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

‘Cleansburg-Greensburg’ this weekend

first_imgGreensburg, in. — The Decatur County Family YMCA invites the public, church groups, civic organizations and school groups or clubs to participate in “Cleanburg-Greensburg” Saturday, April 28. Volunteers are asked to meet at the gazebo on the Greensburg town square at 9 a.m. The cleanup will continue until 2 p.m. Volunteers can also join the work effort at any location, any time during the event.Organizers urge residents to dress according to the weather and consider personal protective equipment.The project is part of the YMCA Togetherhood initiative designed to create social change and improve the community.The first 100 volunteers will get a fluorescent vest to use for the event.For more information please call 812-663-9622.last_img

Wildcats Earn EIAC Victories Over Pirates And Tigers

first_imgFranklin County improved their conference record to 6-4 on Tuesday night with a 1-0 win over Greensburg. On a night with not much offense for either team, both pitchers worked quickly through 7 innings. Despite having two innings of scoring threats, FC was not able to get a lead for starting pitcher Joe Fields. Fields pitched a complete game shutout, allowing just 2 hits and a walk while striking out 3 batters on just 65 pitches in 7 innings pitched.With two outs and nobody on in the bottom of the 7th of a 0-0 game, Jimmy Disney got to first on a base hit. After a Dominic Reeves walk, Jacob Hartman delivered a game winning single to left field, scoring Disney from 2nd.FC will host Lawrenceburg on Thursday at 5:30.Franklin County picked up a conference road win on Monday night at Lawrenceburg by a score of 6-4. Aided by an error filled game from Lawrenceburg defense and 10 walks issued by Lawrenceburg pitchers, FC gave starting pitcher Alex Bischoff an early lead and was able to hang on to pull out the victory.Bischoff went 6 innings before reaching his pitch limit, allowing 2 runs and striking out 13. It was the second consecutive game of 13 strikeouts for Bischoff.Offensively, FC was led by Tommy Ratz with 2 hits.Courtesy of Wildcats Coach Derek Stang.last_img read more

Victor Moses Out of Eagles’ Algeria, Argentina Games

first_imgIt was further learnt that Eagles Franco-German Technical Adviser, Gernot Rohr has decided not to hand the 2013 AFCON-winning star an invitation to allow him recover for the Eagles’ subsequent matches.“I can confirm to you that Victor Moses is out of the tie as he won’t have fully recovered for the match; as much as we want to play our best players in the two games, we don’t also want to risk any player ahead of further national team games,” the source told source also debunked the news in the Nigeria media that his omission was because of a purported fraction between the player’s club and the Nigerian FA.“There are no issues between us and Chelsea over his injury; these things are unavoidable in football and we can only wish the player recovers on time and come back to full fitness for both club and country,” the source added.Moses was instrumental in the Super Eagles’ qualification to the World Cup in Russia next year, scoring three goals in the process.Meanwhile, English-born Nigerian defender, Dominic Iorfa, has expressed his desire to play for the Super Eagles in the future if the opportunity presents its self.The 22-year-old defender, who is the son of former Nigerian international, Dominic Iorfa, told Ipswich Town’s Magazine that his dad has a whole lot of influence on his career and wants him to wear the green and white of Nigeria.“Maybe my dad would like me to play for Nigeria in the future, we will see but he understands it’s a big year for me and my priority is to progress with Ipswich.“He has always been there for me and I have taken his advice. He has been in my shoes, so he knows what it’s all about,” Iorfa said.The Ipswich Town defender is on-loan from Wolverhampton Wanderers and was part of the youth system at his local club Southend United before joining the academy of Wolverhampton Wanderers at the age of 15.He moved on a one-month loan to League One Shrewsbury Town in March 2014, and made his senior debut the same day as a substitute in a 0–1 defeat at Colchester.Following his return to Wolves, Iorfa made his first appearance for the club in a 2–1 loss to Bournemouth at Molineux on 6 December 2014.He swiftly became the club’s first choice right-back, starting in twenty-one of Wolves’ twenty-five remaining fixtures following his debut.In January 2015, Iorfa won the football league’s Young Player of the Month Award.The young defender, who can play both as a centre-back and right-back, has featured for the England youth setup across all age grades and won the Toulon Invitational Tournament in 2016Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Iorfa’s England-born son open to Nigeria inviteSuper Eagles forward, Victor Moses is not likely to be available for Nigeria’s last World Cup 2018 qualifier against the Desert Foxes of Algeria and the Grade-A friendly against the La Albeceleste of Argentina next month.Both matches are scheduled for November 10 and 14 in Blida, Algeria and in Krasnoder, Russia.Sources at the Glass House in Abuja hinted yesterday that the Chelsea wing-back who pulled up a hamstring injury in the Blues’ 2-1 loss to Crystal Palace a fortnight ago, has missed a further three games for the English champions and is not expected to be fully fit before the two clashes with Algeria and Argentina.last_img read more