Denmark’s ATP to continue as Nets shareholder following IPO

first_imgThe IPO is expected to consist of an issue of new shares to raise around DKK5.5bn, and a partial sale of existing shares by its current shareholders.ATP has a 5% stake, and private equity houses Advent International and Bain Capital have around 43.5% apiece.The rest of the equity is held by other co-investors and members of Nets management and staff.The IPO will form part of a debt restructuring, with the proceeds pooled with new bank borrowing and used to repay existing debt, the company said.Nets said it would announce the total offer size when it publishes a prospectus.ATP invested DKK3.6bn in Nets back in March 2014, as part of a joint venture with Advent International and Bain Capital to purchase Nets for DKK17bn.ATP’s investment consisted of DKK300m in equity and a loan of DKK3.3bn in the form of a high-yielding PIK (payment-in-kind) note — a type of mezzanine financing.A Danish newspaper has reported the yield on this loan to be 14%, but a spokesman for ATP said he could not confirm this.Nets was previously owned by more than 180 separate banks.Advent International also said it was pleased – “delighted” – with the progress Nets had made over the past two years.“When we made our initial investment, we envisioned a future listing when Nets was ready,” said James Brocklebank, a managing partner at the private equity firm and member of the Nets board of directors.“The company has exceeded its ambitious performance targets and done so faster than expected, so we are now executing on our plan,” he said.The Nets investment makes up nearly 4% of ATP’s DKK97bn return-seeking investment portfolio.ATP reported big profits from another of its large private equity investments last week, with its investment in DONG Energy boosting half-year returns on its investment portfolio to the tune of DKK2.9bn in the six-month period alone. Denmark’s statutory pension fund ATP intends to remain a shareholder in the Danish payments firm Nets following the IPO the firm has just announced, with the fund saying its investment in the company had made very good returns.  Carsten Stendevad, outgoing chief executive of the DKK800bn (€107bn) pension fund, said: “The transformation of Nets has exceeded our expectations by far and has been a very lucrative investment for our pensioners.“We look forward to supporting Nets in the next phase and we will continue as shareholders,” he said.Nets, which provides digital payment services and related technology in the Nordic region, announced yesterday it would launch an IPO (Initial Public Offering) of its shares and list on Nasdaq Copenhagen.last_img read more

Government donates footballs to school

first_imgAs part of governments desire to improve sporting performance in our Senior High schools and beyond, the Deputy Youth and Sports Minister Dr Omane Boamah has donated 15 Footballs each to selected Senior High Schools in Accra.The presentation ceremony was attended by various Heads of some Senior High Schools and their students.In his address, Dr Boamah bemoaned the performances of athletes who represented the nation over the years and challenged students to do more to raise high the flag of Ghana.He regretted the poor preparations of Ghanaian athletes ahead of major tournaments which he said culminated in these abysmal performances.He also charged the various sports tutors to do no more to unearth talents as was the case in the past in order to propel Ghana sports forward.He added that the donations were just the beginning and that Government intended to donate up to 39,000 to schools all over the country to help grow the sport of football. “It is unfortunate we have not been able to make it in international competitions that is why it is extremely important for us to start preparations for upcoming competitions early and take them very seriously.A country like Jamaica has only three million people and yet look at what they have been doing the last few years with the Bolts and the Blakes. If we put our minds to it, i don’t see why we can’t make it to the very top he stressed.”A representative of the Minister of Education was also on hand to encourage the students and tutors to do more to raise the image of the nation through sports.last_img read more

Neymar keeps silence on return to Barcelona

first_imgShare on: WhatsApp FILE PHOTO: Neymar silentParis, France | AFP |  Brazilian superstar Neymar landed back in Barcelona on Tuesday evening, avoiding making any comment on the ongoing speculation about a possible world record transfer to Paris Saint-Germain.The 25-year-old Barcelona forward was travelling back from China and had earlier posted a video on social media apparently from Dubai airport, amid suggestions that he could have been bound for Paris.He has remained silent while rumours swirl that he will join the French club, who are reportedly ready to pay the 222 million-euro ($260 million) buyout clause in his contract at the Camp Nou.Neymar, who was in Shanghai on Monday fulfilling a sponsor’s engagement, had also posted a photo on Instagram with the caption in Portuguese: “Lunch at half-way”.In another video posted from an aeroplane, Neymar joked around with an image messaging app that superimposed a Spanish flag and a small plane on his tee-shirt — suggesting he was indeed headed home to Barcelona.The decor in that video was identifiable as from an Emirates aeroplane.Earlier reports claimed that he was headed from China to Doha to meet PSG’s Qatari owners and pass a medical before a world-record transfer.But his being on an Emirates plane ruled out Doha as a possible destination given the diplomatic crisis between Qatar and its Gulf neighbours.And Neymar finally landed in Barcelona just before 9:00pm local time (1900 GMT), taking a backdoor exit to avoid the dozens of journalists and a few supporters — some wearing PSG shirts — who had been awaiting his arrival.A video filmed by a passenger and broadcast on Catalan television channel TV3 shows Neymar in an area reserved for flight crew. He is wearing headphones and avoids responding to fans asking if he is staying with Barcelona.“FCB (Barcelona) and Neymar’s entourage confirm that the player returns to Barcelona today. He will train tomorrow and continue with life as normal until everything is sorted out,” tweeted Marcelo Bechler, the Brazilian journalist who first broke news of an “agreement” between the player and PSG on July 18.Barcelona, who lost 3-2 to Real Madrid in Miami on Saturday, the last match of a US tour, are due to train at 9:30am on Wednesday.“Neymar and the rest of the squad are due at training,” a club source told AFP.Barcelona’s next match is on Monday in the annual Joan Gamper trophy, in which they will host Chapecoense, the Brazilian club whose team was decimated in an air disaster last November. Ernesto Valverde’s side play their first official match on August 13 against Madrid in the first leg of the Spanish Super Cup.– Nasty surprise –Neymar, though, has a nasty surprise awaiting him upon his return as Barcelona have blocked payment of a 26 million-euro bonus he is due, a source at the club said.“These 26 million euros have been placed with a notary pending to see if the player continues,” the source, who refused to be named, told AFP.The renewal bonus was agreed on a year ago when Neymar extended his contract with Barcelona until 2021, and was due to be paid to the player after he completed a year.But the club has decided to put it on hold while waiting to see how his transfer situation evolves.The contract Neymar signed also increased an early termination clause from 200 to 222 million euros, a sum which PSG are reportedly willing to pay.Neymar first made his name at Santos, the former club of Brazil legend Pele, with whom he won the Copa Libertadores and Brazilian Cup.A big-money move to Barca followed in 2013 as 56,000 fans turned up for his official unveiling at the Camp Nou.In his four years with the Catalans he has won the Champions League in 2015, La Liga twice, the Spanish Cup three times and one FIFA Club World Cup.Last year he also helped Brazil on home soil win the Olympic title for the first time.last_img read more

Adopt-A-Pet Dog of the Week

first_imgSubmitted by Adopt-A-Pet of SheltonBrandy is a beautiful black lab mix. She is about 2 years old, has been spayed and is up-to-date on her vaccinations. Brandy is a very shy young girl who is still adjusting to life at the kennel. She is slowly getting comfortable with the volunteers who spend time with her taking her for walks and hanging out with her so she can learn to relax around them.Her perfect home would be with someone who is calm and confident. She will do best in a quiet home without a lot of stress from other animals or young kids. She will make a wonderful companion if you can give her time to get comfortable with you so she can show you what a sweet, loving girl she can be.We have many great dogs and always need volunteers. To see all our current dogs, visit www.adoptapet-wa.org, our Facebook at “Adopt-A-Pet of Shelton Washington” or at the shelter on Jensen Road in Shelton. Our contact information is [email protected] or 360-432-3091. Facebook0Tweet0Pin0last_img read more