HMH’s Post

Akastor today reported second quarter results for 2024. • DRU arbitration concluded, with USD 176 million received in cash and an accounting gain of NOK 748 million in the second quarter • Net interest-bearing debt reduced by NOK 1.6 billion in the quarter, with net interest-bearing items in a net cash position of NOK 831 million per end of June 2024 • Corporate bank facility amended and extended to June 2026. The facility, with a size of USD 30 million, was not drawn per end of period • Approximately 3 million shares received in Odfjell Drilling in period pursuant to a warrant agreement • HMH continues to deliver strong financials, with an LTM EBITDA (adj.) of USD 153 million per end of the second quarter, up 39% compared to last year • HMH filed a confidential draft registration for a potential US IPO which may occur in the second half of 2024, pending market conditions • Equity of NOK 5.5 billion per end of period, corresponding to NOK 20.2 per share, increased from NOK 17.2 per share per end of the first quarter driven by final DRU settlement Join our webcast presentation at 15:00 CET today. For more information: https://lnkd.in/dNEg77yF

Who is a beneficial owner of a reporting company? A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests PS: To find out if your company must file a BOI Report or is exempt, click the link below:        https://lnkd.in/gmufkeF3 PPS: To file your company's BOI Report, click the link below:          https://lnkd.in/gmDxUN2Y #MarousLaw #LegalServices #BOI #CTACompliance #BeneficialOwnershipInformation #CorporateTransparencyAct #BusinessGrowth #LegalCounsel

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control at least 25% of the company’s ownership interests. If you are already an established business, you will have until January 1, 2025 to file, but if your business is established on or after January 1, 2024, you will have a set number of days to file an initial BOI report. To learn more about properly filing a BOI report, visit https://bit.ly/3OB6HIN #AlloySilverstein #BOI #BeneficialOwnershipInformation #business #smallbusiness

As highlighted in our past couple of posts: 👉 https://lnkd.in/givEQUSp 👉 https://lnkd.in/gWY7Qwgu it’s that time of year companies and their officers are working hard to finalise their year-end reporting and planning for their AGM. As a result of these corporate events, this time of year sees a considerable increase in the number of “investor presentations” being released to the market. It is therefore no surprise that in ASX Compliance Update 08/24 (https://lnkd.in/g5Hg9cDB), the ASX have taken the opportunity to remind listed entities of their expectations for these presentations and, in particular, when these presentations may contain material information which has not previously been released to the market. Given continuous disclosure obligations require that material information be released to the market “immediately” it is rare that such presentations would contain new, material information however this serves as a reminder that compliance with continuous disclosure obligations requires good governance and due consideration at board level. This is where an experienced company secretary is invaluable and can provide an entity’s board with expert advice to navigate the requirements. If you are in need of expert company secretary services we’d love to hear from you: https://lnkd.in/gnSUyUFb #asic #asx #companysecretary #continuousdisclosure #corporategovernance #governance

undercosts — reply — finds — valuation — expert evidence be excluded In the legal case before the Assessment Review Board of Tribunals Ontario, the City of Greater Sudbury the "City" sought to exclude expert evidence provided by Glencore Canada Corporation "Glencore" related to the assessments of eight mining properties for taxation years 2017 to 2024. Glencore, along with the Municipal Property Assessment Corporation "MPAC" and Vale Canada Corporation "Vale", opposed this motion. The Board focused on the City's request without revisiting the extensive background of the appeals. The City argued that Glencore breached the Board’s Rules of Practice and Procedure by failing to file an Acknowledgment of Expert Duty AED for Mr. Stadig, one of its experts, by the set deadline of June 29, 2023. The City also contended that the Stadig Report was not proper reply evidence. Glencore countered that it substantially complied with the Rules and that the Stadig Report was necessary due to new issues and valuation methodology introduced by the City's expert in the Hintikka Report, which had not been set forth in the City's Statement of Issues. The Board concluded that Glencore did not comply with the Schedule of Events when it filed the AED late on December 20, 2023. However, the Board determined that excluding the expert evidence was not the appropriate consequence for this non-compliance. The Board found that the Hintikka Report brought new information that could not have been anticipated by Glencore by the AED filing deadline and that excluding Mr. Stadig’s evidence would prejudice Glencore without sufficient evidence of prejudice to the City. On the second issue, the Board found that the Stadig Report was proper reply evidence, focusing on responding to specific information and analysis raised for the first time in the Hintikka Report and not providing its own valuation analysis. The final judgment was that the Board denied the City's request to exclude the expert evidence. The motion was dismissed, allowing Glencore’s expert evidence, including the Stadig Report, to be considered in the hearing of the appeals. Assessment Review Board Ontario #ONARB Greater Sudbury City v Municipal Property Assessment Corporation Region 30 2024 CanLII 44813 ON ARB Released: May 16, 2024 https://canlii.ca/t/k4pzh

Approval of BPRL's Offer: Key Milestone in VOVL's CIRP A significant development in the Corporate Insolvency Resolution Process (CIRP) of Videocon Oil Ventures Limited (VOVL) as the National Company Law Tribunal (NCLT), Mumbai Bench, has given the nod to BPRL Ventures BV's offer for acquiring VOVL's oil and gas assets in Brazil. This decision highlights the criticality of upholding contractual commitments and maximizing value for stakeholders, marking a pivotal moment in the resolution process overseen by Mr. Pravin R. Navandar, the Resolution Professional of VOVL Ltd. Key Highlights: - Multiple offers were on the table, including bids from PRIO S.A. and Eneva S.A. - PRIO's revised offer stood at USD 20 million. - BPRL's commitment entails cumulative payments of around USD 129 million for VEBL's Cash Call Obligations, with total investments in the oil and gas assets amounting to approximately USD 1.8 billion. The Outcome: BPRL's offer received overwhelming support from the Committee of Creditors (CoC) with a remarkable 99.96% voting share, reflecting a strong vote of confidence in BPRL's proposal. The Tribunal's decision to honor BPRL's Right of First Refusal (ROFR) aligns with legal provisions and contractual duties, ensuring optimal value realization. This milestone underscores the CoC's astuteness and dedication to efficiently navigate VOVL's CIRP, showcasing their commitment to maximizing value for all involved parties. Incorp Restructuring Services LLP (IPE) InCorp India Pravin Navandar #CIRP #InsolvencyResolution #NCLT #BPRL #VOVL #ValueMaximization #CorporateLaw

Indiana Resources (ASX: IDA) announces the resolution of a longstanding shareholder dispute with Ntaka Nickel Holdings Ltd ✍🏼🤝 "It is pleasing to have this matter resolved in advance of the arbitration hearing. There is now clarity around the shareholding structure of the Claimants although it should be noted that the Award may not necessarily be distributed between the Claimants in a manner that reflects underlying shareholdings" "Finalising this dispute allows Indiana to now focus on enforcement and annulment activities relating to arbitration against the United Republic of Tanzania. Activities for this phase are significantly advanced, with plans for enforcement in place, and the Claimants well prepared for the ICSID hearing on 20th December 2023 with regards to annulment proceedings," - Indiana Resources Limited Executive Chairman Bronwyn Barnes #ASX #Investing #REE #RareEarths #BaseMetal #Gold $IDA $IDA.ax Subscribe to the weekly Stock Market Newsletter www.themarketbull.com.au https://lnkd.in/gsXArcPa

Guyana would stand aside in Exxon dispute about Chevron-Hess acquisition. Guyana will accept whatever decision emerges from discussions between U.S. oil firms over the sale of Hess Corp in the dispute between Exxon Mobil and Chevron , Vice President Bharrat Jagdeo said on Wednesday. Exxon this week said it intended to assert its right on Hess's 30% stake in the giant Stabroek offshore oil field using a contractual right of first refusal over any sale. Guyana is ready to welcome Chevron into the country, but would also accept a result in which Chevron's acquisition of Hess does not go through and Exxon ends up buying Hess' shares in the consortium, Jagdeo said. Chevron's $53 billion deal for Hess would not need Guyana's approval, Jagdeo said. "Chevron is a company with a global reputation, and we welcome their entry into Guyana," Jagdeo said. Chevron and Hess have said the pre-emptive right does not apply, since their deal involves the merging of two companies, rather than the sale of the Guyana asset. "There is no possible scenario in which Exxon or CNOOC could acquire Hess' interest in Guyana as a result of the Chevron-Hess transaction," Chevron and Hess said this week. Chevron is committed to closing the deal by mid-year, it said. Exxon believes the right of first refusal applies. Not pursuing its right "sets a bad precedent for ourselves and the industry."

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control at least 25% of the company’s ownership interests. If you are already an established business, you will have until January 1, 2025 to file, but if your business is established on or after January 1, 2024, you will have a set number of days to file an initial BOI report. To learn more about properly filing a BOI report, visit our website today! #AlloySilverstein #BOI #BeneficialOwnershipInformation #business #smallbusiness

"Attention business owners! 📢 Are you aware of the new Beneficial Ownership Information (BOI) filing requirements? Learn what you need to know to stay compliant and avoid penalties. Click the link https://lnkd.in/ge2iTBN3 #BOIFiling #BusinessCompliance #CorporateTransparency"