Why the Cineworld share price is crashing today

first_img Image source: Getty Images Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! “This Stock Could Be Like Buying Amazon in 1997” See all posts by Roland Head Our 6 ‘Best Buys Now’ Shares The Cineworld Group (LSE: CINE) share price fell by as much as 20% when markets opened this morning. As I write, shares in the troubled cinema chain are trading down by 11% at 65p.Today’s slump has been triggered by news that US movie giant Warner Bros will release new films to US streaming and cinema at the same time next year. The decision could mean that US cinema fans choose to stay home and watch movies rather than going to the cinema.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…How Warner’s plan will workTraditionally, we’re used to seeing films at the cinema before they’re released on streaming services or DVD. Warner’s plan means cinemas will lose their exclusive right to show new films first.Some leading US cinema chains have already accepted shorter periods of exclusivity on new releases, but Warner’s decision takes this concept further. In 2021, the company will release new films to US cinemas at the same time as making them available on its flagship HBO Max streaming platform.After one month, new films will be taken off HBO Max. Cinemas will then be able to continue showing the films, both in the US and overseas.WarnerMedia expects US cinemas to operate at reduced capacity throughout 2021. The company believes that by releasing new films to HBO Max, it will be able to attract new subscribers and boost total earnings from new film releases.Cineworld share price: why it’s fallingToday’s news is a blow for Cineworld, which generated about three quarters of its sales in the US last year.When Cineworld decided to close all its UK and US cinemas in early October, the company blamed delays to major film releases. Without these, the company said it couldn’t attract enough customers back to cinemas “against the backdrop of Covid-19”.Warner’s decision could mean that for Cineworld, 2021 trading will be tougher than previously expected. However, Covid-19 isn’t the company’s only problem. As I’ve reported before, Cineworld’s financial situation also looks troubled.What happens next?Vaccine news in November caused a surge of buying as investors speculated that a return to normal might be possible in 2021. Even after this morning’s fall, Cineworld’s share price is up by 130% over the last month.It’s also worth remembering that Warner Bros isn’t the only big studio that supplies cinemas with new films. We don’t yet know how much impact Warner’s decision will have on US cinema trading in 2021.Right now, shareholders might be more worried that Cineworld doesn’t yet have any plans to reopen its UK and US cinemas.Here in the UK, rival Odeon is reopening some UK venues from today. However, Cineworld’s UK website is still advising customers that “at present there is no date for re-opening”.Cineworld’s market-cap of £1bn suggests the market sees value in the group’s equity. But broker forecasts suggest the company will report combined losses of $1.2bn for 2020 and 2021.What’s clear is that the situation remains uncertain — watch this space for further updates. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Roland Head | Friday, 4th December, 2020 | More on: CINE center_img Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Why the Cineworld share price is crashing today Enter Your Email Address Simply click below to discover how you can take advantage of this. Roland Head has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement.last_img read more

Whizz-Kidz creates online running game for marathon runners

first_imgDisabled children’s charity Whizz-Kidz has created an online game about running to try to encourage people to run the London Marathon and raise funds.The new interactive game, due to launch soon, is being highlighted on the front page of the charity’s website.Players will be able to upload a photo of themselves, choose their running kit, and then invite friends to run against online. Advertisement Howard Lake | 30 July 2007 | News Players will be encouraged to register for the London Marathon 2008 and support the charity. The charity has golden bond places for runners for the event.Players will also be able to promote the game virally to their friends to encourage them to join in.Annabel Reynaud, marketing manager at Whizz-Kidz, told BrandRepublic: “In order to compete with the growing number of charities offering marathon places our marketing needed to be more innovative and stand out.” Whizz-Kidz creates online running game for marathon runners Tagged with: Digital Eventscenter_img AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  27 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Reporters Without Borders supports family’s appeal for release of cyberdissident Yang Jianli

first_img Receive email alerts March 16, 2004 – Updated on January 20, 2016 Reporters Without Borders supports family’s appeal for release of cyberdissident Yang Jianli News Reporters Without Borders is backing a family’s appeal to the Chinese authorities for the release of jailed cyberdissident Yang Jianli, who is reportedly on hunger strike in protest at prison conditions. June 2, 2021 Find out more News News The international press freedom organisation is also calling on US Secretary of State Colin Powell to put pressure on Beijing to release Yang, a permanent resident of the United States since 1992 and the husband and father of US citizens.In a letter to the authorities the family condemns his imprisonment as illegal under China’s criminal code. The cyberdissident has in fact been imprisoned in Beijing for 22 months. He was tried on 4 August 2003, and the verdict was adjourned for deliberation. The authorities had four months to make a ruling, in line with the criminal code. This deadline having passed, holding Yang in detention is an infringement of Chinese law.The family’s letter was handed over on 12 March 2004 to the permanent committee of the People’s National Congress. Since then a petition has been launched on the Internet site: www.yangjianli.com.Reporters Without Borders supports this petition launched by his wife, Christina Fu, an American national, and calls for his immediate release. ChinaAsia – Pacific Organisation Follow the news on China to go furthercenter_img Yang has asked to be allowed to speak to his Chinese lawyer Mo Shaoping, without the prison warders and security agents recording their conversation.He is also claiming the right to be allowed to write letters and has protested at being made to wait 14 months before seeing his lawyer.Yang reportedly began a hunger strike on 3 March to press his demands.Yang was editor-in-chief of the dissident electronic review Yibao (www.chinaeweekly.com). He was arrested in April 2002 after he returned to China using a friend’s passport to investigate workers’ strikes in the north-east. It was his first time back in the country since he was expelled for taking part in Tiananmen Square demonstrations in 1989.Officially arrested for “failing to have a valid passport”, Yang is in fact the victim of government repression of political dissidents. On 17 July 2003, he was charged with “illegal entry to Chinese territory” and “spying for Taiwan”. March 12, 2021 Find out more China: Political commentator sentenced to eight months in prison ChinaAsia – Pacific News Help by sharing this information China’s Cyber ​​Censorship Figures RSF_en April 27, 2021 Find out more Democracies need “reciprocity mechanism” to combat propaganda by authoritarian regimeslast_img read more

Live Talks LA Presents Michael Sandel: The Moral Limits of Markets

first_img Your email address will not be published. Required fields are marked * faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Herbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeautyLove Astrology: 12 Types Of Boyfriends Based On Zodiac SignsHerbeautyHerbeautyHerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeautyHerbeautyWomen Love These Great Tips To Making Your Teeth Look WhiterHerbeautyHerbeautyHerbeauty10 Sweet Things Every Guy Wants To Hear From The Woman He LovesHerbeautyHerbeauty Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Make a comment More Cool Stuff Michael J. Sandel photo courtesy of All Saints ChurchMichael Sandel, whose “Justice” course at Harvard is standing room only, will be at All Saints Church on  Wednesday, May 9 at 7:30 p.m. Sandel’s latest book, “What Money Can’t Buy,” takes up one of the biggest ethical questions of our time: Isn’t there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don’t belong? What are the moral limits of markets? To register, go to livetalksla.org. Registration is $15 with an All Saints discount: use the code ALLSAINTS to get the discount.All Saints Church, 132 N. Euclid Avenue, Pasadena, (626) 796-1172 or visit www.allsaints-pas.org. Community News Name (required)  Mail (required) (not be published)  Website  Community Newscenter_img Top of the News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Subscribe First Heatwave Expected Next Week Business News 9 recommended0 commentsShareShareTweetSharePin it Faith & Religion Events Live Talks LA Presents Michael Sandel: The Moral Limits of Markets Published on Friday, April 6, 2012 | 4:24 pm Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDSlast_img read more

High-speed chase

first_img Pinterest Pinterest High-speed chase Facebook TAGS  A high-speed chase Monday night ended at the intersection of Tom Green Avenue and 7th Street. Odessa Police Department laid spike strip that blew the tires near 2nd Street and Dixie Avenue. WhatsApp By Digital AIM Web Support – February 24, 2021 center_img Facebook Twitter Twitter Previous articleBCCO sets ‘An Evening with the Stars’Next article010318_UTPB_WT_A&M_men_02 Digital AIM Web Support Local NewsLaw Enforcement WhatsApplast_img read more

Donegal Deputy welcomes proposals to reduce religious education in schools

first_img Twitter A Donegal Deputy is welcoming proposals to reduce religious teaching in schools.Donegal Deputy Thomas Pringle has claimed that children are losing out on over 91 hours a year on education because of religion classes – this equates to 10% of the academic year.Currently, there is only one multi-denominational school in Donegal, which is in Letterkenny.Deputy Pringle says communities in Donegal are becoming more diverse and that needs to be catered to:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/07/prinlgereligion1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. By admin – July 29, 2016 Homepage BannerNews Google+ Man arrested on suspicion of drugs and criminal property offences in Derry Main Evening News, Sport and Obituaries Tuesday May 25th WhatsApp Pinterest Twitter Facebook Google+center_img 365 additional cases of Covid-19 in Republic 75 positive cases of Covid confirmed in North Pinterest Donegal Deputy welcomes proposals to reduce religious education in schools Further drop in people receiving PUP in Donegal Facebook WhatsApp RELATED ARTICLESMORE FROM AUTHOR Previous articleDerry City drawn away to Bohs in FAI Senior CupNext articleiCARE in Buncranna get green light for planning permission for new centre admin Gardai continue to investigate Kilmacrennan firelast_img read more

The Premises Can’t Be Sealed By Authorities For An Unreasonably Long Period Than What Is Necessary: Jharkhand HC [Read Order]

first_imgNews UpdatesThe Premises Can’t Be Sealed By Authorities For An Unreasonably Long Period Than What Is Necessary: Jharkhand HC [Read Order] Sparsh Upadhyay19 Sep 2020 8:50 AMShare This – xThe Jharkhand High Court on Friday (11th September) observed that in the case of an order of sealing, the authorities cannot be allowed to keep the premises locked for an unreasonably long period than what is absolutely necessary.A Single Bench of Justice Rajesh Shankar was hearing a writ petition filed for quashing the order as contained in memo no.705/GO dated 26th April, 2020 passed by the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Jharkhand High Court on Friday (11th September) observed that in the case of an order of sealing, the authorities cannot be allowed to keep the premises locked for an unreasonably long period than what is absolutely necessary.A Single Bench of Justice Rajesh Shankar was hearing a writ petition filed for quashing the order as contained in memo no.705/GO dated 26th April, 2020 passed by the Sub Divisional Magistrate, Dhalbhum, Jamshedpur (respondent no.2) with a further direction to the respondents to remove the seal from “The Alcor Hotel” (Jamshedpur).The facts of the CaseThe petitioner before the Court, owns the Hotel Alcor, which provides facilities such as restaurants, bar, spa etc.On 25th April, 2020, a first information report being Bistupur P.S. Case no.87 of 2020 was registered under Sections 188, 269 & 270 of the Indian Penal Code; Section 54 of the Disaster Management Act, 2005; and Section 3 of the Epidemic Diseases Act, 1897, alleging that during the lockdown period, a raid was conducted on 25th April, 2020 in the Hotel Alcor wherein it was found that the spa was opened and few people including two girls were present in the conference hall, adjoining the spa.The said hotel was sealed on 26th April, 2020 by the Special Officer, Jamshedpur Notified Area Committee and the Executive Magistrate-cum-Incident Commander, East Singhbhum, Jamshedpur in terms with the office order as contained in memo no.705/GO dated 26th April, 2020 passed by the respondent no.2.Another first information report, being Bistupur P.S. Case no.88 of 2 2020 was registered under Sections 3, 4, 5 & 6 of the Immoral Traffic (Prevention) Act, 1956 against one of the Directors of the petitioner Company, namely, Rajiv Singh Dugal and other accused persons on 27th April, 2020, alleging therein that one Sharad Poddar had kept a lady, in the said hotel for last one month and had been establishing physical relationship with her since then.The petitioner vide letter dated 7th May, 2020 requested the Deputy Commissioner, East Singhbhum, Jamshedpur- respondent no.1 to unseal the hotel premises, so that day to day business of the petitioner-Company and firms having their registered offices located at Alcor Hotel Premises could function in a regular manner. However, no action in this regard was takenArguments put forthPetitioner’s Arguments – The petitioner argued that even if it is assumed that there were some violations of lockdown guidelines, there is no provision for sealing the premises either under the Disaster Management Act, 2005 or under the Code of Criminal Procedure.Moreover, it was contended that the power under sections 30 and 34 of the Disaster Management Act, 2005 has been conferred to the district authority to act as the district planning, coordinating and implementing body for disaster management.The Senior Incident Commander-cum-Sub Divisional Magistrate was neither empowered nor authorized by the district authority to seal any property for alleged violation of the lockdown guidelines.The Counsel for the petitioner also submitted that the accused persons have already been granted bail by a Bench of this Court in connection with the criminal cases, however, the said premises is still under seal of the district administration in the garb of collecting evidence, which is causing irreparable loss and injury to the petitioner.Respondents’ Arguments – The respondents contended that the seal of the said premises was quite necessary, considering the nature of offences committed in Hotel Alcor.It has also been submitted that the power of sealing of any immovable property for collecting evidence and to stop the offender from tampering the evidence available at the crime scene is inherently provided in the Code of Criminal Procedure.Moreover, though there is no direct power of sealing under the Act of 2005, the same can be said to be residuary/incidental power which has to be exercised for effective management and to prevent further violation of the guidelines issued under the said Act.Hence, it was argued, the action taken by the respondents in sealing the said premises is not illegal and arbitrary either under the Disaster Management Act, 2005 or under the Code of Criminal Procedure.Court’s Analysis and DecisionWhile relying on the Judgment of the Apex Court in the case of Nevada Properties Private Limited through its Directors vs. state of Maharashtra & Anr., 2019 SCC Online SC 1247, the High Court concluded that the language of Section 102 Cr.P.C. does not support the interpretation that the police officer has the power to dispossess a person who is in occupation, to take possession of the immovable property in order to seize it.The High Court was of the considered view that the sealing of the said premises by the order of the respondent no.2 is not in accordance with the provisions of the Code of Criminal ProcedureThe Court was of the view that so far as the provisions of Sections 30 and 34 of the Disaster Management Act, 2005, which have been referred by the learned counsel for the respondents to justify the order of sealing of the said premises are concerned, no such power of sealing of any premise/building has been conferred to the Senior Incident Commander-cum-Sub Divisional Magistrate.Most importantly, the Court said,”The order of sealing also does not appear to be reasonable and proportionate, as the same has been done for an indefinite period. Even if the alleged crime scene is to be protected to ensure that the evidence of the alleged offence does not disappear, the concerned authority after locking and sealing the crime scene does not require much time to reopen the same and to prepare an inventory. Nonetheless, the authorities cannot be allowed to keep the premises locked for an unreasonably long period than what is absolutely necessary.” (emphasis supplied)The Court further said,”By doing so, the authorities definitely violate the right of the owner or occupier of the premises being without any legal sanctity. Even if it is assumed that there is evidence relating to the alleged offence in the premises of the said hotel, the same cannot empower the respondents to continue with the sealing for an indefinite period. The purpose of sealing must be to collect evidence within a reasonable time.” (emphasis supplied)The Court also observed that the fact that one of the directors of the said companies/firms, namely, Rajiv Singh Dugal is also involved in the commission of the alleged offence and, therefore, the respondent no.2 was otherwise not empowered to seal the entire premises particularly the offices of different companies/firms.The Court said that it cannot be unmindful of the fact that due to sealing of the entire premises, several employees have gone unemployed and are facing financial difficulties.Under the aforesaid facts and circumstances, the respondent no.2 was directed to remove the seal of the entire hotel premises including the offices of the companies/firms after preparing an inventory of articles, if so required, in connection with the pending criminal cases, which are lying there, and while doing so, the video recording of the same shall be done in presence of the representative of the petitioner.Click Here To Download Order[Read Order] Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Scientists discover new species of tiny shark that glows in the dark in the Gulf of Mexico

first_imgMichael Doosey/Tulane University(NEW ORLEANS) — Scientists have discovered a new species of tiny shark that glows in the dark in the Gulf of Mexico.Researchers first happened upon what is now known as Mollisquama mississippiensis, or the American Pocket Shark, in 2010 while observing the feeding of sperm whales in the gulf, according to a new Tulane University study published in the animal taxonomy journal Zootaxa.The shark was collected, and Mark Grace of the National Marine Fisheries Service Mississippi Laboratories of the National Oceanic and Atmospheric Administration noticed its special features while examining the collected specimens for a NOAA survey in 2013, according to a statement from Tulane University. Meet the American pocket shark, Mollisquama mississippiensis: A wee little shark found in the Gulf of Mexico that squirts little glowing clouds from mysterious pouches near its front fins. Amazing. https://t.co/jVPWNiWU8G pic.twitter.com/kzdRumXHIo— Shark Advocates (@SharkAdvocates) July 21, 2019The newly discovered shark, which measures in at just 5.5 inches, releases a bioluminescent fluid to attract prey, according to the study. It is a subspecies of the kitefin shark.The only other known specimen of its kind was captured in the eastern Pacific Ocean in 1979 and is housed at the Zoological Museum in St. Petersburg, Russia. However, both are “separate species, each from separate oceans,” said Grace said.“The fact that only one pocket shark has ever been reported from the Gulf of Mexico, and that it is a new species, underscores how little we know about the gulf,” said Henry Bart, director of the Tulane Biodiversity Research Institute.Both species are “exceedingly rare,” Grace said. Notable differences include fewer vertebrae in the shark and numerous light-producing photophores that cover much of the body in Gulf shark, but both have two small pockets that produce luminous fluid, one on each side of its gills.Other glow-in-the-dark sharks previously discovered include the Scyliorhinus rotifer, a chain catshark, and the swell shark, which has a “twinkling” pattern, according to Live Science.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

Last call for senior housing program

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink hpdsenior housingSenior Living Email Address* (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)Developers have less than a month to submit plans under a senior housing program that the de Blasio administration is ending.The Department of Housing Preservation and Development announced that it will only accept applications for its Privately Financed Affordable Senior Housing program, or PFASH, through March 30.Developers then have until June 30 to close on their projects and finalize regulatory agreements with HPD. After that, the agency is pulling the plug on PFASH.As part of the program, developers are able to increase the scale of a project if they set aside a certain percentage of units as affordable independent residences for seniors, or AIRS.ADVERTISEMENTIn December, HPD alerted an affordable housing group that it was suspending the program over Fair Housing concerns. The agency recently issued a public notice that the program was “not compatible with other agency priorities” and conflicted with Mandatory Inclusionary Housing because PFASH units aren’t “open to all income-eligible New Yorkers.”“While we very much want to harness the market to create more senior housing, we don’t want to inadvertently do so at the expense of other types of affordable housing that are necessary to serve the broad and diverse housing needs of New Yorkers,” a spokesperson said in a statement.Real estate attorney Alvin Schein, who is working with five developers on AIRs projects, questioned why the city couldn’t exempt MIH areas from the program instead of doing away with PFASH entirely.“I think it is very tragic that we could easily be doing hundreds of senior units a year,” he said.The AIRS density bonus, however, is still available to publicly funded projects through the acronym-loving agency’s Senior Affordable Rental Apartments program, or SARA.The program was created in March 2016 as part of Zoning for Quality and Affordability, which is among the most significant amendments to the city’s zoning resolution in decades. But PFASH’s rollout was delayed because HPD didn’t issue a term sheet for it until 2019.Under the program, developers must dedicate at least 10 units to elderly residents making at or below 80 percent of the area median income. Of those apartments, 90 percent must be occupied by at least one person age 62 or older.It isn’t clear if a specific rezoning under MIH served as the impetus for the PFASH suspension. The de Blasio administration is seeking to rezone Soho/Noho and Gowanus before the mayor’s term ends Dec. 31.Ahead of the passage of ZQA, the Brooklyn Borough Board raised concerns about AIRs, pointing to the potential conversion of such units to market-rate housing once the developer’s 30-year regulatory agreement with the city expires.The term sheet for PFASH, however, requires that any extra housing created under the program remain affordable senior housing until it is taken out of service. The units also must be registered with the state as rent-stabilized.YuhTyng Patka, who chairs the real estate and tax incentives group at Duval & Stachenfeld, lamented that the program is being ended before really taking off. She noted that the second deadline set by HPD is in June, typically a busy month for the agency.“Everyone is concerned about meeting a deadline that is, in part, out of their hands,” she said, referring to the PFASH regulatory agreements. She noted that HPD gave builders little headway by not revealing until December that it was shutting down the program. “In the world of real estate development,” Patka said, “six months is nothing.”Contact Kathryn Brenzel Share via Shortlinkcenter_img Full Name* Message* Tagslast_img read more

Steel Reef completes acquisition of Saskatchewan gas assets from Crescent Point

first_imgSteel Reef acquired nine natural gas gathering and processing facilities along with two gas sales pipelines Steel Reef completes acquisition of Saskatchewan gas assets from Crescent Point. (Credit: Pixabay/Gerd Altmann) Steel Reef Infrastructure has announced the completion of acquisition of certain associated gas infrastructure assets in Saskatchewan from Crescent Point Energy for $500m.The transaction follows a definitive agreement signed by Steel Reef in November last year, to acquire the natural gas gathering, processing and sales infrastructure assets from Crescent Point.Under the acquisition, Steel Reef acquired nine natural gas gathering and processing facilities along with two gas sales pipelines. The assets have a combined throughput capacity of over 90 MMcf/d.The processing facilities comprise four Viewfield gas plants, Flat Lake gas plant, Rapdan gas plant, Leitchville gas plant, Dollard gas plant and Glen Ewen gas plant.Steel Reef Infrastructure president and CEO Scott Southward said: “Acquiring key natural gas infrastructure assets in leading resource plays provides Steel Reef with the opportunity to enhance and integrate its full-service gas processing offerings.“This acquisition demonstrates our resolve to provide infrastructure solutions for our customers, while providing value for our shareholders.”Steel Reef has secured $175m from InstarAGF to fund the transactionAs part of the agreement, the company has also secured long-term take-or-pay commitments from Crescent Point in exchange of retaining the right to market unreserved capacity to third parties.Additionally, Steel Reef has also committed to fund the 12MMcf/d expansion of one of the gas processing facilities.For the transaction, Steel Reef has secured $175m from InstarAGF, a current shareholder, and expanded its credit facilities through National Bank of Canada, Bank of Nova Scotia and ATB Financial.National Bank Financial has served as debt advisor to Steel Reef for the transaction.Steel Reef is a privately held midstream company which owns and operates high-quality processing and transportation facilities.It is focused on strategically partnering with oil and gas exploration, development and production companies to develop its portfolio of midstream assets, through acquisition or construction.last_img read more