Category: Finance

MIL-OSI Security: Colorado man convicted of attempting to entice a minor to engage in illegal sexual activity

Source: Office of United States Attorneys

Gabriel Estrada, 30, of Denver, Colorado, was convicted by a federal jury for attempting to entice a minor to engage in illegal sexual activity. The four-day trial was held before U.S. District Court Judge Alan B. Johnson.

According to trial evidence, Estrada used a chat app to meet up with a 13-year-old persona for sexual intercourse. An undercover agent posed as a 13-year-old female, living in Laramie, Wyoming. Estrada messaged the 13-year-old persona asking if she would have sex with him. He went on to ask the 13-year-old persona if she had any friends that would like to join them in the sexual encounter and asked about her sexual experience. Estrada then drove the two hours from his home to Laramie after confirming the minor would engage in other sexual acts with him. Estrada arrived at the location, along with other physical evidence indicative of his intent to engage in sexual acts with the minor and an iPhone. The iPhone contained the text messages to the 13-year-old persona. Estrada testified that he made the decision to drive from his apartment in Denver to Laramie, even after the minor told him her age. Estrada said he did not believe she was actually 13.

Sentencing has been set for Jan. 13, 2025. Estrada faces 10 years to life imprisonment, up to a $250,000 fine, five years to life supervised release and a $100 special assessment. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors in both cases.

This crime was investigated by the Laramie Police Department and Federal Bureau of Investigation and the case was prosecuted by Assistant U.S. Attorney Z. Seth Griswold.

Case No. CR-24-00033

MIL Security OSI –

January 25, 2025
MIL-OSI USA: Capito Announces Grant Funding for Two West Virginia Railway Projects

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
CHARLESTON, W.Va. — Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a leader on both the Senate Appropriations and Commerce Committees, announced a two grant awards from the U.S. Department of Transportation’s (DOT) Consolidated Rail Infrastructure and Safety Improvements (CRISI) program for West Virginia railway updates.
These grants, which were made possible through provisions included in the bipartisan Infrastructure Investment and Jobs Act (IIJA) that Senator Capito helped negotiate and craft, will provide funding for the reconstruction and rehabilitation of railroads, as well as bridge repairs and renovations.
“Maintaining and ensuring safe railways is an important part of our state’s infrastructure, which is why I worked to increase this critical infrastructure grant program in the Infrastructure Investment and Jobs Act,” Senator Capito said. “These grants will provide critical funding to projects that aim to modernize our railways and bridges, ensuring we are prepared for the future. West Virginia continues to see the benefits of the Infrastructure Investment and Jobs Act with more economic growth and opportunities, and these grants are just another example.”
Individual award details listed below:
$22,796,000 IIJA CRISI grant funding to Winchester & Western Railroad Acquisition, LLC (Martinsburg, W.Va.) for final design and construction activities to rehabilitate segments of the Winchester & Western Railroad mainline in West Virginia and Maryland to eliminate all remaining legacy rail and old tie structure. The project will enhance safety, efficiency, and resiliency as the project will return the line to a state of good repair.
$6,912,000 IIJA CRISI grant funding to Cathcart Rail, LLC for a project that will complete final design and construction activities to repair two bridges on the Belpre Industrial Parkersburg Railroad (BIP) in West Virginia and Ohio. Specifically, the project addresses structural deficiencies in the historic B&O Sixth Street Railroad Bridge that spans Parkersburg, W.Va. and Belpre, Ohio, including cross tie replacement, stringer/floor beam repair, bracing and timber replacement, and replacing stones under bearings.

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: U.S. Attorney’s Office Announces Sentencing of Mescalero Man for Stabbing Assault

Source: Office of United States Attorneys

ALBUQUERQUE – A Mescalero man was sentenced to 46 months in federal prison for the repeated stabbing of a woman on the Mescalero Apache reservation.

There is no parole in the federal system.

According to court documents, on May 18, 2023, Lestat Cree Valdez, 21, an enrolled member of the Mescalero Apache tribe, straddled Jane Doe and stabbed her repeatedly in the head, face, and chest with a knife, with the intent to cause bodily harm. As a result of the assault, Jane Doe suffered serious bodily injury.

Upon his release from prison, Valdez will be subject to three years of supervised release.

U.S. Attorney Alexander M.M. Uballez, and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

This case was investigated by the Las Cruces Resident Agency of the Federal Bureau Investigation with assistance from the Bureau of Indian Affairs. Assistant United States Attorney Joni Autrey Stahl is prosecuting the case.

# # #

MIL Security OSI –

January 25, 2025

MIL-OSI Security: Twelve Defendants Charged in Alleged Methamphetamine Conspiracy

Source: Office of United States Attorneys

MACON, Ga. – A newly unsealed federal indictment charges a dozen defendants with allegedly participating in a methamphetamine production and trafficking conspiracy operating out of a ten-acre Walton County property.

According to the indictment unsealed on Oct. 23, and the search warrant, as well as statements made public in court, on Aug. 13, 2024, a federal search warrant was executed at 2370 Mountain Creek Church Road, Monroe, Georgia, as part of a joint law enforcement operation, where agents seized a total of 4,346 grams of “finished” crystal methamphetamine, 22 gallons of liquid methamphetamine (approximately equivalent to 377 kilograms of finished crystal methamphetamine) and $5,401. A federal search warrant was also executed on a Chevrolet Traverse occupied by Yuretzi Gomez, Yirla Gomez, Rafael Gomez and Uriel Garcia where agents recovered 1,046 grams of methamphetamine and $4,350 in cash. In addition, agents seized 4,523 grams of methamphetamine inside a Camaro occupied by Jared Calhoun and Ebony Jones-Tate.

The following defendant charged by indictment will have his initial appearance before U.S. Magistrate Judge Charles H. Weigle on Nov. 4:

James Len Ramey, 52, of Comer, Georgia, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine.

The following defendants charged by indictment have had their initial appearances before U.S. Magistrate Judge Weigle:

Christopher Hyatt, 44, of LaGrange, Georgia, is charged with one count of conspiracy to possess with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Kendell Cawthon, 59, of Baldwin, Georgia, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Bonterris Turner, 44, of Athens, Georgia, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Demetrius Appling, 36, of Crawford, Georgia, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Andrea Robinson, 44, of Cleveland, Georgia; is charged with one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum of 20 years in prison and a $250,000 fine;

Yuretzi Adame Gomez, 39, of Mexico, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Yirla Adame Gomez, 24, of Mexico, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Rafael Gomez Flores, 21, of Mexico, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Uriel Garcia, 32, of Mexico, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine;

Jared Calhoun, 32, of Birmingham, Alabama, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine; and

Ebony Jones-Tate, 32, of Birmingham, Alabama, is charged with one count of conspiracy to possess with intent to distribute methamphetamine and one count of possession with intent to distribute methamphetamine. If convicted, the defendant faces a maximum sentence of life imprisonment with a mandatory minimum sentence of ten years in prison and a $10 million fine.

The case is being investigated by the FBI’s Middle Georgia Safe Streets Gang Task Force, the Drug Enforcement Administration (DEA), the Georgia Bureau of Investigation (GBI), the Walton County Sheriff’s Office, the Athens-Clarke County Police Department and the Georgia State Patrol (GSP).

Assistant U.S. Attorney Mike Morrison is prosecuting the case for the Government.

An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.

The following defendant charged by indictment will have his initial appearance before U.S. Magistrate Judge Charles H. Weigle on Nov. 4:

The following defendants charged by indictment have had their initial appearances before U.S. Magistrate Judge Weigle:

Assistant U.S. Attorney Mike Morrison is prosecuting the case for the Government.

An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.

MIL Security OSI –

January 25, 2025

MIL-OSI Security: New Jersey Man Charged For Multi-Year, Multi-Million Dollar Fraud

Source: Office of United States Attorneys

Damian Williams, the United States Attorney for the Southern District of New York; James E. Dennehy, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”); Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”); and Francis J. Russo, the Director of the New York Field Office of U.S. Customs and Border Protection (“CBP”), announced today the arrest of ARSEN LUSHER, who orchestrated a scheme to defraud more than 20 investors of more than $5 million between 2017 and 2021. LUSHER was arrested earlier today and will be presented this afternoon before U.S. Magistrate Judge Gary Stein.

U.S. Attorney Damian Williams said: “For years, the defendant allegedly solicited investors’ funds by representing that he had a hugely profitable trucking business. That wasn’t true, and the defendant instead allegedly used the funds to run a classic Ponzi scheme, enriching himself along the way. When luck ran out, the victims sustained millions of dollars in losses. Today’s arrest serves as a stark reminder that the illusion of success built on fraud and deceit will inevitably fail.”

FBI Assistant Director James E. Dennehy said: “For four years, Arsen Lusher allegedly defrauded numerous victims of more than $5 million by cycling their investments to conceal the business’s inability to produce its promised returns, and altered official tax documents to reflect inflated balances in furtherance of this ploy. The alleged empty assurances allowed the defendant to wrongfully haul in funding from investors and selfishly benefit from their losses. The FBI will continue to disrupt and hit the brakes on any investment scheme rooted in deceit.”

IRS-CI Special Agent in Charge Thomas Fattorusso said: “It’s alleged Lusher acted with impunity for years, deceiving over 20 investors out of more than five million dollars. He created a ‘get-rich-quick’ scheme, then sold his victims a dream of high-returns on their investment. Instead of a profit, investors were left with a loss of money and of trust. Today’s arrest ensures that Lusher can now be held accountable for his alleged fraud.”

CBP Director Francis J. Russo said: “U.S. Customs and Border Protection is proud to have played an important role in this investigation that resulted in the takedown of an elaborate conspiracy to defraud the United States.  This case serves as a great example of how collaborative law enforcement efforts can dismantle nefarious enterprises that cause economic harm to their competitors.”

According to the allegations in the Complaint unsealed today in Manhattan federal court:[1]

Between 2017 and 2021, LUSHER engaged in a scheme to defraud more than 20 victims of more than $5 million. LUSHER and a small group of trusted lieutenants acting at LUSHER’s direction solicited investments from the victims, usually by representing that LUSHER had a profitable trucking business that enjoyed delivery and installation contracts with multiple large retailers. LUSHER and his lieutenants typically represented that the victims’ investments would fund the purchase of trucks, each truck costing around $45,000. Through written and signed investment agreements, LUSHER and his lieutenants normally guaranteed the victims that their investments would generate high rates of return over a fixed period—typically between 30 and 40 percent over one or two years. In that way, LUSHER succeeded in raising more than $40 million.

In fact, though, LUSHER did not have a large trucking business. Instead, LUSHER had a small trucking business that performed a small amount of work—less than $300,000—for just one large retailer. The amount that LUSHER earned from his legitimate trucking business could not have compensated the victims and produced the promised returns.

Indeed, LUSHER did not use the victims’ funds to purchase trucks or to grow his trucking business. Instead, for years, LUSHER engaged in a Ponzi scheme: LUSHER paid earlier victims with later victims’ funds. LUSHER also used the victims’ funds to enrich himself, such as by gambling or shopping for high-end goods. In that way, LUSHER was able to sustain his scheme for a number of years. But in early 2021, the scheme collapsed, leaving numerous victims with losses totaling more than $5 million.

LUSHER used fake documents to carry out his scheme. For example, in December 2020, LUSHER caused to be sent to a particular victim an apparent U.S. Income Tax Return for an S Corporation for one of the companies that LUSHER controlled and used to perpetrate his scheme. That alleged tax return was falsified: the accountant listed as having prepared the return did not, in fact, prepare it. And in February 2021, LUSHER altered account balances on an email sent by a bank employee to make it appear that LUSHER’s companies had healthy account balances when, in fact, they did not. Specifically, while the bank employee wrote that LUSHER’s companies had account balances of $8,767.26 and $320.76, LUSHER altered the bank employee’s email before forwarding it to state that his companies had account balances of $1,228,767.26 and $987,320.76 (italics and bold added). In other words, LUSHER altered the bank employee’s email such that the account balances for his companies were approximately 140 times and 3,078 times greater than they actually were. LUSHER then caused that falsified email to be sent to a particular victim.

If you believe you or your family has been a victim of LUSHER’s fraud, please contact XtremeHDtips@fbi.gov.

* * *

LUSHER, 49, of Millstone, New Jersey, is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison, and one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison.

The statutory maximum penalties in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

Mr. Williams praised the outstanding investigative work of the FBI, the IRS, the CBP, and the New York City Police Department.

This case is being handled by the Office’s General Crimes Unit. Assistant U.S. Attorney Joseph H. Rosenberg is in charge of the prosecution.

The charges contained in the Complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

[1] As the introductory phrase signifies, the entirety of the text of the Complaint, and the description of the Complaint set forth in this press release, constitute only allegations, and every fact described should be treated as an allegation.

MIL Security OSI –

January 25, 2025
MIL-OSI Economics: African Development Bank President calls for bold, innovative and practical solutions to tackle poverty in Africa

Source: African Development Bank Group

Climate change, global financial shocks and growing food insecurity are threatening Africa, the world’s fastest-growing continent and hampering achievement of global development goals. To tackle these challenges and speed up the continent’s efforts to achieve these goals, the president of the African Development Bank, Dr. Akinwumi Adesina on Thursday called for bold reforms from development partners.

“We need bolder resolve, innovative and practical solutions, and stronger coordinated action at scale,” he said during a meeting of multilateral development bank (MDB) heads with the G20 Global Alliance against Hunger and Poverty. The MDB leaders met on the sidelines of the International Monetary Fund and the World Bank Group’s ongoing annual meetings in Washington DC.

Adesina who is leading the Bank’s delegation participating in key sessions of the Bretton Wood institutions’ meetings, will highlight his priority concerns for Africa: combatting hunger and eliminating malnutrition, providing electricity to 300 million people by 2030, scaling up infrastructure for agricultural and industrial transformation, combatting climate change, and supporting some of the world’s most fragile nations by mobilizing additional resources for the African Development Fund – the Bank Group’s concessional lending arm.

“Our strength lies in consolidating our collaboration, mobilizing resources at speed and scale, and deploying them where they are needed most,” Adesina said.

High on Adesina’s agenda is the opportunity to consolidate partnerships with partner multilateral development banks such as the World Bank.

The two institutions are working on co-hosting an Africa Energy Summit in Tanzania in January 2025 to accelerate Mission 300, a joint initiative to connect 300 million people in Africa to electricity by 2030. At that summit, African leaders are expected to endorse an Africa Energy Compact.

Dr. Adesina is accompanied by a team of the institution’s senior management team including the Bank’s Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele, Vice President for Finance and Chief Financial Officer, Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, Beth Dunford, Vice President, Agriculture, Human and Social Development, Chief Economist and Vice President, Economic Governance and Knowledge Management, Kevin Urama, as well as Nnenna Nwabufo, Vice President for the Regional Development, Integration and Business Delivery Complex.

Also in Washington, Adesina will participate in a meeting of heads of MDBs, hold bilateral meetings with development partners and host a meeting of the Africa Investment Forum’s founding partners.

The 2024 Africa Investment Forum which will take place in Morocco in December, offers bountiful opportunities for international investors. The forum has attracted over $180 billion in investment interest in Africa over the last five years across various sectors including agribusiness, energy, roads and transport, health, and digital technology.

Earlier this week, US Secretary of the Treasury Janet Yellen spoke on the Evolution of MDBs and their significant achievements in the development agenda for Africa and the world. She highlighted the increase in May of the Bank’s callable capital, the Mission 300 joint initiative with the World Bank and the African Development Bank’s work on addressing fragility in various parts of the continent.

“Outside of crisis contexts, countries are increasingly addressing the underlying drivers of fragility and conflict, such as in the case of an African Development Bank loan to the Democratic Republic of Congo to invest in increasing agricultural productivity in communities that had been displaced,” Yellen said.

Next week, Adesina will travel to Des Moines, Iowa, where he will take part in the 2024 Borlaug Dialogue and World Food Prize. A number of African Heads of State and Government are expected in Iowa for high-level meetings around global food security and agricultural innovation.

The 2024 IMF Annual Meetings take place from October 21–26 in Washington, DC. The meetings include the International Monetary and Financial Committee (IMFC) and the Development Committee, a joint forum of the IMF and the World Bank.

MIL OSI Economics –

January 25, 2025
MIL-OSI China: Singaporean firms eye broader cooperation with China

Source: China State Council Information Office 3

Workers get the venue ready for the upcoming 7th China International Import Expo (CIIE) at National Exhibition and Convention Center (Shanghai), east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

A delegation of nearly 400 representatives from 44 Singaporean businesses will attend China’s upcoming landmark import expo in a bid to seek stronger and high-quality partnerships in both traditional and new sectors.

Among the participating exhibitors for the 7th China International Import Expo (CIIE), 70 percent are repeat exhibitors, according to the Singapore Business Federation (SBF), the delegation’s organizer. This will be the seventh year for the SBF’s delegation to participate in the CIIE.

The 7th CIIE is scheduled to be held in Shanghai from Nov. 5 to 10, with participants from 152 countries, regions and international organizations.

CIIE remains a critical platform for Singapore’s businesses in the Chinese market, said SBF CEO Kok Ping Soon.

With a total exhibition area of close to 912 square meters, the Singapore Pavilion, which spans across the Consumer Goods Hall, Food & Agricultural Products Hall and Trade in Services Hall, will see Singapore companies showcase a wider range of innovative, high-quality, and reliable products and services.

The Singapore-China Trade and Investment Forum will also be held on the sidelines of the 7th CIIE in Shanghai, according to the SBF.

China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is the second-largest source of foreign investment for China and the top destination for Chinese overseas investment.

According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

“We are committed to supporting Singapore companies in furthering their businesses in China, while boosting innovation and ensuring sustained growth through stronger bilateral partnerships,” Kok said.

MIL OSI China News –

January 25, 2025
MIL-OSI New Zealand: Commercial jet boat driver sentenced for operating dangerously on a popular South Island river

Source: Maritime New Zealand

The need for commercial jet boat operators to have a safety first approach to the routes they take has been highlighted in the prosecution of a driver.

Today, Patrick Perkins was sentenced in the District Court at Queenstown following a guilty plea for operating a jet boat in a manner which caused unnecessary danger or risk to other persons or property under section 65 of the Maritime Transport Act 1994.

The charge related to an incident on 30 December, 2022 when Mr Perkins’s jet boat collided with a recreational jet boat on the Clutha River during a commercial run with four passengers on-board. Mr Perkins was the sole director and driver for Go Jets Wanaka Ltd.

Recreational users of the Clutha are many and varied, from rafts of all types, tyre tubes, kayakers, bathers and recreational jet boaters. The river is close to a large population and easily accessed by all, meaning collisions like this can have devastating outcomes.

Investigation’s Manager at Maritime NZ, John Maxwell says experts views are that the Clutha is generally not a difficult river to boat.

“It is predominately a wide deep river with a fast current. It has pressure waves which are best avoided for reasons of passenger comfort and safety, however these hazards can easily be navigated around,” he says.

Like all rivers in New Zealand, skippers must keep right, if going upstream must give way to vessels coming downstream. In addition, skippers must operate vessels in a manner that is safe and will avoid collision should the risk of collision arise.

In this case, the driver of the recreational jet boat had spent most of the day parked up downstream to an island in the middle of the river fishing. A spot he regularly went to.

As the commercial jet boat with four passengers on-board approached the island, where the recreational vessel was waiting, it cut across the river to do a close pass of a rock just downstream of the island.

“Due to the line, Mr Perkins was unable to see the recreational craft at the head of the island. Despite attempting to take action to avoid collision, the commercial boat struck the recreational craft at about 65 kilometres an hour.

Fortunately the driver of the recreational jet boat survived, however, he suffered significant injuries and was in hospital for a prolonged period.

“This incident is a strong reminder to everyone driving jet boats, commercial and recreational, to understand their surroundings, to drive safe lines and to open up corners to ensure visibility. The consequences of failing to do so can be catastrophic for all involved.

“Everyone deserves to come home safe from a day out on the water,” John Maxwell says.

Sentencing notes:

Mr Perkins and convicted and sentenced for one charge under s 65(1) of the Maritime Transport Act 1994.

The total sentence of $51,727.41:

– Fine: $4,950 (starting point of $9,000 reduced by 45 per cent to allow for early guilty plea, remorse, payment of reparation and good character).

– Total reparation of $46,777.41 (which had been paid by Mr Perkins ahead of sentencing).

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI: Sampo plc’s share buybacks 24 October 2024

Source: GlobeNewswire (MIL-OSI)

Sampo plc, stock exchange release, 25 October 2024 at 8:30 am EEST

Sampo plc’s share buybacks 24 October 2024

On 24 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:

Sampo plc’s share buybacks	Aggregated daily volume (in number of shares)	Daily weighted average price of the purchased shares*	Market (MIC Code)
	4,428	40.36	AQEU
	44,395	40.37	CEUX
	135	40.39	TQEX
	44,537	40.37	XHEL
TOTAL	93,495	40.37

*rounded to two decimals

On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

After the disclosed transactions, the company owns in total 9,321,206 Sampo A shares representing 1.69 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

Details of each transaction are included as an appendix of this announcement.

On behalf of Sampo plc,
Morgan Stanley

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
The principal media
FIN-FSA
DEN-FSA
www.sampo.com

Attachment

Sampo_share_buyback_24_10_2024

The MIL Network –

January 25, 2025

MIL-OSI: QPR Software Plc: Interim Report January-September 2024

Source: GlobeNewswire (MIL-OSI)

QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 25 October 2024, AT 9.00 AM EET

QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

FINANCIAL DEVELOPMENT BRIEFLY

JULY-SEPTEMBER 2024

SaaS net sales increased by +15%
Software net sales decreased by -3%
Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business.
EBITDA was 269 thousand euros (242), an increase of +11%
The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
The result was -33 euros (-37), +4 thousand euros change compared to the previous period
Earnings per share was -0.002 euros (-0.002)
Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

JANUARY-SEPTEMBER 2024

SaaS net sales increased by +15%
Software net sales increased by +4%
Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business.
EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period
The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period
Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period
The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period
Earnings/share was -0.006 euros (-0.038)
Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period

OUTLOOK FOR 2024

The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

CEO REVIEW

In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

Heikki Veijola

CEO

KEY FIGURES

EUR in thousands, unless otherwise indicated	July-Sept, 2024	July-Sept, 2023	Change, %	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Net sales	1,409	1,806	-22	4,651	5,951	-22	7,550
EBITDA	269	242	11	745	213	249	182
% of net sales	19.1	13.4		16.0	3.6		2.4
Operating result	-6	-12	55	-39	-529	93	-813
% of net sales	-0.4	-0.7		-0.8	-8.9		-10.8
Result before tax	-33	-37	11	-107	-617	83	-924
Result for the period	-33	-37	11	-107	-617	83	-924
% of net sales	-2.4	-2.1		-2.3	-10.4		-12.2

Earnings per share, EUR (basic and diluted)	-0.002	-0.002	11	-0.006	-0.038	84	-0.055
Equity per share, EUR	0.018	0.036	-48	0.019	0.036	-48	0.020

Cash flow from operating activities	34	-640	105	-226	20	-1,202	850
Cash and cash equivalents	99	181	-46	99	181	-45	885
Net borrowings	1,513	1,639	-8	1,513	1,639	-8	934
Gearing, %	451.3	257.2	75	451.3	257.2	75	268.3
Equity ratio, %	11.0	13.7	-20	11.0	13.7	-20	8.1
Return on equity, %	-38.6	-49.7	22	-41.8	-146.4	71	-221.5
Return on investment, %	-6.3	-11.6	23	-9.0	-35.9	75	-42.0

REPORTING AND BUSINESS OPERATIONS

QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

NET SALES DEVELOPMENT

NET SALES BY PRODUCT GROUP

EUR in thousands	July-Sept, 2024	July-Sept, 2023	Change, %	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Software licenses	85	174	-51	406	383	6	485
Renewable software licenses	43	78	-45	334	453	-26	504
Software maintenance services	430	428	0	1,268	1,272	0	1,720
SaaS	673	585	15	2,020	1,754	15	2,371
Consulting	179	541	-67	623	2,089	-70	2,469
Total	1,409	1,806	-22	4,651	5,951	-22	7,550

NET SALES BY GEOGRAPHIC AREA

EUR in thousands	July-Sept, 2024	July-Sept, 2023	Change, %	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Finland	555	793	-30	1,881	2,799	-33	3,499
Europe incl. Turkey	623	702	-11	2,026	2,398	-16	3,128
Rest of the world	232	310	-25	745	754	-1	923
Total	1,409	1,806	-22	4,651	5,951	-22	7,550

JULY-SEPTEMBER 2024

The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

JANUARY-SEPTEMBER 2024

The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

FINANCIAL DEVELOPMENT

JULY-SEPTEMBER 2024

The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

Earnings per share were -0.002 euros (-0.002) per share.

JANUARY-SEPTEMBER 2024

The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

Earnings per share were EUR -0.006 (-0.038) per share.

FINANCE AND INVESTMENTS

The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468).

Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%.

The group has a credit limit of 500,000 euros available.

At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

PRODUCT DEVELOPMENT

QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

PERSONNEL

At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

SHARES AND SHAREHOLDER

Trading of shares	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Shares traded, pcs	3,407,075	1,729,586	97	3,538,455
Volume, EUR	1,685,250	898,702	88	1,585,931
% of shares	19.0	9.7	96	19.8
Average trading price, EUR	0.49	0.52	-5	0.45
Average trading value per day, EUR	8,917	4,755	88	6,318
Treasury shares acquired during the year, pcs	0	0	0	0
Shares and market capitalization	Sept 30, 2024	Sept 30, 2023	Change, %	Dec 31, 2023

Total number of shares, pcs	18,175,192	18,175,192	0	18,175,192
Treasury shares, pcs	256,849	339,471	-24	339,471
Book counter value, EUR	0.11	0.11	–	0.11
Outstanding shares, pcs	17,918,343	17,835,721	0	17,835,721
Number of shareholders	2,117	1,863	14	1,943
Closing price, EUR	0.60	0.39	54	0.33
Market capitalization, EUR	10,751,006	6,938,095	55	5,957,131
Book counter value of all treasury shares, EUR	28,253	37,342	-24	37,342
Total purchase value of all treasury shares, EUR	244,349	347,552	-30	347,552
Treasury shares, % of all shares	1.4	1.9	-26	1.9

GOVERNANCE

The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

Annual accounts and the use of the profit shown on the balance sheet

The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

Remuneration of the members of the Board of Directors and the Auditor

The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs.

The remuneration of the Auditor shall be paid according to the reasonable invoice.

Board of Directors and Auditor

The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

Authorization of the Board of Directors to decide the acquisition of own shares

The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

SHORT-TERM RISKS AND UNCERTAINTIES

Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

EVENTS AFTER THE REVIEW PERIOD

No events after the review period.

QPR SOFTWARE PLC

BOARD OF DIRECTORS

For further information:

Heikki Veijola

Chief Executive Officer

QPR Software Plc

Tel. +358 40 922 6029

QPR Software in Brief

QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

www.qpr.com

DISTRIBUTION

Nasdaq Helsinki

Key medias

www.qpr.com

INTERIM REPORT JANUARY-SEPTEMBER

QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published.

The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR in thousands, unless otherwise indicated	July-Sept, 2024	July-Sept, 2023	Change, %	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Net sales	1,409	1,806	-22	4,651	5,951	-22	7,550
Other operating income	–	–	–	–	1	–	1

Materials and services	210	240	-13	693	1,013	-32	896
Employee benefit expenses	658	1,056	-38	2,499	4,085	-39	5,287
Other operating expenses	273	268	2	714	640	12	1,186
EBITDA	269	242	11	745	213	249	182

Depreciation and amortization	274	254	8	784	743	6	995
Operating result	-6	-12	55	-39	-530	93	-813

Financial income and expenses	-28	-25	-12	-68	-87	22	-111
Result before tax	-33	-37	11	-107	-617	83	-924

Income taxes	–	–	–	0	–	0	–
Result for the period	-33	-37	11	-107	-617	83	-924


Earnings per share, EUR (basic and diluted)	-0.002	-0.002	11	-0.006	-0.038	84	-0.055

Consolidated statement of comprehensive income:
Result for the period	-33	-37	11	-107	-617	83	-924
Exchange differences on translating foreign operations	3	–	–	2	1	100	1
Total comprehensive income	-30	-37	19	-105	-616	83	-925

CONDENSED CONSOLIDATED BALANCE SHEET

EUR in thousands	Sept 30, 2024	Sept 30, 2023	Change, %	Dec 31, 2023

Assets

Non-current assets:
Intangible assets	1,788	2,357	-24	2,245
Goodwill	358	358	0	358
Tangible assets	30	95	-69	81
Right-of-use assets	393	320	23	318
Other non-current assets	277	277	0	277
Total non-current assets	2,847	3,407	-16	3,279

Current assets:
Trade and other receivables	1,782	1,896	-6	1,706
Cash and cash equivalents	100	181	-45	884
Total current assets	1,881	2,077	-9	2,590

Total assets	4,728	5,484	-14	5,869

Equity and liabilities

Equity:
Share capital	80	80	0	80
Other funds	21	21	1	21
Treasury shares	-244	-348	-30	-348
Translation differences	-68	-67	-1	-67
Invested non-restricted equity fund	4,925	4,925	0	4,925
Retained earnings	-4,379	-3,974	-10	-4,263
Equity attributable to shareholders of the parent company	335	637	-47	348
Total equity	335	637	-47	348

Non-current liabilities:
Interest-bearing liabilities	500	1,000	-50	1,000
Interest-bearing lease liabilities	386	209	85	192
Total non-current liabilities	886	1,209	-27	1,192

Current liabilities:
Provisions	–	–	–	–
Interest-bearing liabilities	697	500	39	500
Interest-bearing lease liabilities	29	110	-73	126
Advances received	1,169	841	39	1,558
Accrued expenses and prepaid income	1,102	1,496	-26	1,539
Trade and other payables	511	690	-26	607
Total current liabilities	3,507	3,638	-4	4,329

Total liabilities	4,393	4,847	-9	5,521

Total equity and liabilities	4,728	5,484	-14	5,869

CONSOLIDATED CONDENCED CASH FLOW STATEMENT

EUR in thousands	July-Sept, 2024	July-Sept, 2023	Change, %	Jan-Sept, 2024	Jan-Sept, 2023	Change, %	Jan-Dec, 2023

Cash flow from operating activities:
Result for the period	-33	-37	10	-107	-555	81	-924
Adjustments to the result	381	264	44	962	745	29	1,078
Working capital changes	-282	-791	64	-1,001	-54	-1,755	821
Interest and other financial expenses paid	-32	-74	-57	-79	-104	-24	-107
Income taxes paid	–	-2	–	–	-11	–	-19
Net cash from operating activities	34	-640	105	-226	20	-1,228	849

Cash flow from investing activities:
Purchases of tangible and intangible assets	-68	-80	-15	-246	-512	-52	-620
Proceeds from sales of tangible and intangible assets	6	–	–	6	–	–	–
Net cash used in investing activities	-62	-80	22	-240	-512	53	-620

Cash flow from financing activities:
Proceeds from short term borrowings	102	–	–	1,197	1,500	-20	1,500
Repayments of short term borrowings	–	–	–	-1,500	-1,500	0	-1,500
Payment of lease liabilities	-3	-15	-81	-15	-103	-86	-121
Share issue net	–	760	–	–	760	–	760
Net cash used in financing activities	99	745	-87	-318	656	-149	639

Net change in cash and cash equivalents	70	26	-169	-784	164	578	868
Cash and cash equivalents at the beginning of the period	31	156	-80	884	17	5,100	17
Effects of exchange rate changes on cash and cash equivalents	-2	–	–	-1	–	–	–
Cash and cash equivalents at the end of the period	99	181	-46	99	181	-45	884

*Including non-interest bearing short term liabilities related to cash flow for investment

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR in thousands	Share capital	Other funds	Translation differences	Treasury shares	Invested non- restricted equity fund	Retained earnings	Total
Equity Jan 1, 2023	1,359	21	-66	-406	2,943	-3,364	487
Stock option scheme						36	36
Reduction of share capital	-1,279				1,279		0
Disposal of own shares				58		-10	48
Share issue, net					703		703
Comprehensive income			-1			-924	-925
Equity Dec 31, 2023	80	21	-67	-348	4,925	-4,263	348
Stock option scheme						46	46
Reduction of share capital							0
Disposal of own shares				103		-55	48
Share issue, net							0
Comprehensive income			-2			-107	-109
Equity Sept 30, 2024	80	21	-68	-244	4,925	-4,379	335

NOTES TO INTERIM FINANCIAL STATEMENTS

ACCOUNTING PRINCIPLES

This report complies with the requirements of IAS 34” Interim Financial Reporting”.

The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

INTANGIBLE AND TANGIBLE ASSETS

EUR in thousands	Jan-Sept, 2024	Jan-Sept, 2023	Jan-Dec, 2023
Increase in intangible assets:
Acquisition cost Jan 1	14,836	14,217	14,217
Increase	246	512	619
Acquisition cost at the end of the period	15,082	14,729	14,836
Increase in tangible assets:
Acquisition cost Jan 1	2,816	2,816	2,816
Increase	111	–	–
Acquisition cost at the end of the period	2,927	2,816	2,816

CHANGES IN INTEREST-BEARING LIABILITIES

EUR in thousands	Jan-Sept, 2024	Jan-Sept, 2023	Jan-Dec, 2023

Interest-bearing liabilities Jan 1	1,818	2,279	2,279
Proceeds from borrowings	1,197	1,500	1,500
IFRS 16 – change in lease liability	97	-335	-319
Repayments	1,500	1,623	1,641
Acquisition cost at Sept 30	1,612	1,820	1,818

PLEDGES AND COMMITMENTS

EUR in thousands	Sept 30, 2024	Sept 30, 2023	Change, %	Dec 31, 2023

Business mortgages (held by the Company)	2,382	2,381	0	2,382

Minimum lease payments based on lease agreements:
Maturing in less than one year	30	30	-1	30
Maturing in 1-5 years	3	34	-90	27
Total	34	65	-48	57

Total pledges and commitments	2,416	2,445	-1	2,439

CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED)

EUR in thousands	July-Sept, 2024	April-June, 2024	Jan-Mar, 2024	Oct-Dec, 2023	July-Sept, 2023

Net sales	1,409	1,473	1,769	1,599	1,806
Other operating income	–	–	–	–	–

Materials and services	210	223	260	229	240
Employee benefit expenses	658	820	1,021	1,202	1,056
Other operating expenses	273	249	193	199	268
EBITDA	269	181	295	-31	242

Depreciation and amortization	274	247	263	252	254
Operating result	-6	-66	32	-283	-12

Financial income and expenses	-28	-21	-20	-24	-25
Result before tax	-33	-87	13	-307	-37

Income taxes	–	–	–	–	–
Result for the period	-33	-87	13	-307	-37

CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

EUR in thousands	July-Sept, 2024	April-June, 2024	Jan-Mar, 2024	Oct-Dec, 2023	July-Sept, 2023

Net sales	1,409	1,473	1,769	1,599	1,806
Other operating income	–	–		–	–

Materials and services	210	223	260	134	147
Employee benefit expenses	658	820	1,021	1,202	1,056
Other operating expenses	273	249	193	294	361
EBITDA	269	181	295	-31	242

Depreciation and amortization	274	247	263	252	254
Operating result	-6	-66	32	-283	-12

Financial income and expenses	-28	-21	-20	-24	-25
Result before tax	-33	-87	13	-307	-37

Income taxes	–	–	–	–	–
Result for the period	-33	-87	13	-307	-37

GROUP KEY FIGURES

EUR in thousands, unless otherwise indicated	Jan-Sept or Sept 30, 2024	Jan-Sept or Sept 30, 2023	Jan-Dec or Dec 31, 2023

Net sales	4,651	5,951	7,550
Net sales growth, %	-21.8	4.8	-3.5
EBITDA	745	213	182
% of net sales	16.0	3.6	2.4
Operating result	-39	-530	-813
% of net sales	-0.8	-8.9	-10.8
Result before tax	-107	-617	-924
% of net sales	-2.3	-10.4	-12.2
Result for the period	-107	-617	-924
% of net sales	-2.3	-10.4	-12.2

Return on equity (per annum), %	-41.8	-146.4	-221.5
Return on investment (per annum), %	-9.0	-35.9	-42.0
Cash and cash equivalents	99	181	885
Net borrowings	1,513	1,639	934
Equity	335	637	348
Gearing, %	451	257	268
Equity ratio, %	11.0	13.7	8.1
Total balance sheet	4,728	5,484	5,869

Investments in non-current assets	357	511	637
% of net sales	7.7	8.6	8.4
Product development expenses	740	1,113	1,427
% of net sales	15.9	18.7	18.9

Average number of personnel	39	60	57
Personnel at the beginning of period	49	85	85
Personnel at the end of period	30	52	49

Earnings per share, EUR (basic and diluted)	-0.006	-0.038	-0.055
Equity per share, EUR	0.019	0.036	0.020

The MIL Network –

January 25, 2025

MIL-OSI: US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto
Source: GlobeNewswire (MIL-OSI)

Press Release

US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

Paris, France – October 25, 2024

On October 23, 2024, as part of Syntel’s ongoing litigation with Cognizant and its subsidiary TriZetto, the United States District Court for the Southern District of New York ordered a new trial as to what compensatory damages Syntel, now part of Atos, would be liable for due to Syntel’s alleged trade secret misappropriation and copyright infringement.

As a reminder, the case began in 2015, before Syntel’s acquisition by Atos in 2018. On May 25, 2023, the United States Second Circuit Court of Appeals vacated the decision rendered by the United States District Court for the Southern District of New York in October 2020, finding Syntel liable for damages due to Syntel’s alleged trade secret misappropriation and copyright infringement. In its decision, the Second Circuit Court held that the use of the avoided development costs methodology, underlying the initial damages award, was contrary to the law. The Second Circuit Court remanded the case to the District Court for further consideration if any amounts of damages are still appropriate, which has now ordered a new trial.

Further information will be shared in the next future about the development of the case.

***

About Atos

Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Contacts

Investor relations:
David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

Individual shareholders: 0805 65 00 75

Press contact: globalprteam@atos.net

Attachment
- PR – Atos – US District Court for the Southern District of New York decision on Trizetto – 25 October 2024
The MIL Network –
January 25, 2025
MIL-OSI: Anoto resolves on a SEK 15 million directed issue, a SEK 50 million rights issue and a set-off issue of SEK 21 million to strengthen the company’s financial position and for the implementation of the company’s business plan
Source: GlobeNewswire (MIL-OSI)

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Anoto Group AB (“Anoto” or the “Company“) hereby informs that the Board of Directors has resolved to carry out a directed share issue amounting to approximately SEK 15 million, a rights issue amounting to approximately SEK 50 million and a set-off issue amounting to approximately SEK 21 million. The issues are being carried out in order to strengthen the Company’s financial position and to implement the Company’s business plan. The rights issue is covered by subscription and guarantee undertakings amounting to in total 100 percent. The rights issue, the directed share issue and the set-off issue are subject to approval by an Extraordinary General Meeting.

Background and Rationale

Anoto is a global Swedish technology company in digital writing and drawing. The Company develops and manufactures smart pens and related software using its proprietary technology. Anoto bridges the analogue and digital worlds with its solution, pattern recognition, optics and image processing. Anoto’s business idea is to offer an intuitive digital pen that works easily, connecting the art and experience of writing on paper with instant usability on digital devices. The Company has two main business areas: B2C (Livescribe) and B2B (Enterprise Forms). Enterprise Solutions offers digital pens for professional and legal purposes, such as signatures, forms and documents while Livescribe is aimed at consumers who want to use digital pens for note-taking, meetings, messaging and creative applications. Anoto’s sales of hardware and software generate two different types of revenue streams; one-off revenue per digital pen sold from Livescribe and subscription fees from Enterprise Forms.

Over the last year the Company has recruited a new management team with experience from building and scaling companies on an international scale as well as with a long track-record of successful product launches within the consumer sector. The new management team has, together with the Board of Directors, developed a new consumer centric strategy that is focused on growth and profitability and that includes new product launches including improved supporting software. As a first step, Anoto will launch its new product LivePen in November of 2024. The LivePen is an affordable digital pen that comes along with the accompanying LivePen app. The app allows users to instantly transfer their handwritten notes into digital form, creating a seamless integration between traditional writing and digital platforms. A key part of Anoto’s new strategy is to use a data-driven approach to understand user experiences and feedback. By analysing how users interact with the LivePen and the app, Anoto can continuously improve its products and services. This approach will inform future developments in both the pen and software segments, ensuring that products meet user needs and expectations.

The demand for digital pens is expected to be strong and grow over the coming years, and Anoto sees a high potential for the LivePen as well as for the next-generation of digital pens and supporting software where, inter alia, Artificial intelligence (AI) powered handwriting and orientation recognition will be central. In order to capture these growth opportunities, the Company will need to build inventory and invest in marketing for LivePen with the accompanying LivePen app as well as invest in research and development for the next generation of digital pens. In order to facilitate growth, the Company also has a need to strengthen its financial position by reducing debt and improving its working capital.

In view of the above, the Board of Directors has resolved to carry out a directed share issue of approximately SEK 15 million (the “Directed Issue”), a right issue of approximately SEK 50 million, which is covered by subscription and guarantee undertakings amounting to in total 100 percent (the “Rights Issue”), and a set-of issue of approximately SEK 21 million (the “Set-off Issue”) (and together with the Directed Issue and the Rights Issue the “Issues”).

The proceeds from the Issues amounts to approximately SEK 86 million before transaction related costs. Of the issue proceeds, approximately SEK 40.0 million relates to set-off of loans in the Issues. The Company intends to use the net proceeds expected to be received in connection with the New Share Issues for the following purposes and in the order of priority set out below.

The Directed Issue
- Manufacturing approximately 47 per cent
- Selling, general and administrative expenses approximately 35 per cent
- Marketing approximately 7 per cent
Rights issue
- Manufacturing approximately 62 per cent
- Selling, general and administrative expenses approximately 27 per cent
- Marketing approximately 7 per cent
- General corporate purpose approximately 4 per cent
Directed Issue

The Board of Directors of Anoto has, with deviation from the shareholders’ preferential rights, resolved on the issue of no more than 125,043,750 new ordinary shares at a subscription price of SEK 0.12 per share. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim. The Directed Issue provides the Company with proceeds of a total of approximately SEK 15 million before transaction related. The Directed Issue is subject to the approval by an Extraordinary General Meeting, which is scheduled to be held on 26 November 2024 (the “EGM”). The new shares have been subscribed for by institutional and other qualified investors. Payment for the subscribed shares shall be made no later than on 27 November 2024.

The reason for the deviation from the shareholders’ preferential rights is that the Company is in great need of capital and the Board of Directors believes that the expected issue proceeds in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional investors, which justifies the issue’s deviation from the shareholders’ preferential rights. The Directed Issue will, unlike the Rights Issue, broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the Directed Issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

The subscription price has been determined through arm’s length negotiations with the subscribers in the Directed Issue. The Board of Directors has also taken into account that the Rights Issue (as described below) is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the Directed Issue is carried out on equivalent terms.

The new shares in the Directed Issue corresponds to approximately 11.3 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Rights Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

Rights Issue

The Board of Directors of Anoto has resolved on the issue of no more than 414,823,830 new ordinary shares with preferential rights for the shareholders, raising proceeds of approximately SEK 50 million before transaction related costs. The Rights Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

In the Rights Issue, Anoto’s current shareholders will have a preferential right to subscribe for new shares in proportion to the number of shares held on the record date on 28 November 2024. The last day of trading in Anoto’s share including the right to participate in the Rights Issue will be 26 November 2024. The subscription period is expected to run from 2 December 2024 to 16 December 2024.

One (1) share held on the record date entitles to one (1) subscription right, according to the proposed terms and conditions. Four (4) subscription rights entitle the holder to subscribe for five (5) new shares. The subscription price has been set to SEK 0.12 per share.

Shares which are subscribed for without preferential rights will be offered to current shareholders and other investors who have applied to subscribe for new shares without preferential rights. The new shares in the Rights Issue corresponds to approximately 37.6 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

Set-off Issue

As previously communicated through a press release, on 27 June 2024, the Company entered into a convertible investment agreement with Mark Stolkin and DDM Debt AB, two major shareholders in Anoto, providing Anoto with a total of USD 1.5 million in the form of convertible loans (the “Investment Agreement“). The Investment Agreement has since been increased by a total of USD 0.5 million with the following investors having adhered the Investment Agreement: Gary Butcher, BLS Futures Limited, Rocco Homes Ltd, Machroes Holdings Ltd and Adrian Weller.

Under the terms of the Investment Agreement, upon the request of a lender, the outstanding loan amount, in full or in part, plus accrued interest, shall be converted into newly issued ordinary shares of the Company at a conversion price of SEK 0.42, which corresponds to the current quota value of the shares, and at a fixed exchange rate of 10.51 SEK/USD. However, in the event of a Qualified Financing Round (see further details in the press release published by the Company on 27 June 2024) the outstanding loan amounts shall automatically be converted into newly issued ordinary shares in Anoto at a conversion price corresponding to 75 percent of the subscription price in the Qualified Financing Round.

Due to the Rights Issue constituting a Qualified Financing Round, the Board of Directors has resolved on a directed issue of a total of 230,636,111 ordinary shares with payment by way of set-off to the lenders Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. The subscription price per ordinary share is SEK 0.09, which corresponds to 75 percent of the subscription price in the Rights Issue. The subscription price in the Set-off Issue has been determined in accordance with the Investment Agreement between Anoto and the lenders. Payment shall be made through set-off of claims in connection with subscription. The Set-off Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

The new shares in the Set-Off Issue correspond to approximately 20.9 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Rights Issue and assuming that the Rights Issue is fully subscribed.

Subscription undertakings and guarantee commitments

Anoto has received subscription undertakings amounting to approximately 30.2 percent of the Rights Issue from existing shareholders.

Furthermore, the Company has entered into underwriting agreements consisting of a so-called bottom guarantee of approximately SEK 21.2 million, corresponding to approximately 42.6 percent of the Rights Issue, and a so-called top guarantee of approximately SEK 13.6 million, corresponding to approximately 27.3 percent of the Rights Issue. The bottom guarantee ensures, provided that subscription takes place at least corresponding to the subscription undertakings, that approximately 72.7 percent of the Rights Issue is subscribed and paid. The top guarantee ensures that 100 percent of the Rights Issue is subscribed for and paid for, provided that subscriptions are at least equivalent to the subscription undertakings and the bottom guarantee.

For the guarantee undertakings a fee of 14 percent of the guaranteed amount is paid in cash compensation or in the form of new shares. The guarantee undertakings is subject to customary conditions. The guarantee undertaking is not secured through a bank guarantee, blocked funds, or pledge of collateral or similar arrangement.

New Board Member

Adrian Weller, one of the investors in the Directed Issue and the Set-off Issue, will be proposed as a new member of the Board of Directors at the EGM scheduled to be held on 26 November 2024.

Extraordinary General Meeting

The Rights Issue is subject to approval by the EGM scheduled to be held on 26 November 2024. Notice to the EGM will be published in a separate press release later today and will be available on www.anoto.com.

Prospectus

Complete terms and conditions for the Rights Issue, as well as other information regarding the Company, will be provided in the prospectus that is planned to be published on or about 29 November 2024. The Prospectus which will be published on the Company’s website (www.anoto.com).

Advisers

Setterwalls Advokatbyrå is acting as legal advisor and Bergs Securities AB (“Bergs Securities”) is acting as Sole Global Coordinator and Bookrunner to the Company in connection with the Issues.

This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person below for publication 25 October 2024 at 08:15 CEST.

For further information, please contact:

Kevin Adeson, Chairman of the board of Anoto Group AB (publ)

For more information about Anoto, please visit www.anoto.com or email ir@anoto.com

Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

About Anoto Group

Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

IMPORTANT INFORMATION

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

A prospectus will be prepared in connection with the offering and admission to trading of shares in Anoto. The prospectus will be scrutinized and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority’s approval of the prospectus should not be understood as an endorsement of the securities being offered and admitted to trading. The prospectus will contain a description of the risks and rewards associated with an investment in Anoto and potential investors are recommended to read the prospectus in its entirety before making an investment decision.

The prospectus will be published by the Company on or around 29 November 2024 and available on the Company’s website, www.anoto.com. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. Anoto has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Bergs Securities. Bergs Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Anoto have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Anoto may decline and investors could lose all or part of their investment; the shares in Anoto offer no guaranteed income and no capital protection; and an investment in the shares in Anoto is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Anoto.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Anoto and determining appropriate distribution channels.

Attachment
- Final Project Phoenix – Launch release SWE 2024-10-25
The MIL Network –
January 25, 2025
MIL-OSI: Municipality Finance issues USD 150 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
25 October 2024 at 10:00 am (EEST)

Municipality Finance issues USD 150 million notes under its MTN programme

Municipality Finance Plc issues USD 150 million notes on 28 October 2024. The maturity date of the notes is 28 October 2027. MuniFin has a right, but no obligation, to redeem the notes early on 28 October 2025. The notes bear interest at a fixed rate of 4.06% per annum.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 October 2024.

Natixis SA, Paris acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
The Group’s balance sheet totals over EUR 50 billion.

MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

January 25, 2025
MIL-OSI Security: National Armaments Directors meet to enhance Allied defence planning and production and strengthen their engagement with partners

Source: NATO

As NATO works to enhance defence production and ensure better defence planning, NATO Secretary General Mark Rutte spoke to the Conference of National Armaments Directors (CNAD) on the urgency of the task ahead. “Defence industrial issues are at the core of my agenda,” Mr Rutte explained. “NATO has made significant progress in kick-starting defence production, supporting Ukraine with munitions, and rebuilding stockpiles, but there is more to do, together.”

The meeting on 23 and 24 October brought representatives from Allied and Interoperability Partner nations together at NATO Headquarters for their 2024 Autumn Plenary Session. Delegates discussed the most pressing challenges for the armaments community across the Alliance and beyond. They addressed defence planning and production, joint procurement, and standardization. They also spoke about how to strengthen engagement with partners, in particular on supply chain security and defence industrial cooperation.

The CNAD plays an essential role in delivering the interoperable capabilities needed for the Alliance’s deterrence and defence. The Secretary General commended their work, highlighting the important part that Armaments Directors play in “turning political priorities and decisions into action.” This is vital not only among Allies but also with Partners. The recently appointed Assistance Secretary General for Defence Investment and CNAD’s Permanent Chair, Tarja Jaakkola, underscored the value of the of “ensuring that the CNAD contributes to bringing on board partners in NATO discussions to the fullest extent possible.”

MIL Security OSI –

January 25, 2025
MIL-OSI United Kingdom: Australian funds back British economy with major moves to the UK
Source: United Kingdom – Executive Government & Departments

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.
Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific

This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property

Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.

Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.

Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

Prime Minister Keir Starmer said:

“These investments are a major vote of confidence in the UK, and in this government.

“I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

“By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

AustralianSuper chief executive Paul Schroder said:

“We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

“By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

“This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

Aware Super chief executive Deanne Stewart:

“Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.”

Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.

No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.

The deal has allowed the companies to expand their UK operations to more than 250 people.

The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.

The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.

The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.

They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.

The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

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Published 25 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Press release: Australian funds back British economy with major moves to the UK
Source: United Kingdom – Prime Minister’s Office 10 Downing Street

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.
Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific

This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property

Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.

Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.

Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

Prime Minister Keir Starmer said:

“These investments are a major vote of confidence in the UK, and in this government.

“I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

“By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

AustralianSuper chief executive Paul Schroder said:

“We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

“By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

“This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

Aware Super chief executive Deanne Stewart:

“Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.”

Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.

No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.

The deal has allowed the companies to expand their UK operations to more than 250 people.

The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.

The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.

The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.

They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.

The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

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Updates to this page

Published 25 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Security: Possession of stolen firearm sends Reed Point man to prison for more than eight years

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

GREAT FALLS — A Reed Point man who admitted to possessing a stolen firearm found in a stolen vehicle that crashed near Helena following a pursuit was sentenced today to eight years and eight months years in prison, to be followed by three years of supervised release, U.S. Attorney Jesse Laslovich said today.

The defendant, Jarred Lane Saunders, 26, pleaded guilty in June to prohibited person in possession of a firearm.

Chief U.S. District Judge Brian M. Morris presided. The court also ordered $18,252.98 restitution.

“Stolen firearms and drugs are a dangerous combination. Here, Saunders likely stole 23 guns from a vehicle parked at a Billings hotel, then was arrested in Helena after a pursuit and found in possession of fentanyl and one of the stolen guns. Saunders’ criminal conduct posed a serious threat to public safety, and we remain united with our law enforcement partners in getting these offenders off our streets,” U.S. Attorney Laslovich said.

The government alleged in court documents that on Oct. 12, 2022, Billings police officers responded to a report of 23 firearms that had been stolen from a vehicle parked in a hotel parking lot. Saunders likely stole the 23 firearms because his fingerprints were found at the scene and then brought stolen firearms and fentanyl in a stolen car to Helena. On Oct. 15, 2022, the Montana Highway Patrol pursued a stolen Mercedes, which had been taken in Billings on Oct. 11, 2022. The Mercedes eventually crashed in a private driveway, and Saunders was arrested by Helena police officers. At his arrest, Saunders complained that he ingested 15 to 20 fentanyl pills. A search warrant was executed on the Mercedes, and officers found approximately 300 fentanyl pills, a small amount of methamphetamine and a .22-caliber pistol that had been stolen from the vehicle in Billings. A witness told Billings police of seeing Saunders with three duffle bags full of guns. That person received three of the firearms knowing they were stolen. At the time Saunders possessed the firearms, he was an unlawful user of controlled substances.

The U.S. Attorney’s Office prosecuted the case. The Bureau of Alcohol, Tobacco, Firearms and Explosives, Billings Police Department, Montana Highway Patrol, Butte-Silver Bow Law Enforcement, Montana Division of Criminal Investigation and Helena Police Department conducted the investigation.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

XXX

MIL Security OSI –

January 25, 2025
MIL-OSI: Scintilla relaunches as a pioneer in digital asset solutions, expanding its role in the future of finance
Source: GlobeNewswire (MIL-OSI)

Dubai, UAE, Oct. 25, 2024 (GLOBE NEWSWIRE) — Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder.

Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.

Innovating Finance Through Tokenization
Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.

Scintilla’s services include:
- Advisory Services:
  The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions.
- Use Case Development:
  Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch.
- Broker/Dealer Services:
  Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space.
- Exchange Services:
  Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.
Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.

A New Era for Scintilla
The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.

“Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”

Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”

NOTE: All regulated advisory, broker/dealer, and exchange services are currently carried out by TOKO FZE, a VARA-regulated body. (VARA License No.VL 23/07/002.)
Leading the Way in the Digital Asset Economy

Scintilla is at the forefront of the digital asset revolution, creating new opportunities in the global marketplace. Born out of the global law firm DLA Piper, Scintilla is a digital asset creation platform that couples the compliance and regulatory rigor of a law firm with the innovative technology solutions of tomorrow. Fully regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla provides end-to-end virtual assets solutions; empowering asset owners, issuers, and investors to solve real-world problems and promote financial inclusion.

For more information, visit scintillanetwork.com

The MIL Network –
January 25, 2025
MIL-OSI Africa: African Development Bank President calls for bold, innovative and practical solutions to tackle poverty in Africa

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

WASHINGTON D.C, United States of America, October 25, 2024/APO Group/ —

Climate change, global financial shocks and growing food insecurity are threatening Africa, the world’s fastest-growing continent and hampering achievement of global development goals. To tackle these challenges and speed up the continent’s efforts to achieve these goals, the president of the African Development Bank (www.AfDB.org), Dr. Akinwumi Adesina on Thursday called for bold reforms from development partners.

“We need bolder resolve, innovative and practical solutions, and stronger coordinated action at scale,” he said during a meeting of multilateral development bank (MDB) heads with the G20 Global Alliance against Hunger and Poverty (http://apo-opa.co/3YzKsaP). The MDB leaders met on the sidelines of the International Monetary Fund and the World Bank Group’s ongoing annual meetings in Washington DC.

Adesina who is leading the Bank’s delegation participating in key sessions of the Bretton Wood institutions’ meetings, will highlight his priority concerns for Africa: combatting hunger and eliminating malnutrition, providing electricity to 300 million people by 2030, scaling up infrastructure for agricultural and industrial transformation, combatting climate change, and supporting some of the world’s most fragile nations by mobilizing additional resources for the African Development Fund – the Bank Group’s concessional lending arm.

“Our strength lies in consolidating our collaboration, mobilizing resources at speed and scale, and deploying them where they are needed most,” Adesina said.

High on Adesina’s agenda is the opportunity to consolidate partnerships with partner multilateral development banks such as the World Bank.

The two institutions are working on co-hosting an Africa Energy Summit in Tanzania in January 2025 to accelerate Mission 300, a joint initiative to connect 300 million people in Africa to electricity by 2030. At that summit, African leaders are expected to endorse an Africa Energy Compact.

Dr. Adesina is accompanied by a team of the institution’s senior management team including the Bank’s Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele, Vice President for Finance and Chief Financial Officer, Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, Beth Dunford, Vice President, Agriculture, Human and Social Development, Chief Economist and Vice President, Economic Governance and Knowledge Management, Kevin Urama, as well as Nnenna Nwabufo, Vice President for the Regional Development, Integration and Business Delivery Complex.

Also in Washington, Adesina will participate in a meeting of heads of MDBs, hold bilateral meetings with development partners and host a meeting of the Africa Investment Forum’s founding partners.

The 2024 Africa Investment Forum (http://apo-opa.co/3YzKsrl) which will take place in Morocco in December, offers bountiful opportunities for international investors. The forum has attracted over $180 billion in investment interest in Africa over the last five years across various sectors including agribusiness, energy, roads and transport, health, and digital technology.

Earlier this week, US Secretary of the Treasury Janet Yellen spoke on the Evolution of MDBs and their significant achievements in the development agenda for Africa and the world. She highlighted the increase in May of the Bank’s callable capital, the Mission 300 joint initiative with the World Bank and the African Development Bank’s work on addressing fragility in various parts of the continent.

“Outside of crisis contexts, countries are increasingly addressing the underlying drivers of fragility and conflict, such as in the case of an African Development Bank loan to the Democratic Republic of Congo to invest in increasing agricultural productivity in communities that had been displaced,” Yellen said.

Next week, Adesina will travel to Des Moines, Iowa, where he will take part in the 2024 Borlaug Dialogue and World Food Prize. A number of African Heads of State and Government are expected in Iowa for high-level meetings around global food security and agricultural innovation.

The 2024 IMF Annual Meetings take place from October 21–26 in Washington, DC. The meetings include the International Monetary and Financial Committee (IMFC) and the Development Committee, a joint forum of the IMF and the World Bank.

President Akinwumi Adesina participates at the 4th G20 Finance Ministers and Central Bank Governors Meeting – African Development Bank Group https://apo-opa.co/4fegwX8

President Akinwumi Adesina co-hosts and delivers opening remarks at the Financing for the G20 Global Alliance against Hunger and Poverty through SDR event https://apo-opa.co/3YiSMKE

MIL OSI Africa –

January 25, 2025
MIL-OSI United Kingdom: Australia funds back British economy with major moves to the UK
Source: United Kingdom – Executive Government & Departments

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.
A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific

This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property

Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.

Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.

Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

Prime Minister Keir Starmer said:

These investments are a major vote of confidence in the UK, and in this Government.

I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.

AustralianSuper chief executive Paul Schroder said:

We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.

Aware Super chief executive Deanne Stewart:

Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.

Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.

No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.

The deal has allowed the companies to expand their UK operations to more than 250 people.

The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.

The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.

The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.

They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.

The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

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Updates to this page

Published 25 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Launch of Phase 2 Budget Consultation 2025/26
Source: Scotland – City of Aberdeen

Aberdeen City Council has today launched the second and final phase of its Budget 2025/26 consultation.

The second phase provides additional proposed savings options and invites people to have their say on these, and comment on how changes might affect them if taken forward.

Councillor Alex McLellan, Convener of the Finance and Resources Committee, said: “The next phase of the consultation continues to offer the public an opportunity to express their views on proposed savings being put forward by council officers ahead of the Council setting the 2025/26 budget.

“It is important that people participate as this will give us a greater understanding of what services are important to individuals and their families, and the potential impact any change or removal of a service may have on them.”

Anyone who has access to the internet at home or on their mobile phone can access the consultation here.

For anyone who does not have internet access at home, digital assistance is available at local libraries including the Central Library, and at the Customer Service Centre, Marischal College during opening hours.

A series of virtual and in-person events have been arranged to help encourage public engagement. During these events, the public will have the opportunity to discuss any of the proposed options with council staff. There will also be targeted engagement with community groups and other stakeholders.

Monday 4 November – 5.30pm-7pm – virtual
Microsoft Teams
Advanced booking is required. To book, please click here

Monday 11 November – 11am-12.30pm – in-person

Town and County Hall, Town House (entry via Union Street)

Advanced booking is required. To book, please click here

Tuesday 12 November – 5.30pm-7pm – virtual
Microsoft Teams
Advanced booking is required. To book, please click here

Wednesday 6 November – 6pm-7.30pm – in-person
Customer Service Centre, Marischal College, Broad Street
Advance booking is required. To book, please click here

The Council will host a series of pop-up events to offer digital assistance to citizens who would like support to complete the consultation online. These sessions will be held within Aberdeen City Vaccination Centre located inside the Bon Accord Shopping Centre, George Street.

Advanced booking is NOT required to attend the below pop-up sessions.
- Thursday 31 October – 2pm-4pm
- Thursday 7 November – 2pm-4pm
- Thursday 14 November – 2pm-4pm
For anyone who needs information provided in a different format, such as accessible PDF, large print, easy to read, audio recording or braille, or have any accessibility requirements, please email equality_and_diversity@aberdeencity.gov.uk

The consultation closes on Sunday, November 17 and the results will be presented to Full Council on Wednesday, December 11.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Press release: Australia funds back British economy with major moves to the UK
Source: United Kingdom – Prime Minister’s Office 10 Downing Street

A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.
A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific

This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property

Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.

Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.

Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

Prime Minister Keir Starmer said:

These investments are a major vote of confidence in the UK, and in this Government.

I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.

AustralianSuper chief executive Paul Schroder said:

We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.

Aware Super chief executive Deanne Stewart:

Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.

Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.

No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.

The deal has allowed the companies to expand their UK operations to more than 250 people.

The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.

The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.

The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.

They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.

The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

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Published 25 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Asia-Pac: Task Force on Promoting the Development of Asset and Wealth Management holds first meeting (with photo)

Source: Hong Kong Government special administrative region

The Task Force on Promoting the Development of Asset and Wealth Management, chaired by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, was established and convened its first meeting today (October 25).

Hong Kong is an international asset and wealth management (WAM) centre. To drive market development, the Financial Secretary has announced in the 2024-25 Budget the establishment of the Task Force to discuss with the industry measures for further developing the WAM industry. The Task Force comprises nine non-official members from the WAM industry, government officials, and representatives of financial regulators and relevant bodies.

The Chief Executive’s 2024 Policy Address has set out the need to further enhance Hong Kong’s status as an international WAM centre. In this respect, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the Task Force had a focused discussion on the proposed enhancements.

Mr Hui said, “As an international WAM centre, Hong Kong has long been a hub for global capital and family offices. As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times. Funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong’s WAM industry. Also, market research estimates that Hong Kong is home to about 2 700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.

“In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms. The Task Force brings together industry leaders and professionals, and I believe their valuable advice will help propel the long-term development of the WAM industry.”

The membership of the Task Force is as follows, with the term of non-official members taking effect from October 25, 2024, for two years:

Chairman
———–
Secretary for Financial Services and the Treasury

Non-official members
————————
Mr Kent Chen
Mr Jiang Jingjing
Ms Lian Shaodong
Ms Luanne Lim
Ms Amy Lo
Ms Elisa Ng
Mr Murray Steel
Mr Peter Stein
Mr Sun Yu

Official members
——————-
Permanent Secretary for Financial Services and the Treasury (Financial Services)
Commissioner of Inland Revenue
Deputy Chief Executive, Hong Kong Monetary Authority
Executive Director (Investment Products), Securities and Futures Commission
Executive Director (Policy), Mandatory Provident Fund Schemes Authority
Head of Equities Product Development, Hong Kong Exchanges and Clearing Limited
Executive Director, Financial Services Development Council

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI United Kingdom: Financial health notice to improve: The SMB Group

Source: United Kingdom – Executive Government & Departments

A financial health notice to improve issued to The SMB Group.

Applies to England

Documents

Revised financial notice to improve

PDF, 155 KB, 5 pages

Closed financial health notice to improve

PDF, 183 KB, 4 pages

Details

The revised letter and its annex serve as a notice to improve financial health at The SMB Group.

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MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: What Derby City Council would like to see in the Government’s Autumn budget statement

Source: City of Derby

Following weeks of speculation, the Government will outline their actual spending plans for the first time next week in the Autumn budget statement. Councils across the country, including Derby City Council, will be watching with interest to see what, if any, action will be taken to address the severe financial challenges faced by local government sector.

In Derby, the Council’s current budget is its most challenging yet, with the Council reporting a predicted £9.6 million overspend on its revenue budget – which funds most of its services outside housing, education, and capital projects – at the end of the first quarter of 2024/25.

Demand and costs have continued to rise at a much higher rate than forecast, mainly for services affecting the city’s most vulnerable citizens such as social care and homelessness. This is not unique to Derby and is affecting councils across the country. The Council has been lobbying the Government for changes to the way it is funded, together with local government colleagues nationally.

Derby City Council’s Quarter 2 financial update will be presented to Cabinet in November, but over the medium term the Council faces the challenge of closing a significant budget gap which was estimated to be £13.9 million for 2025/26 before any of the new pressures on services emerged this year. The Council’s Medium Term Financial Strategy, which is also being considered by Council Cabinet in November, will provide further details on this position.

As a result, the Council is already in the process of planning a balanced budget for 2025/26, which is a legal requirement, ready to present it to Councillors in December before it goes out to consultation. Although the Council won’t know for certain how much money it will receive from the Government until around the same time, it is hoped the Autumn statement on 30 October will provide some additional financial support.

In simple terms, the Government currently funds Councils through one-year grant settlements, supplemented by additional grants which can only be used for specific purposes. Shortfalls therefore have to be met from Council Tax and Business Rates, and as Government funding has significantly declined the Council has become more reliant on these local taxes.

While the new Government has indicated that it will move towards multi-year settlements that make it easier to plan for the mid-term, it is not known when this will happen.

Councillor Kathy Kozlowski, Cabinet Member for Governance and Finance, said:

We have to be realistic. We are not expecting the Government to announce multi-year grant funding settlements next week. However there are some small changes they could announce which we’ve lobbied for, and would be ‘quick wins’ for local government. They would certainly make a difference to us in Derby.

A shortage of affordable accommodation means that homeless families are having to stay in temporary accommodation for longer. The amount of Housing Benefit we can claim back from the Government for this is capped, and if this cap was lifted we would be £4 million better off. A review of the right to buy legislation would allow Councils to maintain their levels of social housing.

Costs in the social care market are spiralling, and introducing caps on fees that Councils pay for care would help ease the pressure on social care.

A commitment to the much-awaited funding reforms for local government would also see a redistribution of funding to those areas that need it the most. Continuation of a lot of temporary funding, including funding that supports social care services and support to struggling families through the Household Support Fund, would mean that we could continue to support our most vulnerable residents.

We would welcome any additional funding that the new Government can provide, however we are aware that there is no easy solution to the financial challenges that lie ahead, especially when we have no control over rising costs and demand. Any new burdens on local government need to be adequately funded.

Let me be clear, we will have to make some very difficult decisions over the next few months if we are to fulfil our legal obligation of setting a balanced budget. Many councils have already had to make a Section 114 declaration or ask for additional Government support. This is not a route we want to take, as it would limit what we could do for Derby, but we accept that we may have to do less but in a safe and managed way.

It is usually councils that are left to pick up the pieces when people find themselves in crisis. Yet demand continues to rise and we don’t have the funds to meet it. However we are acutely aware that we are not the only public service lobbying for more help.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Asia-Pac: English Translation of Keynote Address by Prime Minister at the 18th Asia-Pacific Conference of German Businesses (APK 2024)

Source: Government of India (2)

Posted On: 25 OCT 2024 2:55PM by PIB Delhi

Excellency Chancellor Scholz,

Vice Chancellor Dr. Robert Habeck,

Ministers of the Indian Government,

Dr. Busch, Chairman of the Asia-Pacific Committee of German Business,

Industry leaders from India, Germany, and Indo-Pacific countries,

Ladies and gentlemen,

Namaskar!

Guten Tag!

Friends,

Today is a very special day.

My friend, Chancellor Scholz, has come to India for the fourth time.

His first visit was as a Mayor, and the next three have been during his terms as the Chancellor, which highlights his focus on India-Germany relations.

The Asia-Pacific Conference of German Business is being held in India after a gap of 12 years.

On one hand, a CEO forum meeting is taking place, and on the other, our navies are exercising together. German naval ships are currently on a port call in Goa. Additionally, the seventh Inter-Governmental Consultations between India and Germany will be held shortly.

Clearly, the friendship between India and Germany is deepening at every step, on every front.

Friends,

This year marks the 25th anniversary of the India-Germany Strategic Partnership.

The next 25 years will see this partnership reach new heights.

We have created a roadmap for India’s development over the coming 25 years.

I am happy that at such a critical time, the German Cabinet has released the “Focus on India” document.

The world’s two strongest democracies,

Two of the world’s leading economies, together, we can become a force for global good, and the Focus on India document provides a blueprint for this. In this, Germany’s holistic approach and commitment to pursuing the strategic partnership are clearly evident. Especially noteworthy is the trust that Germany has expressed in the skilled workforce of India.

Germany has decided to increase the number of visas for skilled Indians from 20,000 to 90,000 per year.

I am confident that this will further boost Germany’s economic growth.

Friends,

Our bilateral trade has surpassed 30 billion dollars.

Today, while hundreds of German companies operate in India, Indian companies are also rapidly expanding in Germany.

India is becoming a prime center of diversification and de-risking and is emerging as a hub of global trade and manufacturing. Given this scenario, now is the most opportune time for you to make in India, and make for the world.

Friends,

The Asia-Pacific Conference has played an essential role in strengthening relations between the EU and the Asia-Pacific region. But I don’t see this platform as limited to trade and investment alone.

I see it as a partnership for the Indo-Pacific region and a better future for the world. The world needs stability and sustainability, trust and transparency. These values must be emphasized on every front, whether in society or supply chains. Without them, no country or region can envision a brighter future.

The Indo-Pacific region is very important for the future of the world. Whether it is in terms of global growth, population, or skills, the contribution and potential of this region are immense.

This conference, therefore, holds even greater significance.

Friends,

The people of India value a stable polity and a predictable policy ecosystem.

This is why, after 60 years, a government has been elected for a third consecutive term. This trust in India has been strengthened over the last decade through reform, performance, and transformative governance.

When the common citizen of India feels this way, where else would be better for businesses and investors like you?

Friends,

India stands on four strong pillars: Democracy, Demography, Demand, and Data. Talent, technology, innovation, and infrastructure are the tools for India’s growth. Today, an additional great force drives all of these: the strength of Aspirational India.

That is, the combined power of AI — Artificial Intelligence and Aspirational India — is with us. Our youth are driving Aspirational India.

In the last century, natural resources accelerated development. In this century, human resources and innovations will propel growth. This is why India is committed to democratizing skills and technology for its youth.

Friends,

India is working today for the needs of the future world.

Whether it is Mission AI,

Our Semiconductor Mission,

the Quantum Mission,

Mission Green Hydrogen,

Missions related to space technology,

or the Digital India Mission, all of them aim to provide the best and most reliable solutions for the world. These areas offer numerous investment and collaboration opportunities for all of you.

Friends,

India is committed to providing every innovation with a strong platform and the best infrastructure. Our digital public infrastructure is creating endless opportunities for new startups and Industry 4.0. India is also transforming its physical infrastructure with record investments in rail, roads, airports, and ports. There are extensive opportunities here for companies from Germany and the Indo-Pacific region.

I am pleased that India and Germany are working together on renewable energy.

Last month, the fourth Global Renewable Energy Investors Meet was organized in Gujarat in collaboration with Germany.

An India-Germany platform has also been launched for investing in renewable energy at the global level. I hope you will take advantage of the green hydrogen ecosystem that India is developing.

Friends,

This is the right time to join India’s growth story.

When India’s dynamism meets Germany’s precision,

When Germany’s engineering meets India’s innovation,

When Germany’s technology combines with India’s talent, a brighter future is envisioned for the Indo-Pacific region and the world.

Friends,

You belong to the business world.

Your mantra is “When we meet, we mean business.”

But coming to India is not only about business; if you miss India’s culture, cuisine, and shopping, you will miss a lot.

I assure you: You will be happy, and your family back home will be even happier.

Thank you very much, and may this conference and your stay in India be both fruitful and memorable.

Thank you.

DISCLAIMER -This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Loan limit under Pradhan Mantri Mudra Yojana (PMMY) increased to Rs.20 lakh from the current Rs.10 lakh

Source: Government of India

Posted On: 25 OCT 2024 12:36PM by PIB Delhi

As announced by the Finance Minister on 23rd July, 2024 in the Union Budget 2024-25, the limit of Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) has been enhanced from current Rs. 10 lakh to Rs. 20 lakh. This increase aspires to further the overall objective of the Mudra Scheme which is Funding the Unfunded. This enhancement is specifically beneficial to upcoming entrepreneurs facilitating their growth and expansion. The move is in alignment with the Governmment’s commitment in fostering a robust entrepreneurial ecosystem.

As per the notification issued in this regard, the new category of Tarun Plus is for Loans above Rs. 10 lakh and upto Rs. 20 lakh and would be available to the entrepreneurs who have availed and successfully repaid previous loans under the Tarun category. The guarantee coverage of PMMY loans upto Rs. 20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU).

Click here for notification.

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Europe: A future of diversity

Source: European Investment Bank

In Mauritaina, economic inclusion is lower, especially for women, than in many neighbouring countries, such as Morrocco and Senegal. The percentage of women in the workforce is about 26%. This level has stayed about the same for the past few decades, according to the World Bank. Among men, labour participation is nearly 60%. Helping women get jobs will give a big lift to gross domestic product, according to the founders of the 2X Challenge. Youth unemployment also is high in Mauritania, at about 24%.

Oumar Mohamed Saleh, a Bank for Commerce and Industry loan officer in Mauritania’s capital, Nouakchott, says it’s almost impossible to give loans to most women without support from the European Investment Bank. The terms of the cooperation with the European Investment Bank allow his bank to make repayments longer, reduce interest rates or ease clients’ collateral requirements. These terms are important because women often don’t have big incomes and they don’t have a home or car in their name to use as collateral. The Bank for Commerce and Industry can also allow clients to pause their payments if they are having business troubles.

“If a woman wants to set up a little business, such as selling doughnuts, they can’t go to a bank, because they usually won’t get a loan,” Saleh says. “Women end up working informally, making clothes or helping in food preparation. But today, we can help many of these women.”

MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: Poland expands EIB’s Ukraine reconstruction fund with €25 million
Source: European Investment Bank
- Poland provides €25 million to EIB fund supporting critical recovery projects in Ukraine.
- Polish contribution increases size of EU for Ukraine Fund to nearly €400 million.
The Polish government has contributed €25 million to a European Investment Bank (EIB) fund dedicated to the reconstruction of Ukraine following Russia’s full-scale military invasion in 2022. The agreement between the EIB and Poland increases the size of the EU for Ukraine Fund to €398.35 million.

Created by the EIB in 2023, the fund aims to help rebuild infrastructure, restore essential services and stimulate economic growth in Ukraine. Part of the EU for Ukraine (EU4U) initiative supporting vital public and private reconstruction projects and improving access to finance for entrepreneurs in the country, the fund has received contributions to date from 14 EU countries.

“Poland joining the EIB-led EU for Ukraine Fund marks an important step in supporting Ukraine’s economic resilience,” said EIB vice-President responsible for operations in Ukraine, Teresa Czerwińska. “Thanks to the Polish contribution, the fund is now worth nearly 400 million euros. This money will help drive public sector investment to rebuild critical infrastructure, as well as propping up Ukrainian entrepreneurs and businesses to keep the economy going. On top of that, the EIB finances from its own resources advisory support to prepare infrastructure investment projects despite the ongoing war.”

“Supporting Ukraine has been a long-standing priority for Poland, including through development cooperation. Since the Russian aggression on Ukraine in 2022 our efforts have intensified to address humanitarian needs and help Ukraine in recovery and post-war reconstruction. Poland is proud to be one of the initiators of the establishment of the EU for Ukraine Fund in 2023 and now to fulfil our political commitment with financial contribution of €25 million EUR. We hope that these funds will also help Ukraine to modernize on its EU accession path” said Polish Undersecretary of State at the Ministry of Foreign Affairs Jakub Wiśniewski.

In addition to Poland, the EU for Ukraine Fund has received contributions from Belgium, Croatia, Cyprus, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, the Netherlands and Spain.

The guarantees provided under the Fund enable the EIB to support reconstruction projects in Ukraine that might otherwise be too risky to finance. The EU for Ukraine Fund also supports project promoters and beneficiaries by lowering the borrowing costs for them through investment grants.

The fund has already supported several projects including by providing €25 million for an initiative to strengthen small and medium-sized enterprises (SMEs) in Ukraine and Moldova and €50 million for a new metro fleet in the capital Kyiv. Other projects in the pipeline include renovation works for damaged housing, repairs to Ukraine’s critical export routes and an emergency response line for life-threatening situations.

Background information

Present in Ukraine since 2007, the EIB has been unwavering in its support for the country’s EU integration, which has become even more vital given Russia’s war against Ukraine. With a portfolio of signed projects valued at €7.3 billion, the Bank has invested in municipal infrastructure, energy, transport and small businesses, all with the goal of improving daily life, boosting economic growth and lending support for Ukraine’s resilience and reconstruction efforts. Since Russia launched its full-scale invasion of Ukraine, the EIB has provided immediate relief, disbursing over €2 billion of financing for emergency repairs to the country’s ravaged infrastructure.

Through the EIB’s EU4U Fund and the broader initiative, the Bank remains committed to stepping up its activities in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, EU Member States and international partners. The EIB also plays a key role in implementing the European Union’s €50 billion Ukraine Facility.
MIL OSI Europe News –
January 25, 2025
MIL-OSI Europe: Romania: The NAFS Anti-Fraud Communication Network decided to set up a communication plan to prevent fraud with European funds

Source: European Anti-Fraud Offfice

The Fight Against Fraud Department – DLAF coordinated the second meeting of the NAFS Anti-Fraud Communication Network, held virtually on 22 October.

DLAF opened the discussions on the establishment of a joint Communication Plan, which will create an integrated communication of all the member institutions of NAFS Anti-Fraud Communication Network. The implementation of the Communication Plan is occasioned by the adoption, in December 2023, of the „National Anti-Fraud Strategy for the protection of the Financial Interests of the European Union in Romania 2023-2027” (NAFS), which establishes that one of the main objectives is the prevention of fraud with European funds. Communication is involved in achieving this goal. As a result, the implementation stages aimed at creating the NAFS Anti-Fraud Communication Network at the beginning of 2024, which includes communication and PR specialists from several public institutions engaged in the fight against fraud with European funds and setting up annual communication plans. At this stage, the Network has undertaken to finalise, by the end of the year, a joint strategic document (target audience, messages, logo, communication channels, etc.) and the 2025 action plan.

During the meeting, DLAF presented to the communication specialists the model of good practice of the Anti-fraud Communicators Network (OAFCN), created and coordinated by the European Anti-Fraud Office (OLAF). Participants were able to find out details about Network’s history, about the flow of relevant information between member institutions and about the communication campaigns carried out by OLAF and the institutions of the OAFCN Network. As an OAFCN member, DLAF highlighted the good collaboration between the Department and OLAF, as also appreciated at the 33^rd Meeting of the OLAF-OAFCN Anti-Fraud Communicators Network (2-3 July 2024).

As a guest of the meeting, the Ministry of European Investments and Projects (MIPE) provided details on the communication strategy, dedicated to promoting and disseminating information about the programmes financed by the Cohesion Policy, for the programming period 2021-2027, carried out by the Ministry. The institution also provided information on how the National Network of Responsible for the communication of the 2021-2027 programmes works, which it coordinates.

Both the example of the functioning of the OLAF’s OAFCN Network and the model of cooperation in the InformEU Network, created by the European Commission, of which MIPE is also part and it presented at the meeting, may be useful in drawing up a strategic and action plan for the NAFS Anti-Fraud Communication Network.

Background:

The Fight Against Fraud Department – DLAF is the national coordinator for the communication and dissemination of information on the protection of the financial interests of the European Union in Romania.

The „National Anti-Fraud Strategy for the protection of the Financial Interests of the European Union in Romania 2023-2027” offers the opportunity for Romanian public institutions to set up a joint strategic framework in the fight against fraud with European funds, on several areas.

Read the original press release (in Romanian)

MIL OSI Europe News –

January 25, 2025

Category: Finance

Source: Maritime New Zealand

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