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  • MIL-OSI: Diversified Royalty Corp. Announces Acquisition of US-Based Cheba Hut Franchising, Inc.’s Trademarks, a 10% Dividend Increase, and an Increase in Size of its Acquisition Facility

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that it has acquired the trademarks and certain other intellectual property used by Cheba Hut Franchising, Inc. (“Cheba Hut”) of Fort Collins, Colorado, adding a ninth royalty stream (and the second based in the United States) to DIV’s portfolio. All dollar amounts in this news release, unless specifically denominated in U.S. dollars, are represented in Canadian dollars.

    Highlights

    • Acquisition of Cheba Hut’s worldwide trademark portfolio and certain other intellectual property rights for US$36 million and certain additional consideration
    • Initial annual royalty revenue from Cheba Hut of US$4 million, representing approximately 7% of DIV’s pro-forma adjusted revenue1
    • The royalty grows at a fixed rate equal to the greater of 3.5% and the U.S. Consumer Price Index (“U.S. CPI”) + 1.5% per year
    • Annual dividend on DIV’s common shares to be increased 10% from 25 cents per share to 27.5 cents per share, effective July 1, 2025
    • DIV’s strong balance sheet enabled it to fund the Transaction without the need to raise equity

    1. Pro-forma adjusted revenue is a non-IFRS financial measure and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Acquisition Overview

    DIV and its wholly-owned subsidiary Cheeb Royalties Limited Partnership (“Cheeb LP”) entered into an acquisition agreement dated June 17, 2025 (the “Acquisition Agreement”) with Cheba Hut and an affiliate of Cheba Hut pursuant to which Cheeb LP acquired (the “Acquisition”) Cheba Hut’s worldwide trademarks portfolio and certain other intellectual property rights utilized by Cheba Hut in its fast casual, toasted sub sandwich restaurants (the “Cheba Rights”) for a purchase price (the “Purchase Price”), of US$36 million cash. The Purchase Price was funded with (i) approximately US$18 million drawn from DIV’s amended acquisition facility (further details below) (the “Acquisition Facility”), (ii) approximately US$8 million from DIV’s cash on hand, (iii) US$5 million drawn from a new senior credit facility issued to Cheeb LP (the “Cheeb Credit Facility”), and (iv) US$5 million drawn from a new senior term credit facility issued to DIV (the “Additional Term Facility”).

    Immediately following the closing of the Acquisition, DIV licensed the Cheba Rights in the United States back to Cheba Hut for 50 years, in exchange for an initial royalty payment of US$4 million per annum (the “Royalty” and together with the Acquisition, the “Transaction”). The Royalty will be automatically increased at a rate equal to the greater of 3.5% and the U.S. CPI + 1.5% per year without any further consideration payable by DIV or Cheeb LP. Cheba Hut may also increase the annual royalty payable on April 1st of each year following the closing (each an “Adjustment Date”) subject to Cheba Hut satisfying certain royalty coverage tests. The amount of each royalty increase cannot be less than US$500,000 per annum and must, in respect of amounts over that threshold, be in increments of US$100,000 per annum. In consideration for a royalty increase on an Adjustment Date, Cheeb LP will pay an amount to Cheba Hut in cash, based on a multiple between 7 and 8 times (depending on certain conditions being met) the incremental annual royalty purchased, as additional consideration for the Cheba Rights.

    Payment of the Royalty will be secured by a general security agreement granted by Cheba Hut to Cheeb LP, and by secured corporate guarantees to be granted to Cheeb LP by several affiliates of Cheba Hut.

    The Acquisition is expected to increase DIV’s tax pools by approximately $51 million to a total of approximately $424 million, which can be depreciated over time to reduce DIV’s cash taxes. Amounts paid for incremental annual royalties will also increase DIV’s tax pools.

    Founded in 1998, Cheba Hut has 77 fast casual, toasted sub sandwich restaurants in the US. All of Cheba Hut’s locations are franchised, except for two corporate stores and substantially all future growth is currently expected to result from opening additional franchised locations. Cheba Hut had US$149 million of system sales2 and SSSG2 of 5% in 2024. Cheba Hut is forecasting over US$187 million in system sales2 in the fiscal year ended December 31, 2025.

    2. System sales and same store sales growth (SSSG) are supplementary financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Sean Morrison, Chief Executive Officer of DIV, stated, “The Cheba Hut trademark acquisition and royalty agreement adds a ninth royalty stream to DIV’s portfolio, representing approximately 7% of DIV’s pro-forma adjusted revenue3 and is another step in our strategy of purchasing royalties from a diverse group of proven multi-location businesses and franchisors. We believe Cheba Hut’s impressive track record of growth is a result of its strong store-level economics, quality of its franchisees and experience of its management team. Scott Jennings, the founder of Cheba Hut, and his management team represent a great partner for DIV, as they strongly believe in the continued success of Cheba Hut over the long term and therefore partnering with DIV was far superior to selling equity ownership. We look forward to working with Scott and Cheba Hut’s management team to continue expanding the business across the U.S.

    DIV has worked to promote its royalty model in the U.S. market and now, with its second US-based royalty transaction, is building significant momentum in that market. Such continued momentum in the U.S. franchisor market will become significant to DIV as it scales its business going forward.

    Further, DIV’s strong balance sheet (cash on hand, under-levered existing royalty LP’s, an unused acquisition facility) enabled it to fund the Transaction without the need to raise equity. DIV’s less than 100% payout ratio4, automated DRIP program and ability to refinance existing LP’s will enable it to substantially pay down the acquisition facility within 12 months. This is a game-changer for DIV as all prior trademarks acquisitions have been funded concurrently, or shortly thereafter, with a sizeable equity raise.”

    Scott Jennings, stated, “DIV understands and believes that leaving us in control of our company keeps us in the best position to sustain our controlled growth. In addition, we can continue to take care of our product, partners, crew, and most importantly our CUSTOMERS the way we have for the last 27 years. We thank DIV for believing in Cheba Hut and helping us stay in excellent position to keep our soul intact for the next 50 years and beyond!!!”

    3. Pro-forma adjusted revenue is a non-IFRS financial measure, and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Amendment to Acquisition Facility

    DIV amended its Acquisition Facility to increase the size from $50 million to $70 million and extend the maturity date to May 30, 2027, and thereafter to June 17, 2028 (if certain conditions are met).

    DIV and Cheeb LP Credit Facilities

    Cheeb LP financed US$5 million of the Purchase Price with new bank debt having a term of three years from closing. The Cheeb Credit Facility is non-amortizing and has a floating interest rate equal to SOFR + 2.5% per annum; however, DIV will have 90 days following closing to effectively fix the interest rate on 75% of the amount borrowed under this facility through an interest rate swap. The Cheeb Credit Facility is secured by the Cheba Rights and the Royalty payable by Cheba Hut, and has covenants customary for this type of a credit facility.

    DIV financed approximately US$18 million of the Purchase Price from the Acquisition Facility as amended and described above. The approximately US$18 million drawn on the Acquisition Facility is interest-only for twelve months and thereafter amortizes over a 60-month period. In connection with the Transaction, DIV financed US$5 million of the Purchase Price from an Additional Term Facility of US$5 million with a term of approximately 18 months. The Additional Term Facility is non-amortizing and has a floating interest rate based on SOFR plus a spread based on prevailing market rates. The Additional Term Facility is secured by a general security interest over the assets of the Corporation and, if requested by the lender, may be secured by specific assignments of certain material agreements entered into by the Corporation from time to time, and has covenants customary for this type of credit facility. DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions.

    Dividend Policy Increase

    DIV’s board of directors has approved an increase in DIV’s dividend policy to increase its annualized dividend from 25.0 cents per share to 27.5 cents per share effective July 1, 2025, an increase of 10%. DIV estimates its pro-forma payout ratio4 will be approximately 94.9% (pro-forma payout ratio, net of DRIP is approximately 83.0%)4.

    4. Pro-forma payout ratio and pro-forma payout ratio, net of DRIP are non-IFRS ratios, and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Investor Conference Call

    Management of DIV will host a conference call on Wednesday, June 18, 2025, at 7:00 am Pacific Time (10:00 am Eastern Time). To participate by telephone across Canada, call toll free at 1 (800)  717-1738 or 1 (289) 514-5100 (conference ID 02753). The presentation will be followed by a question-and-answer session. An archived telephone recording of the call will be available until Wednesday, September 17, 2025, by calling 1 (888) 660-6264 or 1 (289) 819-1325 (playback passcode: 02753 #). The management presentation for the conference call will be available on DIV’s website https://www.diversifiedroyaltycorp.com/investors/investor-presentation/ prior to the call. Alternatively, the link to the webcast of the conference can be found below:

    https://onlinexperiences.com/Launch/QReg/ShowUUID=AE82A2E9-8F95-4F22-BF7D-3DF54A94A39D

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations across 19 U.S. states.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information or financial outlook in this news release includes, but are not limited to, statements made in relation to: the increase in DIV’s annual dividend; statements related to the expected tax implications of the Acquisition on DIV; substantially all future growth for Cheba Hut is currently expected to result from opening additional franchised locations; Cheba Hut’s forecasted system sales in the fiscal year ended December 31, 2025; the expected financial impact of the Transaction on DIV, including on its pro-forma payout ratio, pro-forma payout ratio, net of DRIP and pro-forma adjusted revenue; DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions; the continued expansion in the U.S. franchisor market and the expected effect on DIV and its business; DIV’s intention to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time; and DIV’s corporate objectives. The forward-looking information and financial outlook contained herein involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied therein. DIV believes that the expectations reflected in the forward-looking information and financial-outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will realize the expected benefits of the Transaction, or that it will be accretive; the actual tax implications of the Acquisition and the Transaction on DIV will be consistent with the tax implications expected by DIV; Cheba Hut will pay the Royalty and otherwise comply with its obligations under the agreements governing the Transaction; Cheba Hut will not be adversely affected by the other risks facing its business; DIV may not complete any further royalty acquisitions; DIV may not increase its dividend in accordance with the currently expected timing or amounts; DIV will be able to make monthly dividend payments to the holders of the DIV common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and the “Risk Factors” section of its management’s discussion and analysis for the three months ended March 31, 2025 that are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    In formulating the forward-looking statements contained herein, management has assumed that, among other things, Cheba Hut will be successful in meeting its stated corporate objectives, including its growth targets; DIV will realize the expected benefits of the Transaction; the Cheba Hut business will not suffer any material adverse effect; the actual tax implications of the Acquisition, the Transaction and the payment of the Royalty will be consistent with the tax implications expected by DIV; and the business and economic conditions affecting DIV and Cheba Hut will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitute a “financial outlook” within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction, the Cheeb Credit Facility, the Additional Term Facility and the dividend increase and may not appropriate for other purposes.

    All of the forward-looking information and financial outlook disclosed in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments contemplated thereby will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV contemplated by such forward-looking information and financial outlook contained herein. The forward-looking information and financial outlook included in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends, the performance of its royalty partners and the financial impacts to DIV of the Transaction. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation, its royalty partners and the Transaction than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures used in this news release do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    The non-IFRS financial measure used in this news release is pro-forma adjusted revenue, which includes as components the following non-IFRS financial measures: DIV royalty entitlement, adjusted revenue and run-rate adjusted revenue. Run-rate adjusted revenue is calculated as the sum of DIV’s adjusted revenue for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025. Pro-forma adjusted revenue is calculated as the run-rate adjusted revenue plus the amount of the initial adjusted revenue contribution payable by Cheba Hut. DIV management believes run-rate adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues, and pro-forma adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues after giving effect to the Transaction. For an explanation of the composition of DIV royalty entitlement and adjusted revenue, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein.

    The following table reconciles revenue for the three months ended December 31, 2024 and March 31, 2025 to pro-forma adjusted revenue and run-rate adjusted revenue:

    (Cdn$000’s)  (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Revenues 17,032 15,639 65,342
    DIV royalty entitlement 1,320 1,329 5,298
    Adjusted revenue 18,352 16,968 70,640
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025(1)     668
    Run-rate adjusted revenue      71,308
           
    Cheba Hut contribution(2)     5,600
    Pro-forma adjusted revenue     76,908
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000 payable by Cheba Hut, multiplied by a USD to CAD exchange rate of $1.4:1

    The non-IFRS ratios used in this news release are pro-forma payout ratio and pro-forma payout ratio, net of DRIP, which include as components the following non-IFRS financial measures: EBITDA, normalized EBITDA, distributable cash, run-rate distributable cash, pro-forma distributable cash, pro-forma dividends declared and DIV royalty entitlement net of NND Royalties LP expenses. Run-rate distributable cash is calculated as the sum of DIV’s distributable cash for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the after-tax amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, less adjustments for interest income and current tax. Pro-forma distributable cash is calculated as run-rate distributable cash plus the amount of the initial adjusted revenue contribution payable by Cheba Hut, less incremental operating expenses, interest expenses and taxes. DIV management believes run-rate distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after adjusting for non-recurring expenses and pro-forma distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after giving effect to the Transaction. Pro-forma dividends declared is calculated as DIV’s new annualized dividend of $0.275 per share multiplied by the number of DIV common shares issued and outstanding as of March 31, 2025. Pro-forma dividends declared is used to calculate the pro-forma payout ratio, and thus management believes that it provides useful information as to DIV’s expected future aggregate annualized dividend payments. Pro-forma payout ratio is calculated as pro-forma dividends declared divided by pro-forma distributable cash. Pro-forma payout ratio, net of DRIP is calculated as the difference of (X) pro-forma dividends declared less (Y) dividends paid by DIV in the form of DIV common shares issued under DIV’s dividend reinvestment plan (“DRIP”) at an estimated participation rate of 12.5%, divided by pro-forma distributable cash. For an explanation of the composition of EBITDA, normalized EBITDA, distributable cash and DIV royalty entitlement net of NND Royalties LP expenses, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein. DIV management believes that (i) pro-forma payout ratio provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend, and (ii) pro-forma payout ratio, net of DRIP provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend after adjusting for dividends paid by DIV in the form of DIV common shares issued under the DRIP.

    The following table reconciles net income for the three months ended December 31, 2024 and March 31, 2025, to run-rate distributable cash and pro-forma distributable cash and illustrates the calculation of pro-forma payout ratio and pro-forma payout ratio, net of DRIP:

    (Cdn$000’s) (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Net income 4,015 7,993 24,016
           
    Interest expense on credit facilities 3,368 3,150 13,036
    Income tax expense 1,653 2,997 9,300
    Depreciation expense 25 24 98
    EBITDA 9,061 14,164 46,450
           
    Adjustments:      
    Share-based compensation 645 368 2,026
    Other finance costs, net (2,044) 995 (2,098)
    Fair value adjustment on financial instruments 15 (904) (1,778)
    Payment of lease obligations (28) (28) (112)
    DIV royalty entitlement net of NND Royalties LP expenses 1,314 1,325 5,278
    Impairment loss 8,204 – 16,408
    Normalized EBITDA 17,167 15,920 66,174
    Add: interest income 139 135 548
    Less: Distributions on exchangeable MRM units (34) (48) (164)
    Less: current tax expense (1,301) (1,719) (6,040)
    Less: interest expense on credit facilities (3,368) (3,150) (13,036)
    Distributable cash 12,603 11,138 47,482
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025, net of taxes(1)     487
    Interest income adjustment     (493)
    Current tax adjustment     (2,000)
    Run-rate distributable cash     45,476
    Cheba Hut distributable cash contribution(2)     3,075
    Pro-forma distributable cash     48,551
           
    Pro-forma dividends declared(3)     46,081
    Pro-forma payout ratio     94.9%
           
    Pro-forma dividends declared, net of DRIP(4)     40,321
    Pro-forma payout ratio, net of DRIP     83.0%
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate, less marginal income taxes assumed at 27%

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000, multiplied by a USD to CAD exchange rate of $1.4:1, less incremental operating expenses of $50,000, interest expense of $1,890,000 and taxes of $586,000

    3) Calculated as the number of DIV common shares issued and outstanding as of March 31, 2025 (167,567,468) multiplied by the new annualized dividend of $0.275 per share

    4) Calculated as pro-forma dividends declared, multiplied by 1 minus the effective DRIP rate of 12.5%

    System Sales is a supplementary financial measure and is a reference to the top-line sales revenue reported to Cheba Hut by all Cheba Hut franchisees. System sales is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. The Corporation believes system sales is a useful measure as it provides investors with an indication of performance of the franchisees underlying Cheba Hut’s business.

    Same store sales growth or SSSG is a supplementary financial measure and is a reference to the percentage increase in system sales over the prior comparable period for Cheba Hut locations that were in operation in both the current and prior periods, excluding stores that were permanently closed. The Corporation believes that SSSG is a useful measure as it provides investors with an indication of the change in year-over-year sales of Cheba Hut locations.

    Third Party Information

    This news release includes information obtained from third party reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners and Cheba Hut. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI: Slide Insurance Holdings, Inc. Announces Pricing of Upsized Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., June 17, 2025 (GLOBE NEWSWIRE) — Slide Insurance Holdings, Inc. (“Slide”) announced today the pricing of its upsized initial public offering of 24,000,000 shares of its common stock, par value per share $0.01 (the “common stock”) at a public offering price of $17.00 per share. Slide is offering 16,666,667 shares and certain selling stockholders are offering 7,333,333 shares of common stock in the offering. In connection with the offering, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3,600,000 shares of common stock at the public offering price, less underwriting discounts and commissions. Slide will not receive any proceeds from the sale of the shares by the selling stockholders. The shares of common stock are expected to begin trading on the Nasdaq Global Select Market on June 18, 2025 under the symbol “SLDE”.

    The closing of the offering is expected to occur on June 20, 2025, subject to the satisfaction of customary closing conditions.

    Barclays and Morgan Stanley are acting as joint book-running managers for the proposed offering. Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, and Piper Sandler are acting as co-managers for the proposed offering.

    A registration statement on Form S-1 relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on June 17, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at barclaysprospectus@broadridge.com or telephone at 1-888-603-5847) or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended, and otherwise in accordance with applicable securities laws in any other jurisdiction.

    About Slide

    Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide’s cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, FL, Slide was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes.

    Contacts

    Media
    Rachel Carr
    Chief Marketing Officer
    press@slideinsurance.com

    Investors
    ir@slideinsurance.com

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Corporate Update and Legend Removal Process for All U.S. Investors From the 2021 Financings

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today provides a corporate update and announces legend removal process for all U.S. investors from the 2021 Financings (as defined below).

    Highlights:

    • Restrictive Legend Removal: The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (as defined below) the opportunity to remove the restrictive legend on share certificates at no cost to the investor. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.
    • Cash Conservation Update: In February 2025, the Company converted US$18.0 million to Canadian dollars at an exchange rate of 1.42. Since then, the US dollar to Canadian dollar exchange rate has decreased to 1.36 as of June 16, 2025, resulting in a foreign exchange gain of approximately US$0.8 million on that portion of the cash. The Company currently holds US$37.0 million (C$50.3 million) in cash, remains debt-free, and has no outstanding legal payables.
    • Credit Portfolio Update: The Company currently holds 532,720 carbon credits from cookstove projects and 18,990 carbon credits from water purification projects under the Community Carbon Stream. A breakdown of credit vintage, project ID and registry information is provided below.
    • Notice of Arbitration: The Company has filed a Notice of Arbitration in Ontario against Will Solutions Inc.
    • AGM Reminder: The Company’s Annual General Meeting (the “AGM”) of holders of common shares of the Company (“Common Shares”) will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    Restrictive Legend Removal:

    The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (defined below) the opportunity to remove the restrictive legend from their share certificates—or from book-entry shares, as applicable—without the need for the shareholder to pay for a legal opinion, regardless of whether a particular shareholder intends to sell or actually sells the shares into the public market. This service is being provided at no cost to all qualifying investors. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.

    The blanket opinion provides that the removal of the restrictive legend is now permissible under Section 4(a)(1) of the Securities Act of 1933.

    While removing the legend is permissible, it is not required. Shareholders are not required to take any action if they prefer to keep the restrictive legend in place.

    Marin Katusa, CEO of the Company, stated “The vast majority of the capital raised for Carbon Streaming came from the financings throughout the 2021 calendar year. Since those financings in 2021, over 700 U.S. residents who invested in those financings have been unable to deposit their shares into a brokerage firm or freely sell those shares because of the restrictive legend that is applied to U.S. investors investing in private placements.

    The typical process to remove a restrictive legend is done on a one-off basis, meaning each U.S resident must complete the removal of the restrictive legend on their own. This is the first time a publicly listed Canadian company, such that we are aware, has offered the removal of the restrictive legend through a digitalized process applicable to a large group of U.S. investors (over 700 shareholders at the same time) to simplify and expediate the process of removing the restrictive U.S. legend.

    We approached DealMaker in early 2025 with the concept to digitalize the legend removal process for the U.S. investors. The Company worked with DealMaker on the 2021 Financings where all subscription forms were digitalized and the funding process was completed.

    I am especially proud of the innovation of this potential solution to U.S. legend removals, as it will ultimately cost less than 5% of the quotes the Company initially received to obtain a global opinion letter for the removal the U.S. restrictive legend through the traditional process. In addition, DealMaker has agreed to not charge for their services.”

    Eligibility for Blanket Removal

    Holders of Common Shares are eligible if they are US residents, non affiliates and acquired the Common Shares pursuant to:

    • that certain private placement of special warrants issued on July 20, 2021,
    • that certain private placement of Common Shares issued on March 11, 2021,
    • that certain private placement of Common Shares issued on May 12, 2021,
    • that certain private placement of Common Share issued on January 27, 2021,
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 22, 2020, and
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 16, 2020.

    (collectively, the “2021 Financings”)

    Timing and Process to Participate in Blanket Removal

    Holders who are eligible will receive an email from DealMaker on or about June 23, 2025 with instructions on how to participate.

    If you are a U.S. investor and do not want to register your shares into a brokerage account or sell your shares, then no action is required. This service is being offered by the Company to U.S. investors who acquired their shares in the 2021 Financings, are not affiliates and who have the restrictive legend on their share certificates—or book-entry shares, as applicable and wish to deposit them in a brokerage account or sell their shares in the public market.

    Marin Katusa, CEO, further added: “DealMaker handled the 2021 Financings for the Company which included the digitalizing subscription forms and managing the subscription wires from the investors in a professional, efficient and low-cost manner. We strongly believe that this innovative solution we have created with DealMaker to remove the U.S. restrictive legends will be equally successful. We are grateful for DealMaker’s innovative approach and commitment to excellence, which continues to streamline our investor communications and elevate the overall experience for our shareholders.”

    Cash Conservation

    As of June 16, 2025, the Company has US$37.0 million in cash (C$50.3 million), remains debt-free, and has no outstanding legal payables. With cash generated from the sale of carbon credits held by the Company, interest earned on the Company’s cash balance, and substantial reductions in operating expenses to date, the Company expects a significant improvement in operating cash flow in 2025 when compared to previous years. The Company currently has three full-time employees and a part-time CFO, with a combined annual base compensation of approximately US$0.5 million, while the CEO and Board of Directors are not collecting any salaries, fees, nor equity-based compensation of any kind.

    Carbon credits held by the Company as of June 16, 2025

               
    Project Registry Project ID Vintage Credits available for sale  
    Uganda cookstove project Gold Standard GS12119 2022 53,801  
        GS10967 2023 129,383  
        GS12119 2023 199,340  
        GS12120 2023 41,514  
        GS12120 2024 15,432  
            439,470  
    Uganda household safe water project Gold Standard GS10968 2022 38  
        GS10968 2023 14,373  
            14,411  
    Tanzania cookstove project Verra VCS2676 2022 27,492  
        VCS2676 2023 60,788  
            88,280  
    Mozambique cookstove project Gold Standard GS11211 2022 1,401  
      Gold Standard GS12638 2023 3  
      Gold Standard GS12638 2024 296  
      Gold Standard GS11211 2024 3,270  
            4,970  
    Malawi household safe water project Gold Standard GS11245 2022 988  
      Gold Standard GS11245 2023 3,310  
      Gold Standard GS11245 2024 281  
            4,579  
               

    The Company has been in discussions with several different parties regarding the sale of its existing carbon credits. While current market pricing for cookstoves remains weak, the Company continues to advance its marketing efforts. A new initiative by the Company leverages AI-driven analysis of public disclosures to identify active buyers of environmental attributes. This effort is helping the Company more effectively target potential buyers for its current credit inventory, without incurring additional cost.

    Notice of Arbitration – Will Solutions.

    On June 16, 2025, the Company delivered a written Notice of Arbitration in Ontario to Will Solutions Inc. and the ADR Chambers. As previously disclosed, in the third quarter of 2024, the Company exercised its contractual rights to terminate the purchase sale agreement dated June 20, 2022 with Will Solutions Inc. (the “Sustainable Community Stream”) as a result of, among other things, the failure of Will Solutions Inc. to meet its milestone related to the registration of its Ontario project and its failure to develop and implement the project in accordance with the project plan (including continued delays in project development activities and lower-than-expected project enrollments). The Company has advanced $4.0 million of the upfront deposit to Will Solutions Inc. under the Sustainable Community Stream. The Company will continue to pursue all of its rights and interests.

    2025 Annual General Meeting

    The Company’s AGM will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Cautionary Statement Regarding Forward-Looking Information
    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash conservation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; statements with respect to the eligibility, timing, process and completion of restrictive legend removal; statements with respect to the expected improvement in operating cash flow in 2025 when compared to previous years; statements with respect to the effectiveness and cost of AI-driven analysis of public disclosures to identify active buyers of environmental attributes; statements regarding the Company’s intention to pursue all of its rights and interests under the Sustainable Community Stream; and statements with respect to the timing of the Company’s AGM.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Topnotch Crypto Launches Free Cloud Mining App to Simplify Access to Digital Asset Mining

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, June 18, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto, a global player in the cloud mining sector, has officially launched its free cloud mining mobile application. Designed to simplify digital asset mining for everyday users, the new app leverages artificial intelligence and renewable energy to deliver efficient, 24/7 automated mining without the need for hardware or technical expertise.

    The application aims to make digital asset mining more accessible by offering a streamlined, mobile-first experience. Built with a focus on energy efficiency, the app runs on 100% green power sourced from Nordic wind and solar infrastructure. Its AI-based computing system dynamically allocates resources to optimize performance and reduce energy costs.

    “We developed this app to lower the barrier of entry into digital asset mining,” said a spokesperson from Topnotch Crypto. “With just a smartphone, users can now participate in the growing digital economy in a secure and sustainable way.”

    Why do more than 8 million users around the world favor Topnotch Crypto?

    Key Features of the New App:

    • Hardware-Free Mining: No mining rigs required. All operations are cloud-based.
    • Green Energy Integration: Fully powered by renewable sources to reduce carbon footprint.
    • Multi-Currency Support: Enables mining across 12 major cryptocurrencies including BTC, ETH, and FIL.
    • Security-Centric Design: ISO 27001 certified with 98% of user assets stored in cold wallets.
    • AI Optimization: Automated computing resource allocation for greater efficiency and uptime.

    Click to download the free app, both iOS and Android versions are available.

    The app also allows users to monitor mining performance, manage digital assets, and access support directly from their mobile device. It is available on both Android and iOS platforms.

    This launch comes at a time when the global cloud mining industry is projected to grow rapidly. According to Bloomberg New Energy Finance, the market is expected to see a compound annual growth rate of approximately 47% between 2025 and 2028. Solutions that combine cloud infrastructure, AI, and green energy are increasingly seen as foundational to the next era of digital mining.

    About Topnotch Crypto

    Topnotch Crypto was legally established in 2020 under British supervision. With “zero threshold, low risk, and high transparency” as its core advantages, it has built a new channel to crypto assets for global users.

    Visit https://topnotchcrypto.com to register now and share the stable passive income and unlimited growth opportunities under the wave of digital gold with 8 million users around the world!

    Application download: https://topnotchcrypto.com/download/

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of financial loss. You are strongly advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces June 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of June 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).                                                        

    The ex-distribution date for all Open-End Funds is June 26, 2025. The ex-distribution date for all closed-end funds is June 30, 2025.

    Open-End Funds Ticker
    Symbol    		 Distribution
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0866 06/26/2025 07/03/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 06/26/2025 07/03/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1300 06/26/2025 07/03/2025 Monthly
    Purpose Active Balanced Fund – ETF Units PABF $0.1650 06/26/2025 07/03/2025 Quarterly
    Purpose Active Conservative Fund – ETF Units PACF $0.1900 06/26/2025 07/03/2025 Quarterly
    Purpose Active Growth Fund – ETF Units PAGF $0.1550 06/26/2025 07/03/2025 Quarterly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 06/26/2025 07/03/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 06/26/2025 07/03/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 06/26/2025 07/03/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 06/26/2025 07/03/2025 Monthly
    Purpose International Tactical Hedged Equity Fund – ETF Series PHW $0.1500 06/26/2025 07/03/2025 Quarterly
    Purpose International Dividend Fund – ETF Series PID $0.0780 06/26/2025 07/03/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 06/26/2025 07/03/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 06/26/2025 07/03/2025 Monthly
    Purpose Diversified Real Asset Fund – ETF Series PRA $0.2100 06/26/2025 07/03/2025 Quarterly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 06/26/2025 07/03/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 06/26/2025 07/03/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2500 06/26/2025 07/03/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 06/26/2025 07/03/2025 Monthly
    Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series YAVG $0.1800 06/26/2025 07/03/2025 Monthly
    Coinbase (COIN) Yield Shares Purpose ETF – ETF Series YCON $0.3000 06/26/2025 07/03/2025 Monthly
    Costco (COST) Yield Shares Purpose ETF – ETF Series YCST $0.1200 06/26/2025 07/03/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 06/26/2025 07/03/2025 Monthly
    Tech Innovators Yield Shares Purpose ETF – ETF Series YMAG $0.2000 06/26/2025 07/03/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.2400 06/26/2025 07/03/2025 Monthly
    Netflix (NFLX) Yield Shares Purpose ETF – ETF Series YNET $0.1500 06/26/2025 07/03/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 06/26/2025 07/03/2025 Monthly
    Palantir (PLTR) Yield Shares Purpose ETF – ETF Series YPLT $0.2500 06/26/2025 07/03/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 06/26/2025 07/03/2025 Monthly
    UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series YUNH $0.1100 06/26/2025 07/03/2025 Monthly
               
    Closed-End Funds Ticker
    Symbol    		 Distribution 
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 06/30/2025 07/14/2025 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $0.0700¹ 06/30/2025 07/14/2025 Monthly
               

    Estimated June 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The June 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker
    Symbol    		 Estimated
    Distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3405 06/26/2025 07/03/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2175 06/26/2025 07/03/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1030 06/26/2025 07/03/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3375 06/26/2025 07/03/2025 Monthly
               

    Purpose expects to issue a press release on or about June 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be June 26, 2025.

    1. Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    2. Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Logan Ridge Finance Corporation Announces Adviser Funded Cash Payment to Shareholders in Connection with its Merger with Portman Ridge Finance Corporation

    Source: GlobeNewswire (MIL-OSI)

    The Company’s Investment Adviser Will Finance an Incremental $0.47 Per Share Payment to Logan Ridge Shareholders Immediately Prior to Closing.

    Payment Effectively Results in Logan Ridge Shareholders Receiving 100% of NAV as of March 31, 2025 Adjusted for Estimated Transaction Costs.

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”), today announced that it has entered into an agreement with Mount Logan Management LLC, LRFC’s investment adviser (“Mount Logan” or “Investment Adviser”), in connection with its previously announced merger with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN” and the “Merger”).

    Pursuant to the terms of the agreement, and contingent upon the closing of the Merger, LRFC’s Investment Adviser will finance a pre-closing cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025. This payment, when combined with the previously announced Tax Distribution of no less than $1,000,000, or $0.38 per share, and the 1.5x PTMN shares received for each LRFC share outstanding, will equal 100% of Logan Ridge’s net asset value (“NAV”), based on both Logan Ridge’s and Portman Ridge’s respective NAVs per share as of March 31, 2025 adjusted for estimated transaction costs.

    All terms and conditions of the Merger remain unchanged and in full effect. The Mount Logan funded payment outlined above represents a commitment by Mount Logan to the combined company and was designed to further align the Merger with shareholder feedback, while maintaining the core strategic and financial rationale for the combination.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of LRFC and PTMN, and Head of the BC Partners Credit Platform, stated, “We are pleased to announce this agreement, which will provide enhanced value to Logan Ridge shareholders through an additional $0.47 per share payment. We appreciate our shareholders’ support and constructive engagement throughout this process and we look forward to successfully closing the Merger.”

    Special Meeting of Shareholders

    The LRFC special meeting is scheduled for June 20, 2025, at 10:30 am ET. LRFC urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of LRFC can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/LRFC2025SM, or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3962.

    About Logan Ridge Finance Corporation

    LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC (“Sierra Crest”). PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners Advisors L.P. (“BC Partners”) is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the LRFC shareholders in connection with the Proposal will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer (PTMN and LRFC)
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Portman Ridge Finance Corporation Announces Corporate Rebranding, New Monthly Base Distribution, and Value Creation Initiatives

    Source: GlobeNewswire (MIL-OSI)

    Company to be Renamed “BCP Investment Corporation” and Trade Under New Ticker “BCIC”

    Transition to Paying the Quarterly Base Distribution Monthly in 2026

    Company, Management, Adviser and Other Affiliates Intend to Acquire up to 20% of Common Shares Over Next 24 Months to the Extent the Stock Trades Below 80% of NAV

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”), today announced several updates and initiatives, aimed at enhancing shareholder value. These initiatives include a corporate name change, the transition to paying a monthly distribution, and an enhanced stock purchase program. These changes will go into effect following the successful closing of the merger with Logan Ridge Finance Corporation (“LRFC”).

    Upon closing, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation (the “Company” or “BCIC”). In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”. This change better reflects the fact that the Company is fully integrated into the broader BC Partners Credit Platform and the credit platform’s commitment to the Company, which is a leading global alternative asset manager with almost $9.0 billion in assets under management across its credit platforms.

    Additionally, beginning in 2026, the Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. The quarterly supplemental distributions will continue to approximate 50% of the incremental net investment income earned in excess of the base monthly distributions. We believe that the transition to a monthly base distribution will be valued by investors and has the potential to increase liquidity in the Company’s stock.

    To further align our interests with shareholders and drive additional value creation, the Company, along with its management, its adviser and their affiliates intend to acquire up to 20% of the Company’s outstanding common stock over the next 24 months to the extent the Company’s shares continue to trade below 80% of net asset value (“NAV”), which implies a share price of $15.08 based Portman Ridge’s March 31, 2025 NAV per share, or a 31% premium to PTMN’s June 16, 2025 closing market price. These purchases will begin no earlier than 60 calendar days following the date of the closing of the LRFC merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. In this regard and as previously announced, PTMN’s Board of Directors has authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025 to March 31, 2026. The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company’s broader value creation initiatives.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of PTMN and Head of the BC Partners Credit Platform, stated, “The corporate rebranding of Portman Ridge to BCP Investment Corporation reflects the Company’s affiliation with the broader BC Partners Credit Platform and underscores the significance of the Company to the platform as well as the credit platform’s commitment to its success.

    Finally, we remain committed to addressing the discount to NAV at which our shares currently trade as well as increasing our ownership in the Company for better alignment with shareholders. We believe these value creation initiatives represent a thoughtful and constructive framework that supports long-term value creation for our shareholders.”

    Special Meeting of Shareholders

    The PTMN special meeting is scheduled for June 20, 2025, at 10:00 am ET. PTMN urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of PTMN can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3911.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. PTMN’s filings with the Securities and Exchange Commission (“SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and future share repurchase/purchase activity. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in Registration Statement and Joint Proxy Statement (in each case, as defined below). Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This document relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    PTMN, its directors, certain of its executive officers and certain employees and officers of PTMN’s investment adviser and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of LRFC’s investment adviser, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Portman Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235
     

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235
     

    The MIL Network –

  • MIL-OSI: Silvaco to Host a Tech Talk on the Diffusion of Innovation

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., June 17, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software, today announced it will host a tech talk exploring “The Diffusion of Innovation: Investing in the Ecosystem Expansion”.

    This session is intended to provide investors and analysts with an in-depth understanding of how Silvaco is expanding the ecosystem for its innovative products, including the Fab Technology Co-Optimization™ (FTCO) solution. There will also be an opportunity for Q&A with management.

    Event Details:

    • Event Title: “The Diffusion of Innovation: Investing in the Ecosystem Expansion”
    • Date/Time: Wednesday, June 25, 2025 at 10:00 AM Eastern Time
    • Presenter: Ian Chan, Chief Revenue Officer

    A live webcast, as well as a replay, of the event will be available on the company’s investor relations website at https://investors.silvaco.com/.

    About Silvaco Group, Inc.
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. Learn more at silvaco.com.

    Contacts
    Media Relations:
    Tiffany Behany, press@silvaco.com

    Investor Relations:
    Greg McNiff, investors@silvaco.com

    The MIL Network –

  • MIL-OSI Canada: Chair’s Summary

    Source: Government of Canada – Prime Minister

    The Leaders of the Group of Seven (G7) gathered in Kananaskis, Alberta, from June 15-17, 2025, with the objective of building stronger economies by making communities safer and the world more secure, promoting energy security and accelerating the digital transition, as well as fostering partnerships of the future.  

    Five decades after its founding in 1975, the G7 continues to demonstrate its value as a platform for advanced economies to coordinate financial and economic policy, address issues of peace and security, and cooperate with international partners in response to global challenges.  

    G7 Leaders focused on economic developments. In a context of rising market volatility and shocks to international trade, as well as longer-term trends toward fragmentation and global imbalances, they discussed the need for greater economic and financial stability, technological innovation, and an open and predictable trading regime to drive investment and growth. They considered ways to collaborate on global trade to boost productivity and grow their economies, emphasizing energy security and the digital transition. They acknowledged that both are underpinned by secure and responsible critical mineral supply chains and that more collaboration is required, within and beyond the G7. Leaders undertook to safeguard their economies from unfair non-market policies and practices that distort markets and drive overcapacity in ways that are harmful to workers and businesses. This includes de-risking through diversification and reduction of critical dependencies. Leaders welcomed the new Canada-led G7 initiative – the Critical Minerals Production Alliance – working with trusted international partners to guarantee supply for advanced manufacturing and defence.

    G7 Leaders expressed support for President Trump’s efforts to achieve a just and lasting peace in Ukraine. They recognized that Ukraine has committed to an unconditional ceasefire, and they agreed that Russia must do the same. G7 Leaders are resolute in exploring all options to maximize pressure on Russia, including financial sanctions. The G7 met with President of Ukraine, Volodymyr Zelenskyy, and Secretary General of the North Atlantic Treaty Organization, Mark Rutte to discuss their support for a strong and sovereign Ukraine, including budgetary defence and recovery and reconstruction support.

    G7 Leaders reiterated their commitment to peace and stability in the Middle East. They exchanged on the evolving situation, following Hamas’s terrorist attacks against Israel on October 7, 2023, and the active conflict between Israel and Iran. Leaders discussed the importance of unhindered humanitarian aid to Gaza, the release of all hostages and an immediate and permanent ceasefire. Leaders also talked about the need for a negotiated political solution to the Israeli-Palestinian conflict that achieves lasting peace. Leaders affirmed Israel’s right to defend itself, and were clear that Iran can never have a nuclear weapon. They underlined the importance of protecting civilians. They expressed their readiness to coordinate to safeguard the stability of international energy markets. They urged that the resolution of this crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza. G7 Leaders released a statement on recent developments between Israel and Iran.

    Leaders highlighted the importance of a free, open, prosperous and secure Indo-Pacific, based on the rule of law, and discussed growing economic cooperation with the region. They stressed the importance of constructive and stable relations with China, while calling on China to refrain from market distortions and harmful overcapacity, tackle global challenges and promote international peace and security. Leaders discussed their ongoing serious concerns about China’s destabilizing activities in the East and South China Seas and the importance of maintaining peace and stability across the Taiwan Strait. They expressed concern about DPRK’s nuclear weapons and ballistic missile programs and the need to jointly address DPRK cryptocurrency thefts fueling these programs. The need to resolve the abductions issue was also raised. Leaders acknowledged the links between crisis theatres in Ukraine, the Middle East and Indo-Pacific. Leaders discussed other instances of crisis and conflict, including in Africa and Haiti. 

    The G7 Leaders underscored their resolve to ensure the safety and security of communities. They condemned foreign interference, underlining the unacceptable threat of transnational repression to rights and freedoms, national security and state sovereignty. Leaders highlighted the importance of ongoing collaboration to promote border security and counter migrant smuggling and illicit synthetic drug trafficking, noting recent successes. They stressed the need to work with countries of origin and transit countries. Leaders discussed the impacts of increasingly extreme weather events around the world. They highlighted the need for more international collaboration to prevent, fight and respond to wildfires, which are destroying homes and ecosystems, and driving pollution and emissions. 

    The G7 welcomed participation in the Summit by the President of South Africa, Matamela Cyril Ramaphosa, President of Brazil, Luiz Inácio Lula da Silva, President of Mexico, Claudia Sheinbaum, President of the Republic Korea, Lee Jae-myung, Prime Minister of India, Narendra Modi, and Prime Minister of Australia, Anthony Albanese, as well as UN Secretary General, António Guterres, and President of the World Bank, Ajaypal Singh Banga. Together, they identified ways to collaborate on energy security in a changing world, with a focus on advancing technology and innovation, diversifying and strengthening critical mineral supply chains, building infrastructure, and mobilizing investment. They discussed just energy transitions as well as sustainable and innovative solutions to boost energy access and affordability, while mitigating the impact on climate and the environment. They talked about the consequences of growing conflicts for shared prosperity, including energy security, and the need to work towards a shared peace. 

    Leaders and guests had a productive discussion on the importance of building coalitions with reliable partners – existing and new – that include the private sector, development finance institutions and multilateral development banks, to drive inclusive economic growth and advance sustainable development. The upcoming United Nations’ Fourth International Conference on Financing for Development was raised as an opportunity to continue these discussions, including on private capital mobilization. 

    G7 Leaders agreed to collaborate with partners on concrete outcomes that deliver for everyone. To this end, they agreed to six joint statements. Their commitments included: 

    • Securing high-standard critical mineral supply chains that power the economies of the future.
    • Driving secure, responsible and trustworthy AI adoption across public and private sectors, powering AI now and into the future, and closing digital divides.
    • Boosting cooperation to unlock the full potential of quantum technology to grow economies, solve global challenges and keep communities secure.
    • Mounting a multilateral effort to better prevent, fight and recover from wildfires, which are on the rise around the world.
    • Protecting the rights of everyone in society, and the fundamental principle of state sovereignty, by continuing to combat foreign interference, with a focus on transnational repression.
    • Countering migrant smuggling by dismantling transnational organized crime groups. 

    G7 Leaders welcomed the endorsement by many outreach partners of the Critical Minerals Action Plan and the Kananaskis Wildfire Charter. 

    Discussions at the Kananaskis Summit were informed by the recommendations of the G7 Gender Equality Advisory Council (GEAC), which stressed the social and economic benefits of gender equality, and of all G7 engagement groups. 

    The G7 remains committed to working with domestic and international stakeholders and partners, including local governments, Indigenous Peoples, civil society, industry and international organizations, to advance shared priorities. 

    The G7 will continue its work under Canada’s presidency throughout 2025, and looks forward to France’s leadership in 2026.

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: New York ETO promotes biotechnology and academic ties with Boston (with photos)

    Source: Hong Kong Government special administrative region

    New York ETO promotes biotechnology and academic ties with Boston  
    At the June 15 (Boston time) welcome dinner for the Hong Kong delegation at BIO 2025, Ms Ho highlighted Hong Kong’s status as a global hub for biotech innovation and fundraising. She also noted Hong Kong’s strong presence at BIO 2025, showcasing the depth and diversity of the city’s biotechnology sector, including pharmaceuticals, immunotherapies, gene editing, diagnostics and stem cell technologies.
     
    The Hong Kong delegation included representatives from the Hong Kong Science and Technology Parks Corporation and its delegation of 16 leading biotech portfolio companies, the medical faculties of the University of Hong Kong and the Chinese University of Hong Kong, as well as representatives from the Office for Attracting Strategic Enterprises, Invest Hong Kong and the Hong Kong Trade Development Council. At the Hong Kong Pavilion, they showcased the city’s life and health sciences capabilities, aiming to attract global enterprises, talent, and investment, and reinforcing Hong Kong’s status as a global biotech hub.
     
    At the “Hong Kong x Boston Biotech Disrupt Night” on June 16 (Boston time) hosted by Invest Hong Kong, Ms Ho spoke on Hong Kong’s strategic advantages in biotechnology, citing world-class infrastructure, strong intellectual property protection, top-tier universities, and a vibrant start-up ecosystem. She also emphasised government support, funding and initiatives such as InnoLife Healthtech Hub and the New Industrialisation Acceleration Scheme. The event, attended by over 140 biotech industry representatives and investors, also featured a panel discussion featuring Hong Kong and Boston’s biotech leaders where they had an insightful exchange on the potential of Boston biotech companies in leveraging Hong Kong for their Asian market expansion.
     
         “Hong Kong offers a nurturing environment for life sciences—combining policy support, research excellence, and regulatory certainty. As the world’s second-largest fundraising hub for biotech IPOs, we also offer deep access to capital and a highly international talent pool. With our world-class infrastructure, common law system, robust IP protections, and proximity to Mainland China and Asia, we serve as a gateway and global launchpad for biotech companies aiming to scale and internationalise”, she said.
     
    While in Boston, Ms Ho also met with representatives of the academia to explore areas of mutual interests and promoted Hong Kong’s various talent admission schemes and the city’s commitment to become an international education and research hub. Her meetings included discussions with Visiting Fellow of Practice at Harvard University’s Fairbank Center for Chinese Studies Mr Mitchell Presnick; and representatives from the University of Massachusetts Boston, including the Provost and Vice Chancellor for Academic Affairs, Mr Joseph B. Berger; the Vice Chancellor for Student Affairs, Ms Karen Ferrer-Muñiz; and the Vice Provost of Research and Strategic Initiatives, Mr Bala Sundaram. She also attended a reception hosted by the Mayor of Boston Ms Michelle Wu for key international biotech leaders and stakeholders.
    Issued at HKT 7:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Concerned Stockholders Affirm Nomination of Director Candidates to Drive Change at Ionic

    Source: GlobeNewswire (MIL-OSI)

    Reiterate Commitment to Fight for Liquidity and Transparency Against Entrenched Incumbents

    Set Record Straight on Ionic’s Most Recent Misleading Statements

    Urge Their Fellow Stockholders to Learn More About Their Plan for Change at www.ionicvote.com

    SAN FRANCISCO, June 17, 2025 (GLOBE NEWSWIRE) — Tony Vejseli, Chris Villinger, and Brett Perry (the “Concerned Stockholders”), stockholders of Ionic Digital Inc. (“Ionic” or the “Company”), today issued a public letter to their fellow stockholders announcing that, pursuant to the ruling of the Delaware Court of Chancery that the Ionic board of directors breached its fiduciary duty and ordering the Company to reopen its nomination window for director candidates, the Concerned Stockholders have submitted a new nomination of their two highly qualified candidates, Mike Abbate and Oliver Wiener, for the two Class I Board seats up for election at the Company’s 2025 annual meeting of stockholders scheduled for July 2, 2025.

    The full text of the letter can be found on the Concerned Stockholder’s website at www.ionicvote.com and below:

    Fellow Ionic Digital Stockholders:

    Tony Vejseli, Chris Villinger, and Brett Perry (together, the “Concerned Stockholders,” “we,” or “us”) are stockholders of Ionic Digital Inc. (“Ionic” or the “Company”) and have long been committed to fighting for the rights of our fellow stockholders. We believe our recent victory in the Delaware Court of Chancery, in which the court found that the Ionic board of directors (the “Board”) breached its fiduciary duties in seeking to entrench itself by reducing the size of the Board as a defensive tactic in the midst of a proxy contest. This ruling against each of the current Board members vindicates many of our concerns regarding the disgraceful lack of oversight and disregard for stockholder rights at Ionic.

    Pursuant to the court’s order that the Company reopen its nomination window for director candidates for election to the two open Class I Board seats at the Company’s 2025 annual meeting of stockholders scheduled for July 2, 2025 (the “Annual Meeting”), we are pleased to announce that we have re-nominated Mike Abbate and Oliver Wiener, two highly-qualified candidates whom we have vetted thoroughly and are confident possess the background and experience in capital markets, corporate finance and the cryptocurrency space that we believe is necessary drive the much-needed change highlighted by the Delaware Court of Chancery’s decision and finally put stockholder value first at Ionic. The bios of our candidates are below, and interested stockholders can learn more at www.ionicvote.com.

    We also feel it is critical to set the record straight regarding certain misleading claims made by Ionic in its latest stockholder communication. While we are confident that no stockholder of Ionic would take the current Board’s statements at face value, given its long history of obfuscation and documented failure to focus on stockholder interests, we believe that stockholders deserve the whole truth, and that the election at the Annual Meeting should be made on a fully-informed basis and not be manipulated by misleading insinuations and distortions.

    For instance, the Board purports to believe that our interests conflict with those of our fellow stockholders. But nothing could be further from the truth – our only interests, and the only interests of our director candidates, are in creating stockholder value and generating liquidity after the long and undeserved drought spearheaded by the incumbent Board. Neither we nor any of our director candidates have any commitment to pursuing any particular liquidity pathway, and if elected, Messrs. Abbate and Wiener would consider all options for liquidity consistent with their fiduciary duties to stockholders – something the incumbent Board is clearly and demonstrably incapable of doing itself.

    Ionic also attempts to smear Mr. Wiener’s stellar reputation as a successful veteran of fintech and blockchain-based investments by focusing exclusively on his experience as a member of the advisory board of FTX, an advisory position of platitude, not fiduciary duty. Ionic refuses to acknowledge Mr. Wiener’s deep experience with and understanding of the cryptocurrency industry, a depth of expertise not possessed by a single member of the incumbent Board.

    Ionic falsely claims that Elizabeth LaPuma is the only nominee with decades of experience in capital markets, corporate finance and corporate transformation – but Mr. Wiener, not Ms. LaPuma, is the only candidate for election to the Board who served as senior leadership of an investment bank for two decades and founded a private equity firm, bringing more capital markets and finance experience to the table than the entire incumbent Board, including Ms. LaPuma. We further emphasize that among the many impressive and relevant items on Mr. Wiener’s resume, there is not a single judgment by a court that he ever breached a fiduciary duty to his stockholders, nor any period of failure in which he sat on a board for a year and a half collecting obscene board fees and juggling a rotating cast of executives, consultants, and auditors while failing to deliver on repeated promises of liquidity for long-suffering stockholders – which is more than can be said for any member of the Ionic Board.

    Finally, we note that Ionic’s most recent stockholder communication includes some limited scraps of operational data, and we applaud the Company for recognizing, if only belatedly and only as a result of our hard-fought engagement, that it needs to communicate with stockholders. But we emphasize that these communications remain sporadic, opportunistic, and incomplete. It should be highly concerning to all Ionic stockholders that the Company has failed to produce an annual report or any standard financial disclosures. Critically, over a year and a half of existence, Ionic has still never released a single data point regarding its costs and expenses. In fact, we understand the Company has engaged three separate investment banks, but has failed to disclose exactly how much it is paying these expensive advisors. Stockholders deserve to know how much of our money is being burned by a Board that has already demonstrated that it doesn’t care about its duties to its stockholders.

    The Concerned Stockholders believe that the incumbent Board has had more than adequate opportunity to prove itself, and it has failed. Over the last year and a half, the incumbent Board has proven only that it lacks the necessary experience to oversee the business of Ionic. As Scott Flanders himself testified in the Delaware Court of Chancery, regarding the operations of the Company:

    “…material safety issues, just gross negligent construction, not adhering to any kind of best practices, the performance, and lack of responsiveness from Hut 8.”

    Stockholders deserve real change – we urge you to throw away your WHITE proxy card and vote for Mike Abbate and Oliver Wiener on the GOLD Proxy Card today to cast a vote for restoring transparency, accountability, and liquidity to Ionic.

    Learn more at www.ionicvote.com

    Contact Information
    Investor Contact:
    Saratoga Proxy Consulting LLC
    John Ferguson / Ann Marie Mellone
    (888) 368-0379
    (212) 257-1311
    info@saratogaproxy.com

    Our Candidates:

    Michael Abbate, age 46, currently serves as an Advisor to Figure Markets Holdings, Inc. (“Figure Markets”), a decentralized custody and exchange for financial assets, since February 2025. Previously, Mr. Abbate served as Chief Investment Officer of Figure Markets, from January 2024 to January 2025. Prior to Figure Markets, Mr. Abbate served as Managing Partner of NovaWulf Digital Management, LP (“NovaWulf”), an investment manager focused on digital assets, from August 2021 to January 2024 and as a private investor from January 2021 to August 2021. Earlier in his career, Mr. Abbate worked for over 16 years at King Street Capital Management, L.P., a leading global alternative asset manager, most recently as a Member, from March 2004 to December 2020. Mr. Abbate started his career as an investment banker in global technology at Morgan Stanley and received a Bachelor of Computer Science and Engineering from Dartmouth College.

    Oliver Wiener, age 47, has served as Founder and Managing Partner of Kensington Merchant Partners, a merchant bank, investment management and corporate development advisory business focused on Financials, Fintech, Insurance, Insuretech and Blockchain verticals, since January 2023. Previously, he served as a Portfolio Manager at Standard Investments LLC, an investment platform focused on the intersection of industry and technology, from May 2021 to December 2022. Prior to that, Mr. Wiener served as Co-Founder and Partner at BTIG, LLC, a global financial services firm, from March 2003 to May 2021. Mr. Wiener currently serves as a member of the board of directors of Chain Bridge I, a special situations fund focused on convertible bonds, SPAC securities, PIPEs, warrants and public equities, since February 2024, and The National Security Group, Inc., an insurance holding company, since October 2024. He has also served as a board observer at Figment Inc., a leading provider of blockchain infrastructure, since 2022, an advisory board member at Extend, an AI enabled post purchase protection Insurtech since 2021 and an advisor at Figment Capital, a Web3 infrastructure investment fund, since July 2021, Hangar, a private equity sponsor focused on technology and public sector markets, since March 2023, and the Opportunity Network, a non-profit focused on providing access to college and professional mobility for underrepresented students, since January 2021. He is also an active member of the Economic Club of New York and the University of Wisconsin College of Letters and Science Board of Visitors, as well as the UW Technology Entrepreneurship Office Advisory Council. Previously, he served as a member of the board of directors of Interchecks Technologies, Inc., a payment technology company, from January 2022 to January 2023, and as an advisory board member at Anchor Labs Inc., a software developer, from the spring of 2020 to the winter of 2023. Mr. Wiener also served as a founding member and President of the board of the Association for Digital Asset Markets, a private, non-profit, industry-led, broad-based association of firms operating in the digital asset space, from November 2018 to May 2021, and was a member of Prince’s Trust US Finance Committee from January 2019 to December 2023. Mr. Wiener began his career as an equities analyst at CIBC Oppenheimer. He received a B.A. in Political Science and International Relations from the University of Wisconsin-Madison.

    The MIL Network –

  • MIL-OSI: Bitdeer Announces Proposed Private Placement of US$300.0 Million of Convertible Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (Nasdaq: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today announced that it intends to offer, subject to market conditions and other factors, US$300.0 million principal amount of Convertible Senior Notes due 2031 (the “notes”) in a private placement (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also intends to grant the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional US$45.0 million principal amount of notes.

    The notes will be general senior unsecured obligations of the Company and will accrue interest payable semiannually in arrears. Upon conversion, the Company will pay or deliver, as the case may be, cash, Class A ordinary shares par value US$0.0000001 per share, of the Company (the “Class A ordinary shares”) or a combination of cash and Class A ordinary shares, at its election. The interest rate, initial conversion rate, repurchase or redemption rights and certain other terms of the notes will be determined at the time of pricing of the offering.

    Use of Proceeds

    The Company intends to use a portion of the net proceeds from the offering to pay the cost of the zero-strike call option transaction and to pay the cash consideration for the concurrent note exchange transactions, each as described below. The Company intends to use the remaining net proceeds from the offering for datacenter expansion, ASIC based mining rig development and manufacture, as well as working capital and other general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, the Company expects to use the net proceeds from the sale of the additional notes for datacenter expansion, ASIC based mining rig development and manufacture, as well as working capital and other general corporate purposes as described above.

    Zero-Strike Call Option Transaction

    In connection with the pricing of the notes, the Company intends to enter into a privately negotiated zero-strike call option transaction with one of the initial purchasers or its affiliate (the “option counterparty”) and, having an expiration date that is scheduled to occur shortly after the maturity date of the notes. Pursuant to the zero-strike call option transaction, the Company would pay a premium for the right to receive, without further payment, a specified number of Class A ordinary shares (subject to customary adjustment), with delivery thereof by the option counterparty at expiry, subject to early settlement of the zero-strike call option transaction in whole or in part at the option counterparty’s discretion. In the case of settlement at expiration or upon any early settlement, the option counterparty would deliver to the Company the number of Class A ordinary shares underlying the zero-strike call option transaction or the portion thereof being settled early. The zero-strike call option transaction is intended to facilitate privately negotiated derivative transactions with respect to the Class A ordinary shares between the option counterparty (or its affiliate) and certain investors in the notes by which those investors will be able to hedge their investment in the notes. Those activities, which are expected to occur concurrently with or shortly after the pricing of the offering, could increase (or reduce the size of any decrease in) the market price of the Class A ordinary shares and/or the notes at that time.

    The option counterparty (or its affiliate) may modify its hedge positions by entering into or unwinding derivative transactions with respect to the Class A ordinary shares and/or purchasing or selling Class A ordinary shares or other securities of the Company in secondary market transactions at any time following the pricing of the notes and shortly before or after the expiry or early settlement of the zero-strike call option transaction, and, the Company has been advised that the option counterparty may unwind its derivative transactions and/or purchase or sell the Class A ordinary shares in connection with the expiry of the zero-strike call option transaction or any early settlement of the zero-strike call option transaction at the option counterparty’s discretion, including any early settlement relating to any conversion, repurchase or redemption of the notes. Those activities could also increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the Class A ordinary shares and/or the notes.

    If the zero-strike call option transaction fails to become effective, whether or not the offering is completed, the option counterparty may unwind its hedge positions with respect to the Class A ordinary shares, which could adversely affect the market price of the Class A ordinary shares and, if the notes have been issued, the market price of the notes.

    Concurrent Note Exchange Transaction

    Concurrently with the pricing of the notes in the offering, the Company expects to enter into one or more privately negotiated transactions with one or more holders of 8.50% convertible senior notes due 2029 (the “August 2029 notes”) to exchange for cash and Class A ordinary shares certain of its August 2029 notes on terms to be negotiated with each holder (each, a “note exchange transaction”). The terms of each note exchange transaction will depend on a variety of factors. No assurance can be given as to how much, if any, of the August 2029 notes will be exchanged or the terms on which they will be exchanged. This press release is not an offer to exchange the August 2029 notes, and the offering of the notes is not contingent upon the exchange of the August 2029 notes.

    In connection with any note exchange transaction, the Company expects that holders of the August 2029 notes who agree to have their August 2029 notes exchanged and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying the Class A ordinary shares and/or entering into or unwinding various derivative transactions with respect to the Class A ordinary shares. The amount of the Class A ordinary shares to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historical average daily trading volume of the Class A ordinary shares. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of the Class A ordinary shares, including concurrently with the pricing of the notes. The Company cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or the Class A ordinary shares.

    The notes and any Class A ordinary shares issuable upon conversion of the notes have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

    About Bitdeer Technologies Group

    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements relating to Bitdeer’s expectations regarding the proposed terms and the completion, timing and size of the proposed offering, the note exchange transactions and the zero-strike call option transaction, the expected use of proceeds from the sale of the notes and potential impact of the foregoing or related transactions on the market price of the Class A ordinary shares or the trading price of the notes. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with market conditions, whether Bitdeer will offer the notes, enter into the note exchange transactions and the zero-strike call option transaction or be able to consummate the proposed offering, the note exchange transactions and the zero-strike call option transaction at the anticipated size or on the anticipated terms, or at all, and the satisfaction of closing conditions related to the proposed offering and the note exchange transactions, as well as discussions of potential risks, uncertainties and other factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as those discussed in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond Bitdeer’s control. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    bitdeerir@orangegroupadvisors.com

    Public Relations
    BlocksBridge Consulting
    Nishant Sharma
    bitdeer@blocksbridge.com

    The MIL Network –

  • MIL-OSI Russia: IMF Staff Concludes Staff Visit to Liberia

    Source: IMF – News in Russian

    June 17, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. 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. This mission will not result in a Board discussion.

    Monrovia, Liberia: An International Monetary Fund (IMF) staff team, led by Mr. Daehaeng Kim, Mission Chief for Liberia, visited Monrovia from June 4 – 17, 2025, to conduct the 2025 Article IV Consultation and the Second Review under the Extended Credit Facility (ECF) arrangement.

    At the conclusion of the mission, Mr. Kim issued the following statement:

    “The IMF staff held engaging and constructive discussions with the authorities on recent macroeconomic developments, the economic outlook, and medium-term policy priorities under the Article IV Consultation, as well as the performance and policies supported by the Extended Credit Facility arrangement.

    “The authorities have continued to make progress in maintaining macroeconomic stability, and their commitment to reform remains strong. Slow mining activity and fiscal adjustment were key factors that moderated economic activity in 2024. A significant reduction in unproductive expenditures combined with recovery of tax revenues contributed to an impressive fiscal outturn, with the primary fiscal balance improving from a deficit of 4.2 percent of GDP in 2023 to a surplus of 1.3 percent of GDP in 2024. Inflation reached 13.1 percent in February 2025, driven primarily by domestic food prices, but has come down to 11.7 percent in May. The current account has improved significantly. Overall, program performance has been broadly satisfactory.

    “The medium-term outlook has been marked down due to the sudden stop of aid flows and less favorable global environment. The growth outlook is supported by a rebound in mining activity, a recovery in agriculture and sustained growth in manufacturing and services. Inflation is projected to return to single digits, supported by prudent fiscal and monetary policies and projected lower global food and crude oil prices. The current account is expected to narrow further, while the debt-to-GDP remains on a sustainable path.

    “Policy dialogue under the Article IV Consultation focused on structural reforms to tackle significant development needs, mitigate climate risks, and promote private sector growth and economic diversification to achieve sustained and inclusive growth.

    “IMF staff and the authorities have reached understandings on most key macroeconomic policies for the second review of the ECF arrangement. Discussions on a few outstanding issues will continue virtually, with the goal of finalizing the staff level agreement (SLA) in the coming weeks.

     “IMF staff express its gratitude to the authorities and all other counterparts for their warm hospitality and constructive engagement.”

    “The team met with the leadership of the national legislature, Minister of Finance and Development Planning, Mr. Augustine K. Ngafuan, Executive Governor of the Central Bank of Liberia, Mr. Henry F. Saamoi, senior government officials, development partners, representatives of the private sector and civil society.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/17/pr-25200-liberia-imf-staff-concludes-staff-visit-to-liberia

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts

    Source: United Kingdom – Executive Government & Departments

    Press release

    Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts

    UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.

    • Government backing helps secure British manufacturing jobs and strengthen UK’s position in global health innovation

    A Welsh renewable energy company is helping to protect millions of people against preventable diseases in developing countries with backing from UK Export Finance (UKEF) – the government’s export credit agency – and HSBC UK.

    The Machynlleth-based company developed the world’s first mass-produced solar-powered vaccine refrigerator in 1982. Since then, its pioneering technology has supported vital immunisation efforts for some of the hardest-to-reach communities in over 80 countries across Africa, Asia and Latin America.

    In 2022, following the challenges of the Covid pandemic, Dulas approached Stephen Wilson, UKEF’s Export Finance Manager for Wales. Through Wilson’s assistance, HSBC UK provided a £600,000 finance package backed by UKEF’s General Export Facility (GEF). This finance enabled the Welsh company to future-proof its operations and maintain consistent production capabilities.

    Since that first financial package, the successful partnership between Dulas, UKEF and HSBC UK has been reviewed and renewed annually, with new facilities for £600,000 in 2023 and £800,000 in 2024. This has enabled the company to provide critical equipment to even more immunisation programmes across the world.

    The company has grown to employ around 100 staff at its headquarters in Mid Wales, its branch office in Inverness (Scotland) and its manufacturing facility in Bognor Regis (West Sussex).

    Gareth Thomas, Minister for Exports, said:

    We’re committed to removing barriers to trade and helping more businesses of all sizes across the country reach new overseas markets.

    I’m delighted to see Dulas expanding production of their world-leading technology thanks to government support.

    Jo Stephens, Secretary of State for Wales, said:

    Dulas is a fantastic success story and demonstrates how Welsh expertise can lead to a brilliant UK-wide and global operation.

    I’m delighted to see UK Export Finance supporting a Welsh business that is not only driving our economy forward but also contributing to international goals in health and renewable energy.

    As the only UK manufacturer of vaccine fridges certified with the World Health Organisation’s Performance, Quality and Safety standard (PQS), Dulas’s cold chain products can be confidently deployed by UN agencies and other humanitarian organisations across programmes worldwide. Research and development support from the Welsh Government has helped Dulas to enhance its product portfolio and meet the stringent PQS accreditation.

    Tim Reid, CEO at UK Export Finance, said:

    Dulas exemplifies the best of British innovation – combining renewable energy expertise with life-saving healthcare technology.

    Their story provides a fantastic example how UK Export Finance can help our businesses supply vital equipment across the globe, while supporting quality manufacturing jobs at home.

    Ruth Chapman, Executive Managing Director at Dulas, said:

    The GEF facility has been an invaluable tool for our export business, supporting us to manage our business in a challenging, but very rewarding, sector.

    We are very proud to manufacture our products within the UK and to contribute towards global efforts to eradicate common childhood illnesses, and international humanitarian efforts.

    Orders for Dulas’s vaccine fridges often follow unpredictable situations such as conflict or natural disasters. Although buyers may request a high number of units – ranging last year between 100 to 300 per order – the frequency of orders can fluctuate significantly. UKEF’s support has enabled Dulas to smooth out the peaks and troughs between production and demand, ensuring cash flow and consistent factory operations.

    Lyndsey Connor, Relationship Director, Corporate Banking at HSBC UK, said:

    At HSBC UK, we’re committed to supporting innovative businesses as they expand into global markets. Dulas exemplifies the type of forward-thinking company that drives sustainable economic growth and creates skilled jobs in Wales and elsewhere in the UK.

    Working alongside UKEF, we’ve been able to provide a financing solution that addresses Dulas’ unique business cycle challenges.

    Contact 

    Media enquiries:

    Updates to this page

    Published 18 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: ICE Laredo investigation results in the guilty plea of a Mexican illegal alien admitting to transporting child sexual abuse material across state lines to Mexico

    Source: US Immigration and Customs Enforcement

    LAREDO, Texas – A illegal alien from Mexico pleaded guilty Tuesday to transportation of child pornography following an investigation conducted by U.S. Immigration and Customs Enforcement with assistance from U.S. Customs and Border Protection.

    Raul Velasco-Leon, 39, plead guilty to transporting child sexual abuse material on June 17.

    “This guilty plea is a critical step in holding Velasco-Leon accountable for the disturbing crimes he committed,” said ICE Homeland Security Investigations Laredo Acting Deputy Special Agent in Charge Mauro Lopez. “HSI remains committed to identifying, investigating and bringing to justice those who exploit children. We will continue working tirelessly with our law enforcement partners to ensure predators face the full consequences of their actions and that victims are not forgotten.”

    According to court documents, on March 12, Velasco-Leon was traveling from Tennessee and approached the Juarez-Lincoln International Bridge attempting to enter Mexico. While on the primary lane, authorities selected Velasco-Leon for further inspection and referred him to secondary. They conducted a search of his belongings and found what appeared to be a piece of youth-sized clothing with the words “Girl Power” tucked inside a jean pocket. Law enforcement also discovered multiple electronic devices, including 10 USB flash drives, two cell phones and a laptop. On one of the devices, they discovered six files containing child sexual abuse material (CSAM) of minor victims approximately 10 years of age. The files contained approximately five photographs and one video that contained CSAM. The five images, displayed via video chat, depicted female minor victims showing their genital areas. The video had a split screen with the adult male, later determined to be Velasco-Leon, masturbating while the top of the screen displayed a montage of CSAM including a female minor victim being forced to perform oral sex on an adult male.

    Velasco-Leon admitted he had been engaged in a video chat and when he saw the CSAM, he would watch and screen record it.

    Judge will impose sentencing at a later date. At that time, Velasco-Leon faces up to 20 years in federal prison and a possible $250,000 maximum fine.

    Velasco-Leon remains in custody pending sentencing.

    Assistant U.S. Attorney Christine A. Cortez from the Southern District of Texas is prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Mast Commends President Trump’s Efforts to Advance Peace in African Great Lakes Region, Encourages Continued Engagement

    Source: US House Committee on Foreign Affairs

    Media Contact 202-321-9747

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led a letter to President Trump in support of the administration’s diplomatic efforts to advance peace and responsible development across the African Great Lakes region and encouraged further engagement aimed at bolstering economic stability and growth.

    Chairman Mast, who was joined by fellow House Foreign Affairs Committee Republican, Rep. Jim Baird (IN-04), commended Secretary Marco Rubio’s and Senior Advisor Massad Boulos’ leadership in the recent signing of the Declaration of Principles between the foreign ministers of Rwanda and the Democratic Republic of the Congo (DRC).

    “This agreement demonstrates that regional leaders are prepared to translate dialogue into concrete action, and is a sign that American leadership, when resolute and strategic, create conditions for lasting peace,” the lawmakers wrote.

    Additionally, the lawmakers underscored that security and peace in the region “must be paired with meaningful economic stability and growth,” adding that access to reliable electric power and basic infrastructure will facilitate the gains the Trump administration is accomplishing.

    “Few efforts illustrate this objective more clearly than the Ruzizi III hydropower project — a project that will deliver electricity to more than 30 million people across the DRC, Rwanda, and Burundi. The project would provide needed support to the region and build genuine political and economic cooperation between the three governments—offering a diplomatic and economic dividend that is in America’s national interest.,” the lawmakers wrote.

    The lawmakers encouraged further engagement by the administration to further bolster success in the region through:

    • Continued high-level engagement with the Economic Community of the Great Lakes Countries (CEPGL) and national ministries to ensure the final administrative steps—such as the signing of the tri-national Establishment Agreement of the “Community Enterprise of the Great Lakes.”
    • Coordination with all stakeholders to amplify diplomatic pressure in the region to usher an end to the conflict and advance the Ruzizi III project to financial close in 2025 considering most of the funding for the project has been committed by the World Bank Group and other Western allies to the U.S (EU, UK government). The U.S. International Development Finance Corporation may also wish to participate.

    “By pairing robust diplomacy with smart infrastructure alignment, the United States can advance regional peace, American interests, and human dignity,” the lawmakers wrote.

    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Hickenlooper Calls Republicans’ Budget Plan “Fiscal Madness” on Senate Floor

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    Hickenlooper: “Their lavish tax bill gives more to the top earners while taking away from the Americans with the least.”

    Republicans’ national budget will increase prices for Coloradans, gut critical services, and balloon the national debt to bankroll tax cuts for the ultra-wealthy

    WASHINGTON – Today, U.S. Senator John Hickenlooper spoke on the Senate floor to call out the Republicans’ reckless budget proposal that would kick 16 million families and their children off their health insurance, sell our public lands, and add trillions to the national debt in order to pay for lavish tax breaks for the wealthiest Americans. 

    “We can’t borrow millions, we can’t borrow billions, we can’t borrow trillions just to hand out tax cuts to the top when working families are struggling to be able to afford everyday goods. It doesn’t add up. It never has. It never will,” Hickenlooper said.

    “I’ve managed budgets before – back when I started Colorado’s first brewpub, then as mayor of Denver and as governor of Colorado,” he continued. “… I can definitely say this bill that we’re looking at is the opposite of ‘fiscal responsibility.’ It’s fiscal madness.” 

    Hickenlooper has voted against their disastrous budget twice on the Senate floor and will vote against it again when the final bill comes to the Senate floor. In April, he led a group of Western senators to introduce an amendment to the budget to protect public lands from being sold to pay for Republicans’ tax cuts for the ultra-wealthy and introduced other amendments to prevent cuts to Medicaid and clean energy tax credits. 

    Hickenlooper is focused on building public pressure against the Republicans’ extreme proposal and recently called out their latest effort to sell off three million acres of public lands to bankroll the Republicans’ lavish tax cuts. 

    To download a full video of Hickenlooper’s speech, click HERE. A full transcript of his remarks is available below. 

    “Mr. President,

    “This month, my fellow colleagues in the Senate, the Republican Senate members, are working to pass a budget proposal that I feel can best be described as dangerous. 

    “Their plans are going to dramatically reduce – even gut – services like Medicaid and SNAP, getting food to hungry, low-income workers. It will strip health care away from most likely more than 16 million Americans and threaten millions of seniors living in nursing homes. All this is focused really on just trying to get larger tax breaks to very wealthy people who don’t really – in most cases – don’t really want them, or the largest corporations.

    “This lavish, and I think lavish is the only word that describes it fairly, this lavish tax bill gives more to the top earners while taking away from the Americans with the least.

    “But, it really doesn’t have to be that way. If the Republicans could focus on extending tax cuts for working families, rather than the wealthiest, they could – in and of that one effort, that one initiative – they could avoid ripping away health care from more than 15 or 16 million Americans and gutting our much needed investments in fighting climate change and to make sure that we have lower energy prices.

    “Instead, they’re going full steam ahead with really what is a god-awful bill.

    “I want to focus today on another dangerous part of this plan: how it explodes our national debt and really risks our economic future.

    “Many proponents of the bill love to hem and haw about being financially responsible.

    “But, like a few people in here, I’ve managed budgets before – back when I started Colorado’s first brewpub, then as mayor of Denver and as governor of Colorado. So, I know something about fiscal responsibility – and it’s not partisan. At its best, fiscal responsibility should be bipartisan.

    “I can definitely say this bill that we’re looking at is the opposite of ‘fiscal responsibility.’

    “It’s fiscal madness. 

    “This is a massive spending bill that’s going to create the largest national debt in American history.

    “And you don’t have to take words for it: you can look at the numbers.

    “The nonpartisan Congressional Budget Office estimates that the House Republican plan, so this is the plan coming over from the House, would add $2.7 trillion – that’s trillion with a T – $2.7 trillion dollars to the deficit over the next decade.

    “The Penn Wharton Model, which includes something like North of $500 billion dollars in the additional interest payment from that accumulated debt over year, after year, after year – over those 10 years – suggests it would add up not just to $2.7 trillion but more like $3.2 or $3.3 trillion over ten years.

    “The bill our Senate colleagues are putting together makes many of the same mistakes. And I think by most measures that a small business person would look at, it’s reckless.

    “Bottom line is more American tax dollars would go towards tax cuts for again, at least in Colorado, the people I’ve talked to aren’t asking for, aren’t seeking, these tax cuts.

    “And they, you know under this tax plan that came over – is coming over to us right now – those tax cuts for the very wealthy are coming instead of expanding access to health care, or building roads, or improving our schools. 

    “And more tax dollars would go to paying off the massive debt – paying the interest on the massive debt – than all of our defense spending combined. It will become more than 25% of our federal budget, just to pay interest on the debt.

    “Now, if that sounds like a bad idea to you, it’s because it is – and the markets agree.

    “Moody’s, the last major credit rating agency to maintain the US at its highest-level rating – designated a safe place to invest your money – just downgraded our credit rating.

    “It’s the first time that’s happened, and it shook investors that Moody would downgrade our credit rating.

    “Investors aren’t confident that the U.S. will be able to pay its debts. And that’s, at least in terms of Moody’s, has never happened before. And it’s really just going to lead to more trouble. 

    “Those investors who buy those ten-year bonds and help pay for our national debt, are demanding higher returns because they view it as a riskier investment. They need a higher return if they’re going to hold U.S. debt, which forces – since you’ve got to attract that investment, it means you’ve got to offer higher interest rates which means you’ve got higher borrowing costs.

    “And that means that Coloradans, and Americans, are going to pay higher interest rates when they want to buy a house, or expand their business, or if they want to pay off their credit cards. 

    “They’re going to have to pay more because the interest rates are going to be higher.

    “Now, Americans are already plenty concerned about rising prices, for good reason. This whole system could lead to the dreaded ‘stagflation’.

    “This could all become a one-two punch to working families – all the while the wealthiest families end up being better off.

    “We don’t need to do this. We can certainly grow our economy, we can help working families, and we can cut the deficit.

    “We were able to balance the budget all eight years I was mayor of Denver, all eight years I was governor, and still grow our investments in our roads, in our education system, in our health care system. 

    “We also did this with the Inflation Reduction Act, which would reduce the deficit by over $175 billion over the next ten years and has already dramatically lowered a number of prescription drug costs, it has expanded health care access, and, in the process, created hundreds of thousands of good jobs.

    “The Republican budget, I think, does the opposite.

    “We also can’t forget that this budget comes in the midst of the Trump administration’s efforts around tariffs.

    “What our good friend, the senator from Washington, was just talking about when she described the consequences of Smoot-Hawley. And how those tariffs – just at 20% – led to a global slowdown in the overall economy. 

    “We all know that these tariff-taxes are really not so hidden taxes on the American people. They raise prices on everything from groceries to kitchen appliances.

    “Now none of this is a growth strategy. It really is a recipe for recession at the best, stagflation at the worst.


    “We can’t borrow millions, we can’t borrow billions, we can’t borrow trillions just to hand out tax cuts to the top when working families are struggling to be able to afford everyday goods.

    “It doesn’t add up. It never has. It never will.

    “Now there are issues that may be partisan, but being financially responsible doesn’t need to be one of them. Neither should good, strong economies. Neither should economic fairness. Neither should protecting working families.

    “They really don’t have to do it this way.

    “Now, I’m always game to roll up my sleeves and dig into the balance sheet, but we haven’t seen from the other side that they’re willing to negotiate – or really invest in the long-term economic growth. 

    “I’d suggest that we write a budget that reflects our values and puts tax cuts toward working families first.

    “A budget that strengthens the middle class. One that keeps our economy strong and will keep it growing for generations to come.

    “This bill is not any of that.

    “I urge my Republican colleagues – in the House and the Senate – not to temporarily put a pass on their values and to support this, again I think truly reckless fiscal bill.

    “I hope that we can come together and negotiate a better bill that does more economic growth and puts a far, far lesser penalty on the working people of America.

    “Thank you, Mr. President. I yield the floor.”

    MIL OSI USA News –

  • MIL-OSI USA: ICE San Diego case results in indictment of alleged members of major Guatemalan drug trafficking organization

    Source: US Immigration and Customs Enforcement

    SAN DIEGO – A federal grand jury indictment was unsealed June 13 in San Diego alleging that 13 Guatemalan nationals are part of a Guatemala-based cocaine trafficking organization operating out of La Mesilla and Democracia, Huehuetenango, Guatemala, which is on the Guatemala-Mexico border. This case was investigated by U.S. Immigration and Customs Enforcement.

    The indictment was returned on May 31, 2019. Among the individuals charged are Baldemar Calderon-Carrillo, aka “Don Valde,” and his son, Walfre Donaldo Calderon-Calderon, aka “El Teniente Jr.”

    On June 13, special agents with ICE Homeland Security Investigations (HSI) in San Diego received information that Calderon-Carrillo, the lead defendant in the indictment, had been killed during a June 8 shootout with Mexican authorities. U.S. agents continue to obtain information confirming the details of Calderon-Carrillo’s death. Video of the incident was posted on various news outlets and on social media showing Mexican law enforcement in a shootout with members of a drug trafficking organization.

    In January 2023, one of Calderon-Carrillo’s sons, Edgar Yovani Calderon-Calderon, aka “Panon,” who is charged in the same indictment, was arrested in Paris, France. Edgar Yovani Calderon-Calderon was extradited to the United States from France in March 2024 and pleaded guilty in February to international cocaine distribution conspiracy charges.

    As part of his plea agreement, Calderon-Calderon admitted that since at least 2017, up to and including May 31, 2019, he conspired with others to distribute cocaine in Guatemala and elsewhere, knowing and having reasonable cause to believe the cocaine would be unlawfully imported into the United States.

    Calderon-Calderon admitted that he participated in the distribution of large quantities of cocaine in Guatemala on behalf of a drug trafficking organization based in La Mesilla, Huehuetenango, Guatemala. From Huehuetenango, the cocaine was transported to co-conspirators operating near the Guatemala-Mexico border, into Mexico, and ultimately smuggled into the United States. As part of his plea agreement, Calderon-Calderon admitted that the conspiracy involved at least 550 kilograms of cocaine. On May 30, Calderon-Calderon was sentenced to 87 months in prison.

    The remaining defendants charged in the indictment are fugitives.

    Defendants

    • Baldemar Calderon-Carrillo, aka “Don Valde”, 67, Guatemala
    • Amado Calderon-Calderon, aka “Don Juan”, 46, Guatemala
    • Walfre Donaldo Calderon-Calderon, aka “El Teniente Jr.”, 43, Guatemala
    • Ceidner Ivan Calderon-Villatoro, aka “Chene”, 35, Guatemala
    • Edgar Yovani Calderon-Calderon, aka “Panon”, 45, Guatemala
    • Boris Brandon Calderon-Villatoro, aka “Leon”, 31, Guatemala
    • Fredy Estuardo Villatoro-Calderon, aka “Nalo”, 31, Guatemala
    • Juan Carlos Escobedo-Herrera, aka “Ducati”, 34, Guatemala
    • Marvin Waldemar Mendez-Aldana, aka “Don Pelado”, 44, Guatemala
    • German Zaldana-Lima, aka “Gorgo”, 50, Guatemala
    • Arnoldo Bexsael Morales-Aguilar, aka “Bex”, 57, Guatemala
    • Ranferi Godinez-Vasquez, aka “Chilo”, 31, Guatemala
    • Maximo Morales-Godinez, aka “Max”, 37, Guatemala

    This case is being prosecuted by Assistant U.S. Attorneys Kevin Mokhtari.

    The Justice Department’s Office of International Affairs and French authorities provided substantial assistance to secure the arrest and extradition of Edgar Yovani Calderon-Calderon.

    MIL OSI USA News –

  • MIL-OSI USA: LANCASTER – Governor Shapiro to Visit Farnam Street East Apartment Building in Lancaster to Highlight Historic Investments in Affordable Housing, PHARE Awards

    Source: US State of Pennsylvania

    June 18, 2025 – Lancaster, PA

    ADVISORY – LANCASTER – Governor Shapiro to Visit Farnam Street East Apartment Building in Lancaster to Highlight Historic Investments in Affordable Housing, PHARE Awards

    Governor Josh Shapiro will visit the Lancaster City Housing Authority’sbEast apartment building to spotlight his Administration’s work to expand access to affordable housing and the latest investments through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund. Last week, the Pennsylvania Housing Finance Agency (PHFA) announced $73 million through PHARE to support 387 housing initiatives statewide – including $300,000 for renovations at Lancaster’s Farnum Street East, a 169-unit public housing complex for seniors and disabled individuals.

    Governor Shapiro’s 2024-25 bipartisan budget nearly doubled Pennsylvania’s commitment to affordable housing by raising the PHARE cap to $100 million annually by 2027. Building on that progress, the Governor’s 2025-26 budget proposal invests an additional $10 million in PHARE and includes the largest overall housing investment in Pennsylvania history and includes $50 million for a new statewide housing repair fund, $10 million to support first-time homebuyers, and targeted eviction sealing reform.

    WHO:
    Governor Josh Shapiro
    Robin Weissmann, PHFA Executive Director and CEO
    Barbara J. Ellis Wilson, Lancaster City Housing Authority Executive Director
    Representative Ismail Smith-Wade-El

    WHERE:
    Lancaster City Housing Authority – Farnum Street East
    Community Room
    33 East Farnum Street
    Lancaster, PA 17602

    WHEN:
    Wednesday, June 18, 2025, at 12:00 PM

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending should RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Over 500,000 homes to be built through new National Housing Bank

    Source: United Kingdom – Executive Government & Departments

    Press release

    Over 500,000 homes to be built through new National Housing Bank

    £16bn of new public investment will help build over 500,000 new homes, unlocking over £53bn of private investment, as part of the government’s Plan for Change 

    Hundreds of thousands of extra homes will be delivered thanks to a bold new government-backed ‘housing bank’ that will unlock billions in private sector investment to turbocharge housebuilding.    

    The National Housing Bank, a subsidiary of Homes England, will be publicly owned and backed with £16 billion of financial capacity, on top of £6bn of existing finance to be allocated this Parliament, in order to accelerate housebuilding and leverage in £53 billion of additional private investment, creating jobs and delivering over 500,000 new homes.    

    The trailblazing approach will see Homes England, the national housing and regeneration agency, able to issue government guarantees directly and have greater autonomy and flexibility to make the long-term investments that are needed to reform the housing market and deliver strong returns.    

    With long-term, flexible capital, the National Housing Bank will be able to act as a consistent partner to the private sector, bringing the stability and certainty that housing developers and investors need to make delivery happen. It will also support SMEs with new lending products and enable developers to unlock large, complex sites through infrastructure finance.        

    Deputy Prime Minister and Housing Secretary Angela Rayner:  

    “We‘re turning the tide on the housing crisis we inherited – whether that’s fixing our broken planning system, investing £39 billion to deliver more social and affordable homes, or now creating a National Housing Bank to lever in vital investment.    

    “This government is delivering reform and investing in Britain’s renewal through our Plan for Change. Our foot is firmly on the accelerator when it comes to making sure a generation is no longer locked out of homeownership – or ensuring children don’t have to grow up in unsuitable temporary accommodation, and instead have the safe and secure home they deserve.” 

    The Bank will deploy some of the £2.5 billion in low-interest loans announced at the Spending Review to support build social and affordable homes. 

    It builds on £39 billion investment announced at the Spending Review for a new 10-year Affordable Homes Programme, which is the biggest boost to social and affordable housing investment in a generation, supporting our Plan for Change milestone to build 1.5 million homes.   

    This comes ahead of the government’s 10 Year Infrastructure Strategy to be published tomorrow. The strategy will set out a £725 billion plan to rebuild the UK over the coming decade, bringing together for the first time economic, social and housing infrastructure.   

    Chancellor of the Exchequer, Rachel Reeves, said:  

    “Our Spending Review last week delivered the biggest cash injection into social and affordable housing in 50 years as we progress on our promise to build 1.5 million homes. 

    “As part of our Plan for Change, the new National Housing Bank will unlock £53 billion of additional private investment—giving more working people the security of home ownership and investing in Britain’s renewal.” 

    Because we reformed our fiscal rules, we can invest through government-backed institutions, like the new National Housing Bank, to attract private investment and make sure money flows into projects that deliver real benefits for working people and communities.

    The Bank will help unlock a wide range of sites, including larger ones which struggle to get up front lending given their risk and complexity, using a mixture of equity investment, loans and guarantees to leverage global institutional capital into UK housing, reducing risk at the early stages of development.    

    It will also support SME lending by establishing additional lending alliances with private sector partners and leverage in additional capital and expertise, including providing revolving credit facilities to help SMEs to grow and build out their housing pipeline more quickly. This follows proposals previously announced to bolster the capabilities of SME developers, which provide local jobs and train construction apprentices, by streamlining and simplifying overly complex planning rules.    

    Homes England Chair Pat Ritchie said: 

    “Establishing the National Housing Bank, as a part of Homes England, builds on the Agency’s expertise at providing a wide range of finance to partners and places to unlock the delivery of new housing and mixed-use schemes. 

    “The National Housing Bank also responds to calls from the housing sector, mayors and local leaders to increase the scale of available public and private finance for housing and regeneration, provide a broader range of flexible debt, equity and guarantee products, and enable more timely decision making.” 

    The government will also work with the Mayor of London to establish a City Hall Developer Investment Fund, and support housing regeneration around London Euston, to help deliver London’s ambition to build around 80,000 homes per year. In Greater Manchester, the Housing Investment Loan Fund will be extended to deliver thousands of new homes over the next ten years.    

    A programme of investment including £5 billion grant funding for infrastructure and land from the new National Housing Delivery Fund will complement capital investment from the National Housing Bank. This package will drive growth and transform places, boosting housing supply on otherwise unviable large and complex sites, and support land assembly, remediation and up-front infrastructure delivery such as utilities and schools.  

    Paul Rickard, Chief Executive Officer, Pocket Living:

    “The creation of this National Housing Bank, alongside the recent spending review and other policy announcements, is a huge boost for housing delivery. We particularly welcome the recognition of the importance of SME developers with one of the banks focus’ being new funding options for SMEs and the freedom for the public and private sector to innovate together to deliver more homes. We have been working closely with government to ensure that the SME sector has capacity, certainty, and flexibility and we are delighted this is now being delivered.”

    Stephen Teagle, CEO, Partnerships & Regeneration, Vistry Group:

    “This announcement underlines the government’s commitment to use all the tools available to drive delivery and tackle the housing crisis head-on.

    “Establishing the new National Housing Bank as a subsidiary of Homes England will help bring schemes forward at pace, ensure alignment with other programmes and gain traction with developers and investors keen to leverage investment and drive delivery. It recognises that long-term place making and long-term investment go hand in hand. Paired with last week’s measures this is further evidence of a government with an innovative and clear-sighted focus on addressing the years of under supply of new homes to build vibrant communities for the future.

    “Through Vistry’s unique partnerships model, we look forward to continue working with Homes England and all our partners to maximise the benefits of this new initiative.”

    Phil Mayall, Managing Director, Muse Places:

    “Today’s announcement is hugely exciting for the regeneration and housing sector.  Muse has long advocated the need for a longer-term, partnership approach to the delivery of housing in areas of most need and the new National Housing Bank achieves this at scale.  We very much look forward to working in partnership with the Bank and the Government to deliver at pace.”

    Charlie Nunn, Group Chief Executive, Lloyds Banking Group:

    “A new National Housing Bank as part of Homes England is a powerful commitment towards building essential housing across the UK, at pace and at scale. As the MADE partnership between Lloyds Banking Group and Homes England demonstrates, by providing greater certainty and risk-sharing for developers, SME housebuilders, regional and local authorities, while strengthening public-private partnerships for institutional investors, we can accelerate the flow of private finance and deliver more homes in the places they’re needed most.”

    Greg Reed, CEO, Places for People:

    “The catalytic combination of a generationally significant affordable programme and the creation of a National Housing Bank is truly game changing for the provision of social housing in this country.”

    Kate Henderson, Chief Executive of the National Housing Federation:

    “The National Housing Bank is another welcome, innovative initiative from the government and a clear statement of intent on fixing the housing crisis. Alongside the ambitious new Affordable Homes Programme and the long-term certainty provided by the new rent settlement announced at the Spending Review, the £2.5bn low-cost loans for social housing providers will bolster our sector’s capacity to get building. We will continue to work with the government to deliver the truly affordable homes so many people across the country need.”

    Notes to editors:     

    ·       The Bank will be publicly owned and designated as a Public Financial Institution (PuFin) to make a long-term return for government aligned with the requirements set out in the 2025 Financial Transaction Control Framework. It will give the housing sector the certainty, flexibility and the capacity to deliver at scale, and will work with mayors and local leaders to back housing projects that meets regional priorities.    

    • The National Housing Bank will:  

    • Provide a wider range of debt, equity and guarantee products that support SMEs to accelerate their housebuilding and grow their businesses more rapidly.

    • Expand the use of lending alliances with the private sector, which significantly increases access to finance for housebuilders.

    • Support the unlocking of large and complex sites to increase confidence and boost housing supply through the provision of infrastructure finance and guarantees.

    • Significantly scale up investment into partnerships that draw more institutional investment into housing and mixed-use schemes such as the recently agreed Schroders Real Estate Impact Fund, the MADE Partnership with Lloyds Bank Group and Barratt Redrow and HABIKO joint venture with PIC and Muse, and the public-private partnership with Oaktree Capital and Greycoat Real Estate.

    • Work with Mayors and local leaders to develop integrated packages of financial support to deliver their housing and regeneration priorities, alongside wider land and grant funding.

    • Provide the low-interest loans announced at the Spending Review to support the delivery of more social and affordable homes – recognising their importance in tackling the housing crisis.

    • The £16bn is additional to MHCLG’s existing financial guarantee programme, with £6bn of existing finance to be allocated this Parliament. will have greater freedoms and flexibilities to make long-term investments to tackle the housing crisis.    

    • The new National Housing Bank will be a publicly owned subsidiary of Homes England, designated as a Public Financial Institution (PuFin) that is aligned with the requirements set out in the 2025 Financial Transaction Control Framework.   

    • Following this announcement MHCLG and Homes England will work with the Greater London Authority, and established Mayoral Strategic Authorities, to agree how to support them to deliver on regional housing priorities.   

    • As part of this, MHCLG and Homes England may agree that some of this £16bn allocation for the National Housing Bank will be devolved to the GLA or Mayoral Strategic Authorities – and would therefore be delivered outside the remit of the Bank, but with the same targets and objectives  

    • The National Housing Bank is a permanent institution which will deliver debt, equity and guarantees. In many cases CDEL grant will also be a critical part of the capital stack to deliver large scale, complex and transformational housing regeneration and infrastructure projects.  

    • To support this, alongside these financial products MHCLG will provide c.£5bn CDEL grant to invest across the country. This CDEL grant will sit alongside the financial products delivered by the National Housing Bank to ensure large, transformative and otherwise unviable projects nationwide can be delivered.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Luján: Senate Republican Bill Will Strip Health Care From Millions of Americans, Force Rural Hospital Closures

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement on Senate Republicans’ reconciliation bill text:

    “Senate Republicans unveiled their reconciliation bill – and it’s even more extreme than the House version. It would make the largest cuts to Medicaid and the Affordable Care Act in history, ripping health care away from Americans, forcing rural hospitals to close, and abandoning the providers who care for our communities.

    “In New Mexico, more than 800,000 people – including children, seniors, people with disabilities, and families – rely on Medicaid. This bill would kick millions of Americans off their coverage just to give handouts to the wealthiest individuals and corporate interests.

    “Most people on Medicaid already work or care for loved ones. If Senate Republicans were serious about improving the program, they’d work with Senate Democrats to strengthen it. I’ll fight this bill every step of the way to protect New Mexicans who can’t afford to lose their care.”

    Last week, Senator Luján joined Senate Finance Committee Democrats at a press conference to announce the HCBS Relief Act and a series of additional proposals to invest in the Medicaid program and boost federal anti-fraud initiatives.

    MIL OSI USA News –

  • MIL-OSI USA: Luján: Senate Republican Bill Will Strip Health Care From Millions of Americans, Force Rural Hospital Closures

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement on Senate Republicans’ reconciliation bill text:

    “Senate Republicans unveiled their reconciliation bill – and it’s even more extreme than the House version. It would make the largest cuts to Medicaid and the Affordable Care Act in history, ripping health care away from Americans, forcing rural hospitals to close, and abandoning the providers who care for our communities.

    “In New Mexico, more than 800,000 people – including children, seniors, people with disabilities, and families – rely on Medicaid. This bill would kick millions of Americans off their coverage just to give handouts to the wealthiest individuals and corporate interests.

    “Most people on Medicaid already work or care for loved ones. If Senate Republicans were serious about improving the program, they’d work with Senate Democrats to strengthen it. I’ll fight this bill every step of the way to protect New Mexicans who can’t afford to lose their care.”

    Last week, Senator Luján joined Senate Finance Committee Democrats at a press conference to announce the HCBS Relief Act and a series of additional proposals to invest in the Medicaid program and boost federal anti-fraud initiatives.

    MIL OSI USA News –

  • MIL-Evening Report: How high can US debt go before it triggers a financial crisis?

    Source: The Conversation (Au and NZ) – By Luke Hartigan, Lecturer in Economics, University of Sydney

    rarrarorro/Shutterstock

    The tax cuts bill currently being debated by the US Senate will add another US$3 trillion (A$4.6 trillion) to US debt. President Donald Trump calls it the “big, beautiful bill”; his erstwhile policy adviser Elon Musk called it a “disgusting abomination”.

    Foreign investors have already been rattled by Trump’s upending of the global trade system. The eruption of war in the Middle East would usually lead to “flight to safety” buying of the US dollar, but the dollar has barely budged. That suggests US assets are not seen as the safe haven they used to be.

    Greg Combet, chair of Australia’s own sovereign wealth fund, the Future Fund, outlined many of the new risks arising from US policies in a speech on Tuesday.

    As investors turn cautious on the US, at some point the surging US debt pile will become unsustainable. That could risk a financial crisis. But at what point does that happen?

    The public sector holds a range of debt

    When talking about the sustainability of US government debt, we have to distinguish between total debt and public debt.

    Public debt is owed to individuals, companies, foreign governments and investors. This accounts for about 80% of total US debt. The remainder is intra-governmental debt held by government agencies and the Federal Reserve.

    Public debt is a more correct measure of US government debt. And it is much less than the headline total government debt amount that is frequently quoted, which is running at US$36 trillion or 121% of GDP.

    Are there limits to government debt?

    Governments are not like households. They can feasibly roll over debt indefinitely and don’t technically need to repay it, unlike a personal credit card. And countries such as the US that issue debt in their own currency can’t technically default unless they choose to.

    Debt also serves a useful role. It is the main way a government funds infrastructure projects. It is an important channel for monetary policy, because the US Federal Reserve sets the benchmark interest rate that affects borrowing costs across the economy. And because the US government issues bonds, known as Treasuries, to finance the debt, this is an important asset for investors.

    There is probably some limit to the amount of debt the US government can issue. But we don’t really know what this amount is, and we won’t know until we get there. Additionally, the US’s reserve currency status, due to the US dollar’s dominant role in international finance, gives the US government more leeway than other governments.

    Interest costs are surging

    What is important is the government’s ability to service its debt – that is, to pay the interest cost. This depends on two components: growth in economic activity, and the interest rate on government debt.

    If economic growth on average is higher than the interest rate, then the government’s effective interest cost is negative and it could sustainably carry its existing debt burden.

    The interest cost of US government debt has surged recently following a series of Federal Reserve interest rate hikes in 2022 and 2023 to quell inflation.

    The US government is now spending more on interest payments than on defence – about US$882 billion annually. This will soon start crowding out spending in other areas, unless taxes are raised or further spending cuts made.

    Recent policy decisions not helping

    The turmoil caused by Trump’s “Liberation Day” tariffs and heightened uncertainty about future government policy are expected to weaken US economic growth and raise inflation. This, coupled with the recent credit downgrade of US government debt by ratings agency Moody’s, is likely to put upward pressure on US interest rates, further increasing the servicing cost of US government debt.

    Moody’s cited concerns about the growth of US federal debt. This comes as the US House of Representatives passed the “One Big Beautiful Bill Act”, which seeks to extend the 2017 tax cuts indefinitely while slashing social spending. This has caused some to question the sustainability of the US government’s fiscal position.

    The non-partisan Congressional Budget Office estimates the bill will add a further US$3 trillion to government debt over the ten years to 2034, increasing debt to 124% of GDP. And this would increase to US$4.5 trillion over ten years and take debt to 128% of GDP if some tax initiatives were made permanent.

    Also troubling is Section 899 of the bill, known as the “revenge tax”. This controversial provision raises the tax payable by foreign investors and could further deter foreign investment, potentially making US government debt even less attractive.

    A compromised Federal Reserve is the next risk

    The passing of the tax and spending bill is unlikely to cause a financial crisis in the US. But the US could be entering into a period of “fiscal dominance”, which is just as concerning.

    In this situation, the independence of the Federal Reserve might be compromised if it is pressured to support the US government’s fiscal position. It would do this by keeping interest rates lower than otherwise, or buying government debt to support the government instead of targeting inflation. Trump has already been putting pressure on Federal Reserve chair Jerome Powell, demanding he cut rates immediately.

    This could lead to much higher inflation in the US, as occurred in Germany in the 1920s, and more recently in Argentina and Turkey.

    Luke Hartigan receives funding from the Australian Research Council (DP230100959)

    – ref. How high can US debt go before it triggers a financial crisis? – https://theconversation.com/how-high-can-us-debt-go-before-it-triggers-a-financial-crisis-258812

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Would a corporate tax cut boost productivity in Australia? So far, the evidence is unclear

    Source: The Conversation (Au and NZ) – By Isaac Gross, Lecturer in Economics, Monash University

    The Conversation, CC BY-NC

    The first term of the Albanese government was defined by its fight against inflation, but the second looks like it will be defined by a need to kick start Australia’s sluggish productivity growth.

    Productivity is essentially the art of earning more while working less and is critical for driving our standard of living higher.

    The Productivity Commission, tasked with figuring out how to get Australia’s sluggish productivity back on track, is pushing hard for corporate tax cuts as a key part of their plan for building a “dynamic and resilient economy”.

    The idea? Lower taxes will attract more foreign investment, get businesses spending again and eventually boost workers’ productivity.

    Commission chair, Danielle Wood, said last week while the commission wanted to create more investment opportunities, it was aware this would hit the budget bottom line:

    So we’re looking at ways to spur investment while finding other ways we might be able to pick up revenue in the system.

    The general company tax rate is currently 30% for large firms, and there’s a reduced rate of 25% for smaller companies with an overall turnover of less than A$50 million.

    What the textbooks and other countries tell us

    The Productivity Commission’s theory makes sense: if you make capital cheaper and you should get more of it flowing in.

    A larger stock of capital means there is more to invest in Australian workers. This should make us more productive and help boost workers’ wages. And looking overseas, the evidence mostly backs this up.

    A meta-analysis of 25 studies covering the US, UK, Japan, France, Germany, Canada, Netherlands, Sweden, Italy, Switzerland,
    Denmark, Portugal and Finland found every percentage point you slice off the corporate tax rate brings in about 3.3% more foreign direct investment.

    Other research shows multinational companies really do move their operations to places with lower tax rates. This explains why we’re seeing this race to the bottom across Europe and North America, with countries constantly trying to undercut each other.

    Research on location decisions shows how multinationals reshuffle their operations based on effective average tax rates.

    Even within the United States, a US study found increases in corporate tax rates lead to big reductions in employment and wage income. However, corporate tax cuts can boost economic activity – though typically only if they are implemented during recessions.

    Australia’s limited track record

    Here in Australia we don’t have much local evidence to go on, and what we do have is pretty puzzling.

    This matters because Australia’s corporate tax system has some unique features that may make overseas evidence less relevant. We have dividend imputation (franking credits), different treatment of capital gains, access to immediate reimbursement for some small business expenses and complex capitalisation rules that limit debt deductions for multinationals.

    The Federal Government is focussed on improving productivity. In this five-part series, we’ve asked leading experts what that means for the economy, what’s holding us back and their best ideas for reform.

    A study by a group of Australian National University economists looked at how the tax system affects business investment. They examined the [2015 and 2016 corporate tax cuts] for small businesses using data on business investment from the Australian Bureau of Statistics combined with tax data from the Australian Tax Office.

    The findings were mixed. After the 2015 cut, firms already investing in buildings and equipment spent more — that is, the policy boosted investment only at the intensive margin.

    By contrast, there was no evidence it enticed firms that had not been investing to start doing so. The follow-up cut in 2016 had even less bite. Its estimated effect on investment was so small it is statistically indistinguishable from zero.

    It remains unclear why the previous corporate tax reductions largely failed to produce a measurable increase in investment. Perhaps the tax cut itself was simply too modest. Or the available data was too volatile to capture its effects.

    But it runs contrary to what economic theory tells us to expect. This should give us pause for thought.

    The big questions nobody can answer yet

    For politicians thinking about another round of corporate tax cuts, this creates an uncomfortable situation. We’ve got solid evidence from overseas it works, but only one weak data point from Australia, plus a lot of head-scratching about why the second cut didn’t move the dial.

    Fortunately, the Productivity Commission has the in-house expertise to further investigate this question.

    Before we make further cuts to the company tax rate, we should have an in-depth study of these two tax cuts replicating and extending the previous work to see what effect – if any – they had on investment, employment, productivity and Australian living standards.

    Until we can solve these puzzles, Australia’s debate over corporate tax rates will keep spinning its wheels. Much like our national productivity itself.

    Isaac Gross does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Would a corporate tax cut boost productivity in Australia? So far, the evidence is unclear – https://theconversation.com/would-a-corporate-tax-cut-boost-productivity-in-australia-so-far-the-evidence-is-unclear-258575

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Going for growth with more overseas investment

    Source: New Zealand Government

    Associate Finance Minister David Seymour welcomes the introduction of legislation to make it easier for New Zealand businesses to receive new investment, grow and pay higher wages. 

    The Overseas Investment (National Interest Test and Other Matters) Amendment Bill has been introduced to the House.  

    “New Zealand has been turning away opportunities for growth for too long. Having one of the most restrictive foreign investment regimes in the OECD means we’ve paid the price in lost opportunities, lower productivity, and stagnant wages. This Bill is about reversing that,” says Mr Seymour. 

    “In 2023, New Zealand’s stock of foreign direct investment sat at just 39% of GDP, far below the OECD average of 52%. Investors are looking elsewhere, so we’re showing them why New Zealand is the best place to bring their ideas and capital. 

    “International investment is critical to ensuring economic growth. It provides access to capital and technology that grows New Zealand businesses, enhances productivity, and supports high paying jobs.  

    “New Zealand’s productivity growth has closely tracked the amount of capital workers have had to work with. Our capital-to-labour ratio has seen very little growth in the last 10 years, averaging approximately 0.7 per cent in measured sectors annually. That’s compared to growth in the capital-to-labour ratio in measured sectors of around 2.2 percent in the previous 10 years. Unsurprisingly, productivity growth averaged 1.4 percent a year between 1993 and 2013, but only 0.2 percent between 2013 and 2023. 

    “The Bill will consolidate and simplify the screening process for less sensitive assets, introducing a modified national interest test that will enable the regulator to triage low-risk transactions, replacing the existing benefit to New Zealand test and investor test. If a national interest risk is identified, the regulator and relevant Minister will have a range of tools to manage this, including through imposing conditions or blocking the transaction. 

    The current screening requirements will stay in place for investments in farmland and fishing quota. 

    “For all investments aside from residential land, farmland and fishing quota, decisions must be made in 15 days, unless the application could be contrary to New Zealand’s national interest. In contrast, the current timeframe in the Regulations for the benefit test is 70 days, and the average time taken for decisions to be made is 30 days for this test,” says Mr Seymour.

    “High-value investments, such as significant business assets, existing forestry and non-farmland, account for around $14 billion of gross investment each year. We’re removing the barriers for these investments so that number can grow. 

    “The Ministerial Directive Letter will be updated to provide guidance on which assets should undergo further scrutiny and which risks may be contrary to New Zealand’s national interest. This guidance will provide a degree of certainty to investors and support a flexible regime which is responsive to new and emerging risks. 

    “The updated system brings New Zealand up to speed with other advanced economies. They benefit from the flow of money and the ideas that come with overseas investment. If we are going to raise wages, we can’t afford to ignore the simple fact that our competitors gain money and know-how from outside their borders. 

    “These reforms cut compliance costs, reduce processing times, and restore confidence that New Zealand is open for business. The Bill will be passed by the end of the year and the new regime implemented by early 2026. A new Ministerial Directive Letter will come into force at the same time.”   

    The Bill can be read here: Overseas Investment (National Interest Test and Other Matters) Amendment Bill 171-1 (2025), Government Bill Contents – New Zealand Legislation

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Speech to the Wellington Chamber of Commerce: Saying yes to more housing

    Source: New Zealand Government

    Good morning and thanks to the Wellington Chamber of Commerce for hosting us.

    I have spent most of my life in either the Hutt or Wellington and I love this city and I love our region.

    Some people like to paint this city as only a public service town. The reality, as you all know, is that Wellington is much more than that.

    From innovative startups, world-leading creative industries, and high-tech manufacturing, Wellington has a huge role to play in New Zealand’s economic future.

    Wellington is so much more than the public service and we need to stop defining ourselves by the fact central government is based here.

    We also need to gently – or not so gently – push back at other people around the country who are only too willing to do the same thing.

    Like the rest of the country, Wellington faces difficult economic times. 

    The Government came to office with New Zealand in the midst of a prolonged cost of living crisis, with high inflation, high interest rates, and after years of profligate debt-fuelled government spending.

    Like all big parties, the morning after the night before hasn’t been pretty. The hangover kicked in hard, and we are now grappling with cleaning up the mess. 

    The good news is that we are making progress thanks to fiscal prudence from the government and orthodox economic policy that knows that salvation lies not in ever increasing debt, spending and taxation, but the opposite.

    The economic recovery is under way. 

    Inflation is down and is forecast to stay within the 1 to 3 per cent target band.

    Interest rates are down, and forecast to fall further. 

    The Budget forecasts GDP to rise to healthy rates of around 3 per cent in each of the next two years.

    Wages are forecast to grow faster than the inflation rate, making wage earners better off, on average, in real terms.

    The Budget also forecasts that 240,000 more people will be in work over the forecast period to mid-2029.

    Many New Zealanders may not be feeling better off now, but over time they will – provided we stay the course.

    The recovery remains fragile. Global uncertainty has caused Treasury to peg back its forecasts, especially in the near term.

    The recovery isn’t in danger, but it is likely to be slower than previously forecast.

    As a government, we’re talking straight with New Zealanders about the way ahead. 

    About getting public debt under control and nurturing the economic recovery now under way.

    About carefully managing the public purse. Making sure we’re using taxpayer dollars to pay for the must-haves, rather than the nice to haves.

    About making sure we don’t put the economic recovery at risk – because a growing economy is the route to higher living standards for everyone.

    It hasn’t been easy, but I’m proud of our work so far in government.

    This Government is taking on big challenges.

    We’re going for growth now and securing our economic recovery.

    But we’re also laying the foundations for sustained growth in the medium and long-term.

    We need to be honest with ourselves. 

    New Zealand has been slipping for years.

    Our challenge as a country isn’t just about the last few years, or even the last decade.

    We have low productivity growth, low capital intensity in our firms, low levels of competition in many sectors, challenges in attracting and retaining skills and talent, low uptake of innovation, and a growing tail of New Zealanders leaving school without basic skills.

    Stagnation and mediocrity are not our destiny.

    Not if we make the right choices and not if we have courage.

    Going for economic growth means saying “yes” to things when we’ve said “no” in the past.

    It means taking on some tough political debates that we’ve previously shied away from.

    It means bold decisions which may look difficult at the time but which in hindsight will be regarded incontrovertibly as the right thing to do.

    Managed decline is only inevitable if we let it be.

    HOUSING AND GROWTH

    Today I want to talk to you about housing as a driver of growth.

    One of the things I’ve been trying to emphasise since I became a Minister is that housing has a critical role to play in addressing our economic woes.

    Fixing our housing crisis will help grow the economy by directing investment away from property. It will help the cost of living by making renting or home ownership more affordable. It will help the government books by reducing the amount of money we spend on housing subsidies.

    Most importantly, letting our cities grow will help drive productivity growth, probably our greatest economic challenge.

    It is an irrefutable fact that cities are unparalleled engines of productivity, and the economic evidence shows bigger is better. 

    New Zealand can raise our chronically low productivity rates simply by allowing our towns and cities to grow up and out. We need bigger cities and, to facilitate that, we need more houses. 

    Ultimately, growing cities means growing opportunities – opportunities for jobs, for higher wages, and for a better future.

    Today I want to update you on the raft of reforms we have underway to tackle our housing crisis, and tell you about some additional steps we are taking. 

    OUR GOING FOR HOUSING GROWTH REFORMS

    Last year, I announced the Government’s Going for Housing Growth policy. 

    This is about getting the fundamentals of the housing market sorted.

    Going for Housing Growth consists of three pillars of work:

    Pillar 1 is about freeing up land for development and removing unnecessary planning barriers. Pillar 2 is focused on improving infrastructure funding and financing to support urban growth, and Pillar 3 provides incentives for communities and councils to support growth.

    Pillar 1 is very important. 

    Report after report and inquiry after inquiry has found that our planning system, particularly restrictions on the supply of urban land, are at the heart of our housing affordability challenge.

    We are not a small country by land mass, but our planning system has made it difficult for our cities to grow. As a result, we have excessively high land prices driven by market expectations of an ongoing shortage of developable urban land to meet demand.

    We have been working on the finer details of Pillar 1 since it was announced last year. This pillar includes our work on Housing Growth Targets requiring councils to “live-zone” for 30-years of housing demand, making it easier for cities to expand by abolishing rural-urban boundaries, strengthening the intensification rules, putting in new requirements on councils to enable more mixed-used development, and abolishing minimum floor areas and balcony requirements.

    But freeing up land is not enough on its own. We also need to ensure the timely provision of infrastructure. This is what Pillar 2 is all about, and includes replacing development contributions with a development levy system, increasing the flexibility of targeted rates, and strengthening the Infrastructure Funding and Financing Act. 

    These changes all lead to our ultimate ambition: growth paying for growth. They help create a flexible funding and financing system to match our soon-to-be flexible planning system.

    Today, however, I want to focus on Pillar 1, and the work we are doing to increase development capacity and let our cities and regions grow.

    A COMPLICATED STARTING POINT

    When we came into government, we inherited a complicated legal landscape.

    The last government introduced a thing called National Policy Statement on Urban Development – or NPS-UD – in mid-2020. This is the legal mechanism that required councils to allow greater density around rapid transit stops, in CBDs and in metro centres.

    The NPS-UD is a good tool and Phil Twyford in particular deserves great credit for getting it through. I supported its introduction at the time and I continue to support it. And we’ve committed to strengthen it.

    Then in 2021 Parliament legislated for the Medium Density Residential Standards, known as the MDRS. These are the rules that require councils to allow the development of three homes up to three storeys on each site, without the need for resource consent.

    National campaigned on making the MDRS optional for councils, rather than mandatory. We also campaigned on requiring councils to live-zone enough housing capacity for thirty years of growth at any one time through housing growth targets that would be set by government. The intent was to give councils more choice about where growth occurred, not to stop it.

    When we came to Government, Councils across the country were in the middle of implementing expensive, long-running plan changes to adopt both the NPS-UD and the MDRS.

    Almost all councils have now completed these plan changes, including here in Wellington. I signed off on the new Wellington District Plan last year, which significantly raises development capacity. There are already developers taking advantage of the new liberalised rules.

    I tip my hat to the progressive majority on the Wellington Council who wrestled with the economically perverse and wrong-headed conclusions of the Independent Hearings Panel and zoned for more housing.

    The Wellington City Council rightly gets a bad rap for many different reasons. But on housing they got it right.

    The three councils who have not yet completed their plan changes are Auckland, Christchurch and Waimakariri.

    As I say, our original policy was to let councils opt-out of the MDRS laws (but not the NPS-UD). But the practical reality is that would require councils to go through yet another round of plan changes – and all of this with more fundamental changes coming to the RMA in 2026 anyway. 

    In 2026 Parliament will legislate for completely new planning laws, due to take effect in 2027 to align with councils’ new Long Term Plans.

    It seemed ridiculous to make councils go through another round of plan changes in advance of a completely new system coming in 2027.

    We have therefore taken the pragmatic decision to remove the ability for councils to opt out of the MDRS and to work on bespoke legislative solutions for the two major cities – Auckland and Christchurch – who hadn’t yet finished their plan changes.

    SOLUTION FOR OUR BIGGEST CITIES 

    Auckland’s intensification plan change, PC78, has been underway since 2022. 

    Progress has been slow for many reasons, including the Auckland floods. The intensification plan change process does not allow Auckland to “downzone” certain areas due to natural hazard risk – only to “upzone” them – and the Council asked the government to fix this problem. 

    So we have agreed to allow Auckland to withdraw PC78. The legal mechanism for this is a RMA Amendment Bill currently before Parliament and recently reported back from the Environment Committee.

    We’ve taken two key steps to ensure development capacity is still improved in Auckland. 

    First, we directed Auckland Council to immediately bring forward decisions on the well-progressed parts of PC78 that related specially to the city centre. The Council met this requirement, finalising this part of their plan change on 22 May. 

    The Auckland CBD plan could go a lot further in my view. It is a real missed opportunity and in due course the council is going to have to have another look at it, particularly around the viewshafts which eviscerate hundreds of millions of dollars of economic value.

    Second, the law will require Auckland Council to progress a brand-new plan change urgently, notifying by 10 October this year.

    This new plan change lets Auckland Council address natural hazard risks and allows for more development capacity for housing and businesses. 

    Crucially, it directs that this plan change must enable the same or more capacity as PC78 did. We’re also requiring greater density around three key stations that will benefit from City Rail Link – Mount Eden, Kingsland, and Morningside.

    This ensures that housing capacity increases in Auckland, and that we make the most of a once-in-a-generation infrastructure investment. 

    Thankfully, Christchurch’s solution is far simpler (although all of this is relative): they are able to withdraw their plan change, provided they allow for 30 years of housing growth at the same time. 

    ENDING THE CULTURE OF NO

    With Auckland and Christchurch in the process of being sorted, and other councils – including Wellington – having completed their housing plan changes, the rules are now largely locked in until our new planning system takes over. 

    This is largely a good thing. Either the MDRS, or the capacity it unlocks, is in place across the country. That represents hundreds of thousands of additional potential homes for the coming years.

    The NPS-UD has now also been implemented nationwide, ensuring that growth will be clustered around public transit hubs and key urban centres. This means shaping our cities to reflect the way that Kiwis actually live.

    These are big, world-leading, reforms. They’re not perfect, but they are progress – and we shouldn’t take that lightly.

    I’m proud that these reforms are basically supported in a bipartisan way across Parliament. 

    National started the Auckland process with the Auckland Unitary Plan in 2016, following Auckland local government reform in 2010. The Unitary Plan has been closely studied internationally and the evidence is clear that rents are lower in Auckland because of the AUP.

    World-leading reform is exactly what we need to fix a world-leading housing crisis. We need to get as close to perfect as possible.

    That brings me to local government.

    It is an inarguable, and sometimes uncomfortable, fact that local government has been one of the largest barriers to housing growth in New Zealand.

    It took nearly five years for councils to implement the NPS-UD and MDRS. To say they dragged their feet is an understatement.

    In this time, Christchurch City Council just outright defied its legal obligations, voting to ignore the MDRS altogether. The last Government used RMA intervention powers just to make them do it. 

    The Council then spent years and a large amount of money arguing for special exemptions, ignoring clear directives from central government.

    Auckland Council wasn’t much better. Yes, the Auckland floods caused delays, and yes, the cancellation of Light Rail had an impact on their plan. But they used every excuse in the book to stall progress.

    I am convinced that if we had not come to an agreement on PC78, Auckland would still be dragging its heels — and many of these future homes would still be stuck on paper.

    Wellington isn’t perfect, either. It took the most high-profile district-plan lobbying campaign in New Zealand history, and some very committed councillors like Rebecca Matthews, to get a plan in place that actually supports and enables growth.

    Sadly, some council planning departments are basically a law unto themselves. I’ve lost count of the number of people who have told me awful stories about battles with council planners who try and micro-manage every little element of a housing development.

    Where the planter boxes on the driveway will be located. The architectural design of the new garage. Which way the living room is designed. Whether front doors should face the street in order to create “neighbourliness” or whether they should face away from the street in order to create “seclusion and privacy.” 

    We have had decades of local councils trying to make housing someone else’s problem, and we have a planning system that lets them get away with it.

    So, what do we do? We fix the system. 

    A streamlined planning system that requires housing growth – not just permits it – is the answer. Standardised zoning, housing growth targets, and less red tape solve this problem. 

    What they don’t solve, however, is the time it takes to reform our planning system. Councils won’t start work on their new plans under our new system until 2027. 

    And while we can’t legislate to fast-forward time, we can’t afford to wait either.

    That’s why today, I’m announcing that we will be adding a new tool to our growth toolkit.

    Cabinet has agreed to insert a new regulation making power into the RMA, allowing us to modify or remove provisions in local council plans if they negatively impact economic growth, development capacity, or employment.

    Prior to exercising this power, the Minister must carry out an investigation into the provision in question, consider its consistency with existing national direction under the RMA, and engage with the local authority.

    We believe this strikes the appropriate balance between the local and national interest.  

    This new regulation making power is only an interim measure, and is intended to only be in place until our new planning system comes into effect. We intend to add this as an amendment to the RMA Amendment Bill currently before Parliament, expected to pass into law in the next few weeks.

    We know that this is a significant step. But the RMA’s devolution of ultimate power to local authorities just has not worked. 

    New Zealanders elected us with a mandate to deliver economic growth and rebuild our economy, and that’s exactly what this new power will help do.

    We aren’t willing to let a single line in a district plan hold back millions or billions in economic potential. If local councillors don’t have the courage to make the tough decisions, we will do it for them.

    Let me be absolutely clear: the days of letting councils decide that growth shouldn’t happen at all are over.

    EMBEDDING A CULTURE OF YES

    That brings me back to Pillar One of our Going for Housing Growth plan, and our new planning system – designed to embed a culture of ‘yes’ in our country.

    Originally, we had intended to have these Pillar One reforms in place by now. As our plans for more fundamental, wider-reaching change to the RMA took shape, we started to realise that implementing Pillar One now would be, frankly, too difficult and too confusing. 

    So instead, we will be implementing Pillar One of Going for Housing Growth into the new planning system, where it will form the heart of our reforms to enable more housing.

    These will be crucial for creating a more flexible and responsive housing market. We will be establishing ambitious housing growth targets for councils, removing hard urban boundaries to provide more opportunities for development, and strengthening intensification provisions to make it easier to build new houses in the right places. 

    These reforms are bold and ambitious steps in solving our housing crisis. If done right, they will transform the New Zealand economy, and bring housing within reach of the next generation, like it was for ours. 

    However, the key here is doing this right. The devil is in the detail, and as I regularly say, the Government does not have a monopoly on good ideas. 

    Today I am announcing the release of our Going for Housing Growth discussion document, and the opening of consultation into these changes.

    This is the first time New Zealanders will be able to have their say on the Government’s new planning system and will help put flesh onto the bones of our plans to unlock more housing across the country. 

    I want to run through a few of the key proposals in this document, and the kind of questions we are keen to have answered.

    First, our housing growth targets will require councils to enable enough feasible and realistic development capacity to meet 30 years of demand.

    We propose that each relevant council will have its own target for its urban environment, therefore excluding rural areas. We are also asking whether councils be allowed to transfer a portion of the target between themselves by mutual agreement. 

    Unlike now, councils would be required to determine their target by using the same set of 30-year high-growth projections from Statistics NZ. Councils could choose to use a higher projection, but not lower. 

    We are also proposing a contingency margin of 20% on top of those projections. We would rather an oversupply of houses than an undersupply, and this margin protects against that. 

    This would see councils following a strictly controlled set of steps to calculate their own growth target, however, it would still leave the calculation up to them. We are especially keen to hear feedback on whether this is the right approach, or whether central government should determine each council’s growth target instead.

    Standardised zoning in the new planning system is one key mechanism we will use to strengthen and embed these Housing Growth Targets. 

    Standardised zoning essentially turns plan making into a ‘paint-by-numbers’ exercise for councils. We will have a range of pre-designed zones for councils to use – like CBD zones, medium density zones, or single house zones. We set the technical requirements of each zone, but councils chose where to apply them. 

    This approach poses huge opportunities for Housing Growth Targets, making them more impactful, easier to implement, and more transparent.

    Right now, councils spend many months and thousands of dollars modelling capacity in their plans. With standardised zones, there are opportunities to assign clear capacity assumptions for each zone. With standardised technical rules, we can standardise capacity modelling as well. We may set these capacity assumptions centrally, for example, by saying the standardised medium density zone allows for 65 homes per hectare. 

    This approach saves costs, makes plan changes faster and simpler, ensuring that the additional housing capacity they bring is in place as quickly as possible.

    Housing growth targets will ultimately mean that a lot more land is zoned for housing and businesses. The trick is going to be ensuring infrastructure and services are brought on to these areas over-time, and in a way that is truly responsive to demand. 

    We are considering agile land-release mechanisms to bring development areas online quickly, without requiring a full plan change. To achieve this, plans could be required to specify triggers for release such as infrastructure availability, developing and agreeing a detailed development plan, or land price indicators.

    Now a lot goes into this. What should these triggers be? Does the land get automatically released if they are met? How could the land price indicators be calculated in real-time? 

    We’re also considering whether we might need to provide strengthened requirements for councils to be responsive to unanticipated or out-of-sequence development proposals, with less discretion for councils about what constitutes ‘significant’ development capacity.

    Cabinet has agreed to remove councils’ ability to impose rural-urban boundary lines in their planning documents. We’re proposing that the new resource management system is clear that councils are not able to include a policy, objective or rule that sets an urban limit or a rural-urban boundary line in their planning documents for the purposes of urban containment.

    Creating efficient land markets requires creating responsive land markets. These proposals are all highly technical, but if done properly, will deliver development-ready land for housing exactly when the economics is right. 

    That’s what Pillar 1 is all about – letting the economics drive development, rather than council planners. 

    This discussion document contains a range of other questions and proposals, including how we strengthen our existing intensification requirements along public transport corridors, how we measure walkable catchments, what we do with ‘special character’, and how we enable greater mixed-use in our cities through standardised zoning. Consultation opens today and will run until 17 August.

    CONCLUSION

    This discussion document is a critical step in shaping a planning system that finally puts housing supply, economic growth, and common sense at its core. 

    It asks big questions, because the stakes are big: Can we build a system that responds to need, not NIMBYs? One that treats enabling land use as an economic necessity, not a nice to have?

    We are not interested in tinkering. We are building a planning system where housing growth is not just allowed – it’s expected. Where councils are accountable for delivering capacity, not blocking it. 

    I encourage every council, planner, business, and Kiwi who cares about housing affordability and economic prosperity to engage in this consultation. 

    We are open to ideas—but we are not open to delay. 

    The time for excuses is over. The culture of “yes” starts now. Thank you. I will now take your questions. 

    MIL OSI New Zealand News –

  • MIL-OSI: Plains All American Executes Definitive Agreements for $3.75 Billion Sale of NGL Business to Keyera

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, June 17, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today that it has executed definitive agreements with Keyera Corp. (TSX: KEY) (“Keyera”) pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately $5.15 Billion CAD ($3.75 Billion USD).

    The transaction is expected to close in the first quarter of 2026, and is subject to customary closing conditions, including regulatory approvals. As a result of the transaction, Plains will divest its Canadian NGL business but will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.

    Transaction Benefits

    • Results in premier midstream crude oil “pure play”: Positioned to drive efficient growth and streamlining opportunities
    • More durable cash flow stream: Reduces commodity related EBITDA contribution, seasonality and working capital requirements
    • Attractive valuation: Purchase price represents approximately 13x expected 2025 Distributable Cash Flow (DCF)
    • Enhances free cash flow profile: Pro-forma business expected to generate higher percentage of “excess cash flow” with disproportionately lower capital investments and taxes
    • Provides significant financial flexibility: Creates optionality to redeploy capital and execute existing capital allocation framework in a disciplined manner

    Capital Allocation
    Proceeds from the transaction are expected to be approximately $3.0 Billion USD net after: 1) taxes 2) transaction expenses and 3) a potential one-time special distribution. The estimated ~$0.35/unit special distribution is intended to offset potential individual tax liabilities associated with the transaction and is subject to Board approval, ultimate tax implications, and successful closing of the transaction.

    Plains expects to continue executing on its long-term capital allocation framework. Proceeds from the transaction will be prioritized toward:

    • Disciplined bolt-on M&A to extend and expand the crude oil focused portfolio
    • Capital structure optimization including potential repurchases of Series A & Series B Preferred units
    • Opportunistic common unit repurchases

    “Today’s announcement is a win-win transaction for both Plains and Keyera. Plains is exiting the Canadian NGL business at an attractive valuation while Keyera is receiving highly complementary and critical infrastructure in a strategic market,” said Willie Chiang, Chairman and CEO. “Successful completion of this transformative transaction advances our efficient growth strategy and establishes Plains as the premier pure play crude oil midstream entity with highly strategic assets linking North American supply to key demand centers. Importantly, the transaction enhances our free cash flow profile and reduces both commodity exposure and working capital requirements into the future. Post-closing our financial framework should be enhanced, with leverage at or below the low-end of our target range, providing significant financial flexibility and allowing us to continue optimizing our crude oil focused asset base in a disciplined manner while increasing return of capital to our unitholders.”

    Tax Considerations
    Closing of this transaction is a taxable event that is expected to result in a flow through of taxable income to the holders of PAA common units and impact the taxability of distributions to the holders of PAGP Class A shares.

    The tax impact on each holder of PAA common units will vary based on their specific tax circumstances, including their individual ownership, previous passive loss limitations where applicable, tax basis and their holding period.

    We currently estimate that PAA will incur approximately $360 million USD of entity-level taxes payable in Canada associated with the sale of the NGL business and the restructuring of our remaining Canadian crude assets. This is expected to generate a foreign tax credit for PAA common unitholders at close of the transaction that, along with utilization of passive activity loss carry forwards, if any, will offset a significant portion of (and in some cases all of) the taxable gain passed through to individual unitholders.

    The transaction is anticipated to generate current year earnings and profits for PAGP Class A shareholders and thus PAGP distributions in the tax year in which the transaction closes are expected to be taxed as a dividend versus a return of capital, but the transaction is not estimated to result in a material change in the previous forecast for when routine PAGP distributions shift from being a return of capital to being taxed as dividends or when PAGP will become a taxpaying entity.

    The tax impacts associated with closing this transaction may be reduced by unrelated acquisitions or investments that also occur in the same tax period this transaction closes, subject to the tax laws in effect at such time.

    In an effort to offset a significant portion of the anticipated tax impacts associated with the transaction, on or after closing, management intends to recommend to the Plains Board that it approve a one-time special distribution currently estimated to be approximately $0.35 per unit to holders of PAA common units and PAGP Class A shares (Note: the ultimate estimated tax obligation of unitholders may alter the special distribution payment, if any).

    Holders of PAA common units and/or PAGP Class A shares should consult with their own tax advisors to evaluate the tax implications to them for any units or shares owned as of the closing date.

    Additionally, as a result of the restructuring of our Canadian crude assets, we do not anticipate that Plains will be required to pay any meaningful Canadian corporate taxes for the next several years following the closing of the transaction.

    Other Transaction Details
    As of June 30, 2025, Plains will re-classify the NGL assets associated with the transaction as discontinued operations.

    Additional information regarding the transaction can be found in a presentation posted to the Plains Investor Relations website at ir.plains.com.

    Forward-Looking Statements
    Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements including, but not limited to, statements regarding the proposed transaction with Keyera and the terms, timing and anticipated operational, financial and strategic benefits thereof. There are a number of risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things: changes in or disruptions to economic, market or business conditions; substantial declines in commodity prices or demand for crude oil and NGL; third-party constraints; legal constraints (including the impact of governmental regulations, orders or policies); fluctuations in the currency exchange rate of the Canadian dollar to the United States dollar; unforeseen delays with respect to the receipt of regulatory approvals and completion of other closing conditions; and other factors and uncertainties inherent in transactions of the type discussed herein or in our business as discussed in PAA’s and PAGP’s filings with the Securities and Exchange Commission.

    About Plains
    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately eight million barrels per day of crude oil and NGL. 

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

    PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

    Investor Relations Contacts:
    Blake Fernandez
    Michael Gladstein
    PlainsIR@plains.com
    (866) 809-1291

    The MIL Network –

  • MIL-OSI: Plains All American Executes Definitive Agreements for $3.75 Billion Sale of NGL Business to Keyera

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, June 17, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today that it has executed definitive agreements with Keyera Corp. (TSX: KEY) (“Keyera”) pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately $5.15 Billion CAD ($3.75 Billion USD).

    The transaction is expected to close in the first quarter of 2026, and is subject to customary closing conditions, including regulatory approvals. As a result of the transaction, Plains will divest its Canadian NGL business but will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.

    Transaction Benefits

    • Results in premier midstream crude oil “pure play”: Positioned to drive efficient growth and streamlining opportunities
    • More durable cash flow stream: Reduces commodity related EBITDA contribution, seasonality and working capital requirements
    • Attractive valuation: Purchase price represents approximately 13x expected 2025 Distributable Cash Flow (DCF)
    • Enhances free cash flow profile: Pro-forma business expected to generate higher percentage of “excess cash flow” with disproportionately lower capital investments and taxes
    • Provides significant financial flexibility: Creates optionality to redeploy capital and execute existing capital allocation framework in a disciplined manner

    Capital Allocation
    Proceeds from the transaction are expected to be approximately $3.0 Billion USD net after: 1) taxes 2) transaction expenses and 3) a potential one-time special distribution. The estimated ~$0.35/unit special distribution is intended to offset potential individual tax liabilities associated with the transaction and is subject to Board approval, ultimate tax implications, and successful closing of the transaction.

    Plains expects to continue executing on its long-term capital allocation framework. Proceeds from the transaction will be prioritized toward:

    • Disciplined bolt-on M&A to extend and expand the crude oil focused portfolio
    • Capital structure optimization including potential repurchases of Series A & Series B Preferred units
    • Opportunistic common unit repurchases

    “Today’s announcement is a win-win transaction for both Plains and Keyera. Plains is exiting the Canadian NGL business at an attractive valuation while Keyera is receiving highly complementary and critical infrastructure in a strategic market,” said Willie Chiang, Chairman and CEO. “Successful completion of this transformative transaction advances our efficient growth strategy and establishes Plains as the premier pure play crude oil midstream entity with highly strategic assets linking North American supply to key demand centers. Importantly, the transaction enhances our free cash flow profile and reduces both commodity exposure and working capital requirements into the future. Post-closing our financial framework should be enhanced, with leverage at or below the low-end of our target range, providing significant financial flexibility and allowing us to continue optimizing our crude oil focused asset base in a disciplined manner while increasing return of capital to our unitholders.”

    Tax Considerations
    Closing of this transaction is a taxable event that is expected to result in a flow through of taxable income to the holders of PAA common units and impact the taxability of distributions to the holders of PAGP Class A shares.

    The tax impact on each holder of PAA common units will vary based on their specific tax circumstances, including their individual ownership, previous passive loss limitations where applicable, tax basis and their holding period.

    We currently estimate that PAA will incur approximately $360 million USD of entity-level taxes payable in Canada associated with the sale of the NGL business and the restructuring of our remaining Canadian crude assets. This is expected to generate a foreign tax credit for PAA common unitholders at close of the transaction that, along with utilization of passive activity loss carry forwards, if any, will offset a significant portion of (and in some cases all of) the taxable gain passed through to individual unitholders.

    The transaction is anticipated to generate current year earnings and profits for PAGP Class A shareholders and thus PAGP distributions in the tax year in which the transaction closes are expected to be taxed as a dividend versus a return of capital, but the transaction is not estimated to result in a material change in the previous forecast for when routine PAGP distributions shift from being a return of capital to being taxed as dividends or when PAGP will become a taxpaying entity.

    The tax impacts associated with closing this transaction may be reduced by unrelated acquisitions or investments that also occur in the same tax period this transaction closes, subject to the tax laws in effect at such time.

    In an effort to offset a significant portion of the anticipated tax impacts associated with the transaction, on or after closing, management intends to recommend to the Plains Board that it approve a one-time special distribution currently estimated to be approximately $0.35 per unit to holders of PAA common units and PAGP Class A shares (Note: the ultimate estimated tax obligation of unitholders may alter the special distribution payment, if any).

    Holders of PAA common units and/or PAGP Class A shares should consult with their own tax advisors to evaluate the tax implications to them for any units or shares owned as of the closing date.

    Additionally, as a result of the restructuring of our Canadian crude assets, we do not anticipate that Plains will be required to pay any meaningful Canadian corporate taxes for the next several years following the closing of the transaction.

    Other Transaction Details
    As of June 30, 2025, Plains will re-classify the NGL assets associated with the transaction as discontinued operations.

    Additional information regarding the transaction can be found in a presentation posted to the Plains Investor Relations website at ir.plains.com.

    Forward-Looking Statements
    Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements including, but not limited to, statements regarding the proposed transaction with Keyera and the terms, timing and anticipated operational, financial and strategic benefits thereof. There are a number of risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things: changes in or disruptions to economic, market or business conditions; substantial declines in commodity prices or demand for crude oil and NGL; third-party constraints; legal constraints (including the impact of governmental regulations, orders or policies); fluctuations in the currency exchange rate of the Canadian dollar to the United States dollar; unforeseen delays with respect to the receipt of regulatory approvals and completion of other closing conditions; and other factors and uncertainties inherent in transactions of the type discussed herein or in our business as discussed in PAA’s and PAGP’s filings with the Securities and Exchange Commission.

    About Plains
    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately eight million barrels per day of crude oil and NGL. 

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

    PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

    Investor Relations Contacts:
    Blake Fernandez
    Michael Gladstein
    PlainsIR@plains.com
    (866) 809-1291

    The MIL Network –