Working capital – Angil http://angil.org/ Fri, 16 Jul 2021 09:37:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 http://angil.org/wp-content/uploads/2021/06/icon-2021-06-29T195041.460-150x150.png Working capital – Angil http://angil.org/ 32 32 North Sea oil company makes initial listing of £ 3million http://angil.org/north-sea-oil-company-makes-initial-listing-of-3million/ http://angil.org/north-sea-oil-company-makes-initial-listing-of-3million/#respond Fri, 16 Jul 2021 07:50:42 +0000 http://angil.org/north-sea-oil-company-makes-initial-listing-of-3million/ Orcadian Energy, the North Sea-focused oil and gas development company, raised gross proceeds of £ 3million after being placed on the Alternative Investment Market (AIM) yesterday. Based on the placement price of 40 pence, the market capitalization of the company was approximately £ 25.5million on admission Orcadian’s 63,630,174 common shares were issued at approximately 34% […]]]>

Orcadian Energy, the North Sea-focused oil and gas development company, raised gross proceeds of £ 3million after being placed on the Alternative Investment Market (AIM) yesterday.

Based on the placement price of 40 pence, the market capitalization of the company was approximately £ 25.5million on admission

Orcadian’s 63,630,174 common shares were issued at approximately 34% free float.

However, the response was not as enthusiastic as the directors had hoped, as the company set out to raise around £ 5million.

The proceeds from the sale will now be used to advance its pilot oilfield, with recently restated 3D seismic and interpretations on the Bowhead prospect. The money will also go towards ongoing license fees, evaluation work on other licenses held by the group and for working capital purposes.

Admission is expected to be effective and trading in the new shares will begin on July 21.

Following the company’s admission to AIM, Alisanos Geoscience, who provided the services of geoscience consultant Maurice Bamford, agreed to take £ 50,000 of the £ 71,422 owed to him by Orcadian in ordinary shares. As a result, Alisanos will today receive 125,000 common shares of the company.

Steve Brown, Managing Director of Orcadian, commented: “Our admission to AIM is an important next step in Orcadian’s development – we look forward to welcoming our new shareholders and providing updates as they arise. as our work program advances.

Orcadian was founded in 2014 and is the sole licensee of P2244, which contains 78.8 million barrels of oil reserves in the discovery of the pilot field, and of P2320 and P2482, which contain 77.8 million barrels. additional contingent resources in the Elke, Narwhal and Blakeney deposits. discoveries.

These licenses are spread over blocks 150 km east of Aberdeen.

The company also owns a 50% working interest in P2516, which contains Fynn’s discoveries. This is administered by Parkmead Group and covers boulders located midway between the Piper and Claymore fields, 180 km east of Wick.

Pilot, which is the largest oil field in Orcadian’s portfolio, was discovered by Fina in 1989 and has been rated by five wells with seven distinct formation reservoir penetrations, including a relatively short horizontal well which produced more than 1,800 barrels per day on trial.

Orcadian also confirmed yesterday that it has filed an addendum to the Pilot field. Concept selection report with the Office of Oil and Gas.

This followed the execution of an agreed work program that included polymer core flood testing and work to reduce carbon dioxide emissions from the project. The selected concept has now been revised to include a significant improvement in process heat management and power generation efficiency.

To further improve emissions performance, Orcadian has also chosen to include a floating wind turbine in the development concept. As a result of a review by Crondall Energy, these combined initiatives have the potential to reduce expected Scope 1 emissions from development by more than 80%.

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Cliffside Capital Ltd. completes previously announced placement and formation of a new Special Purpose Limited Partnership http://angil.org/cliffside-capital-ltd-completes-previously-announced-placement-and-formation-of-a-new-special-purpose-limited-partnership/ http://angil.org/cliffside-capital-ltd-completes-previously-announced-placement-and-formation-of-a-new-special-purpose-limited-partnership/#respond Thu, 15 Jul 2021 03:00:27 +0000 http://angil.org/cliffside-capital-ltd-completes-previously-announced-placement-and-formation-of-a-new-special-purpose-limited-partnership/ / DO NOT DISTRIBUTE TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES / TORONTO, July 14, 2021 / CNW / – Following its press releases from June 14 and July 9, 2021, Cliffside Capital Ltd. (“On the cliff side“or the”Company“) (TSXV: CEP) is pleased to announce the closing of its previously […]]]>

/ DO NOT DISTRIBUTE TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES /

TORONTO, July 14, 2021 / CNW / – Following its press releases from June 14 and July 9, 2021, Cliffside Capital Ltd. (“On the cliff side“or the”Company“) (TSXV: CEP) is pleased to announce the closing of its previously announced private placement of 22,500,000 units (“Units“), at $ 0.20 per Unit, to increase $ 4.5 million in gross product (hereinafter, the “Offer“) and the creation of its new private company with a specific vocation, C.AR. LP I (“CAR DRY“). Each unit is made up of one common share in the capital of Cliffside (a”Ordinary share“) and one-quarter of a common share purchase warrant (each entire common share purchase warrant, a”To guarantee“). Each Warrant is exercisable for a period of three years at a price $ 0.20 per common share. Of the proceeds raised as part of the placement, Cliffside used $ 3.75 million to fund CAR LP, in which Cliffside will hold a 60% interest, with the remaining proceeds to be used for general working capital purposes.

Purchase of NPCALR

Cliffside also announces that it has enabled CAR LP to acquire the first $ 29 million tranche of non-prime consumer auto loan receivables (“NPCALR“) of ACC LP (the”Seller“) (which is controlled by CanCap Management Inc. (“CCMI“), a significant originator and manager of consumer loans and a non-arm’s length party of the Company) pursuant to the terms of the previously announced purchase agreement (the”Purchase agreement“) entered into between CAR LP, the seller and CCMI as of the date hereof. Pursuant to the terms of the purchase agreement, CAR LP may acquire up to approximately $ 180 million of NPCALR from time to time of the seller, over a period of next twelve months, in accordance with the term of the purchase contract.

CAR LP has funded, and will continue to fund, the purchases of NPCALR under the Purchase Agreement through a combination of: (i) drawings under a Loan and Guarantee Agreement (the “”Loan agreement“) entered into between CAR LP, a Schedule 1 bank and a private Canadian asset management company (collectively, the”Lenders“), which Loan Agreement authorizes advances of up to $ 175.2 million to CAR LP; (ii) $ 3.75 million the proceeds of the Offer; and (iii) additional equity capital raised directly in CAR LP in the amount of $ 2.50 million (in which CCMI invested $ 1.25 million). As a result of the above, Cliffside owns 60% of CAR LP, CCMI owns 20% of CAR LP and external investors own 20% of CAR LP.

In connection with entering into the loan agreement, CAR LP paid Harrison Equity Partners (“HEP“), a non-arm’s length portion of Cliffside, a structuring fee (the”Structuring costs“) of $ 968,000 (plus HST). These structuring fees were payable to HEP in connection with the provision of debt raising and capital formation services provided to CAR LP by HEP.

Pursuant to the terms of the purchase contract, CCMI will be entitled to an origination charge equal to 1.5% of the value of each tranche of NPCALR purchased under the purchase contract and the seller will be entitled to an origination charge. Deferred purchases of 2.5% per annum payable monthly during the term of the loan agreement based on the value of the outstanding NPCALRs on the date of each such payment. LC Asset Management Corp. (“LCAM“), the external manager of Cliffside and a non-arm’s length party of the Company, will also continue to collect a management fee by Cliffside for the continued provision of external management services by LCAM to Cliffside, calculated at the rate of 1.25 % of the carrying amount of Cliffside assets on an unconsolidated basis.

Cliffside CEO statement

“Today’s transaction marks another important milestone in the evolution of Cliffside’s business,” commented the CEO Steve malone. “We are fortunate to have the continued support of various Canadian lenders. This transaction adds two new lenders to our business and demonstrates our ability to continue reducing our cost of capital through the strong performance of our partnerships and our high credit standards. We are increasing our access to capital at good prices and increasing our sources of funding and our capital base, we will continue to grow and expand our business This current increase improves our profit margins while allowing us to continue to remain disciplined and attract the right mix of borrowers. We look forward to generating strong growth for our shareholders as we move forward with this new program as well as continuing to work with our existing partners. “

Transactions with non-arm’s length parties

As previously indicated, the transactions contemplated by the Purchase Agreement take place with non-arm’s length parties under the policies of the TSX Venture Exchange, as CCMI, ACC LP and LCAM are non-arm’s length parties of the Company and CAR. LP.

CCMI is an arm’s length party to the Company because the CEO and a director of the Company, Steve malone, is also the President and Chief Operating Officer of CCMI and because the Chief Financial Officer of the Company, Praveen Gupta, is also the CFO of CCMI. In addition, CCMI is a non-arm’s length party to the Company because Michael stein is an indirect 50% owner of CCMI and is a director and control person of the Company while Laurent Zimmering is the other 50% indirect owner of CCMI. ACC LP is a non-arm’s length party to the Company, as ACC LP is indirectly and equally owned by, Michael stein and Laurent Zimmering. Otherwise, Michael stein, Laurent Zimmering, Marc Newman and Steve malone each hold 25% of LCAM, which manages the Company. As a result of the foregoing, CCMI, ACC LP and LCAM are each an arm’s length party of CAR LP.

Payment of the structuring fees to HEP is considered to occur with a non-arm’s length party since HEP is 95% owned by Marc Newman, director of the Company.

Company insiders have subscribed $ 2.0 million units under the Offering, of which a total of $ 1.675 million was subscribed by Michael stein, Laurent Zimmering, Steve malone and Marc Newman (the “Insider subscriptions“and, collectively, with the transactions contemplated by the Purchase Contract and the payment of the Structuring Commission, the”Transactions“). The aggregate $ 2.0 million subscriptions for units by insiders in connection with the placement are considered to be “related party transactions” within the meaning of policy 5.9 of the TSX Venture Exchange and of multilateral instrument 61-101 on the protection of holders of minority securities in special operations (“MI 61-101“).

Regulatory matters

The Company has relied on exemptions from the formal minority assessment and approval requirements set out in sections 5.5 (b) and 5.7 (b) of Regulation 61-101 with respect to subscriptions for units by insiders in the framework of the placement. The purchase agreement, including the payment of origination charges and deferred purchase charges, is also considered a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Regulation 61-101. The Company relied on the exemptions from the formal assessment and approval requirements of minority interests provided for in sections 5.5 (b) and 5.7 (c) (regarding paragraph (d) (i) of section 5.5) of the Regulation. 61-101 with respect to entering into the purchase agreement and carrying out the transactions contemplated therein, including the payment of fees to ACC LP and CCMI.

As required by the policies of the TSX Venture Exchange, the Company has sought and obtained the approval of disinterested shareholders for the transactions by written consent. The Company has also obtained conditional approval from the TSX Venture Exchange for trading and placement. The securities issued under the Offer are subject to a legal holding period of four months and one day from the date of issue.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in granting and managing loans and similar types of financial assets. Cliffside’s strategy is to generate income as an investor, offering its shareholders the opportunity to invest in the growing alternative lending industry with the potential for attractive returns and minimal operational risk while achieving a total return. reliable. For more information visit www.cliffsidecapital.ca.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “will”, “may”, “expects”, “intends”, “anticipates” and other similar expressions that constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cliffside, the proposed use of the proceeds of the offering, Cliffside’s intention to complete the loan agreement to fund the operation of CAR LP and helping CAR LP raise additional capital; and the timing and closing of the offering, including the extent to which insiders of the Company may participate. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; results of operations; potential for conflicts of interest; and the price and volume volatility of Cliffside common stock. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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

SOURCE Cliffside Capital Ltd.

Cision

Show original content: http://www.newswire.ca/en/releases/archive/July2021/14/c7214.html

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Gupta fights lender’s efforts to take control of aluminum plant http://angil.org/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/ http://angil.org/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/#respond Tue, 13 Jul 2021 16:36:58 +0000 http://angil.org/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/ Sanjeev Gupta is fighting to keep a Belgian aluminum smelter after a US private equity firm sued the UK to take control. Gupta’s metals group GFG Alliance, which is under investigation by Britain’s Serious Fraud Office, is fighting to refinance more than $ 5 billion in debt after the bankruptcy of Greensill Capital, its main […]]]>

Sanjeev Gupta is fighting to keep a Belgian aluminum smelter after a US private equity firm sued the UK to take control.

Gupta’s metals group GFG Alliance, which is under investigation by Britain’s Serious Fraud Office, is fighting to refinance more than $ 5 billion in debt after the bankruptcy of Greensill Capital, its main lender.

But the lender of GFG’s rolling mill in Duffel, near Antwerp – which people familiar with the matter said was private equity firm American Industrial Partners – launched legal proceedings last week.

AIP succeeded in persuading a court to appoint directors at a UK holding company that owns the assets. The process could result in the transfer of ownership of the Duffel plant to AIP, the holder of the $ 59 million debt.

GFG and AIP did not immediately respond to requests for comment.

The proceeding is the latest in a series of legal challenges Gupta has faced this year from creditors. The Indian-born industrialist recently got a reprieve from Credit Suisse – a leading investor in Greensill debt – after previously trying to force some of his businesses to close over unpaid debts. Meanwhile, GFG said it would “fully cooperate” with the SFO probe, which was announced in May.

AIP’s challenge threatens to complicate a bailout loan that Gupta recently negotiated with commodities trader Glencore, which offers to refinance the debt of its European aluminum company. The London-listed mining and trading company has offered to refinance more than $ 500 million in debt at the Duffel site and its French sister plant in Dunkirk with a new six-year loan.

At the start of the year, AIP bought back all of the debt of the Duffel plant and part of the debt of the Dunkirk smelter, while approaching Gupta with an offer to purchase the two assets.

In a note to senior management last week, Gupta confirmed that the group had rejected AIP’s offer on both assets, adding that GFG “was aiming for an amicable settlement of their debts using the facilities agreed with Glencore.” .

However, people familiar with the situation said Gupta could retain control of the French foundry, but lose control of the Belgian factory to the US private equity firm.

Glencore is mainly interested in the Dunkirk aluminum smelter, which is the largest in Europe and produces 280,000 tonnes of light metal per year. The deal would give Glencore access to the metal it could sell through its large trading arm.

In its memo to staff, Gupta said GFG had made deals with the London-listed group and rival trading house Trafigura to supply raw materials to Dunkirk and Duffel, while Glencore would “also help with the marketing of products and would provide hedging facilities ”.

“These deals will help secure the working capital needs of businesses and allow us to reduce business risk by capturing current high prices,” Gupta said.

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ToughBuilt Industries, Inc. announces $ 40 million http://angil.org/toughbuilt-industries-inc-announces-40-million/ http://angil.org/toughbuilt-industries-inc-announces-40-million/#respond Mon, 12 Jul 2021 03:50:00 +0000 http://angil.org/toughbuilt-industries-inc-announces-40-million/ Lake Forest, California, July 11, 2021 (GLOBE NEWSWIRE) – ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (NASDAQ: TBLT; TBLTW), announced today that it has entered into securities purchase agreements with certain institutional investors for the issuance and sale of 46,029,920 common shares and warrants to purchase up to 23,014,960 common shares, at a purchase price […]]]>

Lake Forest, California, July 11, 2021 (GLOBE NEWSWIRE) – ToughBuilt Industries, Inc. (“ToughBuilt” or the “Company”) (NASDAQ: TBLT; TBLTW), announced today that it has entered into securities purchase agreements with certain institutional investors for the issuance and sale of 46,029,920 common shares and warrants to purchase up to 23,014,960 common shares, at a purchase price of $ 0.869 per share and the associated warrant in a direct offer recorded at market price under Nasdaq rules. The warrants will be immediately exercisable at an exercise price of $ 0.81 per common share and will expire five years after the date of issue. The offer is expected to close on or around July 14, 2021, subject to the satisfaction of customary closing conditions.

HC Wainwright & Co. is acting as the exclusive placement agent for the offering.

Gross proceeds to the Company are expected to be approximately $ 40 million, before the deduction of placement agent fees and other expenses related to the offering. ToughBuilt currently intends to use the net proceeds of the Offering for working capital purposes.

The securities described above are offered pursuant to a “shelf” registration statement on Form S-3 (registration number 333-252630) (the “registration statement”), which has been declared effective by the Securities and Exchange Commission (the “SEC”) on February 8, 2021. A prospectus supplement to the prospectus contained in the registration statement relating to the offering will be filed with the SEC. Electronic copies of the Prospectus Supplement and the accompanying prospectus relating to the Offer may be obtained, where available, from HC Wainwright & Co., LLC, 430 Park Avenue 3rd Floor, New York, New York 10022 , or by calling (212) 856 -5711 or by e-mail placements@hcwco.com or on the SEC website at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to ‘registration or qualification under the securities laws of such jurisdiction.

About ToughBuilt Industries, Inc.

ToughBuilt is a leading product designer, manufacturer and distributor with a focus on innovative products. Currently focused on tools and other accessories for the professional construction and DIY industries. We market and distribute various lines of home improvement and construction products for the DIY and professional markets under the TOUGHBUILT brand, within the global multi-billion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line consists of three main categories, with several additional categories in various stages of development, including soft items and knee pads and sawhorses and work products. Our mission is to provide the building and home improvement communities with innovative, high-quality products, derived in part from enlightened creativity for our end users, while improving performance, well-being and brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.

Forward-looking statements:

This press release contains “forward-looking statements”. Such statements may be preceded by the words “intention”, “may”, “will”, “plans”, “expects”, “plans”, “projects”, “predicts”, “estimates”, “aims”. , “Esteem”, “hopes”, “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the Company, and cannot be predicted or quantified and, by Therefore, actual results may differ materially from those expressed or implied by such forward-looking statements, and include, without limitation, the completion of the recorded direct offering; the satisfaction of customary closing conditions associated with the registered direct placement and the intended use of the net proceeds of the registered direct placement. These risks and uncertainties include, without limitation, the risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in introducing products into key markets, (iii) the inability to obtain regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger multinational companies, (v) liability claims product failure, (vi) product malfunctions, (vii) limited manufacturing capabilities and use of contractors for support, (viii) efforts to successfully obtain and maintain property protection intellectual property covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital in order to To meet our business needs in the future and that such raising of capital may be costly, dilutive or difficult to obtain, (xi) the fact that we operate in several foreign jurisdictions, exposing us to fluctuations in interest rates. changes, logistics and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction, (x) market conditions and others. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements are set out in the documents filed by the Company with the Securities and Exchange Commission (SEC), including the Company’s annual report on the form 10 K and its quarterly reports on Form 10 Q. Investors and security holders are urged to read these documents free of charge on the SEC website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

KCSA strategic communication
David Hanover
ToughBuilt@KCSA.com

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Everything you need to know about the Ministry of Cooperation http://angil.org/everything-you-need-to-know-about-the-ministry-of-cooperation/ http://angil.org/everything-you-need-to-know-about-the-ministry-of-cooperation/#respond Sat, 10 Jul 2021 13:11:09 +0000 http://angil.org/everything-you-need-to-know-about-the-ministry-of-cooperation/ Before the mega cabinet reshuffle, Prime Minister Narendra Modi announced the creation of a separate Union Cooperation Ministry. It was handed over to Interior Minister Amit Shah on July 7. The Cooperation movement was taken over by the Ministry of Agriculture before obtaining its independent portfolio. Read also – Cabinet 2.0: BJP considers OBC, Brahmin […]]]>

Before the mega cabinet reshuffle, Prime Minister Narendra Modi announced the creation of a separate Union Cooperation Ministry. It was handed over to Interior Minister Amit Shah on July 7.

The Cooperation movement was taken over by the Ministry of Agriculture before obtaining its independent portfolio.

Read also – Cabinet 2.0: BJP considers OBC, Brahmin votes in UP polls via rejig

What are the objectives of the Ministry of Cooperation?

According to a press release from the Press Information Office (PIB), the Ministry of Cooperation will strive to strengthen the cooperative movement in the country with a separate legal and political administrative framework.

“This will help deepen the cooperatives as a true people-based movement reaching the grassroots. In our country, a Cooperative economic development model is very relevant where each member works with a spirit of responsibility. The ministry will strive to streamline the “ease of doing business” processes for cooperatives and enable the development of multi-state cooperatives (MSCS), “we read.

What is the cooperative movement?

Cooperatives are organizations formed locally by stakeholders to gain collective bargaining power. The cooperative movement, which officially started with the introduction of the Cooperative Societies Act in 1904, has been observed in various sectors such as agriculture (cooperative dairies, sugar factories, spinning mills), banking and finance, etc.

Read also – Cabinet reshuffle: 7 ministers inducted into the UP linked to the polls

Why was a separate ministry for cooperation created?

Over the years, cooperative institutions have experienced a drying up of their funding. While the capital came from the Center, in the form of equity or working capital, only a few states like Maharashtra, Gujarat and Karnataka were able to benefit, while other states could not receive much. It had become important to restore the structure of these cooperatives.

“Various studies conducted by institutions such as the Vaikunt Mehta Cooperative Management Institute have shown that the cooperative structure has managed to thrive and leave its mark only in a handful of states like Maharashtra, Gujarat, Karnataka, etc. . Under the new ministry, the cooperative movement would gain the financial and legal power required to enter other states as well, ”Sanjiv Babar, former director general of the Maharashtra State Federation of Cooperative Sweets. mentionned at Indian express.

How do these cooperative structures influence policy?

Cooperative institutions ranging from village PACS to urban housing companies were the starting point of many current leaders. This is because these cooperatives elect their own board of directors.

Interior Minister Amit Shah was the head of the Central Cooperative Bank of the Ahmedabad District (DCCB) in Gujarat. Likewise in Maharashtra, around 150 ministers of the legislature have been in contact with the cooperative movement in the past. NCP leader Sharad Pawar and Deputy Chief Minister Ajit Pawar also started their political careers through cooperative elections.

What funding do cooperative institutions control?

According to NABARD’s annual report for 2019-2020, there are 95,238 PACS, 363 DCCB and 33 state cooperative banks across the country. State cooperative banks declared a total of Rs 6,104 crore in paid-up capital and Rs 1,35,393 crore in deposits. The paid-up capital to the DCCB was Rs 21,447 crore and the total deposit was Rs 3,78,248 crore.

While the DCCB distributed Rs 3,00,034 crore in loans, the state cooperative banks disbursed Rs 1,48,625 crore in loans in the same year.

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Manhattan Bridge Capital Announces Closing of Proposed Public Offering of Common Shares http://angil.org/manhattan-bridge-capital-announces-closing-of-proposed-public-offering-of-common-shares/ http://angil.org/manhattan-bridge-capital-announces-closing-of-proposed-public-offering-of-common-shares/#respond Fri, 09 Jul 2021 18:00:00 +0000 http://angil.org/manhattan-bridge-capital-announces-closing-of-proposed-public-offering-of-common-shares/ GREAT NECK, NY, July 09, 2021 (GLOBE NEWSWIRE) – Manhattan Bridge Capital, Inc. (NasdaqCM: LOAN), or Manhattan Bridge Capital, a real estate finance company specializing in the creation, financing, management and management of ” a portfolio of short-term loans secured by first mortgage privileges on real estate, today announced the closing of its previously announced […]]]>

GREAT NECK, NY, July 09, 2021 (GLOBE NEWSWIRE) – Manhattan Bridge Capital, Inc. (NasdaqCM: LOAN), or Manhattan Bridge Capital, a real estate finance company specializing in the creation, financing, management and management of ” a portfolio of short-term loans secured by first mortgage privileges on real estate, today announced the closing of its previously announced subscribed public offering of 1,875,000 common shares, with a par value of $ 0.001 per share, at a public price of $ 7.20 per share. As part of the offer, the Company also granted the underwriter a 30-day option to purchase up to 281,250 additional ordinary shares offered under the public offer, at the same public offering price per share. , less underwriting discounts and commissions, to cover over-allotments, if applicable. The Company intends to use the net proceeds of the offering primarily to reduce the outstanding balance on its existing line of credit and, if additional proceeds remain, to increase its loan portfolio and for general corporate purposes. the business and its working capital.

B. Riley Securities, Inc. is the sole accounting manager of the Offering.

The offering of these securities is being made in accordance with a current registration statement on Form S-3 (File No. 333-256396), which was originally filed with the Securities and Exchange Commission (“SEC”) on May 21, 2021 and declared effective by the SEC on June 1, 2021.

A final prospectus supplement describing the terms of the offering was filed with the SEC and was part of the actual registration statement. Copies of the Prospectus Supplement and accompanying Base Prospectus can be obtained by contacting the Bookkeeper by telephone at (703) 312-9580 or by e-mail at prospectuses@brileyfin.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Manhattan Bridge Capital, and does not constitute an offer, solicitation or sale of securities in any state or jurisdiction in which such offering, soliciting or selling would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc. offers short-term secured non-bank loans (sometimes referred to as “hard money” loans) to real estate investors to finance the acquisition, renovation, rehabilitation or improvement of properties located in New York City. . metropolitan area, including New Jersey and Connecticut, and Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Since these statements deal with future events and are based on Manhattan Bridge Capital’s current expectations, they are subject to various risks and uncertainties and the actual results, performance or achievements of Manhattan Bridge Capital could differ materially from those described or under – understood by the statements contained in this press release. For example, forward-looking statements include statements regarding the potential exercise by the underwriter of its over-allotment option to purchase additional shares and the intended use of the net proceeds of the offering. Forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and the satisfaction of customary closing conditions associated with the proposed offering, and other risk factors discussed. in Manhattan Bridge Capital’s annual report on Form 10 -K for the fiscal year ended December 31, 2020, filed with the SEC and in subsequent filings with the SEC. Except as otherwise provided by law, Manhattan Bridge Capital disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date on which they were made, whether as a result of new information, future events or circumstances or otherwise. .

CONTACT: Contacts: Assaf Ran, CEO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc.
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EFESO Consulting supports Thélios in improving its value chain http://angil.org/efeso-consulting-supports-thelios-in-improving-its-value-chain/ http://angil.org/efeso-consulting-supports-thelios-in-improving-its-value-chain/#respond Thu, 08 Jul 2021 04:08:52 +0000 http://angil.org/efeso-consulting-supports-thelios-in-improving-its-value-chain/ Paris-based management consulting firm EFESO has helped Thélios manufacture luxury eyewear reduce production times and “work in progress” volumes by more than 35%, thanks to a new lean manufacturing model human-centered. A joint venture between the Italian luxury eyewear company Marcolin and the global group of luxury brands LVMH: Thélios designs and produces eyewear for […]]]>

Paris-based management consulting firm EFESO has helped Thélios manufacture luxury eyewear reduce production times and “work in progress” volumes by more than 35%, thanks to a new lean manufacturing model human-centered.

A joint venture between the Italian luxury eyewear company Marcolin and the global group of luxury brands LVMH: Thélios designs and produces eyewear for the biggest brands around the world, including Dior, Stella McCartney, Celine and Berluti, among others .

In support of this volume, Manifattura Thélios – a production center located at Marcolin’s headquarters in Longarone, Italy – which houses 100 of Thélios’ 250 employees. Seeking to optimize its entire value chain – including Manifattura – to meet customer demands in an increasingly demanding luxury market, Thélios turned to the experts at EFESO Consulting to design a new model. production based on technology.

Key goals were shortened delivery times, predictive maintenance capabilities, streamlining the portfolio to focus on popular products and more balanced workloads. Operational excellence is one of EFESO’s core competencies, and the firm has deployed three experts to support the project.

Lean transformation

After two months of framing the status quo at Thélios, the experts developed a vast optimization plan. The focus was on “lean” operating models – which focus on rapid prototyping and testing over short periods of time to reduce costs, time and energy required for production.

EFESO has applied lean principles to Thélios’ industrial strategy by setting up new dynamic assembly lines, designed to reduce working capital and production time. There was also a new capability model, which could balance the workflows between prototyping, development, and manufacturing.

And the impact has been impressive: response times are lower, which puts more Thélios products on the shelves with greater frequency; current products have been reduced by 35 to 50%; faster prototyping and knowledge deployment improved product value creation; and technical losses are low thanks to digitization.

To top it off, workflows are running in a balanced fashion, critical issues are detected and addressed at an early stage, and production times have been reduced by 35%. The product range has also been streamlined: Thélios now produces 30% fewer obsolete items.

Human-centered approach

Much of this success, experts say, goes beyond the technical prowess of the new model – it boils down to the fact that people are at the heart of the transformation strategy.

“Human dynamics were at the center of all EFESO’s interventions; in fact, adopting lean concepts, where flow predominates over local productivity, has required a lot of effort to break traditional production paradigms, ”a press release from EFESO reads.

The former CEO of Thélios, Massimo Stefanello, supported him: “The difference in working with EFESO is that together, in a very down-to-earth and supportive manner, we have managed to achieve serious improvements in our value, but it is their focus on the human side. things that are a real asset in this type of project.

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Jason Simon explains how FinTech is helping to evolve conventional supply chains http://angil.org/jason-simon-explains-how-fintech-is-helping-to-evolve-conventional-supply-chains/ http://angil.org/jason-simon-explains-how-fintech-is-helping-to-evolve-conventional-supply-chains/#respond Tue, 06 Jul 2021 18:30:28 +0000 http://angil.org/jason-simon-explains-how-fintech-is-helping-to-evolve-conventional-supply-chains/ A new type of service business could transform global supply chains: fintech companies that act as intermediaries to facilitate transactions between a company and its suppliers. They allow the buyer and the supplier to improve their working capital by allowing the first to roll over its supplier debts and, at the same time, to accelerate […]]]>

A new type of service business could transform global supply chains: fintech companies that act as intermediaries to facilitate transactions between a company and its suppliers. They allow the buyer and the supplier to improve their working capital by allowing the first to roll over its supplier debts and, at the same time, to accelerate the payment of the second. This offers both parties advantages, including greater liquidity and less variability in the timing of payments. Jason simon, an expert who has worked closely with all things FinTech and e-commerce, provides a detailed explanation of the rise of supply chains.

Multinational companies, such as Apple, Colgate, Dell, P&G, Kellogg and Siemens, are using these FinTech companies to leverage previously inaccessible capital in their supply chains to help finance growth in new and emerging markets. , develop and support new products, strengthen their positions and increase the capital available for the entire ecosystem of suppliers. The use of FinTech allows suppliers to access the financing of the capital of the multinational company at a lower cost.

FinTechs are internet companies that streamline financial systems and make supply chain finance more efficient. These are startups such as Orbiano, Prime Income, C2FO, Taulia and Ariba, as well as new operations launched by traditional financial services companies such as Citi Group, HSBC, BNP Paribas and Deutsche Bank.

Many FinTechs operate as cloud-based software platforms and can activate buy-to-pay systems that integrate both purchasing and accounts payable management functionality, Simon explains. They provide an integrated solution that supports a process that begins with a purchase requisition and ends with payment to suppliers. These integrated systems allow purchasing companies to significantly reduce the burden of managing these functions by closing the loop between purchasing and accounts payable and providing a structure that streamlines these processes.

For providers, joining the platforms can be almost as easy as adding an app to a smartphone. Once the supplier is integrated, the buying company approves the invoice and a cascade of processes takes place on the FinTech platform. The advantage for the supplier is that he can be paid when he chooses, a big advantage in a period when large manufacturers are extending payment terms. In some cases, payment can be sent to the supplier in as little as two days instead of the 60, 90, or even 120 days that the buyer often prefers.

The supplier offers the buying company a discount on the invoice amount at the lower cost of the buyer’s capital. For example, when a supplier chooses to receive payment on a $ 10,000 invoice in 15 days through FinTech and the buyer sends the payment to FinTech 90 days after approving the supplier’s invoice and the cost of capital of the buyer is 2%, the supplier’s rebate to FinTech is only $ 41. In other words, the supplier gets $ 9,959 of the $ 10,000,

The purchasing company benefits from an increase in accounts payable, which has a positive impact on its working capital. In many cases, companies such as Procter & Gamble and Kellogg have extended their accounts payable for up to 120 days through these supply chain finance relationships. This improved working capital can be used to finance growth in new markets.

FinTechs often play the role of intermediaries. Their relationships with a whole network of different banks or financial institutions allow them to obtain the best financing solutions for their clients. This is comparable to how third party logistics companies (3PLs) run transportation. Previously, a company had all its transports under contract with a single transport company. But a 3PL is able to choose a transport company in the same way as a broker.

Simon says: It is important to note that multi-bank FinTech platforms, which receive only a small fee for their services, have increased competition in supply chain finance to the point where profits from institutions providing the funding have been drastically reduced.

FinTech companies are likely to continue to evolve and add additional services. Some companies already provide supply chain services, such as purchasing and inventory management. In the future, some FinTech companies are likely to expand their reach beyond finance to supply chain services such as sourcing and supplier management.

Traditionally, supply chain management has focused on sourcing, manufacturing and delivery. Now it’s about funding,

About Jason Simon

Jason Simon is a FinTech and digital payments expert who got involved in cryptocurrencies when they were introduced. He enthusiastically follows what is happening in the changing world of finance, excited about the opportunities digital currencies offer global consumerism. When not involved in advancing the digital payments space, he enjoys spending time with his family and improving his community.

This news content can be incorporated into any legitimate news gathering and publication effort. Linking is allowed.

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Zimbabwe: Rising costs of Milk Dairibord’s profit margins http://angil.org/zimbabwe-rising-costs-of-milk-dairibords-profit-margins/ http://angil.org/zimbabwe-rising-costs-of-milk-dairibords-profit-margins/#respond Mon, 05 Jul 2021 08:18:08 +0000 http://angil.org/zimbabwe-rising-costs-of-milk-dairibords-profit-margins/ Dairibord Zimbabwe Limited CEO Anthony Mandiwanza said cutting costs remains a key issue to protect the company’s margins for fiscal 2021. During the first five months of the year, the Zimbabwe Stock Exchange listed entity was faced with the rising cost of doing business. Overall, costs for the five months through May 31, 2021 have […]]]>

Dairibord Zimbabwe Limited CEO Anthony Mandiwanza said cutting costs remains a key issue to protect the company’s margins for fiscal 2021.

During the first five months of the year, the Zimbabwe Stock Exchange listed entity was faced with the rising cost of doing business.

Overall, costs for the five months through May 31, 2021 have increased by 452%, leaving the group with an operating profit margin of just 7%, Mandiwanza said in a business update during the company’s annual general meeting held last week.

Mr. Mandiwanza told shareholders that the cost increases were general, from imported raw materials to the cost of borrowing.

“The price of fuel and milk powders has increased in the world market and this has resulted in increased imported inflation,” he said.

International Brent crude has risen 40% on average this year. Locally, the price of diesel has increased an average of 9.9 percent, in US dollars, while gasoline prices have increased 5.6 percent since the start of the year.

“The cost of fuel is becoming a major cost variable, primarily driven by the need to source this fuel in foreign currency, while labor has also contributed as a key cost driver,” Mr. Mandiwanza.

He said the rainfall regime, which was important at the start of the year, was negatively impacting milk production and leading to associated problems such as the increased cost of raw milk.

Raw materials and packaging have been affected by domestic and imported inflation, Mandiwanza added.

Regarding the financing of the company, the head of Dairibord said the cost of financing was higher than the previous year due to borrowing to support imports of raw materials and packaging.

He said the Group needed to take a strategic position to hedge against increases in commodity prices.

“Interest rates were high, up to 50 percent and of course longer working capital cycles. All of this contributed to a high cost of funding.”

Going forward, Mandiwanza said he does not anticipate an immediate stay on interest rates, which means financing costs will remain a hurdle.

Excluding cost issues, demand for the Group’s products remained firm during the period under review.

However, the activity was unable to meet demand, particularly for milk and milk-based products due to constraints linked to raw milk.