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EnergySolutions Receives Nuclear Regulatory Commission Approval for the Three Mile Island Unit-2 Nuclear Power Plant (TMI-2) License Transfer and New Jersey BPU Approval for the Sale of the Facility

SALT LAKE CITY, Dec. 02, 2020 (GLOBE NEWSWIRE) — Today, the Nuclear Regulatory Commission (NRC) approved the transfer of the Three Mile Island Unit-2 Nuclear Power Plant and the corresponding Possession-Only license from FirstEnergy Corp. subsidiaries GPU Nuclear, Inc., Metropolitan Edison Company, Jersey Central Power & Light Company, and Pennsylvania Electric Company to a subsidiary of EnergySolutions known as TMI-2 Solutions, LLC. In addition to the NRC approval, the New Jersey Board of Public Utilities (BPU) today approved the sale of TMI-2 to TMI-2 Solutions.

FirstEnergy Corp and EnergySolutions submitted the request for the license transfer on November 12, 2019. The NRC and BPU review processes confirms that EnergySolutions meets all regulatory, legal, financial and technical requirements to acquire the NRC license and transfer the plant.

“This is a major milestone in the nuclear industry and for the central Pennsylvania region,” stated Ken Robuck, President and CEO of EnergySolutions. “We appreciate the thorough review of this request by the NRC and the New Jersey BPU with the understanding of the responsibility granted to EnergySolutions by both organizations to safely decommission the Three Mile Island Unit 2 Nuclear Power Plant.”
  
“We are excited for the opportunity to safely decommission Unit-2 at Three Mile Island and restore the area to its natural state,” added Robuck. “We currently have four decommissioning projects, two of which will be completed by the end of the year. These four projects have provided valuable experience with best practices and lessons learned that we will incorporate into this project.”

In 1979, TMI-2 experienced a partial meltdown which resulted in permanent closure of the facility. In the 1980’s, 99% of the nuclear fuel was removed from the plant, packaged and relocated to a storage facility at Idaho National Laboratory (INL). The TMI-2 facility has remained in a safe and stable storage condition known as Post Defueling Monitored Storage for the past 27 years.

To perform the decommissioning work on this project, EnergySolutions and Jingoli, a construction company headquartered in New Jersey, formed a joint venture called ES/Jingoli Decommissioning, LLC. Jingoli successfully managed and executed nuclear projects on behalf of numerous utilities in the United States and Canada with experience in the nuclear field from pre-construction, construction management, project controls and decommissioning.



A




bout EnergySolutions

EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, processing, recycling, and disposition of nuclear
waste, and research and engineering services across the nuclear fuel cycle.
For additional information about EnergySolutions visit

www.energysolutions.com

.

For additional information
about this announcement
please contact Mark Walker at
[email protected]
or 801-231-9194.



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Noront Announces Results of Metallurgical Test Work for Eagle’s Nest and Reports Test Drilling Assays

TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) today updated the metallurgical information for its Eagle’s Nest Mine Project and provided results from its 2020 drilling program.

Metallurgical testing conducted by Expert Process Solutions (XPS), a GLENCORE company, demonstrated very good overall metallurgical performance of the Eagle’s Nest ore with strong indications of the production of high-quality marketable copper and nickel concentrates, low in magnesium oxide (MgO) at high metal recoveries. Locked cycle tests on a representative sample produced a bulk concentrate followed by separate nickel and copper concentrates with results shown in Table 1.

Table 1
:
Summary r
esults of bulk
and
separate
Ni and Cu
concentrates

Stream
 Mass
(g)
 Mass
(%)
 Assay (%) Assay (ppm)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Bulk
c
on
centrate 		1,185 100.0 5.5 9.9 0.285 39.5 31.1 4.2 5.5 11.0 0.64 17.8 4.0
Cu
c
on
centrate 		201 16.9 28.7 1.5 0.045 30.5 32.0 2.6 3.3 36.8 3.03 24.8 5.6
Ni
c
on
centrate 		984 83.1 0.8 11.6 0.334 41.3 31.0 4.5 5.9 5.7 0.15 16.3 3.7

To see an image of Table 1: Summary results of bulk and separate Ni and Cu concentrates, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/2d63007a-7566-4e6c-8ac8-5fb19c1032bc

XPS modeling indicated further enhancement of the separate concentrates is possible, including reduction of nickel content in the copper concentrate. Noront plans to conduct continuous pilot plant testing work on recently drilled core samples to confirm this modeling.

“These are important results as they enable us to pursue multiple marketing options for our concentrates,” said Noront President and CEO Alan Coutts. “Not only can Noront sell high quality products to traditional Canadian and international refining companies, but we can also provide dedicated nickel concentrates to the emerging battery metals sector.”


2020 Metallurgical Drilling

In early 2020 Noront executed a metallurgical drilling campaign to collect additional sample material from the Eagle’s Nest deposit for future variability testing. Four holes totalling 642m were drilled, including two holes into the upper domain and two wedge holes into the lower domain. The upper domain holes were continuously assayed to better inform the resource model. The lower domain holes were only sporadically assayed to preserve sufficient material for future metallurgical testing. Table 2 summarizes assay results of the upper domain holes and showcases the incredible metal tenor of the Eagle’s Nest sulfide ores. A composite photo of the massive sulfide intersection in NOT-20-001 is shown in Figure 1.

Table 2: Assay highlights from the
2020
upper domain metallurgical drilling at Eagle’s Nest

Hole From
(m) 		To
(m) 		Width
(m) 		Ni
(%) 		Cu
(%) 		Co
(%) 		Pt
(ppm) 		Pd
(ppm) 		Au
(ppm) 		Ag
(ppm) 		Mineralization Style
NOT-20-001 44.00 143.35 99.35 4.06 1.91 0.09 0.99 5.67 0.22 5.22  
Including 44.00 57.50 13.50 0.56 0.45 0.02 0.64 1.83 0.18 2.53 disseminated sulfide
Including 57.50 107.3 49.80 2.01 0.82 0.05 1.10 3.29 0.14 3.19 net-textured sulfide
I
ncluding 		107.30 143.35 36.05 8.20 3.97 0.17 0.98 10.39 0.34 9.04 massive sulfide
NOT-20-002 35.00 86.00 51.00 1.89 0.84 0.05 1.19 3.48 0.36 3.38  
Including 35.00 60.50 25.50 0.60 0.48 0.02 0.69 1.89 0.18 2.19 disseminated sulfide
Including 60.5 86.00 25.50 3.18 1.21 0.08 1.70 5.07 0.54 4.57 net-textured sulfide

To see an image of Table 2: Assay highlights from the 2020 upper domain metallurgical drilling at Eagle’s Nest, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/b4354eb5-a277-4655-8365-a3b9cc7f12ea


Ring of Fire Nickel Prospectivity

The grade of known nickel-copper-PGE sulfides in the Ring of Fire is comparable to some of the richest nickel deposits in the world. The high tenor nature of magmatic sulfides at Eagle’s Nest coupled with the proven conditions for formation of a sizeable nickel deposit presents a compelling case for continued nickel exploration in the region.

In 2019, the Company completed a nickel targeting exercise which identified over 70 early stage nickel targets in the Ring of Fire. The Victory target, staked in early 2020 was a product of this work. A recently completed VTEM-plus survey over the Victory property identified several mid-time EM conductors associated with magnetic targets of possible ultramafic source. Noront is examining follow-up ground EM surveys to better resolve these targets ahead of drilling.

In addition, a thorough, independent review of the extensive geophysical database will be commissioned to identify previously overlooked or undertested priority EM anomalies with nickel potential. It is worth noting that the Company’s geophysical database in the Ring of Fire consists of over 130 airborne EM surveys, over 250 ground EM surveys as well as numerous other surveys of different types (e.g., gravity, IP). Most of these surveys were completed by previous operators in the early days of Ring of Fire exploration prior to our current understanding of the geology in the region. A re-evaluation of this extensive dataset is timely and may yield a significant number of quality untested targets.


XPS Metallurgical Test Work


Detail

Eagle’s Nest is a high-grade nickel-copper-PGE deposit, located in the emerging mining region known as the Ring of Fire in Northwestern Ontario. Noront filed an NI 43-101 compliant technical report for this project in 2012, applying mineralogical and metallurgical test work by SGS Lakefield.

The 2020 mineralogical and metallurgical work was commissioned to verify that marketable, separate nickel and copper concentrates could be prepared with representative sulfide samples from the deposit. Open-circuit tests were used to define and tune the processes to produce a bulk concentrate, consistent with previous SGS work and to split it into two concentrates via a separation process. Locked-cycle tests were run to examine the final process performance, based on a sample prepared by XPS. Since bench tests do not fully yield the results that can be attained in a full-scale plant with columns and re-circulating loads, XPS developed simulation software to estimate the expected final products to be produced at the full-scale plant.

XPS used material and composite samples that had been stored in SGS Lakefield’s freezer for the initial work. The condition of this material was verified by replicating the SGS process using the same historic blend ratios of net-textured to massive sulfide used by SGS to produce bulk concentrates with similar properties as the SGS work. XPS then used material from the composites to prepare a new representative composite blend of 83:17 (net-textured to massive sulfide) to test the revised process steps.

Test work with open circuits on the 83:17 blend was done to refine the flow sheet and produce an improved bulk concentrate process. XPS then moved on to locked-cycle tests with the new 83:17 composite to produce a bulk concentrate and then separate nickel and copper concentrates. The bulk concentrate circuit produced stable results and yielded recoveries of 91.8% Cu, 83.1% Ni, 81.8% Co, 72.6% Ag, 86.1% Au, 85.0% Pd and 76.8% Pt into a bulk concentrate with 5.1% Cu, 9.7% Ni and 31.1% S (Table 3). Importantly, the magnesium level of the bulk concentrate was 4.3% MgO.

Table
3
:
Results of 83:17 composite blend bulk circuit test work

Stream
 Mass
(g)

 Mass
(%)

 Assay (%) Assay (ppm)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Rougher Feed 5,905 100.0 1.3 2.8 0.08 23.3 13.2 21.6 25.1 3.5 0.2 4.8 1.3
Total Tails 4,475 75.8 0.1 0.6 0.02 18.1 7.4 27.1 31.3 1.3 0.0 0.9 0.4
Total Bulk Con
c. 		1,430 24.2 5.1 9.7 0.28 39.6 31.1 4.3 5.6 10.5 0.7 16.7 4.2
Stream
 Mass
(g)

 Mass
(%)

 Distribution (%) Distribution (%)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Rougher Feed 5,905 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total Tails 4,475 75.8 8.2 16.9 18.2 58.9 42.8 95.2 94.6 27.4 13.9 15.0 23.2
Total Bulk
C
on
c. 		1,430 24.2 91.8 83.1 81.8 41.1 57.2 4.8 5.4 72.6 86.1 85.0 76.8

To see an image of Table 3: Results of 83:17 composite blend bulk circuit test work, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/ecae2c1c-d6d7-4db8-82bf-d8354df11d97

Test results of the copper-nickel separation are shown in Table 4. They indicate substantial copper-nickel separation is achievable. The observed level of nickel in the copper concentrate exceeds the assumed commercial target, however this is a common feature of most copper-nickel separation bench-scale testing. To overcome this, XPS developed a proprietary modelling program to predict metallurgical performance at the plant scale based on bench scale test work. Table 5 summarizes the modelled copper-nickel separation results for the Eagle’s Nest 83:17 composite blend and indicates nickel values below 1% in the copper concentrate, a key objective for marketable copper concentrates worldwide.

Table
4
: Results of
copper-nickel
s
eparation (Formal Balance)

Stream
 Mass
(g)

 Mass
(%)

 Assay (%) Assay (ppm)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Bulk
c
on
centrate 		1,185 100.0 5.5 9.9 0.285 39.5 31.1 4.2 5.5 11.0 0.64 17.8 4.0
Cu
c
on
centrate 		201 16.9 28.7 1.5 0.045 30.5 32.0 2.6 3.3 36.8 3.03 24.8 5.6
Ni
c
on
centrate 		984 83.1 0.8 11.6 0.334 41.3 31.0 4.5 5.9 5.7 0.15 16.3 3.7
Stream
 Mass
(g)

 Mass
(%)

 Distribution (%) Distribution (%)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Bulk
c
on
centrate 		1,185 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Cu
c
on
centrate 		201 16.9 88.2 2.5 2.7 13.1 17.4 10.5 10.2 56.7 80.0 23.7 23.5
Ni
c
on
centrate 		984 83.1 11.8 97.5 97.3 86.9 82.6 89.5 89.8 43.3 20.0 76.3 76.5

To see an image of Table 4: Results of copper-nickel separation (Formal Balance), please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/e0b5b3b2-5b4b-4f74-afa8-ab96e8106fec

Table
5
:
Results
of
copper-nickel
separation
(XPS Modelled)

Stream

 Mass (%)

 Assay (%) Assay (ppm)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Bulk
concentrate 		100.0 % 5.1 9.7 0.28 39.6 31.1 4.3 5.6 10.5 0.7 16.7 4.2
Cu
concentrate 		14.1 % 29.9 0.5 0.02 22.1 33.9 0.9 1.1 32.6 3.4 18.6 4.5
Ni
concentrate 		85.9 % 1.0 11.2 0.32 42.5 30.7 4.8 6.2 6.9 0.2 16.4 4.1
Stream

 Mass (%)

 Distribution (%) Distribution (%)
Cu Ni Co Fe S MgO SiO2 Ag Au Pd Pt
Bulk
concentrate 		100.0 % 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Cu
concentrate 		14.1 % 83.1 0.7 0.8 7.8 15.3 2.8 2.8 43.4 71.6 15.7 15.1
Ni
concentrate 		85.9 % 16.9 99.3 99.2 92.2 84.7 95.8 95.2 56.6 28.4 84.3 84.9

To see an image of Table 5: Results of copper-nickel separation (XPS Modelled), please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/ad13c4d9-cf04-4bd2-a224-2934de86b817

Tables 4 and 5 clearly show that the majority of the recovered nickel reports to the nickel concentrate (99.3%) and the majority of the recovered copper reports to the copper concentrate (83.1%) indicating successful copper-nickel separation from the bulk concentrate. The test work also indicates the majority (84%) of platinum and palladium report to the nickel concentrate.

In summary, the XPS test work demonstrates that Eagle’s Nest ore is amenable to separate copper-nickel concentrates which show early indications of being a high-quality product with good overall recoveries and concentrate specifications. To confirm these results for a plant scale, Noront is planning to perform continuous pilot plant testing work with XPS using core samples collected from the 2020 metallurgical drilling program.

Figure 1: Massive sulfide intersection in NOT-20-001 from 107.30-143.35m depth (HQ core) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ba11843-4d7b-4bab-93e3-a8d6cd992647


Quality Assurance and Quality Control (QA/QC) Program

Noront maintains a strict QA/QC protocol for all its drilling programs. Core logging and sampling is performed onsite under the supervision of geologists licensed by the Association of Professional Geoscientists of Ontario (APGO). Reference standards, field blanks, and duplicates are inserted into the sample stream at regular intervals. Once cut, drill core samples are labelled and sealed in individual bags then grouped into batches for shipping to Thunder Bay via Nakina under chain of custody documentation.

Samples are submitted to Activation Laboratories (Actlabs), an ISO-17025 certified laboratory in Thunder Bay, for sample preparation and multi-element analysis. This includes fire-assay for precious metals and total-digestion ICP-OES for base metals (exclusive of chromium which is analysed by XRF). Samples exceeding analytical upper limits are automatically run for over-limit analysis. Analytical results are sent electronically by Actlabs to a database manager at Noront whereupon the company’s internal standards, duplicates and blanks are reviewed for accuracy, precision and the presence of possible contamination. QA/QC results for each batch are reviewed by a Noront Qualified Professional prior to accepting and importing new assays into the database. All assays reported in this press release passed the Noront QA/QC program.


About Noront Resources

Noront Resources Ltd. is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com

Ryan Weston, M.Sc., MBA, P.Geo, Vice-President, Exploration, Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”), has reviewed and approved the technical information as it relates to the drilling results contained in this press release.

Mark Baker, B.Sc.Eng., M.Sc.Eng., P.Eng., Vice-President, Projects, Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”), has reviewed and approved the technical information as it relates to the metallurgical testing results contained in this press release.

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

For more information:

Technical Contact
Ryan Weston
[email protected]
(807) 285 4808 x 1

Media Contact
Janice Mandel 
[email protected]
(647) 300-3853


CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION


This press release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; that all conditions precedent to the transactions will be met; risks related to government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations (including those contained in the Feasibility Study) and changes in project parameters as plans continue to be refined; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront’s most recent Management’s Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront’s ability to control or predict.

Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.

All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.



Posted on

Virtus Total Return Fund Inc. Discloses Sources of Distribution – Section 19(a) Notice

PR Newswire

HARTFORD, Conn., Dec. 2, 2020 /PRNewswire/ — Virtus Total Return Fund Inc. (NYSE: ZTR) previously announced the following monthly distribution on November 19, 2020:  


Amount of Distribution


         Ex-Date


Record Date


Payable Date

$0.08

December 10, 2020

December 11, 2020

December 18, 2020

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital.  A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you.  A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

The Fund provided this estimate of the sources of the distributions:


Distribution Estimates


November 2020 (MTD)


Fiscal Year-to-Date (YTD)(1)

 

 

(Sources)


Per Share


Amount


Percentage
of Current
Distribution


Per Share
Amount


Percentage


of Current
Distribution

Net Investment Income

$     0.026

32.8%

$     0.252

21.8%

Net Realized Short-Term Capital Gains

–

0.0%

–

0.0%

Net Realized Long-Term Capital Gains

0.007

8.6%

0.007

0.6%

Return of Capital (or other Capital Source)

0.047

58.6%

0.899

77.6%


Total Distribution


$     0.080


100.0%


$     1.158


100.0%

(1)  Fiscal year started December 1, 2019.

Information regarding the Fund’s performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund’s NAV and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.


November 30, 2020


Average Annual Total Return on NAV for the 5-year period (2)

8.52%


Current Fiscal YTD Annualized Distribution Rate (3)

10.31%


Fiscal YTD Cumulative Total Return on NAV (4)

3.25%


Fiscal YTD Cumulative Distribution Rate (5)

12.44%

(2)

Average Annual Total Return on NAV is the annual compound return for the five-year period.  It reflects the change in the Fund’s NAV and reinvestment of all distributions.

(3)

Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the Fund’s NAV at month end.

(4)

Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund’s NAV from the first day of the fiscal year to this month end, including distributions paid and assuming reinvestment of those distributions.

(5)

Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal year to this month end as a percentage of the Fund’s NAV at month end.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

About the Fund


Virtus Total Return Fund Inc.
 is a diversified closed-end fund whose investment objective is capital appreciation, with income as a secondary objective. Virtus Investment Advisers, Inc. has been the investment adviser, and Duff & Phelps Investment Management Co. and Newfleet Asset Management, LLC have been subadvisers to the Fund since December 9, 2011.  Performance and characteristics prior to December 9, 2011 were attained by the previous adviser using a different investment strategy.

For more information on the Fund, contact shareholder services at (866) 270-7788, by email at [email protected], or through the closed end fund section of www.virtus.com.

Fund Risks

An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund’s shares may be worth less upon their sale than what an investor paid for them.  Shares of closed-end funds may trade at a premium or discount to their net asset value. For more information about each Fund’s investment objective and risks, please see the Fund’s annual report. A copy of the Fund’s most recent annual report may be obtained free of charge by contacting “Shareholder Services” as set forth at the bottom of this press release.

About Duff & Phelps Investment Management Co.


Duff & Phelps Investment Management Co
. has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, master limited partnerships (MLPs), infrastructure and real estate investment trusts (REITs).  For more information, visit www.dpimc.com.

About Newfleet Asset Management


Newfleet Asset Management
, an affiliated manager of Virtus Investment Partners, provides comprehensive fixed income portfolio management in multiple strategies. The Newfleet Multi-Sector Strategies team that manages the Virtus Total Return Fund Inc. leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy’s stated benchmark. For more information, visit www.newfleet.com.

About Virtus Investment Partners

Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. For more information, visit www.virtus.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/virtus-total-return-fund-inc-discloses-sources-of-distribution–section-19a-notice-301185168.html

SOURCE Virtus Total Return Fund Inc.

Posted on

Virtus Global Multi-Sector Income Fund Discloses Sources of Distribution – Section 19(a) Notice

PR Newswire

HARTFORD, Conn., Dec. 2, 2020 /PRNewswire/ — Virtus Global Multi-Sector Income Fund (NYSE: VGI) previously  announced the following monthly distribution on November 19, 2020:


Amount of Distribution


Ex-Date


Record Date


Payable Date

$0.10

December 10, 2020

December 11, 2020

December 18, 2020

Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you.  A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

The Fund provided this estimate of the sources of the distributions:


Distribution Estimates


November 2020 (MTD)


Fiscal Year-to-Date (YTD)(1)

 

 

(Sources)


Per Share


Amount


Percentage
of Current
Distribution


Per Share
Amount


Percentage


of Current
Distribution

Net Investment Income

$        0.045

45.1%

$        0.553

40.8%

Net Realized Short-Term Capital Gains

–

0.0%

–

0.0%

Net Realized Long-Term Capital Gains

–

0.0%

–

0.0%

Return of Capital (or other Capital Source)

0.055

54.9%

0.803

59.2%


Total Distribution


$        0.100


100.0%


$        1.356


100.0%

(1)  Fiscal year started December 1, 2019.

Information regarding the Fund’s performance and distribution rates is set forth below. Please note that all performance figures are based on the Fund’s NAV and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.


November 30, 2020


Average Annual Total Return on NAV for the 5-year period(2)

6.40%


Current Fiscal YTD Annualized Distribution Rate(3)

9.56%


Fiscal YTD Cumulative Total Return on NAV (4)

7.70%


Fiscal YTD Cumulative Distribution Rate (5)

10.80%

(2)

Average Annual Total Return on NAV is the annual compound return for the five-year period.  It reflects the change in the Fund’s NAV and reinvestment of all distributions.

(3)

Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the Fund’s NAV at month end.

(4)

Fiscal YTD Cumulative Total Return on NAV is the percentage change in the Fund’s NAV from the first day of the fiscal  year to this month end, including distributions paid and assuming reinvestment of those distributions.

(5)

Fiscal YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the fiscal  year to this month end as a percentage of the Fund’s NAV at month end.

The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you what distributions to report for federal income tax purposes.

About the Fund


Virtus Global Multi-Sector Income Fund
 is a diversified closed-end fund that seeks to maximize current income while preserving capital by investing in broadly diversified holdings across the major domestic and international fixed-income sectors. Virtus Investment Advisers, Inc. is the investment adviser to the Fund and Newfleet Asset Management, LLC is its subadviser.

For more information on the Fund, contact shareholder services at (866) 270-7788, by email at [email protected], or through the Closed-End Funds section of www.virtus.com.

Fund Risks

An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund’s shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a premium or discount to their net asset value. For more information about each Fund’s investment objective and risks, please see the Fund’s annual report. A copy of the Fund’s most recent annual report may be obtained free of charge by contacting “Shareholder Services” as set forth at the end of this press release.

About Newfleet Asset Management


Newfleet Asset Management
, an affiliated manager of Virtus Investment Partners, provides comprehensive fixed income portfolio management in multiple strategies. The Newfleet Multi-Sector Strategies team that manages the Virtus Global Multi-Sector Income Fund leverages the knowledge and skill of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets and remaining duration neutral to each strategy’s stated benchmark. For more information, visit www.newfleet.com.

About Virtus Investment Partners

Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. For more information, visit www.virtus.com.

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SOURCE Virtus Global Multi-Sector Income Fund

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Selective Insurance Authorizes New $100 Million Share Repurchase Program

PR Newswire

BRANCHVILLE, N.J., Dec. 2, 2020 /PRNewswire/ — Selective Insurance Group, Inc. (NASDAQ:SIGI) today announced that its Board of Directors authorized a new share repurchase program under which it may repurchase up to $100 million of its outstanding shares.

“This share repurchase program demonstrates Selective Board’s ongoing commitment to enhancing shareholder value and emphasizes our confidence in Selective’s long-term financial outlook,” said John Marchioni, President and CEO. “Selective’s strong earnings and growth outlook provides us the ability to continue to invest in the business while returning value to shareholders through quarterly dividends and opportunistic share repurchases.”

The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. Share repurchases under the authorizations may be made through a variety of methods, which may include open market purchases, pre-set trading plans meeting the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, privately negotiated transactions, block trades, accelerated share repurchase plans, or any combination of such methods.

The $100 million share repurchase program has no set expiration or termination date. Selective’s repurchase program does not obligate it to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at Selective’s discretion.

About Selective Insurance Group, Inc.

Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated “A” (Excellent) by A.M. Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program’s Write Your Own Program. Selective’s unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in the Fortune 1000 and being named one of “America’s Best Mid-Size Employers” by Forbes Magazine. For more information about Selective, visit www.Selective.com.

Forward-Looking Statements

In this press release, Selective and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections regarding Selective’s future actions, operations and performance. These statements are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, or performance to differ materially from what we indicated or implied. In many cases, forward-looking statements contain words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue” or other like terms. These statements are not guarantees of future performance. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements for any reason. Risk factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements include those in Selective’s filing with the SEC. These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge from time-to-time.

Selective’s SEC filings can be accessed through the Investors page of Selective’s website, www.Selective.com, or through the SEC’s EDGAR Database at www.sec.gov (Selective EDGAR CIK No. 0000230557).

 

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SOURCE Selective Insurance Group, Inc.

Posted on

Workiva Named One of the 2020 Best Workplaces for Parents by Great Place to Work

Workiva Named One of the 2020 Best Workplaces for Parents by Great Place to Work

AMES, Iowa–(BUSINESS WIRE)–Workiva Inc. (NYSE:WK), the company that simplifies complex work, has ranked on the 2020 Best Workplaces for ParentsTM list issued by research firm Great Place to Work®.Workiva ranked 36th and was recognized for creating a consistently positive experience for working parents across the organization.

Employees gave Workiva high marks for its parental leave and flexible work policies, manager accessibility, commitment to inclusion and other supportive services that have been particularly significant in light of the extremely difficult and novel challenges parents have faced in 2020.

“Being recognized as a Best Workplace for Parents is a testament to our values-based culture,” said Workiva CEO Marty Vanderploeg. “We care about each other and are committed to providing the empathy, support and flexibility employees need to take care of themselves and their families.”

“Best workplaces like Workiva have built dynamic, flexible and transparent workplaces built on trust,” said Great Place to Work CEO Michael C. Bush. “This gives companies on this list a powerful opportunity not just to do well for their people, but also to do well for their businesses.”

Great Place to Work determined the Best Workplaces for Parents by gathering and analyzing confidential employee experience feedback representing 4.8 million U.S. employees across more than 20 industries.

Workiva has received 16 recognitions from Great Place to Work to date, including two consecutive years on the FORTUNE 100 Best Companies to Work For® list.

About the Best Workplaces for ParentsTM

Great Place to Work based its ranking on a data-driven methodology applied to confidential Trust Index™ survey responses from employees working at Great Place to Work-CertifiedTM organizations. To learn more about Great Place to Work Certification and recognition on Best Workplaces lists published with Fortune, visit greatplacetowork.com.

About Workiva

Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. Learn more at workiva.com.

Request a Workiva demo: www.workiva.com/request-demo

Read the Workiva blog: www.workiva.com/blog

Follow Workiva on LinkedIn: www.linkedin.com/company/workiva

Like Workiva on Facebook: www.facebook.com/workiva/

Follow Workiva on Twitter: www.twitter.com/Workiva

Follow Workiva on Instagram: www.instagram.com/workivalife

Kevin McCarthy

Workiva Inc.

(515) 663-4471

[email protected]

KEYWORDS: Iowa United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Security Technology Human Resources Software

MEDIA:

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Baytex Announces 2021 Budget

CALGARY, Alberta, Dec. 02, 2020 (GLOBE NEWSWIRE) — Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE.BC) announces that its Board of Directors has approved a 2021 capital budget of $225 to $275 million, which is designed to generate free cash flow and average annual production of 73,000 to 77,000 boe/d.

“We have re-set our business in response to a volatile crude oil market brought on by Covid-19 and are poised to deliver free cash flow and stable production in a US$40 to US$45 WTI environment. In 2021, we will benefit from our high graded development opportunities as well as our continued drive to improve cost structure and capital efficiencies. Our disciplined approach to capital allocation is focused on our high netback light oil assets in the Viking and Eagle Ford and will allow us to continue to pay down debt,” commented Ed LaFehr, President and Chief Executive Officer.

Highlights of the 20
2
1
Budget

  • Funding of Capital Program. Our capital program is expected to be fully funded from adjusted funds flow at a WTI price of US$35/bbl.

  • Free Cash Flow. Based on the forward strip(1), we expect to generate approximately $75 million of free cash flow during 2021. For every US$1/bbl change in WTI, our adjusted funds flow changes by approximately $23 million on an unhedged basis.

  • Capital Efficiency. Our capital program is expected to generate strong capital efficiencies of approximately $12,000 per boe/d across the portfolio. This represents a 30% improvement over our 2020 budget and reflects the high grading of our portfolio in response to lower oil prices and our diligent focus on driving further efficiencies in our business.   

  • Capital Allocation. Approximately 85% of our capital program will be directed to our high netback light oil assets in the Viking and Eagle Ford and 10% will be directed to our heavy oil assets at Peace River and Lloydminster.  We have the operational flexibility to adjust our spending plans based on changes in commodity prices.

  • Risk Management. Approximately 48% of our net crude oil exposure has been hedged for 2021 utilizing a combination of fixed price swaps at US$45/bbl and a 3-way option structure that provides price protection at US$45/bbl with upside participation to US$52/bbl.

    (1) 2021 pricing assumptions: WTI – US$45/bbl; WCS differential – US$13/bbl; MSW differential – US$6/bbl, NYMEX Gas – US$2.85/mcf; AECO Gas – $2.55/mcf and Exchange Rate (CAD/USD) – 1.29.

The 2021 capital program is expected to be equally weighted to the first and second half of the year. Based on the mid-point of our production guidance of 75,000 boe/d, approximately 60% of our production is in Canada with the remaining 40% in the Eagle Ford. Our production mix is forecast to be 81% liquids (46% light oil and condensate, 26% heavy oil and 9% natural gas liquids) and 19% natural gas, based on a 6:1 natural gas-to-oil equivalency.  

Canada

In Canada, our development activity is largely focused on the Viking, where we expect to invest 45% of our capital and bring approximately 120 net wells onstream. We control 460 net sections of prospective lands in this light oil resource play. The Viking generates the highest operating netback in our portfolio and is expected to generate meaningful free cash flow.

The returns associated with our heavy oil assets are competitive with our other plays in a US$45 WTI pricing environment. We have scheduled minimal heavy oil development for the first half of 2021, but retain significant flexibility to implement a strong program in the second half of the year. Our 2021 program could see upwards of 30 net wells at Lloydminster and 6 net wells at Peace River.

We continue to prudently advance our Pembina Duvernay Shale light oil play. Our most recent two wells were completed in October and initial flow back rates are very encouraging. The first well (10-16) was brought on-stream November 2 and is currently producing 1,300 boe/d (90% liquids). The second well (11-16) was brought on-stream November 17 and is currently producing 950 boe/d (90% liquids). Based on early flowback results, these two wells demonstrate repeatability of our 11-30 pad completed in 2019 with strong economic returns at US$50 WTI. We have the flexibility in 2021 to drill up to 4 net wells in the second half of the year, with the level of activity dependent on crude oil prices.

Eagle Ford

Our Eagle Ford asset in South Texas is one of the premier oil resource plays in North America. We expect this asset to generate 40% of corporate production and substantial free cash flow. Approximately 40% of our 2021 capital program will be directed to the Eagle Ford where we expect to bring 18 net wells onstream. 

20
2
1
Guidance

The following table summarizes our 2021 annual guidance.

Exploration and development capital ($ millions) $225 – $275
Production (boe/d) 73,000 – 77,000
   
Expenses:  
Royalty rate (%) 18.0 – 18.5%
Operating ($/boe) $11.50 – $12.25
Transportation ($/boe) $1.00 – $1.10
General and administrative ($ millions) $42 ($1.53/boe)
Interest ($ millions) $105 ($3.84/boe)
   
Leasing expenditures ($ millions) $4
Asset retirement obligations ($ millions) $6

20
2
1
Adjusted Funds Flow Sensitivities

  Excluding Hedges 
($ millions) 		Including Hedges
when WTI is
b
etween US$35
/
bbl
and US$45/
bbl 
($ millions) 		Including Hedges when WTI is
b
etween US$45
/
bbl
and US$52/
bb
l ($ millions)
Change of US$1.00/bbl WTI crude oil $22.7 $12.8 $20.7
Change of US$1.00/bbl WCS heavy oil differential $7.1 $3.2 $3.2
Change of US$1.00/bbl MSW light oil differential $6.9 $4.2 $4.2
Change of US$0.25/mcf NYMEX natural gas $8.7 $5.0 $5.0
Change of $0.01 in the C$/US$ exchange rate $5.1 $5.1 $5.1

20
2
1
Capital Budget and Wells
O
n
-Stream
b
y Operating Area

Operating Area Amount

(1) 

($ millions) 		Wells
On
–
stream
(net)
Canada $150 150
United States (2) $100 18
Total $250 168

(1) Reflects mid-point of capital budget guidance range.

(2) Based on a Canadian-U.S. exchange rate of 1.32 CAD/USD.

20
2
1
Capital Budget Breakdown

Classification Amount

(1)


($ millions)
   
Drill, complete and equip $235
Facilities $10
Land and seismic $5
Total $250

(1) Reflects mid-point of capital budget guidance range.

Risk Management

To manage commodity price movements, we utilize various financial derivative contracts and crude-by-rail to reduce the volatility of our adjusted funds flow.

For 2021, we have entered into hedges on approximately 48% of our net crude oil exposure utilizing a combination of fixed price swaps at US$45/bbl and a 3-way option structure that provides price protection at US$45/bbl with upside participation to US$52/bbl. We also have WTI-MSW differential hedges on approximately 40% of our expected 2021 Canadian light oil production at US$5.17/bbl and WCS differential hedges on approximately 45% of our expected 2021 heavy oil production at a WTI-WCS differential of approximately US$13.50/bbl.

For 2021, we are contracted to deliver 5,500 bbl/d of our heavy oil volumes to market by rail.


Advisory Regarding Forward-Looking Statements

In the interest of providing
Baytex’s
shareholders and potential investors with information regarding
Baytex
, including management’s assessment of
Baytex’s
future plans and operations, certain statements in this press release are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). In some cases, forward-looking statements can be identified by terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, “ongoing”, “outlook”, “potential”, “project”, “plan”, “should”, “target”, “would”, “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.

Specifically, this press release contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives;
for 2021:
our capital budget
,
that the budget
is designed to generate free cash flow and
the
expected
range of average annual production ; that we are poised to deliver free cash flow and stable production in a US$40 to US$45 WTI environment
;
that
we
will benefit from high graded development opportunities, our continued drive to improve cost structure and capital efficiencies and our disciplined approach to capital allocation will allow us to pay down debt; that our capital program is fully funded from adjusted funds flow at US$
35
WTI; the free cash flow we expect to generate and the sensitivity of that free cash flow to a US$1 change in WTI; the
expected
capital efficiency of our capital program; our capital allocations as between assets for 2021 and that we have operational flexibility to adjust spending plans;
the percentage of our net crude exposure that is hedged for 2021; the timing of our capital spending and
the geographic breakdown and product mix for 2021 production; the number of wells we plan to drill in the Viking and that the Viking asset generates the highest netback in the company and is expected to generate meaningful cash flow; that returns from our heavy oil assets are competitive with our other plays at US$45 WTI and the number of wells we could drill in 2021; that we continue to prudently advance the Pembina Duvernay
, that our
most recent Pembina Duvernay wells have strong economic returns at US$50 WTI
and
we
have flexibility to drill up to 4 wells in 2021 dependent on oil prices; that the Eagle Ford is a premier oil resource play,
the percentage of corporate production we expect it to contribute,
that
it
will generate substantial free cash flow and the number of net wells we plan to bring on stream in 2021; our expected
exploration and development capital spending, production,
royalty rate and operating, transportation, general and administrative, interest costs, leasing expenditures and asset retirement obligations for 202
1
; the sensitivity of our 202
1
Adjusted Funds Flow to changes in WTI, WCS, MSW and NYMEX prices and the C$/US$ exchange rate; the expected capital budget and wells on-stream by operating area in 2021 and capital budget by spending type for 2021; the existence, operation and strategy of our risk management program for commodity prices; and the percentage of our net crude oil exposure that is hedged for 2021.

In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the future. Although
Baytex
believes that the expectations and assumptions upon which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because
Baytex
can give no assurance that they will prove to be correct.

These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of
labour
and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by
Baytex
at the time of preparation, may prove to be incorrect.

Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
Such factors include, but are not limited to: the volatility of oil and natural gas prices and price differentials
(including the impacts of COVID-19)
; availability and cost of gathering, processing and pipeline systems;
failure to comply with the covenants in our debt agreements;
the availability and cost of capital or borrowing; that our credit facilities may not provide sufficient liquidity or may not be renewed; risks associated with a third-party operating our Eagle Ford properties; the cost of developing and operating our assets; depletion of our reserves; risks associated with the exploitation of our properties and our ability to acquire reserves;
new regulations on hydraulic fracturing; restrictions on or access to water or other fluids;
changes in government regulations that affect the oil and gas industry;
regulations regarding the disposal of fluids;
changes in environmental, health and safety regulations;
p
ublic perception and its influence on the regulatory regime; restrictions or costs imposed by climate change initiatives; variations in interest rates and foreign exchange rates; risks associated with our hedging activities; changes in income tax or other laws or government incentive programs; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; risks of counterparty default; risks associated with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated with large projects; risks related to our thermal heavy oil projects;
alternatives to and changing demand for petroleum products;
risks associated with our use of information technology systems; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control
.

These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management’s Discussion and Analysis for the year ended December 31,
2019,
as filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.

The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on
Baytex
’
s
current and future operations and such information may not be appropriate for other purposes.

There is no representation by
Baytex
that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and
Baytex
does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

All amounts in this press release are stated in Canadian dollars unless otherwise specified.


Non-GAAP Financial and Capital Management Measures

Adjusted funds flow is not a measurement based on generally accepted accounting principles (“GAAP”) in Canada, but is a financial term commonly used in the oil and gas industry. We define adjusted funds flow as cash flow from operating activities adjusted for changes in non-cash operating working capital and asset retirement obligations settled. Our determination of adjusted funds flow may not be comparable to other issuers. We consider adjusted funds flow a key measure that provides a more complete understanding of operating performance and our ability to generate funds for exploration and development expenditures, debt repayment, settlement of our abandonment obligations and potential future dividends. In addition, we use a ratio of net debt to adjusted funds flow to manage our capital structure. We eliminate settlements of abandonment obligations from cash flow from operations as the amounts can be discretionary and may vary from period to period depending on our capital programs and the maturity of our operating areas. The settlement of abandonment obligations
are
managed with our capital budgeting process which considers available adjusted funds flow. Changes in non-cash working capital are eliminated in the determination of adjusted funds flow as the timing of collection, payment and incurrence is variable and by excluding them from the calculation we are able to provide a more meaningful measure of our cash flow on a continuing basis. For a reconciliation of adjusted funds flow to cash flow from operating activities, see Management’s Discussion and Analysis of the operating and financial results for the three and nine months ended September 30, 20
20
.

Capital efficiency is not a measurement based on GAAP in Canada. We define capital efficiency as
exploration and development expenditures
divided by the expected aggregate IP365 rate (
boe
/d) for all wells coming on production in the year, normalized to a January 1 start-date.

Exploration and development expenditures is not a measurement based on GAAP in Canada. We define exploration and development expenditures as additions to exploration and evaluation assets combined with additions to oil and gas properties.
We use exploration and development expenditures to measure and evaluate the performance of our capital programs. The total amount of exploration and development expenditures is managed as part of our budgeting process and can vary from period to period depending on the availability of adjusted funds flow and other sources of liquidity.

Free cash flow is not a measurement based on GAAP in Canada. We define free cash flow as adjusted funds flow less exploration and development expenditures (both non-GAAP measures discussed above), payments on lease obligations, and asset retirement obligations settled. Our determination of free cash flow may not be comparable to other issuers. We use free cash flow to evaluate funds available for debt repayment, common share repurchases, potential future dividends and acquisition and disposition opportunities.

Operating netback is not a measurement based on GAAP in Canada, but is a financial term commonly used in the oil and gas industry. Operating netback is equal to petroleum and natural gas sales less blending expense, royalties, production and operating expense and transportation expense divided by barrels of oil equivalent sales volume for the applicable period. Our determination of operating netback may not be comparable with the calculation of similar measures for other entities. We believe that this measure assists in characterizing our ability to generate cash margin on a unit of production basis and is a key measure used to evaluate our operating performance.


Advisory Regarding Oil and Gas Information

Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of
boe
amounts may be misleading, particularly if used in isolation. A
boe
conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

References herein to average 30-day initial production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of
long term
performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution that the test results should be considered to be preliminary.

Baytex
Energy Corp.

Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 81% of Baytex’s production is weighted toward crude oil and natural gas liquids. Baytex’s common shares trade on the Toronto Stock Exchange under the symbol BTE and the New York Stock Exchange under the symbol BTE.BC.

For further information about Baytex, please visit our website at www.baytexenergy.com or contact:

Brian Ector, Vice President, Capital Markets

Toll Free Number: 1-800-524-5521
Email: [email protected]



Posted on

Brookfield Infrastructure Announces Reset Distribution Rate on Its Series 3 Preferred Units

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, Dec. 02, 2020 (GLOBE NEWSWIRE) — Brookfield Infrastructure Partners L.P. (“Brookfield Infrastructure”) (NYSE: BIP; TSX: BIP.UN) today announced that it has determined the fixed distribution rate on its Cumulative Class A Preferred Limited Partnership Units, Series 3 (“Series 3 Units”) (TSX: BIP.PR.B) for the five years commencing January 1, 2021 and ending December 31, 2025.

Series 3
Units
and
Series 4
Units

If declared, the fixed quarterly distributions on the Series 3 Units during the five years commencing January 1, 2021 will be paid at an annual rate of 5.50% ($0.34375 per unit per quarter).

Holders of Series 3 Units have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2020, to reclassify all or part of their Series 3 Units, on a one-for-one basis, into Cumulative Class A Preferred Limited Partnership Units, Series 4 (“Series 4 Units”), effective December 31, 2020.

The quarterly floating rate distributions on the Series 4 Units will be paid at an annual rate, calculated for each quarter, of 4.53% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly distribution rate in respect of the January 1, 2021 to March 31, 2021 distribution period for the Series 4 Units will be 1.14386% (4.639% on an annualized basis) and the distribution, if declared, for such distribution period will be $0.285965 per unit, payable on March 31, 2021.

Holders of Series 3 Units are not required to elect to reclassify all or any part of their Series 3 Units into Series 4 Units.

As provided in the unit conditions of the Series 3 Units, (i) if Brookfield Infrastructure determines that there would be fewer than 1,000,000 Series 3 Units outstanding after December 31, 2020, all remaining Series 3 Units will be automatically reclassified into Series 4 Units on a one-for-one basis effective December 31, 2020; or (ii) if Brookfield Infrastructure determines that there would be fewer than 1,000,000 Series 4 Units outstanding after December 31, 2020, no Series 3 Units will be reclassified into Series 4 Units. There are currently 4,989,262 Series 3 Units outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 4 Units effective upon reclassification. Listing of the Series 4 Units is subject to Brookfield Infrastructure fulfilling all the listing requirements of the TSX and, upon approval, the Series 4 Units will be listed on the TSX under the trading symbol “BIP.PR.G”.

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe. We are focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at www.brookfield.com/infrastructure.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with approximately US$575 billion of assets under management. For more information, go to www.brookfield.com.

Contact information:

Media: Investors:
Claire Holland
Senior Vice President, Communications
Tel: (416) 369-8236
Email: [email protected]		 Kate White
Manager, Investor Relations
Tel: (416) 956-5183
Email: [email protected]



Posted on

Fairfax Announces Reset Dividend Rate on Its Series I Preferred Shares and Quarterly Dividend on Series C, D, E, F, G, H, I, J, K and M Preferred Shares and Quarterly Dividend Rate for Series D, F, H and J Preferred Shares

TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) — Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) announces that it has determined the fixed dividend rate on its Cumulative 5-Year Rate Reset Preferred Shares, Series I (the “Series I Shares”) (TSX: FFH.PR.I) for the five years commencing January 1, 2021 and ending December 31, 2025. The fixed quarterly dividends on the Series I Shares during that period, if and when declared, will be paid at an annual rate of 3.327% (C$0.207938 per share per quarter).

Holders of Series I Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2020, to convert all or part of their Series I Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series J (the “Series J Shares”) (TSX: FFH.PR.J), effective December 31, 2020. The quarterly floating rate dividends on the Series J Shares will be paid at an annual rate, calculated for each quarter, of 2.85% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the December 31, 2020 to March 30, 2021 dividend period for the Series J Shares will be 0.72962% (2.95901% on an annualized basis) and the dividend for such dividend period, if and when declared, will be C$0.18240 per share, payable on March 30, 2021.

Holders of Series J Shares also have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2020, to convert all or part of their Series J Shares, on a one-for-one basis, into Series I Shares, effective December 31, 2020. Holders of the Series J Shares who elect to convert their shares by the conversion deadline will receive Series I Shares effective December 31, 2020 and will be entitled to receive, if and when declared, the fixed-rate dividend as described above.

Holders of Series I Shares are not required to elect to convert all or any part of their Series I Shares into Series J Shares and holders of Series J Shares are not required to elect to convert all or any part of their Series J Shares into Series I Shares. Holders of the Series I Shares who do not elect to convert their shares by the conversion deadline will retain their Series I Shares and will receive the fixed-rate dividend as described above (subject to the automatic conversion features described below). Holders of the Series J Shares who do not elect to convert their shares by the conversion deadline will retain their Series J Shares and will receive the floating-rate dividend as described above (subject to the automatic conversion features described below).

As provided in the share conditions of the Series I Shares and the Series J Shares: (i) if Fairfax determines that there would be fewer than 1,000,000 Series I Shares outstanding after December 31, 2020, all remaining Series I Shares will be automatically converted into Series J Shares on a one-for-one basis effective December 31, 2020 and Fairfax will cause the return of all Series J Shares tendered for conversion into Series I Shares; and (ii) if Fairfax determines that there would be fewer than 1,000,000 Series J Shares outstanding after December 31, 2020, all remaining Series J Shares will be automatically converted into Series I Shares on a one-for-one basis effective December 31, 2020 and Fairfax will cause the return of all Series I Shares tendered for conversion into Series J Shares.

There are currently 10,465,553 Series I Shares and 1,534,447 Series J Shares outstanding. The Series I Shares and the Series J Shares are listed on the Toronto Stock Exchange under the trading symbols “FFH.PR.I” and “FFH.PR.J”, respectively.

Fairfax also announces that it has declared the following quarterly dividends per share on its preferred shares:

Series of Preferred Shares Dividend (C$) Payment Date Record Date
Series C 0.294313 December 31, 2020 December 15, 2020
Series D 0.20788 December 30, 2020
Series E 0.198938 December 31, 2020
Series F 0.14550 December 30, 2020
Series G 0.185125 December 31, 2020
Series H 0.17070 December 30, 2020
Series I 0.23175 December 31, 2020
Series J 0.18898 December 30, 2020
Series K 0.291938 December 31, 2020
Series M 0.312688 December 31, 2020


Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada.

Fairfax has also determined the quarterly dividend rates in respect of the December 31, 2020 to March 30, 2021 dividend period for its other floating rate preferred shares. The rates, together with the dividends per share payable for such period (if and when declared), are set forth below:

Series of Preferred Shares Rate (%) Annualized Rate (%) Dividend (C$)
Series D 0.80359 3.25901 0.20090
Series F 0.55948 2.26901 0.13987
Series H 0.65811 2.66901 0.16453


Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.

For further information contact:   John Varnell, Vice President, Corporate Development, at (416) 367-4941



Posted on

LPL Financial to Acquire Waddell & Reed’s Wealth Management Business and Enter Into Long-Term Partnership With Macquarie

Macquarie to acquire Waddell & Reed Financial, Inc. and upon closing sell

Waddell & Reed
’s
w
ealth
m
anagement
business
to LPL Financial for $
300
million

Long-term partnership between LPL Financial and Macquarie will provide existing

Waddell & Reed
advisors
and clients
with continuity,
as well as longer-term opportunities
through partnership
with a leading international asset manager

SAN DIEGO, Dec. 02, 2020 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) (“LPL Financial” or “LPL”), a leading U.S. retail investment advisory firm, independent broker-dealer, and registered investment advisor (RIA) custodian, today announced it has entered into an agreement with Macquarie Asset Management (“Macquarie”), the asset management division of Macquarie Group (ASX: MQG; ADR: MQBKY), to acquire the wealth management business of Waddell & Reed Financial, Inc. (NYSE: WDR) (“Waddell & Reed”), upon completion of Macquarie’s acquisition of all of the issued and outstanding common shares of Waddell & Reed. Additionally, LPL and Macquarie have agreed to enter into a long-term partnership, with Macquarie becoming one of LPL’s top tier strategic asset management partners.

Through its subsidiaries, Waddell & Reed has provided investment management and wealth management services to clients throughout the U.S. since 1937. Today, investment products are distributed under the Ivy Investments ® brand, as well as through independent financial advisors associated with Waddell & Reed, Inc. As of September 30, 2020, Waddell & Reed’s wealth management business had assets under administration of approximately $63 billion, up 10% year-over-year.

Dan Arnold, President and Chief Executive Officer of LPL Financial said: “Waddell & Reed advisors are highly experienced and well-respected throughout the industry. They are a terrific fit both culturally and strategically, and we welcome them to the LPL family. Looking ahead, we expect our capabilities and resources will benefit their practices and help them unlock additional value and growth. Additionally, we look forward to deepening our long-term partnership with Macquarie, which will help us preserve unique aspects of the Waddell & Reed advisor experience while also positioning us to explore additional long-term opportunities together.”

Philip J. Sanders, Chief Executive Officer of Waddell & Reed, said: “Over the past few years, we have been focused on leveraging our strong heritage as the foundation for transforming our firm into a more diversified and growth-oriented financial services enterprise. The long-term partnership between LPL and Macquarie as part of this transaction accelerates that transformation and ultimately will benefit our clients and independent financial advisors while delivering significant value to our stockholders.”

Martin Stanley, Head of Macquarie Asset Management, said: “The addition of Waddell & Reed Financial and our enhanced partnership with LPL will significantly increase our ability to grow and invest in our combined business for the benefit of our clients. Ivy Investments’ complementary investment capabilities will provide diversification to Macquarie Asset Management’s capabilities and client base. The consideration offered reflects the quality of Waddell & Reed’s business and the future benefits of our partnership with LPL.”

Shawn Lytle, President of Delaware Funds by Macquarie and Head of Macquarie Group in the Americas, added: “This transaction is an important step forward in our growth strategy for Delaware Funds by Macquarie. The acquisition of Waddell & Reed’s asset management business and our partnership with LPL significantly strengthens our position as a top 25(1) US actively managed, long-term, open-ended mutual fund manager across equities, fixed income and multi asset solutions.”

The transaction has been approved by the Boards of Directors of LPL Financial, Macquarie Group, and Waddell & Reed and is expected to close in the middle of 2021, subject to regulatory approvals, Waddell & Reed stockholder approval, and other customary closing conditions.

LPL Financial posted an investor presentation with an overview of the transaction on its Investor Relations page at investor.lpl.com.

Centerview Partners LLC served as exclusive financial advisor and Ropes & Gray LLP served as exclusive legal advisor to LPL in connection with the transaction.


About LPL Financial

LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker/dealer(+) and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

(
+
)Based on total revenues, Financial Planning magazine June 1996-2020.

Securities and Advisory Services offered through LPL Financial LLC, a Registered Investment Advisor. Member FINRA/SIPC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.


About Waddell & Reed Financial


Through its subsidiaries, Waddell & Reed Financial, Inc. has provided investment management and wealth management services to clients throughout the United States since 1937. Today, Waddell & Reed Financial distributes its investment products through the unaffiliated channel under the Ivy Investments® brand (encompassing broker/dealer, retirement, and registered investment advisors), its wealth management channel (through independent financial advisors associated with Waddell & Reed, Inc.), and its institutional channel (including defined benefit plans, pension plans, endowments and subadvisory relationships). For more information, visit ir.waddell.com.


About Macquarie


Asset Management


Macquarie Asset Management (MAM) is Macquarie’s asset management business. MAM is a full-service asset manager, providing investment solutions to clients across a range of capabilities including infrastructure & renewables, real estate, agriculture, transportation finance, private credit, equities, fixed income, and multi-asset solutions. As of September 30, 2020, MAM had $A554.9 billion of assets under management. MAM has over 1,900 staff operating across 20 markets in Australia, the Americas, Europe and Asia. MAM has been managing assets for institutional and retail investors since 1980 in Australia and 1929 in the US, through a predecessor firm, formerly known as Delaware Investments.

(1) Source: Assets under management as of Sept. 30 – Based on data represented in Strategic Insight and Morningstar. Data includes ICI Method of Sales: Salesforce, Institutional and Retirement. Data excludes Variable Insurance Products, Closed End Funds, ETFs, passive mutual funds, Money Market Funds, Delaware Pooled Trusts, and Optimum Funds.


Forward-Looking Statements


Statements in this press release regarding LPL Financial Holdings Inc. (together with its subsidiaries, including LPL Financial LLC, the “Company” or “LPL Financial”) and its potential growth, business strategy and plans, including the expected benefits of Macquarie Group’s acquisition of Waddell & Reed Financial, Inc. (together with its subsidiaries, “Waddell & Reed”) and LPL Financial’s acquisition of Waddell & Reed’s wealth management business and partnership with Macquarie Group, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of the Company and Waddell & Reed and the Company’s plans, estimates and expectations as of December 2, 2020. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied by the Company will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause levels of assets serviced, actual financial or operating results, levels of activity or the timing of events to be materially different than those expressed or implied by forward-looking statements. In particular, the Company can provide no assurance that the assets reported as serviced by financial advisors affiliated with Waddell & Reed (“Waddell & Reed Advisors”) will translate into assets serviced by LPL Financial, that Waddell & Reed Advisors will join LPL Financial, or that the benefits that are expected to accrue to LPL Financial, Waddell & Reed, Macquarie Group and their respective advisors and stockholders as a result of the transactions described herein will materialize. Important factors that could cause or contribute to such differences include: failure of the parties to satisfy the closing conditions applicable to the acquisitions described herein in a timely manner or at all, including the completion of the acquisition of Waddell & Reed by Macquarie Group, obtaining the required stockholder and regulatory approvals, and the retention by Waddell & Reed of minimum assets prior to closing; disruptions to the parties’ businesses as a result of the announcement and pendency of the transactions, difficulties and delays in recruiting Waddell & Reed Advisors or onboarding the clients or businesses of Waddell & Reed Advisors; the inability by the Company to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transactions, which depend in part on the Company’s success in onboarding assets currently served by Waddell & Reed Advisors; disruptions of the Company’s or Waddell & Reed’s business due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with its financial advisors and their clients, employees, other business partners or governmental entities; the inability to implement onboarding plans and other consequences associated with acquisitions; the choice by clients of Waddell & Reed Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Waddell & Reed to LPL Financial; unforeseen liabilities arising from the acquisition of Waddell & Reed’s wealth management subsidiaries; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; effects of competition in the financial services industry, including competitors’ success in recruiting Waddell & Reed Advisors; and the other factors set forth in Part I, “Item 1A. Risk Factors” in the Company’s 2019 Annual Report on Form 10-K and any subsequent SEC filing. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on those statements as representing the Company’s views as of any date subsequent to the date of December 2, 2020.

Investor Relations:

Chris Koegel
617-897-4574
[email protected]

Media Relations:

Jeffrey Mochal
704-733-3589
[email protected]