19, 2021 closing market price of $13.50:

5.33%

A portion of this distribution may come from net investment income, net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2021 will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks to preserve capital. The Fund pursues these investment objectives by investing primarily in mortgage-backed securities representing part ownership in a pool of either residential or commercial mortgage loans that, in the opinion of the Fund’s portfolio managers, offer an attractive combination of credit quality, yield and maturity.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, interest rate risk and liquidity risk.. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio’s current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Liquidity risk is the risk that illiquid and restricted securities may be difficult to value and to dispose of at a fair price at the times when the Fund believes it is desirable to do so.

A mortgage-backed security may be negatively affected by the quality of the mortgages underlying such security and the structure of its issuer. For example, if a mortgage underlying a particular mortgage-backed security defaults, the value of that security may decrease. Moreover, a downturn in the markets for residential or commercial real estate or a general economic downturn could negatively affect both the price and liquidity of privately issued mortgage-backed securities. A portion of the Fund’s managed assets may be invested in subordinated classes of mortgage-backed securities. Such subordinated classes are subject to a greater degree of non-payment risk than are senior classes of the same issuer or agency.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Manipulation of the LIBOR rate-setting process would raise the risk of adverse impacts to a fund if a fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Jeff Margolin 630-915-6784

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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IIROC Trading Halt – NLC

Canada NewsWire

VANCOUVER, BC, Jan. 20, 2021 /CNW/ – The following issues have been halted by IIROC:

Company: Neo Lithium Corp.

TSX-Venture Symbol: NLC

All Issues: Yes

Reason: At the Request of the Company Pending News

Halt Time (ET): 4:16 PM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

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APEGA responds to public concerns about transparency in investigating engineering and geoscience practices

Edmonton, Jan. 20, 2021 (GLOBE NEWSWIRE) — Through the Engineering and Geoscience Professions Act (EGP Act), APEGA has the authority to investigate unprofessional conduct and unskilled practice for engineering and geoscience in Alberta. However, the EGP Act does not permit APEGA to fully disclose the status of ongoing investigations.

 

APEGA has worked with the government of Alberta and submitted updates to the Act. Included are changes that will allow APEGA greater transparency in reporting whether investigations have been initiated. APEGA is hopeful that the updated legislation will be passed later this year.

“We continue to see real-world cases that can put the Alberta public at risk. This is why it is critical that our submission to the government to modernize the EGP Act is passed,” states Jay Nagendran, P.Eng., APEGA’s registrar and chief executive officer.

APEGA also monitors the decisions of other regulators for mention of our registrants. “When we become aware of those findings, we act,” says Matthew Oliver, P.Eng., APEGA’s deputy registrar and chief regulatory officer. “In protecting the public welfare, we take very seriously any action that violates the trust of the professions.”

 

For more information on our recommended legislative changes to the Act, visit APEGA Legislative Review.

 

Established in 1920, APEGA is responsible for regulating the practices of engineering and geoscience in the province of Alberta.

 

– 30 –

 

For more information, please contact:

Bruce Fraser                                                                                                                      

Director, Communications

Tel: (587) 489-1517 or toll free 1-800-661-7020

Cell: 780-426-1877

[email protected]

www.apega.ca 



Necha Aitken
The Association of Professional Engineers and Geosciences of Alberta (APEGA)
587-489-1582
[email protected]

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First Trust MLP and Energy Income Fund Declares Monthly Common Share Distributions of $0.05 Per Share for February, March and April

First Trust MLP and Energy Income Fund Declares Monthly Common Share Distributions of $0.05 Per Share for February, March and April

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust MLP and Energy Income Fund (the “Fund”) (NYSE: FEI) has declared the Fund’s monthly common share distributions for February, March and April of $0.05 per share for each month.

The payable, record and expected ex-dividend dates, as well as the distribution per share amount for these distributions are as follows:

 

February

March

April

Payable Date:

02/16/21

03/15/21

04/15/21

Record Date:

02/02/21

03/02/21

04/05/21

Expected Ex-Dividend Date:

02/01/21

03/01/21

04/01/21

Distribution Per Share:

$0.05

$0.05

$0.05

The monthly distribution information for the Fund appears below.

First Trust MLP and Energy Income Fund (FEI):

Distribution per share:

$0.05

Distribution Rate based on the January 19, 2021 NAV of $7.41:

8.10%

Distribution Rate based on the January 19, 2021 closing market price of $6.50:

9.23%

It is anticipated that, due to the tax treatment of cash distributions made by master limited partnerships (“MLPs”) in which the Fund invests, a portion of the distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital. The final determination of the source and tax status of all distributions paid in 2021 will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company that seeks to provide a high level of total return with an emphasis on current distributions paid to common shareholders. The Fund seeks to provide its common shareholders with a vehicle to invest in a portfolio of cash-generating securities, with a focus on investing in publicly-traded MLPs and MLP-related entities in the energy sector and energy utilities industries. Under normal market conditions, the Fund invests at least 85% of its managed assets in equity and debt securities of MLPs, MLP-related entities and other energy sector and energy utilities companies. To generate additional income, the Fund expects to write (or sell) covered call options on up to 35% of its managed assets. The Fund is treated as a regular corporation, or a “C” corporation, for United States federal income tax purposes and, as a result, is subject to corporate income tax to the extent the Fund recognizes taxable income.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of December 31, 2020, EIP managed or supervised approximately $3.8 billion in client assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.

Because the Fund is concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the fund are spelled out in the shareholder report and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Jeff Margolin 630-915-6784

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Banking Professional Services Finance

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First Trust Energy Infrastructure Fund Declares its Monthly Common Share Distribution of $0.0625 Per Share for February

First Trust Energy Infrastructure Fund Declares its Monthly Common Share Distribution of $0.0625 Per Share for February

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Energy Infrastructure Fund (the “Fund”) (NYSE: FIF) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.0625 per share payable on February 16, 2021, to shareholders of record as of February 2, 2021. The ex-dividend date is expected to be February 1, 2021. The monthly distribution information for the Fund appears below.

First Trust Energy Infrastructure Fund (FIF):

  

Distribution per share:

 

$0.0625

Distribution Rate based on the January 19, 2021 NAV of $13.31:

 

5.63%

Distribution Rate based on the January 19, 2021 closing market price of $11.27:

 

6.65%

The Fund’s Board of Trustees has approved a managed distribution policy for the Fund (the “Plan”) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic distributions of long-term capital gains as frequently as monthly each tax year. Under the Plan, the Fund intends to continue to pay its recurring monthly distribution in the amount of $0.0625 per share that reflects the distributable cash flow of the Fund. A portion of this monthly distribution may include long-term capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing long-term capital gains throughout the year. The annual distribution rate is independent of the Fund’s performance during any particular period. Accordingly, you should not draw any conclusions about the Fund’s investment performance from the amount of any distribution or from the terms of the Plan.

The distribution may consist of net investment income earned by the Fund, net short-term and long-term capital gains and/or tax-deferred return of capital. Tax-deferred return of capital, if any, is primarily due to the tax treatment of cash distributions made by master-limited partnerships (“MLPs”) in which the Fund invests. The final determination of the source of tax status of all 2021 distributions will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company that seeks to provide a high level of total return with an emphasis on current distributions paid to shareholders. The Fund seeks to achieve its investment objectives by investing primarily in securities of companies engaged in the energy infrastructure sector. These companies principally include publicly-traded MLPs and limited liability companies taxed as partnerships, MLP affiliates, YieldCos, pipeline companies, utilities, and other companies that derive at least 50% of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, “Energy Infrastructure Companies”). To generate additional income, the Fund expects to write (or sell) covered call options on up to 35% of the managed assets held in the Fund’s portfolio.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of December 31, 2020, EIP managed or supervised approximately $3.8 billion in client assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.

Because the Fund is concentrated in securities issued by energy infrastructure companies, it will be more susceptible to adverse economic or regulatory occurrences affecting that industry, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common stocks. The number of energy-related MLPs has declined since 2014. The industry is witnessing the consolidation or simplification of corporate structures where the MLP sleeve of capital is being eliminated. As a result of the foregoing, the Fund’s MLP investments could become less diverse and the Fund may increase its non-MLP investments consistent with its investment objective and policies. Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the MLPs, MLP-related entities and other energy sector and energy utility companies in which the Fund invests.

The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

There can be no assurance as to what portion of the distributions paid to the Fund’s Common Shareholders will consist of tax-advantaged qualified dividend income.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Manipulation of the LIBOR rate-setting process would raise the risk of adverse impacts to a fund if a fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries

Jane Doyle

630-765-8775

Analyst Inquiries

Jeff Margolin

630-915-6784

Broker Inquiries

Jeff Margolin

630-915-6784

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

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First Trust Senior Floating Rate 2022 Target Term Fund Decreases its Monthly Common Share Distribution to $0.0128 Per Share for February

First Trust Senior Floating Rate 2022 Target Term Fund Decreases its Monthly Common Share Distribution to $0.0128 Per Share for February

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Senior Floating Rate 2022 Target Term Fund (the “Fund”) (NYSE: FIV) has decreased its regularly scheduled monthly common share distribution to $0.0128 per share from $0.0153 per share. The distribution will be payable on February 16, 2021, to shareholders of record as of February 2, 2021. The ex-dividend date is expected to be February 1, 2021. The monthly distribution information for the Fund appears below.

First Trust Senior Floating Rate 2022 Target Term Fund (FIV):

Distribution per share:

$0.0128

Distribution Rate based on the January 19, 2021 NAV of $9.62:

1.60%

Distribution Rate based on the January 19, 2021 closing market price of $9.22:

1.67%

Decrease from previous distribution of $0.0153:

-16.34%

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2021 will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a diversified, closed-end management investment company. The Fund’s investment objectives are to seek a high level of current income and to return $9.85 per common share of beneficial interest (“Common Share”) of the Fund (the original net asset value (“Original NAV”) per Common Share before deducting offering costs of $0.02 per Common Share) to the holders of Common Shares on or about February 1, 2022 (the “Termination Date”). The Fund, under normal market conditions, pursues its objectives by primarily investing at least 80% of its Managed Assets in a portfolio of senior secured floating-rate loans of any maturity. “Managed Assets” means the total asset value of the Fund minus the sum of its liabilities, other than the principal amount of borrowings. There can be no assurance that the Fund’s investment objectives will be achieved.

As a result of the sharp and sudden economic shock resulting from the unprecedented shut down of significant parts of the U.S. economy in March 2020 due to the COVID-19 pandemic, the value of the Fund’s assets experienced a significant decline. Consequently, the Fund was required to sell assets and pay down outstanding indebtedness in order to remain in compliance with applicable limitations on leverage imposed on the Fund by applicable law. While the market for the Fund’s assets has improved, sales of the Fund’s investments during the downturn had a negative impact on the Fund’s NAV. In addition, due to the Federal Open Market Committee lowering the Federal Funds target rate to 0%-.25% from 1.50% – 1.75% in March 2020, LIBOR rates declined significantly which reduced the income earning potential of the Fund and its ability to increase NAV through withholding Fund income. As a result, based on current market conditions and expectations, the Fund believes that it is unlikely to achieve its objective of returning $9.85 per Common Share upon its termination. The ultimate NAV of the Fund that will be returned to shareholders upon termination of the Fund will be dependent on a number of factors including, but not limited to, the severity of the economic contraction, the level of income earned in the portfolio, default losses experienced in the portfolio, trading losses in the portfolio and the use of leverage. As indicated above, the recent decline in interest rates, with 3-month LIBOR falling to 0.24% as of December 31, 2020 from 1.45% as of March 31, 2020, has reduced the income generated by the portfolio. Moreover, the portfolio management team anticipates actively reducing the Fund’s leverage and shifting the portfolio composition to shorter dated higher quality holdings as the Fund approaches its termination date. As a result of these actions, investors should anticipate periodic reductions in the Fund’s distribution per share going forward.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Fund will typically invest in senior loans rated below investment grade, which are commonly referred to as “junk” or “high-yield” securities and considered speculative because of the credit risk of their issuers. Such issuers are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a senior loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value.

The senior loan market has seen an increase in loans with weaker lender protections which may impact recovery values and/or trading levels in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions.

In the event a borrower fails to pay scheduled interest or principal payments on a senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Manipulation of the LIBOR rate-setting process would raise the risk of adverse impacts to a fund if a fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation.

The Fund’s limited term may cause it to invest in lower-yielding securities or hold the proceeds of securities sold near the end of its term in cash or cash equivalents, which may adversely affect the performance of the Fund or the Fund’s ability to maintain its dividend.

A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans are typically secured by a second priority security interest or lien on specified collateral securing the Borrower’s obligation under the interest. Because second lien loans are second to first lien loans, they present a greater degree of investment risk. Specifically, these loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan may be insufficient to meet scheduled payments after giving effect to those loans with a higher priority. In addition, loans that have a lower than first lien priority on collateral of the Borrower generally have greater price volatility than those loans with a higher priority and may be less liquid.

Because the assets of the Fund will be liquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, or at a time when a particular security is in default or bankruptcy, or otherwise in severe distress, which may cause the Fund to lose money. Although the Fund has an investment objective of returning Original NAV to Common Shareholders on or about the Termination Date, the Fund may not be successful in achieving this objective. The return of Original NAV is not an express or implied guarantee obligation of the Fund. There can be no assurance that the Fund will be able to return Original NAV to Common Shareholders, and such return is not backed or otherwise guaranteed by the Advisor or any other entity.

The Fund’s portfolio is also subject to credit risk, interest rate risk, liquidity risk, prepayment risk and reinvestment risk. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities. Liquidity risk is the risk that the fund may have difficulty disposing of senior loans if it seeks to repay debt, pay dividends or expenses, or take advantage of a new investment opportunity. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund’s portfolio’s current earnings rate.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Jeff Margolin 630-915-6784

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Professional Services Finance

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Hindustan Zinc Limited: Results for the Third Quarter and Nine Months Ended December 31, 2020

“Highest ever quarterly ore production; Lowest 9M cost of production[1] since transition to UG operation”

PR Newswire

UDAIPUR, India, Jan. 20, 2021 /PRNewswire/ — The following release was issued today by Vedanta Limited’s subsidiary Hindustan Zinc Limited.

Vedanta Limited

Highlights for the quarter

  • Mined metal production: 244kt
  • Refined metal production: 235kt
  • Saleable silver production: 183 MT
  • Zinc COP: $946 per MT

Hindustan Zinc Limited, the leading global integrated producer of zinc, lead and silver, reported its results for the third quarter and nine months ended December 31, 2020. 

Commenting on the Q3 performance, Mr Arun Misra, CEO, said: “We have delivered record production volumes yet again despite challenging operating environment due to Covid. Our steadfast focus on strengthening fundamentals will allow us to operate at targeted run-rate production in Q4, in turn setting the stage right for next fiscal year. We are leveraging technology for increased efficiency at our mines & smelters and more importantly to ensure safe operations in these extraordinary times.”

Mr Swayam Saurabh, CFO, said: “Our unwavering commitment to invest in cutting edge technology and increased digitization of our operations, along with other structural cost reduction initiatives has helped to successfully bring down the cost at sustainable low levels. Our firm focus on free cash flow generation through working capital optimization has enabled us to deliver industry-leading shareholder returns. We continue to strive to set new benchmarks for our peers globally and create long term value for all stakeholders.”

[1] In dollar terms

 


Financial Summary


INR. Crore or as stated


Particulars


Q3


Q2


9M


2021


2020



Change



2021



Change


2021


2020


Change


Sales
1

Zinc

3,835

3,165

21%

3,323

15%

9,720

9,725

0%

Lead

817

652

25%

861

-5%

2,283

2,007

14%

Silver

1,146

690

66%

1,237

-7%

3,026

1,844

64%

Others

235

165

42%

239

-2%

653

594

10%

Total

6,033

4,672

29%

5,660

7%

15,682

14,170

11%


EBITDA

3,314

2,288

45%

2,952

12%

7,865

6,888

14%

Profit After Taxes

2,200

1,620

36%

1,940

13%

5,499

5,466

1%


Earnings per Share

5.21

3.83

36%

4.59

14%

13.01

12.94

1%

(INR, not annualised)


Mined Metal Production (‘000 MT)

244

235

4%

238

2%

684

668

2%


Refined Metal Production (‘000 MT)

Total Refined Metal

Zinc

182

178

2%

180

1%

520

516

1%

Saleable Lead2

52

41

28%

57

-7%

153

132

16%


Zinc & Lead

235

219

7%

237

-1%

674

649

4%

Saleable Silver3,4 (in MT)

183

149

23%

203

-10%

503

442

14%

Wind Power (in million units)

61

68

-10%

113

-46%

286

366

-22%

Zinc CoP without Royalty (INR/MT)

69,744

76,571

-9%

68,228

2%

71,369

74,881

-5%

Zinc CoP without Royalty ($/MT)

946

1,077

-12%

919

3%

958

1,065

-10%

Zinc LME ($ / MT)

2,628

2,388

10%

2,335

13%

2,314

2,495

-7%

Lead LME ($ / MT)

1,901

2,045

-7%

1,873

1%

1,819

1,988

-9%

Silver LBMA ($ / oz.)

24.4

17.3

41%

24.3

1%

21.8

16.4

33%

USD-INR (average)

73.74

71.06

4%

74.24

-1%

74.48

70.34

6%


(1) 
Including other operating income


(2) 
Excluding Captive consumption of 1,611 MT in Q3 FY 2021 as compared with 1,937 MT in Q3 FY 2020 and 1,786 MT in Q2 FY2021.


(3) 
Excluding captive consumption of 9 MT in Q3 FY2021 as compared with 10.1 MT in Q3 FY 2020 and 10.2 MT in Q2 FY2021.

(4)  Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes.

 

Operational Performance
Total mined metal (MIC) production for the quarter was up 4% y-o-y to 244kt on account of higher ore production partially offset by slightly lower overall metal grades. Sequentially, MIC production grew by 2% driven by higher ore production. 9MFY21 MIC production at 684kt was up 2% y-o-y in line with higher ore production offset by slightly lower metal grades.

Integrated metal production was 235kt for the quarter, up 7% from a year ago. Integrated zinc production was 182kt, up 2% y-o-y, while integrated lead production was up 28% y-o-y to 52kt on account of dedicated pyro-lead smelter operation. Integrated silver production was 183 MT, up 23% y-o-y on account of higher lead production partially offset by lower grades at SK. Sequentially, integrated metal production was marginally down by 1% on account of lower concentrate treatment. Integrated silver production was down 10% sequentially in line with lower lead production and lower grades at SK. 9MFY21 refined metal production was up 4% at 674kt in line with mined metal availability, while 9M silver production was 14% higher y-o-y at 503 MT in line with higher lead production and higher metal grades at SK.

Financial Performance         
Revenue from operations during the quarter was INR 5,915 Crore, an increase of 28% y-o-y led by higher metal volumes, higher zinc & silver prices and rupee depreciation partly offset by lower lead prices. Zinc sales volume increased 6% y-o-y and lead by 30% y-o-y in line with higher production and robust demand.

Sequentially, revenue was up 7%, primarily driven higher zinc prices, higher metal premium, partly offset by rupee appreciation. Zinc LME prices were sequentially up 13%, while lead prices were up 1%.

Zinc cost of production before royalty (COP) was $946 (Rs. 69,744) per MT for the quarter, lower by 12% y-o-y and higher 3% sequentially. COP for the quarter was impacted by one-time employee pay-outs equivalent to $20 per MT. 9MFY21 COP was $958, down 10% y-o-y. The COP for the quarter and 9M benefitted from ongoing structural cost reduction initiatives partly offset by sequential increase in mine development in Q3.

As a continuation from last quarter, we remained focussed on executing critical priorities on all fronts of consumption, contracting, procurement and fixed costs resulting in sustained reduction in costs.

EBITDA for the quarter soared to INR 3,314 Crore, up 45% y-o-y and 12% sequentially on account of higher revenue and well managed operating costs.

Net profit for the quarter was INR 2,200 Crore, up 36% y-o-y and 13% sequentially driven by recovery in metal prices and strict cost discipline.

Outlook
We previously guided to achieve mined metal and finished metal production of 925-950 KT each and saleable silver production of c.650 MT in FY21. We also guided zinc cost of production to remain below $1,000 per MT and project capex between USD100 million and USD140 million for the year.

Driven by continued strong performance, we are confident to achieve our mined metal and refined metal volume guidance, while likely to exceed our guidance on silver production and cost of production for FY21.

Expansion Projects
Environment Clearance (EC) received from Ministry of Environment & Forest (MoEF) for Zawar mine expansion from current 4 million MT per annum to 4.8 million MT per annum. Chanderiya zinc smelter also received EC for expansion from current 0.42 million MT per annum to 0.50 million MT per annum.

During the quarter, both back-fill plants were commissioned at Zawar mines. These plants will de-risk operations and provide opportunity to mine left-out high-grade ore in pillars.

Covid-19 restrictions including stringent visa guidelines for Chinese nationals continued during the quarter which resulted in delay in commissioning of Fumer plant at Chanderiya. We are actively seeking alternative solutions to resolve this at the earliest. 

Liquidity and investment
As on December 31, 2020, the Company’s gross cash and cash equivalents was Rs.21,024 Crore as compared to Rs. 27,631 Crore at the end of the second quarter (Sept’20).

The Company’s net cash and cash equivalents as at end of December 31, 2020 was Rs.10,987 Crore as compared to Rs. 17,832 Crore at the end of the second quarter (Sept’20) and was invested in high quality debt instruments.

Earnings Call on Wednesday, January 20, 2021 at 4:00 pm (IST)
The Company will hold an earnings conference call on Wednesday, January 20, 2021 at 4.00 pm IST, where senior management will discuss the Company’s results and performance.

Conference Dial-In Information:


Express Join via internet registration

Please dial the below number at least 5-10 minutes prior to the conference schedule.

Universal Access              

+91 22 6280 1340, +91 22 7115 8241

Local Access (Available all over India) 

+91-7045671221

Playback Dial-In Numbers                     

+91 22 71945757, +91 22 66635757

Jan 21 – Jan 28, 2021                            

Playback Code: 53068

For further information, please contact:


Shweta Arora

Head of Investor Relations


[email protected]


Abhishek Jha

Deputy Manager – Investor Relations


[email protected]

About Hindustan Zinc

Hindustan Zinc (NSE: HINDZINC) (BSE: HINDZINC), a Vedanta Group Company, is one of the world’s largest and India’s only integrated producer of Zinc-Lead and Silver. The Company is headquartered in Udaipur, Rajasthan in India where it also has its mines and smelting complexes. It is self-sufficient in power with installed captive thermal power plants and green energy plants including wind and solar power.

Sustainability & innovation is at the core of Hindustan Zinc’s operations. The Company is ranked 1st in Asia-Pacific and 7th globally in the Dow Jones Sustainability Index 2020 in the metal & mining sector, is a certified water positive company, is a member of the FTSE4Good Index and also a part of the prestigious ‘A’ List by CDP for climate change.

As a socially responsible corporate, Hindustan Zinc is committed to enhancing the lives of local communities through its social programs. The company is amongst the Top 15 CSR Spenders in India and is currently reaching out to 500,000 people across 189 core villages in Rajasthan and Uttarakhand.

Disclaimer
This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future businesses and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, London Bullion Metal Association, fluctuations in interest and/or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results and/or business operations to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements and investors should take their own decisions.

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Contact: (91) 9821394374

 

Cision View original content:http://www.prnewswire.com/news-releases/hindustan-zinc-limited-results-for-the-third-quarter-and-nine-months-ended-december-31-2020-301212033.html

SOURCE Vedanta Limited