interest Archives - Core Sector Communique

Interest in Cricket South Africa’s #T20 Global Destination League ownership peaks as deadline for ownership submissions draws to a close

Chawm Ganguly — Thu, 27 Apr 2017 13:45:40 +0000

27 April 2017: The countdown to announce the eight owners of Cricket South Africa’s new #T20 Global Destination League has begun.

The deadline for submission of ownership bid documents is 28 April at 17:00. CSA announced its intention to host its own global T20 tournament with a worldwide tender notice in February this year, requesting Expressions of Interest from potential owners.

With phase two of the process approaching completion, potential owners have one last opportunity to submit their documents.

The tournament will include top international and local cricketers and will highlight South Africa as a world-class destination to watch cricket and at the same enjoy the tourism aspects of the country as well. In March, CSA received more than 150 Expressions of Interest (EoIs) from potential owners as part of the first phase of the process. The majority of interest came from South Africa, making up 39% of the total EoIs received, with India making up a whopping 35%. There was also significant interest shown from the UK, USA and the UAE.

“We have already seen great interest from South Africa and abroad in our franchise teams, and we anticipate some last minute submission applications from potential owners ahead of our 5pm deadline on Friday, 28 April,” says Haroon Lorgat, Cricket South Africa’s (CSA) Chief Executive.

To date CSA has signed eight marquee international players and eight marquee Protea players as part of the league. Each marquee Protea player will be allocated to a new franchise team based in the city he has either been historically associated with, or a city with which he can build a strong association.

“This is an opportunity that cannot be ignored. We are looking for prospective team owners who are passionate about cricket, as well as South Africa. They will share the same values and ideals in cricket and the country as we do,” added Lorgat.

The process to acquire one of the eight city-based teams is managed by EY. Following the submission of formal bids, CSA will evaluate the qualifying bids received and announce the successful owners in June.

The #T20 Global Destination League is set to knock cricket fans expectations out of the park with the tournament starting in early November and the final scheduled for 16 December.

ABOUT CSA

Cricket South Africa (CSA), an affiliate of the South African Sports Confederation and Olympic Committee (SASCOC) and a full member of the International Cricket Council (ICC), is the national governing body for the sport of cricket in South Africa and administers all aspects of South African cricket, men and women, both in the professional and amateur spheres.

It initially operated under the name of the United Cricket Board of South Africa (UCB) which came into being on June 29, 1991, following completion of the unity process between the South African Cricket Union (SACU) and the South African Cricket Board (SACB)

It changed its name to CSA in 2005.

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LOCAL, INTERNATIONAL BRANDS RECORD POSITIVE SALES AND INTEREST AT 25TH DUBAI INTERNATIONAL BOAT SHOW

Chawm Ganguly — Sat, 04 Mar 2017 15:47:08 +0000

Exhibitors hit the mark by selling numerous vessels and generating business leads

Dubai, UAE: Maritime businesses from the UAE and abroad are celebrating positive early sales at the Dubai International Boat Show and expect to close a number of deals as the five-day luxury leisure marine event wraps up its 25^th landmark event.

Emirates-based Gulf Craft reported an opening day sale to a client for the build of their Majesty 135, which is set to be delivered in spring 2018, while the brand also unveiled the Majesty 100 for the first time, a semi-convertible flybridge superyacht which has caught the eye of boat owners and admirers throughout the show.

Jalboot, the local distributor for Wajer and Mastercraft, sold the Mastercraft NXT20 from their stand at the Dubai International Marine Club to an international client, and reported a good volume of interest in the Wajer 38. Rob Chinman, Head of Sales & Marketing for Jalboot said: “This show has been about announcing our distributorship and partnerships with Wajer and Mastercraft, and I am happy to say it has been a success for both of those brands.

“We are very positive about the interest in the Wajer 38 from potential buyers and it’s been a successful first outing. We’re very pleased to say that putting the Mastercraft NXT20 on the stand has been a success because we’ve sold it. Despite its international buyer, the boat will be staying in the UAE which is positive for us as we will be able to provide the after-sales service that the client needs from a local stand point.”

Superyacht distributor and charter company Royal Yachts were one of several exhibitors out in full-force showcasing the latest and greatest in vessel designs.

Kasper Jakobsen, Charter Manager at Royal Yachts said: “The biggest seller for us at the show has been the Flipper which is a fantastic family boat popular with expatriates over here. The entry level for the Flipper goes for around AED650,000. It usually sells for AED720,000 but we run a special for it at the Dubai International Boat Show and we have closed several sales for the boat on site.”

Showcasing the latest in the mid-sized segment, including their Sport 348, 43 Flybridge and the 49 Flybridge, Princess Yachts experienced an increase in leads and sales.

Salim Tayssoun, Managing Partner for Princess Yachts said: “Princess Yachts International are delighted to be back at the Dubai International Boat Show. Year on year we see increased sales and market share through our partners.

“Interest in the Princess range has been the best yet at this year’s show with confirmed orders from both existing customers upgrading their yachts and new customers alike.”

Speed Marine, distributors of family-sized Gulf Craft and Scarab vessels, have also sealed several deals throughout the show on boats which retail from AED140,000 for the 5-seater Scarab 165 Impulse, to AED360,000 for the13-seater Scarab 255 Impulse.

Offering a completely new concept for the marine industry, encouraging customers to use their vessel as an investment to generate income during the charter season, Royal Yachts offered a complete package which covers all the costs of running the vessel as a charter boat.

Added Jakobsen: “If a client buys the 48ft Fairline, valued at around AED3million, we will take on all the responsibility for it during the times the owner isn’t using it and we will run it as a charter vessel, which will see the owner earning 5% return annually. So not only do they get to own a luxury boat they get see a return on their investment.

“This is a first for the market and we hope to pioneer this new concept based off of similar models seen in the real estate industry. What we are offering is a whole package of 15% return with around 10% of that going into the annual running costs.”

The 25^th edition of the Dubai International Boat Show ran from 28 February to 4 March at the Dubai International Marine Club, and hosted local and regional exhibitors showcasing the latest technology and designs for products in the marine industry.

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Rio Tinto agrees sale of interest in Bengalla Joint Venture for US$606 million

Chawm Ganguly — Wed, 30 Sep 2015 03:38:51 +0000

Rio Tinto has reached a binding agreement for the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation Limited for US$606 million¹.

Bengalla is the smallest of three coal mines in the Hunter Valley of New South Wales in which Rio Tinto holds an interest, producing 8.6 million tonnes (3.4 million tonnes based on a 40 per cent Rio Tinto share) in 2014.

Rio Tinto has now announced or completed US$4.5 billion² of divestments since January 2013, with the agreed sale of its interest in the Bengalla Joint Venture.

Rio Tinto Copper & Coal chief executive Jean-Sébastien Jacques said “This sale will deliver value for our shareholders as we remain focused on continuing to develop the strongest core portfolio of assets in the mining industry.

“It demonstrates our commitment to further strengthening our balance sheet, maintaining a disciplined approach to allocating capital across the Group and delivering strong returns for shareholders through the cycle.

“Bengalla mine is a robust, well-managed business with a productive workforce and we believe it will have a positive future under the new owner with different capital allocation priorities. We expect the business to make a significant and ongoing contribution to the New South Wales economy. Rio Tinto will ensure high safety and environmental standards are maintained through the transition to the new owners.”

Rio Tinto and Mitsubishi Development have recently agreed a simplification to the ownership structure of Coal & Allied which helps enable this transaction. Under the agreement, Rio Tinto will assume 100 per cent ownership of Coal & Allied. Mitsubishi Development will move from holding a 20 per cent stake in Coal & Allied to holding a direct 32.4 per cent stake in the Hunter Valley Operations mine.

Subsequent to the completion of this transaction, Rio Tinto as a 100 per cent owner of Coal & Allied will:

receive all consideration set out above associated with the sale of Rio Tinto’s interest in the Bengalla Joint Venture;
hold a 67.6 per cent interest with management rights in the Hunter Valley Operations mine;
hold interests of 80 per cent and 55.6 per cent respectively, with management rights, in the integrated Mount Thorley and Warkworth operations; and
hold a 100 per cent interest in the Mount Pleasant project.

The transactions are subject to certain conditions precedent being met, including the pre-emption rights of the Bengalla Joint Venture partners.

The sale of the interest in the Bengalla Joint Venture is expected to close in the first quarter of 2016.

Rio Tinto manages Coal & Allied’s coal operations, which are located in the Hunter Valley region of New South Wales, Australia. The operations include Mount Thorley Warkworth, Hunter Valley Operations and Bengalla. The Mount Pleasant project is also owned by Coal & Allied.

Hunter Valley Operations and Mount Thorley Warkworth are multi-seam, multi-pit, open-cut mining operations that produced 4.8 million tonnes of semi-soft coking coal and 21 million tonnes of thermal coal in 2014.

Mount Pleasant is a large-scale, thermal coal greenfield project with total marketable reserves of 474 million tonnes³.

Following the restructure of Coal & Allied, Hunter Valley Operations will be owned by Coal & Allied (67.6 per cent) and Mitsubishi Development (32.4 per cent).

Mount Thorley is owned by Coal & Allied (80 per cent) and POSCO Australia (20 per cent). Warkworth is owned by Coal & Allied (55.57 per cent), Mitsubishi Development (28.9 per cent), Nippon Steel & Sumitomo Metal Australia (9.53 per cent) and Mitsubishi Materials Australia (6 per cent).

The Mount Pleasant project is owned by Coal & Allied (100 per cent). Coal & Allied holds a 30 per cent direct and 6.45 per cent indirect interest in Port Waratah Coal Services, the owner and manager of the Kooragang and Carrington Coal Terminals in the Port of Newcastle.

¹ Sale consideration is AU$865 million converted into US$606 million at the current spot rate of 0.70.
²Amount is before finalisation of net debt and working capital adjustments.
³This estimate of total marketable reserves was reported on page 199 of the Rio Tinto 2014 Annual Report dated 4 March 2015 and released to the ASX on 6 March 2015. The Competent Person responsible for this reserve estimate was Mr Andrew Prentice, AusIMM. Rio Tinto confirms that it is not aware of any new information or data that materially affects this reserve estimate, that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed, and that the form and context of the reserve estimate has not been materially modified.

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BHP Billiton to sell interest in East and West Browse Joint Venture

Chawm Ganguly — Wed, 12 Dec 2012 07:56:54 +0000

December 12, 2012

BHP Billiton has signed a definitive agreement with PetroChina International Investment (Australia) Pty Ltd to sell its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia, for a cash consideration of US$1.63 billion. The transaction is subject to regulatory approval and other customary conditions. Completion is expected in the first half of calendar year 2013.

BHP Billiton Chief Executive Petroleum, J Michael Yeager, said: “This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset.”

The Browse Joint Venture participants hold a right to offer to match the transaction with respect to BHP Billiton’s interests in the East and West Browse Joint Ventures and have a customary period to consider whether to make an offer to match.

About PetroChina:
PetroChina Company Limited is China’s largest oil and gas producer and distributor, playing a leading role in the oil and gas industry in that country. It is also one of the largest oil companies in the world. It is listed on the New York Stock Exchange, the Stock Exchange of Hong Kong Limited and on the Shanghai Stock Exchange.

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