Category: Business

MIL-OSI: Ring Energy Announces Accretive Bolt-On Acquisition
Source: GlobeNewswire (MIL-OSI)

~ Capturing Synergies and Expanding Central Basin Platform Operations ~

~ Announces Timing of Q4 and FY 2024 Earnings Release and Conference Call ~

THE WOODLANDS, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced it has entered into an agreement to acquire the Central Basin Platform (“CBP”) assets of Lime Rock Resources IV, LP (“Lime Rock”) for $100 million, subject to customary closing adjustments. The purchase price is comprised of $80 million of upfront cash consideration, a $10 million deferred cash payment due nine months after closing, and up to 7.4 million shares of Ring common stock. The transaction has an effective date of October 1, 2024, and is expected to close by the end of the first quarter of 2025.

Lime Rock’s CBP acreage is in Andrews County, Texas, where the majority of the acreage directly offsets Ring’s core Shafter Lake operations, and the remaining acreage is prospective for multiple horizontal targets and exposes the Company to new active plays. The transaction represents another opportunity for the Company to seamlessly integrate strategic, high-quality assets with Ring’s existing operations and create shareholder value through improved operations and synergy capture. The Lime Rock position has been a key target for Ring as the Company has historically sought to consolidate producing assets in core counties on the CBP defined by shallow declines, high margin production and undeveloped inventory that immediately competes for capital. Additionally, these assets add significant near-term opportunities for field level optimization and cost savings that are core competencies of Ring’s operating team.

Transaction Highlights
- Highly Accretive CBP Acquisition: Accretive to key Ring per share financial and operating metrics, and attractively valued at less than 85% of Proved Developed (“PD”) PV-10¹^,²;
- Increased Scale and Operational Synergies: Expands legacy CBP footprint with seamless integration and identified cost reduction opportunities;
- Meaningful Adjusted Free Cash Flow (“AFCF”)¹Generation: Higher AFCF, shallow decline and reduced reinvestment rate accelerates debt reduction;
- Strengthens High-Return Inventory Portfolio: Improves inventory of proven drilling locations with superior economics in active development areas; and
- Creates a Stronger and More Resilient Company: Solidifies position as a leading conventional Permian consolidator while strengthening the operational and financial base.
Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “This is a unique opportunity to capture high-quality, oil-weighted assets that generate significant free cash flow in a privately negotiated transaction. Today’s announcement is another example of our proven strategy to create value for our shareholders through accretive M&A. This acquisition not only increases our scale, but it also enhances our portfolio of high-return drilling locations and accelerates the Company’s ability to pay down debt. We look forward to quickly integrating the assets into our existing operations and applying our extensive expertise to optimally develop the inventory of horizontal targets afforded by the transaction.”

Mr. McKinney continued, “For the Lime Rock transaction, we expect to run the same playbook as our highly successful Founders’ acquisition announced in 2023, which has outperformed nearly all our initial underwriting assumptions. Since closing, Ring has increased the Founders’ production base by greater than 40%, lowered the Founders’ per Boe lifting costs by approximately 20%, and reduced our Company’s debt balance through free cash flow generation to more than cover the cash purchase price. We plan to achieve similar success on the Lime Rock assets. Our team has a proven M&A track record as Lime Rock will mark Ring’s fourth acquisition since 2019, totaling approximately $940 million of assets. We believe the benefits of consolidation are compelling when structured appropriately, and we strongly view this as a value-enhancing transaction for Ring shareholders that will better position the Company for future opportunities and long-term success.”

Asset Highlights
- ~17,700 net acres (100% HBP) contiguous to Ring’s existing footprint;
- 2,300 boe/d (>80% Oil) of low-decline average Q3 2024 net production from ~101 gross wells;
- $120 million of oil-weighted PD PV-10¹^,2 based on February 19, 2025 NYMEX strip pricing;
- >40 gross locations that immediately compete for capital; and
- $34 million of 2025E Adjusted EBITDA¹ implies an attractive valuation for shareholders.
Transaction Consideration

The purchase price of the acquisition is $100 million, subject to customary closing adjustments. Consideration consists of cash and up to 7.4 million shares of Ring common stock based on Ring’s 10-day volume weighted average stock price of $1.3534 per common share as of February 24, 2025. The upfront cash consideration is expected to be funded with cash on hand and borrowings under Ring’s existing credit facility.

Advisors

Greenhill, a Mizuho affiliate, acted as sole financial advisor to Ring in connection with the acquisition and Jones & Keller, P.C. served as legal counsel. Truist Securities served as financial advisor to Lime Rock Resources and Kirkland & Ellis LLP served as legal counsel.

Q4 and FY 2024 Earnings Conference Call Information

Ring plans to issue its fourth quarter and full year 2024 earnings release after the close of trading on Wednesday, March 5, 2025. The Company has scheduled a conference call on Thursday, March 6, 2025, at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2024 operational and financial results, the Lime Rock transaction, and its outlook for 2025. To participate, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

Non-GAAP Information

Certain financial information utilized by the Company are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”).

The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use. The Company cannot provide a reconciliation of 2025E Adjusted EBITDA without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for reconciliation. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on our Condensed Statement of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, bad debt expense, and other income. For this purpose, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

PV-10 is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. The Company believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of the Company’s estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP. The Company also presents PV-10 at strip pricing, which is PV-10 adjusted for price sensitivities. Since GAAP does not prescribe a comparable GAAP measure for PV-10 of reserves adjusted for pricing sensitivities, it is not practicable for the Company to reconcile PV-10 at strip pricing to a standardized measure or any other GAAP measure.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected benefits to the Company and its shareholders from the proposed acquisition of oil and gas properties (the “Lime Rock Acquisition”) from Lime Rock; the anticipated completion of the Lime Rock Acquisition or the timing thereof; the Company’s future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: the Company’s ability to successfully integrate the oil and gas properties to be acquired in the Lime Rock Acquisition and achieve the anticipated benefits from them; risks relating to unforeseen liabilities of Ring or the assets acquired in the Lime Rock Acquisition; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to the level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; the effects of future regulatory or legislative actions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2023, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Contact Information

Al Petrie Advisors

Al Petrie, Senior Partner

Phone: 281-975-2146

Email: apetrie@ringenergy.com

¹ Represents a non-GAAP financial measure that should not be considered a substitute for any GAAP measure. See section in this release titled “Non-GAAP Information” for a more detailed discussion.
² Proved reserves determined by internal management estimates based on NYMEX strip pricing as of February 19, 2025.

The MIL Network –
February 27, 2025
MIL-OSI: RentRedi Survey: Majority of Real Estate Investors Plan to Expand Portfolios in 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — RentRedi, the fastest-growing all-in-one property management software that makes renting easy for both landlords and renters, has released survey results indicating that real estate investors in the United States are embracing a strong growth mindset in 2025, with a majority planning to expand their portfolios and invest significant amounts of money improving their current properties. The RentRedi survey, which analyzes responses by region and landlord size, highlights notable trends in investment strategies, renovation spending, and business priorities.

According to the survey, conducted between November 7-22, 2024, 59% of RentRedi landlords in the U.S. plan to buy property during 2025. Landlords in the Midwest and South are the most likely to acquire new properties at 69% each, with Northeast landlords slightly behind at 68%, Landlords in the Western U.S. are the only group that lags behind the national average, with 52% of landlords planning to purchase property. Breaking the numbers down by landlord size shows that 73% of large landlords (20+ rental units) are likely to acquire new property in 2025, followed by medium landlords (5-19 rental units) at 69% and small landlords (1-4 rental units) at 63%.

Beyond acquisitions, U.S. landlords are also prioritizing property improvements, with 52% of investors planning to spend at least $5,000 or more per unit on home improvement projects. Nationally, 27% of landlords plan to invest at least $20,000 per property on renovations. Large landlords are leading this trend, with 37% allocating $20,000+ per unit, compared to 20% of small landlords. Regionally, the Northeast shows the strongest commitment to significant renovations, with 60% budgeting more than $5,000 per property, while the South has the most conservative spending approach, with 52% budgeting less than $5,000 per property.

Regardless of location or portfolio size, landlords are focused mostly on income generation in 2025, with no group deviating significantly from the 47% national average. A significant amount of landlords also list long-term investment (33%) and financial freedom (19%) are their primary goals in managing rental properties in 2025. Short-term value increases appear to be the least priority (1%), reinforcing the perspective that real estate remains a long-term wealth-building strategy for most Americans.

The majority of landlords (43%) are prioritizing revenue growth this year, and 31% of landlords view time commitment as the main barriers to reaching their goals. Other operational hurdles including increased maintenance costs, property taxes, and insurance costs, as well as more stringent laws and regulations, remain steady among landlords across all regions and portfolio sizes.

“Removing operational barriers and time constraints are where RentRedi can be most impactful in helping landlords reach their growth goals in 2025,” said RentRedi Co-founder and CEO Ryan Barone. “Using our platform to streamline processes from listings and tenant screening to rent collection and maintenance coordination allows landlords to work efficiently and scale quickly by managing everything in one place on a phone, mobile device, or desktop computer from any location.”

Scaling with RentRedi is easy and cost-effective because RentRedi offers unique flat pricing subscriptions that do not increase as investors scale their portfolios. Landlords can add an unlimited number of properties, units, tenants, and users to their account and take advantage of accelerated 2-day funding and same-day settlements with no increase to their subscription rate. Furthermore, using RentRedi features like autopay, tenant screening, and Credit Boost can result in up to 99% on-time rent payments.

Survey Methodology

RentRedi landlords were surveyed between November 7-22, 2024. There were 3,749 respondents in total. Landlords were classified into U.S. regions by their primary business location as follows: Northeast (CT, MA, ME, NH, NJ, NY, PA, RI); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI, VT); South (AL, AR, DC, DE, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, WV); and West (AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY). Landlords were also classified by real estate portfolio size as follows: small landlords (1-4 rental units); medium landlords (5-19 rental units); and large landlords (20+ rental units). Percentages have been rounded to the nearest whole number, and therefore the values in each barchart may not equal 100%. The full survey results can be found here.

About RentRedi

RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. Landlords can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 12 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, and to HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5842125-938c-4030-a879-99d9d2f7160e
https://www.globenewswire.com/NewsRoom/AttachmentNg/9cac1b71-5fbb-45f0-9383-3e3e78c29f1b

The MIL Network –

February 27, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (115.03%), PLTY (111.13%), NVDY (105.43%), YMAX (45.55%), YMAG (53.55%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.3231	–	–	100.00%	2/27/25	2/28/25
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.1977	–	–	44.79%	2/27/25	2/28/25
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3130	–	–	100.00%	2/27/25	2/28/25
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.5392	–	–	66.45%	2/27/25	2/28/25
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1327	45.55%	77.11%	53.40%	2/27/25	2/28/25
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1760	53.55%	56.75%	57.11%	2/27/25	2/28/25
NVDY	YieldMax™ NVDA Option Income Strategy ETF	Every 4 Weeks	$1.6118	105.43%	4.15%	96.84%	2/27/25	2/28/25
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	Every 4 Weeks	$0.5845	62.49%	3.11%	31.40%	2/27/25	2/28/25
FBY	YieldMax™ META Option Income Strategy ETF	Every 4 Weeks	$0.4767	32.32%	3.12%	0.00%	2/27/25	2/28/25
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	Every 4 Weeks	$0.4424	37.26%	3.33%	92.35%	2/27/25	2/28/25
BABO	YieldMax™ BABA Option Income Strategy ETF	Every 4 Weeks	$1.9190	115.03%	3.12%	0.00%	2/27/25	2/28/25
JPMO	YieldMax™ JPM Option Income Strategy ETF	Every 4 Weeks	$0.2951	21.21%	3.18%	0.00%	2/27/25	2/28/25
MRNY	YieldMax™ MRNA Option Income Strategy ETF	Every 4 Weeks	$0.2308	82.83%	4.28%	95.55%	2/27/25	2/28/25
PLTY	YieldMax™ PLTR Option Income Strategy ETF	Every 4 Weeks	$5.9377	111.13%	2.64%	0.00%	2/27/25	2/28/25
MARO	YieldMax™ MARA Option Income Strategy ETF	Every 4 Weeks	$1.5575	79.11%	3.17%	95.82%	2/27/25	2/28/25
Weekly Payers & Group C ETFs scheduled for next week: QDTY SDTY GPTY LFGY YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY CVNY

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24%, but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

²The Distribution Rate shown is as of close on February 25, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment, which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small- and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment, which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

February 27, 2025

MIL-OSI: Abaxx Singapore and ZEMA Global Data Announce Market Data Partnership

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that Abaxx Singapore has formed a partnership with ZEMA Global Data Corporation (“ZEMA”), a leading provider of enterprise data and analytics for the commodity and energy sectors. The collaboration integrates Abaxx Exchange market data into ZEMA’s platform, delivering seamless access to verified trade data and price references for market participants.

The partnership expands the accessibility of Abaxx Exchange’s market data to global financial institutions and commodity market participants through ZEMA’s advanced data platform. By integrating Abaxx’s suite of physically-deliverable commodity futures contracts — including LNG, nickel sulphate, carbon, and soon- launching lithium carbonate contracts — the collaboration enables end users to streamline data workflows and improve transparency. This integration facilitates timely access to reliable price references, supporting market participants in managing price volatility and developing effective hedging strategies.

“With this expansion of market data technology, we aim to empower commodity and energy markets with reliable price discovery and actionable hedging instrument prices,” said Nancy Seah, CEO of Abaxx Singapore. “This will enable market participants to execute their strategies with greater confidence. By improving the ecosystem, we help ensure a consistency in approach to risk management standards.”

Eric Steimel, Chief Data Officer of Zema added: “ZEMA Global is excited to announce our new data partnership with Abaxx Exchange. With a focus on LNG, carbon, and battery metals, Abaxx futures products provide much-needed price transparency and risk management solutions to help build smarter markets. This collaboration marks a powerful and much welcomed addition to ZEMA’s data platform as we continue to offer the most comprehensive, timely, and accurate data and analytics solutions for our clients.”

About Abaxx Technologies

Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

About ZEMA Global Data Corporation

ZEMA Global Data Corporation is a leading provider of data, analytics and curve solutions, empowering organizations to harness the power of data for informed decision-making and strategic growth. With a commitment to innovation and client success, ZEMA delivers unparalleled value to its global clientele.

For more information about this press release, please contact:
Steve Fray, CFO
Tel: +1 647 490 1590

Media and Investor inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 647 490 1590
E-mail: ir@abaxx.tech

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward- looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information related to Abaxx in this press release includes, but is not limited to: Abaxx’s objectives, goals or future plans; expansion of market data technology and the benefits to market participants; and the benefits to the Company from the partnership with ZEMA. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in the price of commodities; capital market conditions; and restriction on labor and international travel and supply chains in addition to the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward- looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

The MIL Network –

February 27, 2025
MIL-OSI: Moody’s affirmed Aktia’s ratings and upgraded outlook from negative to stable

Source: GlobeNewswire (MIL-OSI)

Aktia Bank Plc
Press release
26 February 2025 at 2.00 p.m.

Moody’s affirmed Aktia’s ratings and upgraded outlook from negative to stable

On 26 February 2025, Moody’s Investors Service has upgraded the long-term outlook on Aktia’s credit ratings for short-term and long-term funding from negative to stable. At the same time, Moody’s confirmed Aktia’s short-term funding rating at A2/P-1 and long-term funding rating at A2.
Moody’s release is available at www.aktia.com under Investors > Debt & funding > Rating.

Aktia Bank Plc

Further information:
Timo Ruotsalainen, Head of Treasury, Tel. +358 50 386 1753
Oscar Taimitarha, Director, Investor Relations, Tel. +358 40 562 2315, email ir (at) aktia.fi

Distribution:
Nasdaq Helsinki Ltd
Mass media
www.aktia.com

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

The MIL Network –

February 27, 2025

MIL-OSI: Sprott Announces Year Ended 2024 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the year ended December 31, 2024.

Management commentary

“Sprott’s Assets Under Management (“AUM”) ended the year at $31.5 billion, down 6% from $33.4 billion as at September 30, 2024, but up 10% from $28.7 billion as at December 31, 2023. 2024 was our seventh consecutive year of double-digit AUM growth and, subsequent to year-end, as at February 21, 2025, AUM had further increased to $33.5 billion, up $2 billion, or 6% from December 31, 2024,” said Whitney George, Chief Executive Officer of Sprott. “During the year we benefited from strong precious metals prices as well as $698 million in net sales, primarily in our physical trusts and uranium and critical materials ETFs.”

“The recent turmoil in precious metals markets has highlighted the importance of physical ownership, an area where Sprott offers best-in-class solutions to individual and institutional investors. The realignment of global trade and a focus on energy security will create demand for critical materials produced in “friendly” jurisdictions. We continue to develop new exchange-listed and actively-managed critical materials strategies to capitalize on this powerful long-term trend. We have invested in our sales and marketing capabilities to deliver our clients the highest levels of client service, while building on our position as thought leaders in our core themes. Sprott is well positioned to create value for our clients and shareholders in the months and years ahead,” continued Mr. George.

Key AUM highlights¹

AUM ended the year at $31.5 billion as at December 31, 2024, down 6% from $33.4 billion as at September 30, 2024 but was up 10% from $28.7 billion as at December 31, 2023. Although fourth quarter AUM was negatively impacted by market value depreciation across most of our funds and the termination of certain subadvised fund contracts, 2024 was nevertheless our seventh consecutive year of double-digit AUM growth as we benefited from strong market value appreciation in our precious metals physical trusts and net inflows to our exchange listed products.

Key revenue highlights

Management fees were $41.4 million for the quarter, up 20% from $34.5 million for the quarter ended December 31, 2023 and $155.3 million on a full-year basis, up 17% from $132.3 million for the year ended December 31, 2023. Carried interest and performance fees were $2.5 million for the quarter, up from $0.5 million for the quarter ended December 31, 2023 and $7.3 million on a full-year basis, up from $0.9 million for the year ended December 31, 2023. Net fees were $38.6 million for the quarter, up 24% from $31 million for the quarter ended December 31, 2023 and $144.6 million on a full-year basis, up 22% from $118.8 million for the year ended December 31, 2023. Our revenue performance in the quarter and on a full-year basis was primarily due to higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority of our exchange listed products. We also benefited from carried interest and performance fee crystallization in certain funds in our managed equities and private strategies segments.
Commission revenues were $0.8 million for the quarter, down 38% from $1.3 million for the quarter ended December 31, 2023 and $5.7 million on a full-year basis, down 31% from $8.3 million for the year ended December 31, 2023. Net commissions were $0.4 million for the quarter, down 47% from $0.7 million for the quarter ended December 31, 2023 and $2.7 million on a full-year basis, down 43% from $4.6 million for the year ended December 31, 2023. Commission revenue was lower in the quarter due to modest ATM activity in our critical materials physical trusts. On a full-year basis, the decline in commission revenue was due to the sale of our former Canadian broker-dealer in the second quarter of last year.
Finance income was $1.4 million for the quarter, up 4% from the quarter ended December 31, 2023 and $8.9 million on a full-year basis, up 37% from $6.5 million for the year ended December 31, 2023. The increase in the quarter was due to higher income generation in co-investment positions we hold in our LPs managed in our private strategies segment. The increase on a full-year basis was due to higher income earned on streaming syndication activity in the second quarter.

Key expense highlights

Net compensation expense was $17 million for the quarter, up 11% from $15.3 million for the quarter ended December 31, 2023 and $67.3 million on a full-year basis, up 10% from $61.2 million for the year ended December 31, 2023. The increase in the quarter and on a full-year basis was primarily due to increased Annual Incentive Program (“AIP”) accruals on higher net fee generation. Our net compensation ratio was 44% in the quarter (December 31, 2023 – 47%) and 45% on a full-year basis (December 31, 2023 – 49%).
SG&A expense was $4.9 million for the quarter, up 25% from $4 million for the quarter ended December 31, 2023 and $18.8 million on a full-year basis, up 13% from $16.6 million for the year ended December 31, 2023. The increase in the quarter and on a full-year basis was due to higher professional services, marketing and technology costs.

Earnings summary

Net income for the quarter was $11.7 million ($0.46 per share), up 21% from $9.7 million ($0.38 per share) for the quarter ended December 31, 2023 and was $49.3 million ($1.94 per share) on a full-year basis, up 18% from $41.8 million ($1.66 per share) for the year ended December 31, 2023. Our earnings in the quarter and on a full-year basis benefited from higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority of our exchange listed products. We also benefited from carried interest and performance fee crystallization in certain funds in our managed equities and private strategies segments.
Adjusted base EBITDA was $22.4 million ($0.88 per share) for the quarter, up 19% from $18.8 million ($0.75 per share) for the quarter ended December 31, 2023 and $85.2 million ($3.35 per share) on a full-year basis, up 18% from $71.9 million ($2.85 per share) for the year ended December 31, 2023. Adjusted base EBITDA in the quarter and on a full-year basis benefited from higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority our exchange listed products

^{1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of “Supplemental financial information”}

Subsequent events

Subsequent to year-end, as at February 21, 2025, AUM was $33.5 billion, up 6% from $31.5 billion at December 31, 2024.
On February 25, 2025, the Sprott Board of Directors announced a quarterly dividend of $0.30 per share.

Supplemental financial information

Please refer to the December 31, 2024 annual financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company’s financial position as at December 31, 2024 and the Company’s financial performance for the three and twelve months ended December 31, 2024.

Schedule 1 – AUM continuity

3 months results

(In millions $)	AUM Sep. 30, 2024	Net inflows ⁽¹⁾	Market value changes	Other net inflows ⁽¹⁾	AUM Dec. 31, 2024	Net management fee rate ⁽²⁾

Exchange listed products
– Precious metals physical trusts and ETFs
– Physical Gold Trust	8,617	35	(44)	—	8,608	0.35%
– Physical Silver Trust	5,566	83	(422)	—	5,227	0.45%
– Physical Gold and Silver Trust	5,225	(69)	(143)	—	5,013	0.40%
– Precious Metals ETFs	404	(10)	(40)	—	354	0.33%
– Physical Platinum & Palladium Trust	151	33	(16)	—	168	0.50%
	19,963	72	(665)	—	19,370	0.39%

– Critical materials physical trusts and ETFs
– Physical Uranium Trust	5,408	45	(591)	—	4,862	0.31%
– Critical Materials ETFs	2,307	27	(314)	—	2,020	0.52%
– Physical Copper Trust	103	(1)	(12)	—	90	0.32%
	7,818	71	(917)	—	6,972	0.37%

Total exchange listed products	27,781	143	(1,582)	—	26,342	0.39%

Managed equities ⁽³⁾⁽⁴⁾	3,276	(55)	(221)	(127)	2,873	0.90%

Private strategies ⁽⁴⁾	2,382	(35)	(27)	—	2,320	0.83%

Total AUM ⁽⁵⁾	33,439	53	(1,830)	(127)	31,535	0.47%


12 months results

(In millions $)	AUM Dec. 31, 2023	Net inflows ⁽¹⁾	Market value changes	Other net inflows ⁽¹⁾	AUM Dec. 31, 2024	Net management fee rate ⁽²⁾

Exchange listed products
– Precious metals physical trusts and ETFs
– Physical Gold Trust	6,532	351	1,725	—	8,608	0.35%
– Physical Silver Trust	4,070	339	818	—	5,227	0.45%
– Physical Gold and Silver Trust	4,230	(230)	1,013	—	5,013	0.40%
– Precious Metals ETFs	339	(24)	39	—	354	0.33%
– Physical Platinum & Palladium Trust	116	75	(23)	—	168	0.50%
	15,287	511	3,572	—	19,370	0.39%

– Critical materials physical trusts and ETFs
– Physical Uranium Trust	5,773	311	(1,222)	—	4,862	0.31%
– Critical materials ETFs	2,143	321	(444)	—	2,020	0.52%
– Physical Copper Trust	—	1	(21)	110	90	0.32%
	7,916	633	(1,687)	110	6,972	0.37%

Total exchange listed products	23,203	1,144	1,885	110	26,342	0.39%

Managed equities ⁽³⁾⁽⁴⁾	2,874	(222)	348	(127)	2,873	0.90%

Private strategies ⁽⁴⁾	2,661	(207)	(134)	—	2,320	0.83%

Total AUM ⁽⁵⁾	28,738	715	2,099	(17)	31,535	0.47%
^{(1) See “Net inflows” and “Other net inflows” in the key performance indicators and non-IFRS and other financial measures section of the MD&A.}
^{(2) Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.}
^{(3) Managed equities is made up of primarily precious metal strategies (53%), high net worth managed accounts (38%) and U.S. value strategies (9%).}
^{(4) Prior period figures have been reclassified to conform with current presentation.}
^{(5) No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return.}

Schedule 2 – Summary financial information

(In thousands $)	Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Summary income statement
Management fees ⁽¹⁾	41,161		38,693		38,065		36,372		34,244		32,867		32,940		31,170
Fund expenses ^{(2), (3)}	(2,708	)	(2,385	)	(2,657	)	(2,234	)	(2,200	)	(1,740	)	(1,871	)	(1,795	)
Direct payouts	(1,561	)	(1,483	)	(1,408	)	(1,461	)	(1,283	)	(1,472	)	(1,342	)	(1,187	)
Carried interest and performance fees	2,511		4,110		698		—		503		—		388		—
Carried interest and performance fee payouts – internal	(830	)	—		(251	)	—		(222	)	—		(236	)	—
Carried interest and performance fee payouts – external ⁽³⁾	—		—		—		—		—		—		—		—
Net fees	38,573		38,935		34,447		32,677		31,042		29,655		29,879		28,188

Commissions	819		498		3,332		1,047		1,331		539		1,647		4,784
Commission expense – internal	(146	)	(147	)	(380	)	(217	)	(161	)	(88	)	(494	)	(1,727	)
Commission expense – external ⁽³⁾	(290	)	(103	)	(1,443	)	(312	)	(441	)	(92	)	(27	)	(642	)
Net commissions	383		248		1,509		518		729		359		1,126		2,415

Finance income ⁽²⁾	1,441		1,574		4,084		1,810		1,391		1,795		1,650		1,655
Gain (loss) on investments	(3,889	)	937		1,133		1,809		2,808		(1,441	)	(1,950	)	1,958
Co-investment income ⁽²⁾	296		418		416		274		170		462		1,327		93
Total net revenues ⁽²⁾	36,804		42,112		41,589		37,088		36,140		30,830		32,032		34,309

Compensation ⁽²⁾	19,672		18,547		19,225		17,955		17,096		16,939		21,468		19,556
Direct payouts	(1,561	)	(1,483	)	(1,408	)	(1,461	)	(1,283	)	(1,472	)	(1,342	)	(1,187	)
Carried interest and performance fee payouts – internal	(830	)	—		(251	)	—		(222	)	—		(236	)	—
Commission expense – internal	(146	)	(147	)	(380	)	(217	)	(161	)	(88	)	(494	)	(1,727	)
Severance, new hire accruals and other	(166	)	(58	)	—		—		(179	)	(122	)	(4,067	)	(1,257	)
Net compensation	16,969		16,859		17,186		16,277		15,251		15,257		15,329		15,385
Net compensation ratio	44	%	46	%	44	%	47	%	47	%	50	%	48	%	52	%

Severance, new hire accruals and other	166		58		—		—		179		122		4,067		1,257
Selling, general and administrative (“SG&A”) ⁽²⁾	4,949		4,612		5,040		4,173		3,963		3,817		4,752		4,026
SG&A recoveries from funds ⁽¹⁾	(280	)	(275	)	(260	)	(231	)	(241	)	(249	)	(282	)	(264	)
Interest expense	613		933		715		830		844		882		1,087		1,247
Depreciation and amortization	600		502		568		551		658		731		748		706
Foreign exchange (gain) loss ⁽²⁾	(2,706	)	1,028		122		168		1,295		37		1,440		440
Other (income) and expenses ⁽²⁾	—		—		(580	)	—		3,368		4,809		(18,890	)	1,249
Total expenses	20,311		23,717		22,791		21,768		25,317		25,406		8,251		24,046

Net income	11,680		12,697		13,360		11,557		9,664		6,773		17,724		7,638
Net income per share	0.46		0.50		0.53		0.45		0.38		0.27		0.70		0.30
Adjusted base EBITDA	22,362		20,675		22,375		19,751		18,759		17,854		17,953		17,321
Adjusted base EBITDA per share	0.88		0.81		0.88		0.78		0.75		0.71		0.71		0.68

Summary balance sheet
Total assets	388,798		412,477		406,265		389,784		378,835		375,948		381,519		386,765
Total liabilities	65,150		82,198		90,442		82,365		73,130		79,705		83,711		108,106

Total AUM	31,535,062		33,439,221		31,053,136		29,369,191		28,737,742		25,398,159		25,141,561		25,377,189
Average AUM	33,401,157		31,788,412		31,378,343		29,035,667		27,014,109		25,518,250		25,679,214		23,892,335
^{(1) Previously, management fees within the above summary financial information table included SG&A recoveries from funds consistent with IFRS 15. For management reporting purposes, these recoveries are now shown next to their associated expense as management believes this will enable readers to transparently identify the net economics of these recoveries. However, consistent with IFRS 15, SG&A recoveries from funds are still shown within the “Management fees” line on the consolidated statement of operations. Prior year figures have been reclassified to conform with current presentation.}
^{(2) Current and prior period figures on the consolidated statements of operations include the following adjustments: (1) trading costs incurred in managed accounts are now included within “Fund expenses” (previously included within “SG&A”); (2) interest income earned on cash deposits are now included within “Finance income” (previously included within “Other income”); (3) co-investment income and income attributable to non-controlling interest are now included as part of “Co-investment income” (previously included within “Other income”); (4) expenses attributable to non-controlling interest is now included within “Co-investment income” (previously included within “Other expenses”); (5) the mark-to-market expense of DSU issuances are now included within “Compensation” (previously included within “Other expenses”); (6) foreign exchange (gain) loss is now shown separately (previously included within “Other expenses”); and (7) shares received on a previously unrecorded contingent asset in Q2 2023 are now included within “Other (income) and expenses” (previously included within “Other income”). Management believes the above changes enable readers to better identify the nature of these revenues and expenses. Prior year figures have been reclassified to conform with current presentation.}
^{(3) These amounts are included in the “Fund expenses” line on the consolidated statements of operations.}

Schedule 3 – EBITDA reconciliation

	3 months ended				12 months ended

(In thousands $)	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income for the period	11,680		9,664		49,294		41,799
Net income margin ⁽¹⁾	27	%	24	%	28	%	28	%
Adjustments:
Interest expense	613		844		3,091		4,060
Provision for income taxes	4,813		1,159		19,712		8,492
Depreciation and amortization	600		658		2,221		2,843
EBITDA	17,706		12,325		74,318		57,194
Adjustments:
(Gain) loss on investments ⁽²⁾	3,889		(2,808	)	10		(1,375	)
Stock-based compensation ⁽³⁾	4,988		4,681		18,817		17,128
Foreign exchange (gain) loss ⁽⁴⁾	(2,706	)	1,295		(1,388	)	3,212
Severance, new hire accruals and other ⁽⁴⁾	166		179		224		5,625
Revaluation of contingent consideration ⁽⁴⁾	—		2,254		(580	)	—
Costs relating to exit of non-core business ⁽⁴⁾	—		155		—		5,142
Non-recurring regulatory, professional fees and other ⁽⁴⁾	—		959		—		3,982
Shares received on recognition of contingent asset ⁽⁴⁾	—		—		—		(18,588	)
Carried interest and performance fees	(2,511	)	(503	)	(7,319	)	(891	)
Carried interest and performance fee payouts – internal	830		222		1,081		458
Carried interest and performance fee payouts – external	—		—		—		—
Adjusted base EBITDA	22,362		18,759		85,163		71,887
Adjusted base EBITDA margin ⁽⁵⁾	59	%	56	%	58	%	57	%
^{(1) Calculated as IFRS net income divided by IFRS total revenue.}
^{(2) This adjustment removes the income effects of certain gains or losses on short-term investments, co-investments, and digital gold strategies to ensure the reporting objectives of our EBITDA metric as described below are met.}
^{(3) In prior years, the mark-to-market expense of DSU issuances were included with “other (income) and expenses”. In the current period, these costs are included as part of “stock based compensation”. Prior year figures have been reclassified to conform with current presentation.}
^{(4) Foreign exchange (gain) and loss, severance, new hire accruals and other; revaluation of contingent consideration; costs relating to exit of non-core business; non-recurring regulatory, professional fees and other; and shares received on recognition of contingent asset were previously included with “other (income) and expenses” and are now shown separately in the reconciliation of adjusted base EBITDA above. Prior year figures have been reclassified to conform with current presentation.}
^{(5) Prior year figures have been restated to remove the adjustment of depreciation and amortization.}

Conference Call and Webcast

A webcast will be held today, February 26, 2025 at 10:00 am ET to discuss the Company’s financial results.

To listen to the webcast, please register at: https://edge.media-server.com/mmc/p/syh6xw97

Please note, analysts who cover the Company should register at: https://register.vevent.com/register/BIe9622ad4a1434ee3beff3bfb7224f1ef

This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted base EBITDA, adjusted base EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the “Supplemental financial information” section of this press release.

Net fees

Management fees, net of fund expenses and direct payouts, and carried interest and performance fees, net of carried interest and performance fee payouts (internal and external), are key revenue indicators as they represent the net revenue contribution after directly associated costs that we generate from our AUM.

Net commissions

Commissions, net of commission expenses (internal and external), arise primarily from purchases and sales of critical materials in our exchange listed products segment and transaction-based service offerings by our broker dealers.

Net compensation & net compensation ratio

Net compensation excludes commission expenses paid to employees, other direct payouts to employees, carried interest and performance fee payouts to employees, which are all presented net of their related revenues in this MD&A, and severance, new hire accruals and other which are non-recurring. Net compensation ratio is calculated as net compensation divided by net revenues.

EBITDA, adjusted base EBITDA and adjusted base EBITDA margin

EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted base EBITDA metric results in a better comparison of the Company’s underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted base EBITDA margins are a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.

Forward Looking Statements

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) our ability to capitalize on our constructive outlook in precious metals and critical materials; and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading “Critical Accounting Estimates, Judgments and Changes in Accounting Policies” in the Company’s MD&A for the period ended December 31, 2024. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s private strategies business; (xxvii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings “Managing Financial Risks” and “Managing Non-Financial Risks” in the Company’s MD&A for the period ended December 31, 2024. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
gwilliams@sprott.com

The MIL Network –

February 27, 2025

MIL-OSI Video: “We will become a part of ASEAN” #Davos2025 #WorldEconomicForum #MuhammadYunus

Source: World Economic Forum (video statements)

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=74MUcjlnAzM

MIL OSI Video –

February 27, 2025
MIL-OSI Video: Is the US economy on a strong path? #Davos2025 #WorldEconomicForum #RichLesser

Source: World Economic Forum (video statements)

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=dXoVWVS0_tw

MIL OSI Video –

February 27, 2025
MIL-OSI Global: Renewable energy: rural areas can be the EU’s green powerhouse

Source: The Conversation – France – By Lewis Dijkstra, Team Leader Urban and Territorial Analysis, Joint Research Centre (JRC)

The European Union aims to cut greenhouse gas emissions by at least 55% in 2030 compared to 1990 levels, and to become the first carbon-neutral economy by 2050. This ambitious goal requires a radical increase in the production of green energy within a relatively short timeframe. The untapped potential of rural areas in the union offers a way forward.

Rural areas could produce more energy than we need

Rural areas cover more than 80% of the EU’s territory and are host to around 30% of its population. Our work at the European Commission’s Joint Research Centre (JRC) shows that rural territories already generate the largest share of green electricity (72%) from the three most prominent renewable technologies: solar photovoltaic, onshore wind and hydropower. The remaining share of renewable energy is produced in towns and suburbs (22%) and cities (6%). Germany, Spain, France, Italy and Sweden are the top five renewable energy producers in the union, accounting for 68% of its total production from solar, onshore wind and hydropower installations.

But there is more. According to our analyses, rural areas also possess the highest untapped potential of renewable energy production–nearly 80%. Theoretically, they could produce enough to meet the total energy demand of the EU. We estimate that the total potential of solar, onshore wind and hydropower energy production in rural areas nears 12,500 terawatt hours per year. That’s more than five times the amount of electricity the union consumed in 2023, and it surpasses total energy consumption (which includes sources such as gas, oil and coal) for that year, too.

Technologies that suit the land

All this energy could be produced in rural areas without disrupting existing agricultural systems, landscapes and natural resources. Rural areas could produce up to 60 times more solar energy than what they currently deliver, quadruple their output from wind, and boost hydropower production by 25%. Spain, Romania, France, Portugal and Italy are the five EU countries with the highest combined (solar, wind and hydropower) untapped potential: together, they account for 67% of the EU’s potential, with contributions from rural areas ranging from 92% in France to 49% in Italy.

Overall, solar panels installed on the ground can make the biggest contribution to green energy production in the EU. However, rural areas across the union are highly diverse, so choosing the right technology would depend on local characteristics. Mountainous areas with abundant water resources are a good fit for hydropower production, while rural municipalities with large areas of suitable land lend themselves to solar or wind energy, depending on sun irradiation and wind speed. In rural areas where wind and land are insufficient, rooftop photovoltaic systems are a good option.

Boosting clean energy production can be a win-win

Rural areas are key to producing more renewable energy, as almost 80% of suitable, available land is located there. In addition, some of these areas are facing demographic and economic decline and are already the target of measures aimed at making them stronger, resilient and prosperous–as part of the EU’s long-term vision for rural areas. In this context, ensuring that these areas benefit economically from hosting more renewable energy projects makes them even more enticing. It also aligns with political considerations, as energy independence is a key part of the EU’s goal of strategic autonomy.

À lire aussi :
Could the EU’s Green Deal provide security benefits?

Addressing local concerns and fostering acceptance

While the potential offered by renewables is unquestionable, their production sites can face resistance from communities concerned about impacts on the local economy and quality of life. Seeing land used to produce energy with little local employment and seemingly for the benefit of large companies can also lead to resistance. Other concerns include competition for land use in areas where income is tied to other industries (such as agriculture or tourism), and the potential environmental impact of solar panels and wind or hydropower plants on rustic landscapes. With these concerns in mind, we identified portions of land suitable to host renewable energy plants that comprise roughly 3.4% of the EU’s surface. We excluded protected nature sites and biodiversity areas, forests and water bodies. We used strict limits on the use of agricultural land for energy production by only considering land that has been abandoned or has a very low productivity. Finally, we created buffer zones around infrastructure and settlements to minimise disturbance and safeguard natural beauty and cultural heritage.

Engaging local communities to find solutions

In our report, several case studies show the successful implementation of renewable energy projects in rural areas, driven by community engagement, collaboration and innovative financing models. From the first community-owned turbine in southern Europe in Catalonia, Spain, to a commercial energy company giving part of its profits to a local cause chosen with an energy community in the northern Netherlands, these cases highlight the potential for such projects to contribute to energy security, produce economic and social benefits and promote environmental sustainability.

These case studies show that active involvement of local communities from the early stages of renewable energy projects can foster acceptance. Citizens who are actively engaged or even share ownership in small- or medium-scale projects become more supportive. Beyond seeing profits stay local, engaged communities can mitigate negative effects of production by, for instance, choosing where to locate new energy plants.

Our report also offers an overview of renewable energy communities’ role in ensuring a sustainable energy transition in which rural areas are not left behind. The number of renewable energy communities in the EU is rising and, although an exact count is unavailable, it is estimated that there were over 4,000 of them, with some 900,000 members, in 2023. These communities are mainly concentrated in northwest Europe, and a high proportion are rural. Beyond energy communities, place-based approaches, where local populations and administrations are engaged from the early stages and see clear benefits, can make an important contribution to our sustainable transition.

Lewis Dijkstra ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Renewable energy: rural areas can be the EU’s green powerhouse – https://theconversation.com/renewable-energy-rural-areas-can-be-the-eus-green-powerhouse-250669

MIL OSI – Global Reports –

February 27, 2025

MIL-OSI United Kingdom: Court and tribunal fees: updates from April 2025

Source: United Kingdom – Executive Government & Departments

News story

Court and tribunal fees: updates from April 2025

An update on upcoming increases to selected court and tribunal fees.

In early April 2025, and subject to parliamentary approval, the Ministry of Justice will increase 171 court and tribunal fees to account for changes to the Consumer Price Index (CPI). The income generated from these uplifts will help to support the efficient and effective running of His Majesty’s Courts and Tribunal Service (HMCTS).

The department recovers a modest contribution towards the costs of providing HMCTS services from court and tribunal users, where they can afford to do so. The department has a history of increasing court and tribunal fees by inflation to ensure that fees keep pace with increased costs to HMCTS as a result of the general rise in prices, while at the same time minimising the cost to the taxpayer.

The majority of the 171 fees in scope will be increased by 3.2% to reflect the change in CPI between March 2023 and March 2024, with a small number of fees increased by 13.5% to reflect backdated inflation to March 2022. These fee increases are all rounded to the nearest pound. These fee changes will produce a significant level of additional funding that will go towards improving service delivery, subsidising the cost of related court and tribunal services for which we do not charge a fee, and reducing the overall cost to the taxpayer.

The Help with Fees remissions scheme remains available for those with lower financial means who are unable to afford a court or tribunal fee. More information on the scheme can be found on GOV.UK.

As well as increasing fees, the department will be reducing the value of a further 24 fees to ensure they remain aligned with the latest estimate of their underlying cost.

A full list of the fee changes, including the 171 to be increased and the 24 to be reduced, can be found in the table below. The government’s intention is for the changes to go live from 1 April for applications received by courts or tribunals on or after that date. Until then, the current fees will continue to apply.

Civil Proceedings Fees Order 2008

SI Reference ID	Description	Current	New
1.4a	Recovery of Land (High Court)	£528	£545
1.4b	Recovery of Land (County Court)	£391	£404
1.5	Any other remedy (County Court)	£365	£377
1.5	Any other remedy (High Court)	£626	£646
1.6	Filing proceedings against an unnamed party	£65	£67
1.8a	Permission to issue proceedings	£65	£67
1.8b	Assessment of costs (under Part 3, Solicitors Act 1974)	£65	£67
1.9a	For permission to apply for judicial review	£169	£174
1.9b	On applying for a request to reconsider at a hearing a decision on permission	£424	£438
1.9ba	On an application for judicial review where fee 1.9(b) has been paid and permission is granted at a hearing	£385	£436
1.9c	Permission to proceed with judicial review if started with application for permission to apply for JR	£847	£874
1.9d	Permission to proceed with judicial review where started other than with permission to apply for JR	£169	£174
2.1a	Hearing fee: Multi track case	£1,175	£1,334
2.1b	Hearing fee: Fast track case	£545	£619
2.2	Appellant’s/respondent’s notice (High Court)	£285	£294
2.3a	Appellant’s/respondent’s notice (County court small claims)	£142	£147
2.3b	Appellant’s/respondent’s notice (County court other claims)	£166	£171
2.4(a)	General application (on notice) excluding Protection from Harassment Act 1997 & Court Fund Pay Out	£303	£313
2.4(b)	General application (on notice) Protection from Harassment Act 1997 & Court Fund Pay Out	£184	£190
2.5(a)	General application (by consent/without notice) excluding Protection from Harassment Act 1997 & Court Fund Pay Out	£119	£123
2.5(b)	General application (by consent/without notice) Protection from Harassment Act 1997 & Court Fund Pay Out	£59	£61
2.6	Application for summons or order for witness to attend court	£21	£4
2.8	Issue of a certificate of satisfaction	£15	£19
3.1b	Petition for bankruptcy (presented by creditor/other person)	£332	£343
3.4(a)	Request for a certificate of discharge from bankruptcy	£75	£22
3.7	Voluntary winding up fee	£50	£16
3.9	Submission of nominees report	£35	£11
3.11	Application within proceedings (by consent/without notice)	£29	£30
3.12	Application within insolvency proceedings (with notice, where no other fee is specified)	£109	£112
3.13	Search of bankruptcy and company records (County Court)	£45	£11
3.2	Petition for an administration order	£332	£343
3.3	Any other petition	£332	£343
3.5	Insolvency – other application	£308	£318
3.8	Notice of intention to appoint administrator	£55	£57
5.3	Issue of default costs certificate – Civil	£78	£80
5.4	Appeal (detailed assessment proceedings) – Civil	£274	£283
5.5	Request/application to set aside a default costs certificate	£143	£148
6.1	On the filing of a request for detailed assessment for Court of Protection	£96	£99
6.2	Appeal against a Court of Protection costs assessment decision	£77	£79
6.3	Request to set aside a default Court of Protection costs certificate	£72	£74
7.1	Sealing a writ of control/possession/delivery (High Court)	£78	£80
7.2	Order requiring a judgment debtor or other person to attend court	£65	£67
7.3a	Third party debt order or the appointment of a receiver by way of equitable execution	£131	£135
7.3b	Application for a charging order	£131	£135
7.4	Application for a judgment summons	£131	£135
7.5	Register a judgment or order, or for permission to enforce an arbitration award, or for a certificate or a certified copy of a judgment or order for use abroad	£78	£80
8.1	Issue warrant of control	£91	£94
8.2	Request for attempt of execution of a warrant at new address	£36	£37
8.3	Order requiring judgment debtor to attend court	£65	£67
8.4a	Application for a third party debt order	£131	£135
8.4b	Application for a charging order	£131	£135
8.5	Application for a judgment summons	£131	£135
8.6	Issue of a warrant of possession/warrant of delivery	£143	£148
8.7	Application for an attachment of earnings order – Civil	£131	£135
8.9	Application for enforcement of an award of a sum of money or any other decision made by any court, tribunal, body or person	£52	£54
8A.1	Service by a bailiff of an order to attend County Court for questioning	£131	£135
10.1	Bills of sale	£33	£34
10.4	Appointment of a High Court judge as arbitrator or umpire	£671	£692
10.5	Hearing before a High Court judge (per day or part day) as arbitrator or umpire	£671	£692
11.1	On the issue of a warrant for the arrest of a ship or goods	£20	£21
13.1a	Filing an appellant’s/respondent’s notice in the Court of Appeal where permission to appeal/extension of time is applied for	£626	£646
13.1b	Filing an appellant’s/respondent’s notice in the Court of Appeal where permission to appeal is not required or has been granted	£1,421	£1,466
13.1c	Court of Appeal – Appellant/respondent filing an appeal questionnaire	£1,421	£1,466
13.2	Court of Appeal – On filing a respondent’s notice	£569	£587
13.3	Court of Appeal – On filing an application notice	£626	£646

Magistrates’ Court Fees Order 2008

SI Reference ID	Description	Current	New
1.1	Application for a justice of the peace to perform function not on court premises	£28	£29
2.1	Application to state a case for the opinion of the High Court	£151	£156
2.2	Appeal (deduction from earnings order)	£21	£22
2.3	Appeal – proceedings under Schedule 5, Licensing Act 2003	£68	£70
2.4	Appeal (no other fee specified)	£68	£70
3.2	Request for a certificate of satisfaction	£18	£19
3.3	Request for a certified copy of a memorandum of conviction	£20	£15
3.4	Request for certificate/certified document (no fee specified)	£22	£23
4.2	Application for Child Support Liability Order	£25	£14
6.1	Request for licence/consent/authority (no other fee specified)	£30	£31
6.2	Application for renewal/variation of an existing licence	£30	£31
6.3	Application for the revocation of licence (no other fee specified)	£30	£31
7.2	For every oath (etc) where no other fee is specified	£30	£31
8.1	Commencing proceedings where no other fee is specified	£249	£284
8.2a	Application for leave/permission to commence proceedings (no other fee specified)	£138	£142
8.2b	Commencing proceedings where leave/permission has been granted	£138	£142
8.3	Contested hearing	£567	£644
9.2	Application for any other warrant (no other fee specified)	£89	£92
10.1	Application for a warrant of commitment (council tax proceedings)	£264	£212
10.2	Application for a warrant of commitment (Child Support Act 1991)	£45	£46

Family Proceedings Fees Order 2008

SI Reference ID	Description	Current	New
1.1	Originating proceedings where no other fee is specified	£270	£279
1.2	Application for a divorce, nullity or civil partnership dissolution	£593	£612
1.3	Application for matrimonial or civil partnership order	£402	£415
1.5	Amendment of application for matrimonial/civil partnership order	£95	£59
1.6	Answer to application for matrimonial/civil partnership order	£245	£234
1.7	On application for an order of assessment of costs	£55	£57
1.8	Application for parental order	£255	£263
2.1a	Parental responsibility (section 4(1)(c) or (3), 4A(1)(b) or(3) of the Children Act 1989)	£255	£263
2.1b	Parental responsibility (section 4ZA(1)(c) or (6) of the Children Act 1989)	£255	£263
2.1c	Guardians (section 5(1) or 6(7) of the Children Act 1989)	£255	£263
2.1d	Section 8 orders (section 10(1) or (2) of the Children Act 1989)	£255	£263
2.1e	Enforcement orders (section 11J(2) of the Children Act 1989)	£255	£263
2.1f	Compensation for financial loss (section 11O(2) of the Children Act 1989)	£255	£263
2.1g	Change of child’s surname or removal from jurisdiction while residence order in force (section 13(1) of the Children Act 1989)	£255	£263
2.1h	Special guardianship orders (section 14A(3) or (6)(a), 14C(3) or 14D(1) of the Children Act 1989)	£255	£263
2.1i	Secure accommodation order (section 25 of the Children Act 1989) – England	£255	£263
2.1ia	Secure accommodation order (section 25 of the Social Services and Well-being (Wales) Act 2014)	£255	£263
2.1j	Change of child’s surname or removal from jurisdiction while care order in force (section 33(7) of the Children Act 1989)	£255	£263
2.1k	Contact with child in care (section 34(2), (3), (4) or (9) of the Children Act 1989)	£255	£263
2.1l	Education supervision order (section 36(1) of the Children Act 1989)	£255	£263
2.1m	Variation or discharge etc of care and supervision orders (section 39 of the Children Act 1989)	£255	£263
2.1n	Child assessment order (section 43(1) of the Children Act 1989)	£255	£263
2.1o	Emergency protection orders (sections 44, 45 and 46 of the Children Act 1989)	£255	£263
2.1p	Warrant to assist person exercising powers under emergency protection order (section 48 of the Children Act 1989)	£255	£263
2.1q	Recovery order (section 50 of the Children Act 1989)	£255	£263
2.1s	Warrant to assist person exercising powers to search for children or inspect premises (section 102 of the Children Act 1989)	£255	£263
2.1t	Applications in respect of enforcement orders (under Schedule A1 of the Children Act 1989)	£112	£116
2.1u	Amendment of enforcement order by reason of change of address (under Schedule A1 of the Children Act 1989)	£77	£79
2.1v	Financial provision for children (paragraph 1(1) or (4), 2(1) or (5), 5(6), 6(5), (7) or (8), 8(2), 10(2), 11 or 14(1) of Schedule 1 of the Children Act 1989)	£255	£263
2.1w	Approval of court for child in care of local authority to live abroad (paragraph 19(1) of Schedule 2 of the Children Act 1989) – England	£255	£263
2.1wa	Approval of court for child in care of local authority to live abroad (Wales)	£255	£263
2.1x	Extension of supervision order (paragraph 6 of Schedule 3 of the Children Act 1989)	£255	£263
2.1y	Extension or discharge of education supervision order (paragraph 15(2) or 17(1) of Schedule 3 of the Children Act 1989)	£255	£263
2.1z	Appeals concerning foster parents (paragraph 8(1) of Schedule 8 of the Children Act 1989)	£255	£263
2.2	Care and supervision order (Section 31 of the Children Act 1989)	£2,437	£2,515
2.3	Appeal relating to Children Act fees 2.1(a) to 2.1(s) (v) to (y) and 2.2)	£237	£245
2.4	Appeal against a contribution order – England	£237	£245
2.5	Appeal against a contribution order – Wales	£237	£245
2.6(a)	Section 72 Cancellation, variation or removal or imposition of condition of registration of child minder or day carer (England)	£255	£263
2.6(b)	Section 34 Cancellation of registration of child minder or day carer (Wales)	£255	£263
2.7	Commencing child mind or day carer appeal for application (England or Wales)	£237	£245
3.1	Application/permission to apply for adoption	£201	£207
3.2	Application for a placement order (under Section 22 of the Adoption and Children Act 2002)	£539	£556
3.3	Application to the High Court with regards to inherent jurisdiction with respect to children	£201	£207
4.1	On an application for a warning notice to be attached to a contact order	£54	£56
5.1	Application (without notice)	£58	£60
5.2	Application for decree nisi, conditional order, separation order (no fee if undefended)	£59	£61
5.3	Application (on notice) (unless otherwise listed)	£184	£190
5.4	Application for a financial order (other than consent order)	£303	£313
6.1	Filing an appeal notice from a district judge, one or more lay justices, a justices’ clerk or an assistant to a justices’ clerk	£138	£142
7.2	Search of central index of parental responsibility agreements	£45	£17
9.2(d)	On filing a request for detailed assessment where fee 9.1 does not apply	£1,345	£1,365
9.3	Issue of default costs certificate	£65	£18
9.4	Appeal (detailed assessment proceedings) – Family	£231	£238
9.5	Request/application to set aside a default costs certificate	£121	£125
10.2	Application for a maintenance order to be registered under the Maintenance Orders 1950 or 1958 Act	£55	£57
11.1	Application for order for financial provision	£237	£245
12.1	Application to question a judgment debtor or other person	£59	£61
12.2	Application for a third party debt order/appointment of a receiver	£85	£88
12.3	Application for a charging order	£42	£43
12.4	Application for a judgment summons	£80	£83
12.5	Application for an attachment of earnings order – Family	£37	£38
13.1	Application for enforcement of a judgment or order – warrant of control against goods	£110	£114
13.2	On a request for further attempt at execution of a warrant at a new address where the warrant has been returned to the court not executed	£30	£6
13.3	Issue for a warrant of possession or a warrant of delivery	£131	£135
14.1	Sealing a writ of execution/possession/delivery	£66	£68
14.2	On a request or application to register a judgment or order; or for permission to enforce an arbitration award; or for a certified copy of a judgment or order for use abroad	£66	£68
15.1	Request for service by a bailiff of document (see order for exceptions)	£45	£46

Upper Tribunal (Lands Chamber) Fees Order 2009

SI Reference ID	Description	Current	New
1	Permission to appeal r21	£242	£250
2	Notice of reference r28 / appeal r24	£303	£313
3	Absent owner application (Compulsory Purchase Act 1965)	£550	£624
4	Restrictive covenant application r32 re s84 Law of Property Act 1925	£968	£999
5a	Rights of light application r41 to s2 Rights of Light Act 1959 – Definitive certificate	£1,320	£775
5b	Rights of light application r41 to s2 Rights of Light Act 1959 – Temporary & Definitive certificate	£1,650	£761
6	Interlocutory application	£121	£125
11a	Hearing as to entitlement – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£605	£624
11b	Order without hearing (r46) – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£275	£166
11c	Substantive hearing of originating application – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£1,210	£1,249
11d	Engrossing Minutes of Order – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£220	£41
12	Hearing or preliminary hearing of reference/appeal (no amount awarded)	£605	£624

Upper Tribunal (Immigration and Asylum Chamber) (Judicial Review) (England and Wales) Fees Order 2011

SI Reference ID	Description	Current	New
1.1	Permission to apply for Judicial Review	£169	£174
1.1a	Judicial Review – Oral renewal	£424	£438
1.2a	Proceed with Judicial Review – permission granted at oral hearing	£385	£436
1.2b	Proceeding with Judicial Review after permission granted	£847	£874
1.3	Permission for Judicial Review – permission to proceed where proceedings started otherwise than by application for permission	£169	£174
2.1	Judicial Review General Application – On notice (where no other fee is specified)	£281	£290
2.2	Judicial Review General Application – By consent or without notice (where no other fee is specified)	£110	£114
2.3	Judicial Review – Application for a summons or order for a witness to attend the Tribunal	£55	£57

Non-Contentious Probate Fees Order 2004

SI Reference ID	Description	Current	New
3.1	Duplicate/second grant for same deceased person	£20	£21
6	Deposit of wills	£22	£23
7	Inspection of will/other document retained by the registry	£20	£23
11	Settling documents	£4	£5

First-tier Tribunal (Property Chamber) Fees Order 2013

SI Reference ID	Description	Current	New
1.1	Commence proceedings (application or appeal) in a leasehold or residential property case, where no other fees applies	£110	£114
1.2	File proceedings for approval of the exercise of a power of entry	£110	£114
1.3	Mobile homes application (pitch fee other than Local Authority sites)	£22	£23
1.4	Mobile Homes – Application for determination to take into account cost of owner improvements – para 1.4	£22	£23
1.5	Mobile Homes – Determination of Local Authority pitch fee	£22	£23
1.6	Mobile Homes – Application for determination to take into account cost of owner improvements – para 1.6	£22	£23
2.1	Notice of hearing date for 1.1 or 1.2 application – only one payable if applications joined together	£220	£227

First-tier Tribunal (Gambling) Fees Order 2010

SI Reference ID	Description	Current	New
1.1*	Appeal s141 Gambling Act 2005 – casino operating licence s65(2)(a)	£14,000	£4,521
1.3*	Appeal s141 Gambling Act 2005 – general betting operating licence s65(2)(c)	£10,000	£4,521
1.4*	Appeal s141 Gambling Act 2005 – pool betting operating licence s65(2)(d)	£10,000	£4,521
1.5*	Appeal s141 Gambling Act 2005 – better intermediary operating licence s65(2)(e)	£10,000	£4,521
1.10*	Appeal s141 Gambling Act 2005 – lottery operating licence s65(2)(j)	£9,400	£4,521
1.11	Appeal s141 Gambling Act 2005 – personal management office licence s127	£1,760	£1,816
1.12	Appeal s141 Gambling Act 2005 – personal operational function licence s127 of that Act	£880	£908
2	Appeal s337(1) Gambling Act 2005 – order to void a bet s336(1)	£9,400	£4,521

Court of Protection Fees Order 2007

SI Reference ID	Description	Current	New
4	Application fee (Article 4)	£408	£421
5	Appeal fee (Article 5)	£257	£265
6	Hearing fee (Article 6)	£494	£259

Gender Recognition (Application Fees) Order 2006

SI Reference ID	Description	Current	New
2	Application for a Gender Recognition Certificate	£5	£6

*Please note that fees 1.1 – 1.10 in the First-tier Tribunal (Gambling) Fees Order 2010 will all be consolidated under one fee at £4,521 from 1st April.

Published 26 February 2025

MIL OSI United Kingdom –

February 27, 2025

MIL-OSI: HSBC Bank Plc – Form 8.5 (EPT/RI) – Wood Group (John) plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	HSBC Bank Plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Wood Group (John) plc
(c) Name of the party to the offer with which exempt principal trader is connected:	OFFEROR: Dar Al-Handasah Consultants Shair and Partners Holdings Ltd
(d) Date dealing undertaken:	25 February 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchases/ sales

Total number of securities

Highest price per unit paid/received
(GBP)

Lowest price per unit paid/received
(GBP)

Ordinary Shares

Purchase

1,207,943

40.424 p

36.980 p

Ordinary Shares

Sale

1,261,983

40.424 p

36.980 p

(b) Cash-settled derivative transactions

Class of relevant security	Product description	Nature of dealing	Number of reference securities	Price per unit (GBP)
Class of relevant security	e.g. CFD	e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit (GBP)
Ordinary shares	Swap	Opening a Long Position	11,306	38.383 p
Ordinary shares	Swap	Opening a Long Position	2,824	39.437 p
Ordinary shares	Swap	Opening a Long Position	53,054	38.534 p
Ordinary shares	Swap	Opening a Long Position	7,479	37.815 p
Ordinary shares	Swap	Opening a Long Position	17,455	38.935 p
Ordinary shares	Swap	Opening a Long Position	21,922	38.396 p
Ordinary shares	Swap	Increasing a Short Position	60,000	38.400 p

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing
e.g. subscription, conversion

Details

Price per unit (if applicable)

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	26 February 2025
Contact name:	Dhruti Singh
Telephone number:	0207 088 2000

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

February 27, 2025

MIL-OSI Africa: Ghana’s Mining in Motion Summit Gains Support from Key Leaders

Source: Africa Press Organisation – English (2) – Report:

ACCRA, Ghana, February 26, 2025/APO Group/ —

Otumfuo Osei Tutu II, King of the Ashanti Kingdom; Hon. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources of Ghana; and Oheneba Kwaku Duah, the son of Otumfuo Osei Tutu II and Managing Director of the Ashanti Green Initiative recently met to discuss the upcoming Mining in Motion Summit in Ghana.

They explored the summit’s potential to improve the artisanal and small-scale gold mining (ASGM) sector in Ghana and the role of government, international partners and major mining firms in accelerating the sector’s growth. Hon. Kofi Buah endorsed the event, emphasizing its significance in connecting small-scale miners with technology providers, financiers, regulatory bodies and global industry stakeholders to improve their operations and impact.

Organized by the Ashanti Green Initiative along with the World Bank, the World Gold Council and other international partners, Mining in Motion will take place from June 2 – 4 in Accra.

The summit is held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact, uniting key decision-makers, including H.E. John Dramani Mahama, President of the Republic of Ghana, as well as representatives from public and private sector mining institutions from South Africa, the Republic of Guinea, the African Union, ECOWAS and the United Nations.

The three-day event will highlight the role of traditional authorities in shaping artisanal and small-scale mining practices, emphasizing the sector’s contribution to employment and economic growth. In 2024 alone, Ghana’s artisanal miners generated $5 billion in foreign exchange earnings through gold exports. Providing direct employment for over one million Ghanaians and accounting for 35% of domestic gold output, the sector has the potential to significantly shape socioeconomic development in the west African country.

As Ghana’s mining sector increasingly supports sustainable development, the Mining in Motion Summit will highlight best practices for integrating ASGM into the global financial system. Representatives from prominent international financing organizations will share their insights.

In a significant move to boost earnings for small-scale miners, Ghana has announced plans to establish a Gold Board. This new entity will simplify the process of purchasing gold from small-scale miners, providing them with easier access to global markets. With Samuel Adu Gyamfi, who was appointed Acting Managing Director of Precious Minerals Marketing Company last month and tasked with setting up the Ghana Gold Board, playing a pivotal role in shaping the summit, Mining in Motion is set to have a sizable impact on the growth of Ghana’s gold sector.

Through a series of high-level panel discussions, deal signings, project showcases and exclusive networking, Mining in Motion serves as the ideal platform to connect Ghanaian miners with regional counterparts and global investors for forge industry-changing partnerships.

Stay informed about the latest advancements, network with industry leaders and engage in critical discussions on key issues impacting ASGM and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting https://MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact sales@energycapitalpower.com.

MIL OSI Africa –

February 27, 2025
MIL-OSI Video: Prioritising women’s healthcare in different countries #Davos2025 #WorldEconomicForum #CatherineRuss

Source: World Economic Forum (video statements)

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=pjCKElOFuCI

MIL OSI Video –

February 27, 2025
MIL-OSI Asia-Pac: Co-operation with GBA cities secured

Source: Hong Kong Information Services

Financial Secretary Paul Chan today outlined a series of measures in the Budget concerning Hong Kong’s collaboration with other cities of the Guangdong – Hong Kong – Macao Greater Bay Area (GBA) on various fronts, including youth development.

As from this year, the requirements for joining the GBA Youth Employment Scheme has been relaxed so that youngsters aged 29 or below with sub-degree or higher qualifications can join, while the limit of allowance for enterprises has been increased to $12,000 per month per person for up to 18 months.

With regard to medical co-operation, the Government is seeking to establish the Real-World Study & Application Centre for the GBA Clinical Trial Collaboration Platform by Hong Kong and Shenzhen by the end of this year.

With the data from the special measure of using Hong Kong registered drugs and medical devices used in Hong Kong public hospitals in the GBA, Mr Chan explained that the aim is to accelerate approval for the registration of new drugs in Hong Kong, the Mainland and overseas, fostering research and development, clinical trials and the application of advanced biomedical technology in Hong Kong.

On the financial front, following the signing of the Memorandum of Understanding on Cross-Boundary Credit Referencing Pilots between the Monetary Authority and the People’s Bank of China, the Government will progressively expand the pilot coverage to further facilitate cross-boundary financing for enterprises.

Concerning transport and logistics, Mr Chan pointed out that 21 airlines and 125 logistics companies have participated in the sea air intermodal cargo transshipment mode under the co-operation of Hong Kong and Dongguan.

It is expected that the first phase construction of the permanent facility for the Phase 1 development of the logistics park in Dongguan will be completed within this year and the preliminary study of Phase 2 development will commence shortly.

The co-operation with GBA cities covers the construction industry as well. Mr Chan pointed out that in collaboration with Guangdong Province, the Government has successfully established the “Professional Title” evaluation mechanism for the first batch of Hong Kong engineering professionals, with the mechanism to be extended to other construction related professions with the right conditions.

The Government will collaborate with Guangdong Province and Macau to formulate GBA standards on the skill levels for skilled workers and technicians of the construction sector, and take forward the “One Examination, Multiple Certification” arrangement.

The Financial Secretary also mentioned the development of Qianhai, saying that the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone is one of the major co-operation platforms in the bay area.

“For example, the turnover of Qianhai Mercantile Exchange, a subsidiary of Hong Kong Exchanges & Clearing, exceeded RMB100 billion over the year. It operates our country’s only offshore spot trading platform for soybeans.”

He added that the Department of Justice collaborated with the relevant Mainland authorities and achieved the extension of the measures, including the one of “allowing Hong Kong invested enterprises to choose Hong Kong as the arbitration place” to other pilot cities in the bay area, thereby providing Hong Kong investors with a more facilitative business environment.

“Hong Kong will continue to support Qianhai in trying out new policies on a pilot basis and pursuing more policy innovation and breakthroughs, with a view to promoting the successful policies to the rest of the GBA and even the entire country.”

MIL OSI Asia Pacific News –

February 27, 2025
MIL-OSI: Virtune Announces Partnership with Tydliga and Its Market Platform, Spartorget

Source: GlobeNewswire (MIL-OSI)

Stockholm, February 26, 2025 – Virtune announces today that it has entered into an agreement with Tydliga, one of Sweden’s largest independent organizations for insurance brokers. Tydliga supports over 400 members, including insurance brokers and investment advisors, who together represent more than 300,000 clients and generate approximately 7 billion SEK in premiums for savings and insurance companies.

Through this agreement, Virtune will be able to market its crypto exchange-traded products (ETPs) to Tydliga’s extensive network of advisors and insurance brokers. The cooperation agreement aims to increase awareness of crypto assets as an asset class, exchange-traded products, and how these can be a natural part of a well-balanced portfolio.

Virtune is a Swedish regulated digital asset manager and issuer of exchange-traded products (ETPs) listed on regulated marketplaces, including Nasdaq Stockholm. Virtune currently manages approximately 3.3 billion SEK, and their product range currently consists of 13 ETPs.

“The partnership with Tydliga is an important step for us at Virtune. It gives us the opportunity to reach a broader customer base through Tydliga’s extensive network of professional advisors and insurance brokers,” says Christopher Kock, CEO of Virtune.

This collaboration marks an important step in making crypto investments via exchange-traded products more accessible to the Swedish market, while ensuring that investments are made through regulated channels.

Press contact

Christopher Kock, CEO Virtune AB (Publ)
Christopher@virtune.com
+46 70 073 45 64

Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com

The MIL Network –

February 27, 2025
MIL-OSI: Global Net Lease Announces Sale of Multi-Tenant Portfolio for Approximately $1.8 Billion
Source: GlobeNewswire (MIL-OSI)

– Proposed Transaction Accelerates Deleveraging Plan, Net Debt to Adjusted EBITDA Would be Lowered to 6.5x to 7.1x

– The Company Announces Opportunistic $300 Million Share Repurchase Program

NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) today announced that it has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion (the “multi-tenant portfolio sale”) at an 8.4% cash cap rate¹. This transformative transaction would accelerate GNL’s deleveraging initiative and position the Company as a pure-play, single-tenant net lease company.

GNL launched its strategic disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale – which would represent the most significant step in this initiative to date – GNL expects to have completed by the end of 2025 nearly $3 billion in dispositions since the start of 2024, inclusive of properties in its disposition pipeline². GNL expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on GNL’s Revolving Credit Facility. The Board of Directors concurrently has approved a share repurchase program authorizing the Company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs.

“We believe the proposed sale of our multi-tenant portfolio is a strategic and prudent transaction that will bolster our balance sheet and position GNL for continued success,” said Michael Weil, CEO of GNL. “The proposed transaction greatly decreases operational complexities, G&A expenses and capital expenditures associated with multi-tenant retail properties. The announcement marks a pivotal milestone in our strategic disposition initiative, offering a range of benefits with a clear emphasis on long-term value. The transaction reflects a disciplined and measured approach to accelerating debt reduction, driving a significant decrease in Net Debt to Adjusted EBITDA. We believe the resulting improvement in our capital structure strengthens our position to achieve an investment-grade credit rating, which may further reduce our cost of capital and enhance financial flexibility to support long-term growth.”

Strategic Benefits of the Transaction
- Significantly Reduces Leverage and Improves Liquidity Position: The transaction would accelerate GNL’s debt reduction efforts, significantly decreasing Net Debt to Adjusted EBITDA to an expected range of 6.5x to 7.1x post-transaction. GNL intends to apply the net proceeds of the multi-tenant portfolio sale toward significantly reducing the outstanding balance on its Revolving Credit Facility. The Company anticipates this substantial deleveraging will enhance GNL’s ability to pursue an investment-grade credit rating, which would further lower our cost of capital and provide the financial flexibility needed to fuel long-term growth.
- Transforms GNL into a Pure-Play, Single-Tenant Net Lease Company: The transaction would enable GNL to refine its strategy and become a pure-play net lease REIT, concentrating on single-tenant assets. This transition is expected to generate approximately $6.5 million in recurring annual G&A savings, along with additional cash savings from a substantial reduction in annual capital expenditures, while drastically simplifying operations by eliminating the complexities of owning multi-tenant retail properties.
- Enhances Key Portfolio Metrics: The transaction is expected to positively impact GNL’s key portfolio metrics by boosting occupancy to 98%, extending weighted average remaining lease term to 6.4 years, increasing the proportion of investment-grade tenants to 66% and enhancing annual rent escalations to 89%.
GNL received a $25 million non-refundable deposit from RCG at signing of the binding agreement. The transaction is expected to close in three phases: the unencumbered portfolio is scheduled to close by the end of Q1 2025, while the encumbered portfolio is set to close in two stages by the end of Q2 2025, pending approval of the respective loan assumptions and other customary closing conditions.

GNL Announces Authorization of a $300 Million Share Repurchase Program

On February 20, 2025, GNL’s Board of Directors authorized a share repurchase program for up to an aggregate amount of $300 million of the Company’s outstanding shares of common stock. Under the program, which does not have a stated expiration date, GNL may repurchase shares of its common stock from time to time through open market purchases, including pursuant to Rule 10b5-1 pre-set trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchase transactions entered into with one or more counterparties or otherwise, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of repurchases are subject to market conditions, applicable securities laws, and other factors, and the program may be amended, suspended or discontinued at any time.

GNL will share additional insights as part of its 2025 full-year guidance, which will be released after market close on February 27, 2025.

Advisors

BofA Securities is serving as GNL’s exclusive financial advisor for the multi-tenant portfolio sale, and BMO Capital Markets is also acting as an advisor to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel to the Company.

Truist Securities, Inc. served as a financial advisor to RCG Ventures and provided committed financing for the transaction. McGuireWoods LLP is providing legal counsel to RCG Ventures in respect of real estate acquisition and financing matters and King & Spalding LLP is providing legal counsel to RCG Ventures in respect of fund formation and transaction-related matters. Gibson Avenue Capital, LLC is also serving as an advisor to RCG Ventures.

Footnotes

¹ Cash cap rate is calculated using the trailing twelve months of cash Net Operating Income as of September 30, 2024.

² Disposition data as of February 21, 2025, includes transactions that are either closed or are pipeline transactions under agreement or letter of intent, and assumes purchase agreements and letters of intent lead to closing based on their contemplated terms, which cannot be assured.

About Global Net Lease, Inc.

Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

About RCG Ventures

RCG Ventures is a fully integrated real estate investment firm led by a team of professionals that specialize in the acquisition, development, leasing, management, and financing of multi-tenant retail real estate. Since its inception in 2003, RCG has acquired over $1.6 billion in retail assets and has managed as much as 14 million square feet of retail real estate.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing of the closing of, and the Company’s ability to consummate, the multi-tenant portfolio sale. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the multi-tenant portfolio sale) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:
Investor Relations
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020

The MIL Network –
February 27, 2025
MIL-OSI: CLEAR Announces Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU), the secure identity platform, has posted a shareholder letter containing its 2024 fourth quarter and full year financial results on its Investor Relations website at https://ir.clearme.com.

CLEAR will host a conference call to discuss those results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 877-407-3089 for U.S. participants and +1-215-268-9854 for international participants. Listeners can access the live webcast HERE. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

About CLEAR
CLEAR’s mission is to create frictionless experiences. With over 30 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.

Media Contact
CLEAR
media@clearme.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 27, 2025
MIL-OSI: Radware’s Cyber Threat Report: Web DDoS Attacks Surge 550% in 2024
Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., Feb. 26, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, released its 2025 Global Threat Analysis Report.

Radware’s new report leverages intelligence provided by 2024 network and application attack activity sourced from the company’s cloud and managed services and threat intelligence research team. In addition, it draws from information found on Telegram, a public messaging platform often used by cybercriminals.

2024 report highlights
- The average duration of network DDoS attacks increases 37% over 2023
- North America faces 66% of web application and API attacks
- Nearly 400% year-over-year growth in DDoS attack volume strikes finance and transportation
- Hacktivist claims rise 20% globally; governments top targets
“Multiple catalysts drove the threat revolution witnessed in 2024, including geopolitical conflicts, bigger and more complex threat surfaces, and more sophisticated and persistent threats,” said Pascal Geenens, director of threat intelligence at Radware. “Add to that the impact of AI, which is lowering barriers to entry, multiplying the number of adversaries and enabling even novice actors to successfully launch malicious campaigns, and what you have is a threat landscape that looks very daunting.”

Web DDoS attacks mount on geopolitical tensions
Layer 7 (L7) Web DDoS attacks escalated significantly, linked predominately to hacktivist groups motivated by geopolitical conflicts and facilitated by easy accessibility to more sophisticated tools. During 2024:
- Number of attacks: Total Web DDoS attacks surged 550% compared to 2023.
- Geographic targets: EMEA remained the primary target, accounting for 78% of global incidents.
Network-layer DDoS attacks become bigger and more prolonged
The volume, frequency and duration of network DDoS attacks more than doubled since 2022. During 2024:
- Attack volume: The average mitigated attack volume rose 120% compared to 2023.
- Attack duration: The average duration of attacks increased 37% over 2023.
- Geographic targets: Organizations in Europe faced the highest proportion of network DDoS activity, accounting for 45% of the global attack volume, followed by North America (21%).
- Industry targets: Telecommunications bore 43% of the global network DDoS attack volume, followed by finance at 30%. Growing faster than the global average of 120%, finance experienced the steepest growth in attack volume per organization, increasing 393% year-over-year, followed by transportation and logistics (375%), e-commerce (238%), and service providers (237%).
“The escalations in the threat landscape have significant implications for every sector from finance and telecommunications to government and e-commerce and beyond,” explained Geenens. “Organizations are operating in a dynamic environment that demands equally dynamic defense strategies. While bad actors don’t have to do their jobs perfectly to have a major impact, defenders do.”

Application-layer DNS DDoS attacks post unprecedented gains
Last year was a pivotal year in the evolution of L7 DNS DDoS attacks. During 2024:
- Attack activity: The amount of DNS flood queries rose 87% over 2023.
- Industry targets: The financial sector accounted for 44% of the total L7 DNS attack activity. Healthcare (13%) ranked second, followed by telecom (10%), and communications (8%).
Hacktivist campaigns intensify marked by retaliation and disruption
Propelled by political and ideological tensions, hacktivism remained a leading driver of cyberattacks. According to data gathered from Telegram in 2024:
- Number of attacks: The total number of claimed DDoS attacks increased by 20% compared to 2023.
- Geographic targets: Ukraine was the most targeted nation with 2,052 claimed attacks, followed by Israel (1,550). The United States became a prime target for DDoS-as-a-service providers.
- Industry targets: Government institutions were the top hacktivist targets, accounting for 20% of hacktivist activity, followed by business services (9%), finance (9%) and transportation (7%).
- Top claiming actors: Pro-Russian hacker NoName057(16), the most prolific threat actor in 2024, claimed 4,767 DDoS attacks, followed by RipperSec (1,388), Executor DDoS (1,002) and the Cyber Army of Russia Reborn (716).
Web applications and APIs become prime targets for exploitation
Attackers aim to profit from the expanding complexity and breath of the threat surface in modern organizations by exploiting known vulnerabilities. In 2024:
- Number of attacks: Web application and API attacks climbed 41% compared to 2023.
- Attack vector: Vulnerability exploitation remained the most prominent attack type, comprising more than one-third of all malicious requests.
- Geographic targets: North America experienced 66% of these attacks, followed by EMEA (26%).
Radware’s complete 2025 Global Threat Analysis Report can be downloaded here.

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

THIS PRESS RELEASE AND THE RADWARE 2025 GLOBAL THREAT ANALYSIS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that organizations are operating in a dynamic environment that demands equally dynamic defense strategies, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

Media Contact:
Gerri Dyrek
Radware
Gerri.Dyrek@radware.com

The MIL Network –
February 27, 2025
MIL-OSI: CLEAR Announces Leadership Transition: Michael Barkin Joins as President, Jen Hsu Named CFO, and Ken Cornick to Step Down

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), the secure identity platform, today announced that Ken Cornick, Co-Founder, President, and Chief Financial Officer, is stepping down from his executive positions and will transition to an advisory role. Cornick helped bring CLEAR’s vision of a global secure identity platform to life – starting in travel and expanding into enterprises to make experiences safer and easier both physically and digitally. In 2010, CLEAR started with just 190,000 Members and today has over 30 million Members on our secure identity platform.

CLEAR has named Michael Barkin as President, effective March 31, 2025. Barkin has served on CLEAR’s Board of Directors since 2019, bringing deep knowledge of CLEAR’s business and extensive strategic, operational and financial leadership experience. He previously served as Executive Vice President and Chief Financial Officer at Vail Resorts, where he played a key role in the company’s growth. Prior to Vail Resorts, Barkin held roles in private equity at KRG Capital and Bain Capital, as well as in strategy consulting at Bain & Company.

CLEAR also announced that Jen Hsu has been named Chief Financial Officer, effective March 31, 2025. Hsu brings deep financial expertise, most recently serving as Vice President, Head of Corporate Development and Investor Relations at Chewy, where she led corporate finance and investor relations. She previously held senior finance leadership roles at JPMorgan and Goldman Sachs.

“From the beginning, Ken’s dedication to CLEAR’s mission has been vital, and I am grateful for his countless contributions over the past 15 years. It has been an amazing journey as we’ve scaled CLEAR and created a brand that stands for trust, safety and frictionless experiences. I look forward to his continued partnership as a valued advisor,” said CLEAR CEO, Caryn Seidman Becker. “I’m thrilled to welcome Michael as our new President for the next phase of growth at CLEAR. Michael has been a great board member and now having him as our President and my partner is invaluable. His strategic vision, leadership and deep experience scaling businesses globally will help CLEAR achieve our vision. Additionally, Jen’s financial leadership will be a tremendous asset as we continue to expand our platform and drive long-term growth in members, bookings, and free cash flow.”

“I am honored to join CLEAR at such an exciting time,” said Michael Barkin. “CLEAR has built a valuable and trusted identity platform that makes experiences safer and easier, and I look forward to working with Caryn and the entire team to drive the company’s growth.”

“Joining CLEAR at this pivotal moment is an exciting opportunity, and I’m honored to help shape its next chapter,” said Jen Hsu. “CLEAR is setting the standard for secure identity across industries, and I look forward to working with Caryn, Michael, and the rest of the team to strengthen its financial strategy, drive innovation, and create lasting value for Members, partners, staff, and shareholders.”

“On behalf of the Clear Secure Board, I want to thank Ken Cornick for his contributions to CLEAR as a co-founder and leader since the Company’s formation,” said Jeffery H. Boyd, Lead Independent Director. “We look forward to working with Ken in his advisory role and are fortunate to have Michael Barkin, a valued member of our Board, and Jen Hsu, an impressive finance executive, join the CLEAR management team.”

About CLEAR
CLEAR’s mission is to create frictionless experiences. With over 30 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10-K. The Company disclaims any obligation to update any forward-looking statements contained herein.

CLEAR
media@clearme.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

February 27, 2025
MIL-OSI United Kingdom: Trials for contactless ticketing in the North and Midlands takes another step closer
Source: United Kingdom – Executive Government & Departments

Press release

Trials for contactless ticketing in the North and Midlands takes another step closer

Contactless will offer simpler ticketing and a better experience for rail customers.
contactless ticketing is on its way to the North and Midlands with trials later this year

Yorkshire and the East Midlands will be the first to try out the new simpler way to travel

part of wider moves to overhaul the railways to put passenger experience at the forefront

Plans to trial simpler and more flexible ticketing across the North and Midlands have taken one step closer this week with trials on track for later this year.

The government is kickstarting the procurement process to find the suppliers who will run the technology for the trials across the East Midlands and Yorkshire. The successful bidders will work alongside Northern and East Midlands Railways to deliver the trials.

Unlike the previous roll out of pay as you go, these trials will use Global Positioning System (GPS) based technology. This will track your location on your train journey, ensuring you pay the best fare for the journey you take. For ticket inspections and to go through ticket barriers, a unique bar code will pop up in the app to be scanned.

The use of contactless ticketing offers passengers simpler, more accessible and more flexible train travel as well as a guarantee of the best value ticket on the day. By saving both time and money on a number of journeys, the trials will help to improve living standards and make working people better off – delivering on the government’s Plan for Change.

Backed by government funding, the trials are part of plans to modernise our transport system, put passenger experience at the heart of the railways and drive more people back onto trains building on the government’s mission to deliver growth.

Rail Minister, Lord Peter Hendy, said:

We’ve seen the success that contactless ticketing has on making journeys easier to navigate and attracting more people to our railways.

It’s only right that we now look to expand contactless ticketing to other major cities across the North and Midlands, ensuring they can reap the economic benefits that simpler ticketing offers and that passengers are having a better experience.

Jacqueline Starr, Chief Executive Officer of Rail Delivery Group, said:

We are proud to support the pay as you go trials in Yorkshire and East Midlands. This is another step in making fares and ticketing easier for everyone.

We are committed to developing a simpler fare system that not only meets passengers’ expectations but also supports the long-term growth of rail travel making customers experience of the railway better.

This follows the roll out of contactless ticketing at 53 stations across the South East. In the first 6 months of contactless ticketing being available at the first 6 stations, more than 268,000 entries and exits were made using contactless cards or mobile devices – showing how popular the system is with customers using those stations already.

The department is also working closely with Greater Manchester and the West Midlands to develop their proposals for rolling out contactless ticketing even further.

Alex Hornby, Commercial and Customer Director at Northern, said:

Historically, ticketing across the rail industry has been far too complicated and so anything that makes the customer experience simpler has my vote.

We’ve already seen a huge swing away from physical tickets to digital alternatives, which now make up over 80% of journeys on our network. The option to pay as you go is a development of that trend which we’re looking forward to introducing on selected routes very soon.

Oli Cox, Head of Commercial Strategy and Business Planning at East Midlands Railway, said:

We’re excited to be trialling digital pay as you go between Derby, Nottingham, and Leicester, making rail travel simpler and more convenient for our customers.

We know that complex fares can sometimes be a barrier to travel, and this trial will help to remove that uncertainty – allowing customers to simply tap in and out via their phone – confident that they’re getting the best value fare for their journey.

Last week, the government launched a consultation on a landmark bill to rewire Britain’s railways, including committing to a further overhaul of ticketing and setting up a powerful passenger watchdog to give passengers a voice and hold train operators to account.

Rail media enquiries

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025

MIL-OSI: 5/2025・Trifork Group AG – Reporting of transactions made by persons discharging managerial responsibilities

Source: GlobeNewswire (MIL-OSI)

Company announcement no. 5 / 2025
Schindellegi, Switzerland – 26 February 2025

Reporting of transactions made by persons discharging managerial responsibilities

Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jørn Larsen
2.	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Trifork Group AG
b)	LEI	8945004BYZKXPESTBL36
4.1	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument Identification code	Shares ISIN CH1111227810
b)	Nature of the transaction	A share of 25% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0	1’345
d)	Aggregated information — Aggregated volume — Price	N/A
e)	Date of the transaction	26 February 2025
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Kristian Wulf-Andersen
2.	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Trifork Group AG
b)	LEI	8945004BYZKXPESTBL36
4.1	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument Identification code	Shares ISIN CH1111227810
b)	Nature of the transaction	A share of 10% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0	358
d)	Aggregated information — Aggregated volume — Price	N/A
e)	Date of the transaction	26 February 2025
f)	Place of the transaction	Outside a trading venue

Information and questions
Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

About Trifork
Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

Attachment

CA_05_25 PDMR

The MIL Network –

February 26, 2025

MIL-OSI: ACM Research Reports Fourth Quarter and Fiscal Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its fourth quarter and fiscal year ended December 31, 2024.

“2024 was a year of strong execution for ACM. We expanded our product portfolio and broadened the addressable markets we serve,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “We grew revenue by 40% and total shipments by 63%. We gained additional market share by capitalizing on product cycles and deepening engagements with key customers, demonstrating the strength of our multi-product portfolio. Our operating profit increased by 57.6%, and we generated $152 million in cash flow from operations.”

Dr. Wang continued, “In the fourth quarter, we achieved two major operational milestones. First, we achieved process qualification of our Thermal and Plasma-Enhanced ALD furnace tools at two semiconductor customers in mainland China. Second, we commenced initial operations at our Lingang production facility, and we are on track to transition additional capacity to Lingang as we progress through the year.”

Dr. Wang concluded, “Looking ahead to 2025, we remain focused on expanding our business with incremental revenue contribution from Tahoe, SPM, and Furnace, additional customer evaluations for both Track and PECVD, increasing localization in China, and contributions from our expanding global footprint. Regarding the addition of our subsidiaries to the U.S. Entity List, we believe the impact on the ability of ACM Research (Shanghai) to produce tools will be manageable, and that we can continue to support our global customer base.”

	Three Months Ended December 31,
	GAAP						Non-GAAP(1)
		2024			2023			2024			2023
	(dollars in thousands, except EPS)
Revenue	$	223,471		$	170,321		$	223,471		$	170,321
Gross margin		49.6	%		46.4	%		49.8	%		46.8	%
Income from operations	$	43,989		$	23,374		$	52,773		$	36,046
Net income attributable to ACM Research, Inc.	$	31,080		$	17,700		$	37,740		$	28,681
Basic EPS	$	0.49		$	0.29		$	0.60		$	0.47
Diluted EPS	$	0.46		$	0.26		$	0.56		$	0.43

		Twelve Months Ended December 31,
		GAAP						Non-GAAP(1)
			2024			2023			2024			2023
		(dollars in thousands, except EPS)
Revenue		$	782,118		$	557,723		$	782,118		$	557,723
Gross margin			50.1	%		49.5	%		50.4	%		49.8	%
Income from operations		$	150,998		$	95,839		$	200,574		$	123,177
Net income attributable to ACM Research, Inc.		$	103,627		$	77,349		$	152,230		$	107,424
Basic EPS		$	1.67		$	1.29		$	2.45		$	1.79
Diluted EPS		$	1.53		$	1.16		$	2.26		$	1.63

(1)	Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.

Outlook

ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors. We have updated our long-term business model to a gross margin target range of 42% to 48%, versus the prior range of 40% to 45%.

Operating Highlights and Recent Announcements

Shipments. Total shipments in 2024 were $973 million, up 63.1%. Total shipments in the fourth quarter of 2024 were $264 million, versus $140 million in the fourth quarter of 2023. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
Thermal and Plasma-Enhanced ALD furnace tools achieved process qualification. ACM announced the achievement of process qualification of its Ultra Fn A Plasma-Enhanced Atomic Layer Deposition (PEALD) and Thermal Atomic Layer Deposition (Thermal ALD) Furnace tools at two mainland China semiconductor customers.

Full Year 2024 Financial Summary

Unless otherwise noted, the following figures refer to the full year of 2024 and comparisons are with the full year of 2023.

Revenue was $782.1 million, up 40.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies, along with steady growth of advanced packaging (excluding ECP), services & spares.
Gross margin was 50.1% versus 49.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 50.4% versus 49.8%. Gross margin exceeded ACM’s updated long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
Operating expenses were $240.6 million, an increase of 33.4%. Operating expenses as a percentage of revenue decreased to 30.8% from 32.3%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $193.4 million, up 25.2%. Non-GAAP operating expenses as a percentage of revenue were 24.7% compared to 27.7%.
Operating income was $151.0 million, up 57.6% compared to $95.8 million. Operating margin increased from 17.2% to 19.3%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $200.6 million, up 62.8% compared to 123.2 million. Non-GAAP operating margin, which excludes stock-based compensation, was 25.6% compared to 22.1%.
Unrealized gain (loss) on short-term investments was $1.0 million, compared to an unrealized gain (loss) of $(2.7) million. Unrealized gain (loss) reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
Income tax expense was $35.0 million, compared to $19.4 million.
Net income attributable to ACM Research, Inc. was $103.6 million, compared to $77.3 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was $152.2 million, compared to $107.4 million.
Net income per diluted share attributable to ACM Research, Inc. was $1.53, compared to $1.16. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was $2.26, compared to $1.63.
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $441.9 million at December 31, 2024, compared to $369.1 million at September 30, 2024.

Fourth Quarter 2024 Financial Summary

Unless otherwise noted, the following figures refer to the fourth quarter of 2024 and comparisons are with the fourth quarter of 2023.

Revenue was $223.5 million, up 31.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies, along with steady sales growth of advanced packaging (excluding ECP), services & spares.
Gross margin was 49.6% versus 46.4%. Non-GAAP gross margin, which excludes stock-based compensation, was 49.8% versus 46.8%. Gross margin was at the upper end of ACM’s updated long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
Operating expenses were $66.8 million, an increase of 20.0%. Operating expenses as a percentage of revenue decreased to 29.9% from 32.7%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $58.4 million, up 34.0%. Non-GAAP operating expenses as a percentage of revenue increased to 26.1% from 25.6%.
Operating income was $44.0 million, up 88.2% compared to $23.4 million. Operating margin was 19.7% compared to 13.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $52.8 million, up 46.4% compared to $36.0 million. Non-GAAP operating margin, which excludes stock-based compensation, was 23.6% compared to 21.2%.
Unrealized gain on short-term investments was $2.1 million, compared to an unrealized gain of $1.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
Income tax expense was $17.3 million, compared to $8.1 million.
Net income attributable to ACM Research, Inc. was $31.1 million, compared to $17.7 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $37.7 million, compared to $28.7 million.
Net income per diluted share attributable to ACM Research, Inc. was $0.46, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.56, compared to $0.43.

Conference Call Details

A conference call to discuss results will be held on Wednesday, February 26, 2025, at 8:00 a.m. Eastern Time (9:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register.vevent.com/register/BI70ae79d80e0348a880269ad7a9dec2f9

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmrcsh.com.

© ACM Research, Inc. ULTRA Fn and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	(360)808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

	December 31, 2024			December 31, 2023
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	407,445		$	182,090
Restricted cash		3,865			1,083
Short-term time deposits		17,277			80,524
Short-term investment		19,373			21,312
Accounts receivable, net		387,045			283,186
Other receivables		41,859			40,065
Inventories, net		597,984			545,395
Advances to related party		1,024			2,432
Prepaid expenses		7,507			20,023
Total current assets		1,483,379			1,176,110
Property, plant and equipment, net		269,272			201,848
Operating lease right-of-use assets, net		14,038			15,393
Intangible assets, net		3,461			2,538
Long-term time deposits		13,275			40,818
Deferred tax assets		14,781			20,271
Long-term investments		37,063			27,880
Other long-term assets		20,452			6,050
Total assets	$	1,855,721		$	1,490,908
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	32,814		$	31,335
Current portion of long-term borrowings		44,472			6,783
Related party accounts payable		16,133			11,407
Accounts payable		139,294			141,814
Advances from customers		243,949			181,368
Deferred revenue		8,537			3,687
Income taxes payable		12,779			6,401
FIN-48 payable		19,466			12,149
Other payables and accrued expenses		121,657			102,951
Current portion of operating lease liability		2,132			2,764
Total current liabilities		641,233			500,659
Long-term borrowings		105,525			53,952
Long-term operating lease liability		3,840			4,262
Other long-term liabilities		9,217			5,873
Total liabilities		759,815			564,746
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			6
Class B Common stock		1			1
Additional paid-in capital		677,476			629,845
Retained earnings		260,000			156,827
Statutory surplus reserve		30,514			30,060
Accumulated other comprehensive loss		(63,372	)		(49,349	)
Total ACM Research, Inc. stockholders’ equity		904,625			767,390
Non-controlling interests		191,281			158,772
Total equity		1,095,906			926,162
Total liabilities and equity	$	1,855,721		$	1,490,908

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
	( In thousands, except share and per share data)
Revenue	$	223,471		$	170,321		$	782,118		$	557,723
Cost of revenue		112,656			91,245			390,564			281,508
Gross profit		110,815			79,076			391,554			276,215
Operating expenses:
Sales and marketing		18,380			9,440			65,447			47,019
Research and development		27,750			32,465			105,473			92,709
General and administrative		20,696			13,797			69,636			40,648
Total operating expenses		66,826			55,702			240,556			180,376
Income from operations		43,989			23,374			150,998			95,839
Interest income		2,813			2,071			9,935			8,354
Interest expense		(1,228	)		(697	)		(4,151	)		(2,681	)
Realized gain from sale of short-term investments		1,344			478			1,788			9,047
Unrealized gain (loss) on short-term investments		2,124			1,691			973			(2,737	)
Other income (expense), net		7,061			(1,714	)		6,334			(1,558	)
Income from equity method investments		322			6,224			423			9,952
Income before income taxes		56,425			31,427			166,300			116,216
Income tax expense		(17,319	)		(8,129	)		(35,031	)		(19,364	)
Net income		39,106			23,298			131,269			96,852
Less: Net income attributable to non-controlling interests		8,026			5,598			27,642			19,503
Net income attributable to ACM Research, Inc.	$	31,080		$	17,700		$	103,627		$	77,349
Comprehensive income (loss):
Net income		39,106			23,298			131,269			96,852
Foreign currency translation adjustment, net of tax		(26,104	)		11,214			(15,728	)		(10,617	)
Unrealized gain on available-for-sale investments, net of tax		428			–			428			–
Comprehensive Income		13,430			34,512			115,969			86,235
Less: Comprehensive income attributable to non-controlling interests	$	4,909		$	5,807		$	26,365		$	17,689
Comprehensive income (loss) attributable to ACM Research Inc.	$	8,521		$	28,705		$	89,604		$	68,546

Basic	$	0.49		$	0.29		$	1.67		$	1.29
Diluted	$	0.46		$	0.26		$	1.53		$	1.16

Weighted average common shares outstanding used in computing per share amounts:
Basic		62,794,259			60,792,349			62,212,569			60,164,670
Diluted		66,518,704			65,911,901			66,237,424			64,870,543

ACM RESEARCH, INC.
Total Revenue by Product Category and by Region

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
	(Unaudited)
	($ in thousand)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment	$	155,211	$	122,292	$	578,887	$	403,851
ECP (front-end and packaging), furnace and other technologies		51,695		32,133		151,057		103,356
Advanced packaging (excluding ECP), services & spares		16,565		15,896		52,174		50,516
Total Revenue By Product Category	$	223,471	$	170,321	$	782,118	$	557,723

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Mainland China	$	223,110	$	165,441	$	775,752	$	540,969
Other Regions		361		4,880		6,366		16,754
Total Revenue By Region	$	223,471	$	170,321	$	782,118	$	557,723

ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

	Three Months Ended December 31,
		2024											2023
	Actual (GAAP)			SBC			Other non- operating adjustments		Adjusted (Non-GAAP)			Actual (GAAP)			SBC			Other non- operating adjustments		Adjusted (Non-GAAP)
	(In thousands)
Revenue	$	223,471		$	–		$	–	$	223,471		$	170,321		$	–		$	–	$	170,321
Cost of revenue		(112,656	)		(365	)		–		(112,291	)		(91,245	)		(568	)		–		(90,677	)
Gross profit		110,815			(365	)		–		111,180			79,076			(568	)		–		79,644
Gross margin		49.6	%		0.2	%		–		49.8	%		46.4	%		0.3	%		–		46.8	%
Operating expenses:
Sales and marketing		(18,380	)		(1,907	)		–		(16,473	)		(9,440	)		(2,279	)		–		(7,161	)
Research and development		(27,750	)		(2,030	)		–		(25,720	)		(32,465	)		(3,628	)		–		(28,837	)
General and administrative		(20,696	)		(4,482	)		–		(16,214	)		(13,797	)		(6,197	)		–		(7,600	)
Total operating expenses		(66,826	)		(8,419	)		–		(58,407	)		(55,702	)		(12,104	)		–		(43,598	)
Income (loss) from operations	$	43,989		$	(8,784	)	$	–	$	52,773		$	23,374		$	(12,672	)	$	–	$	36,046
Unrealized gain on short-term investments		2,124			–			2,124		–			1,691			–			1,691		–
Net income (loss) attributable to ACM Research, Inc.	$	31,080		$	(8,784	)	$	2,124	$	37,740		$	17,700		$	(12,672	)	$	1,691	$	28,681
Basic EPS	$	0.49							$	0.60		$	0.29							$	0.47
Diluted EPS	$	0.46							$	0.56		$	0.26							$	0.43

	Year Ended December 31,
		2024											2023
	Actual (GAAP)			SBC			Other non- operating adjustments		Adjusted (Non-GAAP)			Actual (GAAP)			SBC			Other non- operating adjustments			Adjusted (Non-GAAP)
	(In thousands)
Revenue	$	782,118		$	–		$	–	$	782,118		$	557,723		$	–		$	–		$	557,723
Cost of revenue		(390,564	)		(2,385	)		–		(388,179	)		(281,508	)		(1,406	)		–			(280,102	)
Gross profit		391,554			(2,385	)		–		393,939			276,215			(1,406	)		–			277,621
Gross margin		50.1	%		0.3	%		–		50.4	%		49.5	%		0.3	%		–			49.8	%
Operating expenses:
Sales and marketing		(65,447	)		(10,552	)		–		(54,895	)		(47,019	)		(5,684	)		–			(41,335	)
Research and development		(105,473	)		(14,112	)		–		(91,361	)		(92,709	)		(8,459	)		–			(84,250	)
General and administrative		(69,636	)		(22,527	)		–		(47,109	)		(40,648	)		(11,789	)		–			(28,859	)
Total operating expenses		(240,556	)		(47,191	)		–		(193,365	)		(180,376	)		(25,932	)		–			(154,444	)
Income (loss) from operations	$	150,998		$	(49,576	)	$	–	$	200,574		$	95,839		$	(27,338	)	$	–		$	123,177
Unrealized gain (loss) on short-term investments		973			–			973		–			(2,737	)		–			(2,737	)		–
Net income (loss) attributable to ACM Research, Inc.	$	103,627		$	(49,576	)	$	973	$	152,230		$	77,349		$	(27,338	)	$	(2,737	)	$	107,424
Basic EPS	$	1.67							$	2.45		$	1.29								$	1.79
Diluted EPS	$	1.53							$	2.26		$	1.16								$	1.63

The MIL Network –

February 26, 2025

MIL-OSI: Dimensional Fund Advisors Ltd. : Form 8.3 – JOHN WOOD GROUP PLC – Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

KEY INFORMATION

(a)

Full name of discloser:

Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3.

(b)

Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

(c)

Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree

John Wood Group PLC

(d)

If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

(e)

Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure

25 February 2025

(f)

In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”

N/A

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)

Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

4 2/7 p ordinary (GB00B5N0P849)

Interests

Short Positions

Number

(1)

Relevant securities owned and/or controlled:

21,347,049

3.09 %

(2)

Cash-settled derivatives:

(3)

Stock-settled derivatives (including options) and agreements to purchase/sell:

Total

21,347,049 *

3.09 %

* Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 65,254 shares that are included in the total above.

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)

Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)

Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

There was a Transfer In of 614 shares of 4 2/7 p ordinary

(b)

Cash-settled derivative transactions

Class of relevant security

Product description e.g. CFD

Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)

Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

OTHER INFORMATION

(a)

Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure

26 February 2025

Contact name

Thomas Hone

Telephone number

+44 20 3033 3419

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

February 26, 2025

MIL-OSI United Kingdom: More than £100 million in Indian investment creating UK jobs
Source: United Kingdom – Executive Government & Departments

Press release

More than £100 million in Indian investment creating UK jobs

New Indian investment deals worth over £100 million demonstrate investors’ confidence in the UK.
UK welcomes latest Indian investments, demonstrating investors’ confidence in doing business

New deals will create jobs as the government continues to focus on delivering economic growth under the Plan for Change

Recent Indian budget drives more opportunity for UK insurance companies to expand presence in India

Recent investment wins for the UK worth over £100 million from Indian companies are being celebrated as proof the government’s Plan for Change is providing global investors with the confidence they need to do business in the UK.

Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change.

UK Investment Minister Poppy Gustafsson is in Bangaluru on the second leg of a two-city visit to India to bang the drum for Britain, champion free trade and promote exciting investment opportunities in the UK economy.

Recent Indian investments in the UK cover a range of sectors including AI, professional services and textiles and are expected to create hundreds of new jobs over the next three years.

This continues the trend of strong Indian investment into the UK in recent years, with the last year-on-year change showing the value of inward FDI stock from India having increased 28% at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years.

The deals come as UK insurance companies gain more potential to expand in India thanks to the recent Indian budget which increased the amount of FDI permitted in the insurance sector from 74% to 100%.

Business and Trade Secretary Jonathan Reynolds said:

“These investment deals will deliver more than £100 million for the UK economy, creating jobs, strengthening growth, and helping working people.

“They prove that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.

“Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest.”

The investment announcements include:

Aaseya Technologies, professional services company specialising in digital transformation through automation, is growing its presence in London and creating up to 250 new jobs over three years with a £25 million investment.

Sastra Robotics is investing £8 million in Manchester over three years, creating 75 new jobs. The investment aims to expand the company’s robotics innovation and development. This is the first time a robotics company from South India has invested in the UK.

AI CyberIntel company Deepcytes has set up its global headquarters in London, investing £5 million and creating 80 jobs in the next three years to combat problems of anti-bullying and cyber frauds.

University Living, a global student housing managed marketplace, plan to open a new UK office, investing £10 million and creating 50 jobs over three years.

One of the largest producers of hand-knotted rugs in India, Jaipur Rugs have opened a store in London and are looking to create 75 jobs through a £5 million investment over the next three years.

Time Cinemas have established their global headquarters in the UK, introducing The Black Box by Time, an innovative, patent applied, cloud platform solution that empowers filmmakers, content creators, producers, and distributors to reach out to a much wider cinema audience across geographies. This expansion will create 75 new jobs in London over the next three years, supported by a capital expenditure of £20 million.

Novigo solutions, a technology-focused organisation specialising in end-to-end IT services, technology consulting, business consulting, analytics, and robotic process automation, has started its operation in Warwick by investing £12 million and creating 75 jobs over three years.

Test Yantra, one of India’s largest testing and training services companies, is investing £10 million and creating 100 jobs over the next three years.

Zoondia software, a leading provider of technology solutions, AI solutions, custom software development, IOT, data analytics and resource augmentation areas, is investing £10 million and creating 60 jobs over three years.

Notes to editors

FDI project numbers are sourced from DBT inward investment results 2023/24

FDI stock values are sourced from ONS foreign direct investment involving UK companies 2023

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI United Kingdom: UK firms rake in ‘tens of millions’ in exports to India
Source: United Kingdom – Executive Government & Departments

Press release

UK firms rake in ‘tens of millions’ in exports to India

Companies in the UK’s tech and life sciences sectors have announced expansions in India which will amount to tens of millions of pounds for the UK economy.
Over 600 UK companies, including in cutting-edge tech and life sciences sectors, are already based in India

UK businesses exported a total of £17 billion goods and services to India in the 12 months to September 2024

A trade deal which brings down barriers could make selling to this huge market easier and cheaper for businesses, delivering on the government’s Plan for Change

Companies in the UK’s tech and life sciences sectors are making huge strides in global markets and going for growth by announcing expansions in India.

UK tech and science firms are thriving thanks to deals and partnerships valued at tens of millions of pounds, involving everything from supplying internet-based learning to pupils in disadvantaged communities to helping improve outcomes for patients undergoing complex surgery in hospitals.

Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change.

Already an economic heavyweight, India is expected to become the fourth largest importer by 2035, presenting new opportunities for UK businesses. In the year to September 2024, UK businesses exported a total of £17 billion goods and services to India.

Business and Trade Secretary Jonathan Reynolds said:

“Tech and life sciences are two huge growth sectors for the UK economy that feature at the heart of our Industrial Strategy.

“I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market.

“It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy, which will see living standards improve, and put money in people’s pockets.”

UK businesses expanding their exports into India include:

Manufacturer of RF solutions to mobile networks, defence, and aerospace markets Radio Design, headquartered in Shipley, has expanded its global operations with a manufacturing facility in India.

Global Tech operations for Marcus Evans Group, London-based specialists in high-impact and bespoke events, are now established in Mumbai.

Appliansys, an innovative tech company based in Coventry whose internet-based education supports students in low or no internet areas, has worked with Tata Motors and developed a pilot which will be used across almost 5,000 Indian schools.

Leicester-based chemicals company Microfresh has now rolled out its smart antimicrobial technology across multiple Indian textile and leather players.

A digital health tech business headquartered in London, Novocuris has begun operating in multiple Indian hospitals.

Keele-based Biocomposites is supplying hospitals in India with its medical devices for use in complex bone, joint, and musculoskeletal infections.

York business Optibiotix Health has entered into a long-term partnership with Morepen Laboratories with its brand “Light life” containing its patented, award-winning and clinically tested SlimBiome, used as a pre-meal and on-the-go meal product.

REM3DY Health, a Birmingham based advanced manufacturing business has partnered with a leading Indian pharmacy giant to bring its innovative gummy vitamin products to India with discussions ongoing to expand into even more personalised solutions in the future.

Notes to editors:

GDP figures are sourced from the IMF World Economic Outlook October 2024

Number of UK companies based in India are sourced from Grant Thornton

Trade values sourced from ONS UK total trade all countries July to September 2024

Forecasts for 2035 imports are as reported in the DBT global trade outlook February 2023 report

Total predicted export values have been generalised as the request of the companies for commercial confidentiality reasons.

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI Economics: North Macedonia: Staff Concluding Statement of the 2025 Article IV Mission
Source: International Monetary Fund

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Growth is gaining momentum amid rising risks

Growth is gaining momentum. After picking up in early 2024, growth is expected at 3.3 percent in 2025, driven by stronger domestic demand as public investment projects (including the Corridor 8/10d road project) intensify and consumption is supported by government transfers and real wage growth. The impact of weak external demand seen in 2024 is expected to persist in 2025, driven by structural shifts in the European automotive sector. In the long term, high emigration, especially among the young segment of the population, is projected to lower potential growth, which Staff now estimate at 3.0 percent.

Inflation is rising again. In January, inflation reached 4.9 percent year-on-year, up from a low of 2.2 percent in August 2024. Core inflation has become the main driver and remains persistent, fueled by strong wage growth. Food inflation remains high despite administrative price controls and other interventions.

Domestic risks are elevated and the external outlook more uncertain. Weak public investment, stalled productivity reforms, emigration, and slowing activity of key trade partners threaten growth in the medium-term. Meanwhile, high real wage growth without productivity gains and increased fiscal transfers could further fuel inflation and erode competitiveness. Trade policy shifts and shocks to FDI may suppress exports and tighten financial conditions.

Adhering to the fiscal rules requires credible fiscal consolidation

IMF staff agree with the authorities’ goal of reducing the deficit this year, but are concerned revenue will underperform, rendering this goal out of reach. The 4 percent of GDP deficit envisaged in the 2025 budget will be exceeded if the authorities’ expected revenue gains (of 1½ percent of GDP) from reducing the shadow economy and increasing tax compliance fall short. We welcome the Public Revenue Office’s efforts to modernize tax collection and reduce informality, but these efforts will take time to deliver results. Staff recommends that in any planned supplementary budget, the authorities avoid increasing spending and focus on reducing tax expenditures and transfers (e.g., subsidies to agriculture). Ensuring the full and timely transfer of contributions to the second-pillar pension system is essential.

A credible fiscal strategy is needed to bring debt on a downward path. The budget deficit has exceeded the 3 percent of GDP ceiling in the fiscal rules, while public debt is on an upward trend and has surpassed 60 percent of GDP in 2024—14 percentage points above pre-pandemic levels. A credible fiscal strategy to restore compliance with fiscal rules is key, for preserving credibility to maintain access to international capital markets, for creating space for investment, and strengthening resilience against future shocks. The focus should be on:
- Controlling current spending:Staff recommend omitting further pension increases in September 2025 and returning to a rule-based pension system in 2026—indexing only to inflation—to support consolidation while protecting pensioners’ purchasing power. Staff advise limiting public wage growth to inflation in the near term. The Ministry of Finance should strengthen oversight to ensure public wage increases are consistent with achieving the fiscal rules. Over time, unifying the fragmented wage negotiating system will help prevent unexpected budget pressures.
- Mobilizing revenues. North Macedonia’s tax revenue potential is estimated at 22-24 percent of GDP. To realize these revenues, tax reforms should focus on reducing tax expenditures, limiting reduced rates and exemptions, improving tax compliance, and gradually increasing property tax. The government’s accelerated digitalization efforts will enhance revenue mobilization.
Beyond consolidation, structural fiscal reforms are needed to strengthen fiscal governance and improve spending efficiency, with some progress underway. Key ongoing measures include implementing the Public Investment Management decree and manual, adopting the PPP law, and conducting spending reviews to optimize budget allocation. Managing fiscal risks, especially from SOEs and major projects like the Corridor 8/10d road, is crucial. The inclusion of a fiscal risk assessment in the Medium Term Fiscal Strategy marks an achievement for the ministry. The state-owned electricity generator, ESM, requires investments in technology and efficiency improvements to lower production costs and expand production, while gradually reducing its role in the subsidized, regulated market. The operationalization of the Fiscal Council is a positive step and it is encouraged to strengthen its independent assessments.

Monetary and financial sector policies to maintain stability and mitigate risks

Policy rates should remain on hold and liquidity tools warrant further tightening until inflation steadily declines. Robust reserves accumulation in 2024 has fostered stability in the foreign exchange market. Given the renewed acceleration in both headline and core inflation, the National Bank (NBRNM) should remain on hold until there is clear evidence of sustained disinflation. Staff support the changes in reserve requirements implemented by the NBRNM and advise further tightening to absorb excess liquidity. The NBRNM should remain vigilant to inflationary risks from domestic factors, including wage and pension increases, as well as heightened external risks from trade uncertainties. If these risks materialize, the NBRNM should be prepared to tighten further to prevent inflation from becoming entrenched. The NBRNM has effectively managed recent challenges, including the energy cost shock. Its resilience stems from operational and financial autonomy, which underpin its independence and credibility—both essential for maintaining price and exchange rate stability and must be safeguarded.

The financial system remains resilient, but macro prudential settings may need to be tightened in response to brisk credit growth. Overall, the banking sector is well-capitalized, highly liquid, and profitable, with low system-wide non-performing loans. NBRNM’s active macroprudential and microprudential measures have strengthened resilience. Strong balance sheets and increased deposits have fueled an acceleration in lending activity towards the end of 2024. The implemented loan-to-value and debt service-to-income ratios will continue to help safeguard financial stability by reducing pressures in the real estate market and preventing higher levels of indebtedness. Staff support the NBRNM’s gradual tightening of the countercyclical capital buffer and additional capital requirements to ensure banks maintain adequate loss-absorbing and recapitalization capacity, in line with EU regulations. Should lending and real estate prices continue growing briskly, further tightening of macroprudential instruments may be warranted.

Structural reforms to boost productivity and offset costs of emigration

IMF staff support the authorities’ objectives of boosting productivity, raising living standards, and reducing informality. Over the past decade, growth in North Macedonia has lagged regional peers and convergence with the EU has stalled. High emigration has led to a declining population that threatens to be a drag on potential growth. Accelerating structural reforms is key to achieving the authorities’ objectives, offsetting the costs of emigration, and supporting the country on its path to EU accession. The priorities are well known:
- Improving the business environment. Reducing informality through streamlined business registrations and expanded digital public services is a priority. The predictability of the legal and regulatory environment can be improved by limiting the use of expedited procedures in Parliament, increasing stakeholder consultation, and applying the regulatory requirements more consistently. Simplifying and digitalizing work permits would help businesses address skill and labor shortages more efficiently. Avoiding ad-hoc adjustments to the minimum wage will help contain inflation, preserve competitiveness and provide a more predictable policy environment for business.
- Strengthening the labor market. Improving labor market outcomes can stimulate private investment, increase labor participation, and reduce emigration. Raising educational quality and job matching between firms and workers through vocational training will help address labor shortages. Expanding affordable childcare in municipalities, and gradually raising the retirement age of women to match men can help to offset workforce losses from high emigration.
- Increasing public infrastructure investment. The quality of public infrastructure in North Macedonia lags peers. The major infrastructure projects Corridor 8/10d and the Kicevo-Ohrid highways are over budget and behind schedule. Staff urge the authorities to complete the started projects and realize their investments. Capital expenditures should be safeguarded in the budget and public investment management should be strengthened to prioritize high-impact projects.
- Strengthening the rule of law and anti-corruption efforts. Improving judicial independence and impartiality would strengthen contract enforcement and help reduce informality. The fight against corruption remains weak, particularly in prosecuting high-profile cases. Aligning the Criminal Code with international standards and enhancing resources for key anti-corruption institutions are crucial. The upcoming new national anti-corruption strategy is an opportunity to accelerate reforms through stronger accountability and coordination.
- Enhancing governance.Improving public resource efficiency, accountability, and transparency requires expanding digital public services, reassessing state aid schemes, strengthening procurement systems, and improving SOE management.
The IMF team thanks the authorities of North Macedonia and other counterparts for their productive collaboration and constructive policy dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson
MIL OSI Economics –
February 26, 2025
MIL-OSI Russia: North Macedonia: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Growth is gaining momentum amid rising risks

Growth is gaining momentum. After picking up in early 2024, growth is expected at 3.3 percent in 2025, driven by stronger domestic demand as public investment projects (including the Corridor 8/10d road project) intensify and consumption is supported by government transfers and real wage growth. The impact of weak external demand seen in 2024 is expected to persist in 2025, driven by structural shifts in the European automotive sector. In the long term, high emigration, especially among the young segment of the population, is projected to lower potential growth, which Staff now estimate at 3.0 percent.

Inflation is rising again. In January, inflation reached 4.9 percent year-on-year, up from a low of 2.2 percent in August 2024. Core inflation has become the main driver and remains persistent, fueled by strong wage growth. Food inflation remains high despite administrative price controls and other interventions.

Domestic risks are elevated and the external outlook more uncertain. Weak public investment, stalled productivity reforms, emigration, and slowing activity of key trade partners threaten growth in the medium-term. Meanwhile, high real wage growth without productivity gains and increased fiscal transfers could further fuel inflation and erode competitiveness. Trade policy shifts and shocks to FDI may suppress exports and tighten financial conditions.

Adhering to the fiscal rules requires credible fiscal consolidation

IMF staff agree with the authorities’ goal of reducing the deficit this year, but are concerned revenue will underperform, rendering this goal out of reach. The 4 percent of GDP deficit envisaged in the 2025 budget will be exceeded if the authorities’ expected revenue gains (of 1½ percent of GDP) from reducing the shadow economy and increasing tax compliance fall short. We welcome the Public Revenue Office’s efforts to modernize tax collection and reduce informality, but these efforts will take time to deliver results. Staff recommends that in any planned supplementary budget, the authorities avoid increasing spending and focus on reducing tax expenditures and transfers (e.g., subsidies to agriculture). Ensuring the full and timely transfer of contributions to the second-pillar pension system is essential.

A credible fiscal strategy is needed to bring debt on a downward path. The budget deficit has exceeded the 3 percent of GDP ceiling in the fiscal rules, while public debt is on an upward trend and has surpassed 60 percent of GDP in 2024—14 percentage points above pre-pandemic levels. A credible fiscal strategy to restore compliance with fiscal rules is key, for preserving credibility to maintain access to international capital markets, for creating space for investment, and strengthening resilience against future shocks. The focus should be on:
- Controlling current spending:Staff recommend omitting further pension increases in September 2025 and returning to a rule-based pension system in 2026—indexing only to inflation—to support consolidation while protecting pensioners’ purchasing power. Staff advise limiting public wage growth to inflation in the near term. The Ministry of Finance should strengthen oversight to ensure public wage increases are consistent with achieving the fiscal rules. Over time, unifying the fragmented wage negotiating system will help prevent unexpected budget pressures.
- Mobilizing revenues. North Macedonia’s tax revenue potential is estimated at 22-24 percent of GDP. To realize these revenues, tax reforms should focus on reducing tax expenditures, limiting reduced rates and exemptions, improving tax compliance, and gradually increasing property tax. The government’s accelerated digitalization efforts will enhance revenue mobilization.
Beyond consolidation, structural fiscal reforms are needed to strengthen fiscal governance and improve spending efficiency, with some progress underway. Key ongoing measures include implementing the Public Investment Management decree and manual, adopting the PPP law, and conducting spending reviews to optimize budget allocation. Managing fiscal risks, especially from SOEs and major projects like the Corridor 8/10d road, is crucial. The inclusion of a fiscal risk assessment in the Medium Term Fiscal Strategy marks an achievement for the ministry. The state-owned electricity generator, ESM, requires investments in technology and efficiency improvements to lower production costs and expand production, while gradually reducing its role in the subsidized, regulated market. The operationalization of the Fiscal Council is a positive step and it is encouraged to strengthen its independent assessments.

Monetary and financial sector policies to maintain stability and mitigate risks

Policy rates should remain on hold and liquidity tools warrant further tightening until inflation steadily declines. Robust reserves accumulation in 2024 has fostered stability in the foreign exchange market. Given the renewed acceleration in both headline and core inflation, the National Bank (NBRNM) should remain on hold until there is clear evidence of sustained disinflation. Staff support the changes in reserve requirements implemented by the NBRNM and advise further tightening to absorb excess liquidity. The NBRNM should remain vigilant to inflationary risks from domestic factors, including wage and pension increases, as well as heightened external risks from trade uncertainties. If these risks materialize, the NBRNM should be prepared to tighten further to prevent inflation from becoming entrenched. The NBRNM has effectively managed recent challenges, including the energy cost shock. Its resilience stems from operational and financial autonomy, which underpin its independence and credibility—both essential for maintaining price and exchange rate stability and must be safeguarded.

The financial system remains resilient, but macro prudential settings may need to be tightened in response to brisk credit growth. Overall, the banking sector is well-capitalized, highly liquid, and profitable, with low system-wide non-performing loans. NBRNM’s active macroprudential and microprudential measures have strengthened resilience. Strong balance sheets and increased deposits have fueled an acceleration in lending activity towards the end of 2024. The implemented loan-to-value and debt service-to-income ratios will continue to help safeguard financial stability by reducing pressures in the real estate market and preventing higher levels of indebtedness. Staff support the NBRNM’s gradual tightening of the countercyclical capital buffer and additional capital requirements to ensure banks maintain adequate loss-absorbing and recapitalization capacity, in line with EU regulations. Should lending and real estate prices continue growing briskly, further tightening of macroprudential instruments may be warranted.

Structural reforms to boost productivity and offset costs of emigration

IMF staff support the authorities’ objectives of boosting productivity, raising living standards, and reducing informality. Over the past decade, growth in North Macedonia has lagged regional peers and convergence with the EU has stalled. High emigration has led to a declining population that threatens to be a drag on potential growth. Accelerating structural reforms is key to achieving the authorities’ objectives, offsetting the costs of emigration, and supporting the country on its path to EU accession. The priorities are well known:
- Improving the business environment. Reducing informality through streamlined business registrations and expanded digital public services is a priority. The predictability of the legal and regulatory environment can be improved by limiting the use of expedited procedures in Parliament, increasing stakeholder consultation, and applying the regulatory requirements more consistently. Simplifying and digitalizing work permits would help businesses address skill and labor shortages more efficiently. Avoiding ad-hoc adjustments to the minimum wage will help contain inflation, preserve competitiveness and provide a more predictable policy environment for business.
- Strengthening the labor market. Improving labor market outcomes can stimulate private investment, increase labor participation, and reduce emigration. Raising educational quality and job matching between firms and workers through vocational training will help address labor shortages. Expanding affordable childcare in municipalities, and gradually raising the retirement age of women to match men can help to offset workforce losses from high emigration.
- Increasing public infrastructure investment. The quality of public infrastructure in North Macedonia lags peers. The major infrastructure projects Corridor 8/10d and the Kicevo-Ohrid highways are over budget and behind schedule. Staff urge the authorities to complete the started projects and realize their investments. Capital expenditures should be safeguarded in the budget and public investment management should be strengthened to prioritize high-impact projects.
- Strengthening the rule of law and anti-corruption efforts. Improving judicial independence and impartiality would strengthen contract enforcement and help reduce informality. The fight against corruption remains weak, particularly in prosecuting high-profile cases. Aligning the Criminal Code with international standards and enhancing resources for key anti-corruption institutions are crucial. The upcoming new national anti-corruption strategy is an opportunity to accelerate reforms through stronger accountability and coordination.
- Enhancing governance.Improving public resource efficiency, accountability, and transparency requires expanding digital public services, reassessing state aid schemes, strengthening procurement systems, and improving SOE management.
The IMF team thanks the authorities of North Macedonia and other counterparts for their productive collaboration and constructive policy dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

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MIL OSI
MIL OSI Russia News –
February 26, 2025
MIL-OSI: MEXC Invests $20 Million in USDe to Drive Stablecoin Adoption, Launches $1,000,000 Reward Event

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 26, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, has invested $20 million in USDe, Ethena’s synthetic dollar, as part of its commitment to expanding stablecoin adoption and fostering innovation within the crypto ecosystem. Meanwhile, MEXC Ventures, the investment arm of the global cryptocurrency exchange MEXC, has made a strategic investment of $16 million in Ethena. The acquired USDe will support stablecoin-related initiatives, including a campaign featuring a $1,000,000 reward pool.

Stablecoins are a cornerstone of the crypto market, providing liquidity and stability for traders and investors. USDe, issued by Ethereum-based DeFi platform Ethena, is designed to overcome the limitations of centralized stablecoins. Ethena is not just creating a new digital asset—it is building a robust ecosystem around USDe, which includes Ethereal, a spot trading platform, and Derive, an on-chain options protocol. These developments enhance the utility of USDe and contribute to a more dynamic DeFi landscape.

To accelerate stablecoin adoption, MEXC’s $20 million investment in USDe is accompanied by several user-focused incentives. These include zero-fee trading pairs and high-APR staking events, allowing users to earn $1,000,000 worth of rewards while participating in the growing stablecoin market. These benefits and events will be accessible through MEXC’s centralized exchange, making it easier for users to explore and trade USDe.

“Stablecoins play a pivotal role in the development of the broader cryptocurrency market, and MEXC is committed to supporting their expansion,” said Tracy Jin, COO of MEXC. “As digital asset adoption increases, stablecoins will attract greater investment, creating new opportunities for users. We recognize Ethena and USDe as key players in this evolving landscape, and we are excited to contribute to their success by providing users with more stable and efficient financial solutions.”

MEXC is dedicated to investing in crypto-native projects that thrive in decentralized ecosystems. Assets like USDe, which enable reward-bearing instruments such as sUSDe, are inherently designed for DeFi and reduce the reliance on centralized stablecoin issuers. Looking ahead, MEXC aims to further enhance stablecoin accessibility by allowing users more opportunities to hold USDe and earn passive rewards directly on centralized exchanges.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b2ee400-d6ec-465a-8f53-1c28be74b24f

The MIL Network –

February 26, 2025
MIL-OSI Europe: President Meloni’s statement on merger agreement between Saipem and Subsea 7

Source: Government of Italy (English)

Vai al Contenuto Raggiungi il piè di pagina

25 Febbraio 2025

It is with great satisfaction that I welcome the news of a merger agreement between the Italian company Saipem and the Norwegian Subsea 7, an extremely important operation that will make it possible to create the world’s leading energy engineering company. The future group will be based in Italy and will combine the existing strengths of Saipem and Subsea 7, two highly complementary companies in terms of their geographic presence, skills and expertise, maritime fleets and technology. This agreement further demonstrates the robustness and vitality of the ‘Sistema Italia’ and the world-class economic operators, producers and industrial players that form part of it.

[Courtesy translation]

MIL OSI Europe News –

February 26, 2025
MIL-OSI United Kingdom: RSH publishes regulatory judgements for 11 social landlords
Source: United Kingdom – Executive Government & Departments

Press release

RSH publishes regulatory judgements for 11 social landlords

The Regulator of Social Housing has today published regulatory judgements for 11 social landlords. 
ForHousing has been upgraded from G3 to G2 following a period of intensive engagement. The landlord has delivered an agreed improvement plan, including significant restructuring that involved removing an unregistered parent and disposal of its interest in another unregistered company that was part of the same parent group.  

It has strengthened its control framework and improved its oversight of strategic risks. The board has been able to evidence that it has full, independent control over decisions that impact its outcomes. 

ForHousing needs to continue to make improvements in its governance and risk management as it reviews the effectiveness of the changes it has made. 

Two landlords, West Lancashire Borough Council and City of Westminster Council, received C1 gradings. This means that overall they are delivering the outcomes of the consumer standards and they have demonstrated that they identify when issues occur and put plans in place to remedy and minimise recurrence. 

The London Borough of Wandsworth, Central Bedfordshire Council, and Anchor Hanover Group failed to meet the outcomes of RSH’s consumer standards and received C3 gradings. 

During a planned inspection of the London Borough of Wandsworth, RSH found: 

Around 40% of homes and almost 80% of communal areas had not had an electrical safety test. 

Almost 1,800 overdue fire safety remedial actions, all of which were more than 12 months overdue. 

Only 6.5% of its 17,000 total homes had been surveyed in the last ten years 

Weaknesses in how tenants’ views are taken into account in decision making. 

During an inspection of Central Bedfordshire Council, RSH found: 

More than 1,800 overdue repairs orders. 

More than 300 outstanding fire safety actions arising from fire risk assessments had not been tracked by age or prioritised by urgency. 

No tracking, monitoring, or reporting of the number and age of damp and mould cases. 

A limited range of opportunities for tenants to scrutinise their landlord’s performance and influence how its housing services are delivered 

Following responsive engagement with Anchor Hanover Group, RSH found:

Over a third of its homes did not have a current satisfactory electrical safety inspection report

A significant backlog of electrical remedial actions

Incomplete and unreliable information available on the presence of damp and mould

Weaknesses across landlord health and safety, including fire safety and water hygiene

RSH has also placed Anchor Hanover Group on its gradings under review list. RSH is currently investigating matters which may impact on whether the landlord continues to meet the governance elements of the Governance and Financial Viability Standard.

RSH is engaging intensively with all three social landlords as they work to address the issues identified in each of the cases. 

Mansfield District Council and Waverley Borough Council received C2 gradings.  

RSH also published regulatory judgements for three further landlords following stability checks. 

Peabody Trust and One Manchester retained their current G1/V2 gradings, while Bolton at Home retained its G2/V2 gradings. 

Kate Dodsworth, Chief of Regulatory Engagement at RSH, said: 

“As we approach the end of the first year of our programmed inspections, we are continuing to see a broad spectrum of gradings – though it is still too early to draw concrete trends. 

“While our engagement is the most intensive with landlords that fail to meet the outcomes of our standards, even landlords that receive a C1 grading have room for improvement.  

“Along with our consumer regulation, our scrutiny of governance and financial viability remains as important as ever. Landlords must have rigorous oversight of strategic risk and continue to stress test their financial plans. Without strong governance, landlords will not be able to deliver more and better social homes for tenants.  

“We can confirm that we have placed Anchor Hanover Group on the gradings under review list. The outcome of the investigation will be confirmed in a regulatory judgement, once completed.”

All the judgements published today can be found on the Regulatory Judgements and Enforcement Notices page.

Notes to Editors 

On 1 April 2024 RSH introduced new consumer standards for social housing landlords, designed to drive long-term improvements in the sector. It also began a programme of inspections for all large social landlords (those with over 1,000 homes) over a four-year cycle. The changes are a result of the Social Housing Regulation Act 2023 and include stronger powers to hold landlords to account. More information about RSH’s approach is available in its document Reshaping Consumer Regulation. 

RSH carries out stability checks on all housing associations, and other private registered providers, who own 1,000 homes or more. The stability checks are a yearly exercise. We look at the financial information landlords have submitted to us (including their most recent business plan and annual accounts) and consider if there are any risks which might result in a change to their financial viability or governance gradings.  The checks do not include local authorities because our governance and financial viability standard does not apply to them. 

More information about RSH’s responsive engagement, programmed inspections and consumer gradings is also available on its website. 

RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.

For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025

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RSH publishes regulatory judgements for 11 social landlords

Notes to Editors

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