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  • MIL-OSI: Atos reports third quarter 2024 revenue

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Third quarter 2024 revenue in line with September 2ndBusiness Plan

    Cash position in line with September 2ndbusiness plan & FY2024 outlook

    Q3 2024 revenue of €2,305m, down -4.4% organically, consistent with September 2ndbusiness plan communicated on September 2nd, 2024

    • Eviden down -6.4% organically due to continued market softness in the Americas and Central Europe and previously-established contract scope reductions
    • Tech Foundations down -2.6% organically, reflecting lower scope of work and previously-established contract completions and terminations
    • Q4 and FY2024 outlook in line with September 2nd business plan1

    Q3 order entry of €1.5bn, with stronger commercial activity and improved order entry expected in Q4

    • Eviden book-to-bill at 73%, compared with 80% in prior year. Solid commercial activity in BDS with several High-Performance Computing contracts signed. Eviden Q4 book-to-bill expected to be close to Q4 20232
    • Tech Foundations book-to-bill at 60%, consistent with previous years3. Q4 book-to-bill expected to be close to historical average4 thanks to anticipated return of multi-year contracts with existing customers
    • Group Q3 book-to-bill at 66% (84% in prior year), in line with Q3 2023 book-to-bill excluding large exceptional deals5. Group Q4 2024 book-to-bill expected in line with prior year6

    Cash position of €1.1bn as at September 30, 2024

    • Net debt position of €4.6bn, including a €1.6bn reduction of working capital optimization compared with December 2023
    • Q3 cash consumption of €-3m excluding change in working capital optimization for €232m
    • Full year free cash flow before normalization of working capital optimization expected in line with September 2nd business plan

    Atos focused on its industrial turnaround and growth:

    • Decision from the Court on pre-arranged financial restructuring plan expected today
    • Financial restructuring plan expected to close in December 2024 or early January 2025
    • New governance in place with Philippe Salle named chairman and becoming CEO on February 1st.

    Paris, France – October 24, 2024 – Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces its revenue for the third quarter of 2024.

    Jean Pierre Mustier, Atos Chief Executive Officer, declared:

    “With our financial restructuring plan and our new governance in place, Atos can confidently focus on its industrial turnaround and growth under the leadership of Philippe Salle. He is the best person to lead our transformation journey and restore confidence in Atos.

    I have seen a positive change of perception with our clients, who have taken note of our restructuring, and are looking to resume a normalized interaction with us. I expect stronger commercial activity in the coming months, with the anticipated return of multi-year strategic contracts with existing customers.

    I would like to take this opportunity to sincerely thank our employees for their ongoing commitment, and our customers and partners for their continued support.”

    Revenue by Businesses

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Eviden 1,093 1,202 1,167 -6.4%
    Tech Foundations 1,212 1,373 1,244 -2.6%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Group revenue was €2,305 million in Q3 2024, down -4.4% organically compared with Q3 2023 as expected. Overall, Group revenue in the third quarter reflects softer market conditions and is consistent with the business plan communicated on Sept 2nd.

    Eviden revenue was €1,093 million, down -6.4% organically.

    • Digital activities decreased high single-digit. The business was impacted by the general market slowdown in Americas and Central Europe and previously-established contract scope reductions.
    • Big Data & Security (BDS) revenue was roughly stable organically. In Advanced Computing, stronger activity in Denmark and France was offset by a high comparison basis in the prior year. Revenue in Digital Security slightly decreased, despite the growth of Mission Critical Systems, notably in Central Europe.

    Tech Foundations revenue was €1,212 million, down -2.6% organically.

    • Core revenue (excluding BPO and value-added resale (“VAR”)) decreased low single-digit. Stronger contributions related to the Paris Olympic & Paralympic games were offset by contract terminations in Americas and previously-established contract scope and volume reduction in Northern Europe & APAC.
    • Non-core revenue declined high single-digit during the quarter as expected, reflecting contract completion in BPO activities in the UK.

    Revenue by Regional Business Unit

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Americas 500 606 558 -10.5%
    Northern Europe & APAC 707 769 757 -6.6%
    Central Europe 544 627 546 -0.4%
    Southern Europe 477 501 480 -0.7%
    Others & Global Structures 76 73 69 +10.1%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Americas revenue decreased by -10.5% on an organic basis, reflecting the current general slowdown in market conditions and previously-established contract terminations and completions.

    • Eviden was down double-digit, impacted by contract terminations and volume decline in Healthcare, Finance, and Transport & Logistics. BDS declined high single-digit due to volume reductions.
    • Tech Foundations revenue declined mid single-digit due to contract completions and terminations as well as scope reductions with select customers.

    Northern Europe & Asia-Pacific revenue decreased by -6.6% on an organic basis.

    • Eviden revenue declined mid-single-digit. A revenue increase at BDS due to new business in Advanced Computing with an innovation center in Denmark was offset by the decline of Digital revenue, reflecting a lower demand from Public Sector customers in the UK.
    • Revenue in Tech Foundations was down high single-digit, with contract completions and volume decline in Public Sector BPO.

    Central Europe revenue was nearly stable at -0.4% on an organic basis.

    • Eviden revenue declined low single-digit, impacted by volume reductions in Digital from Manufacturing and Public Sector customers.
    • Tech Foundations revenue grew mid-single-digit, with strong demand for hardware products.

    Southern Europe revenue was down -0.7% organically.

    • Eviden revenue was roughly flat. Growth in Digital, which benefitting from a contract win with a major European utility company, was offset by lower revenue in BDS compared to Q3 2023, when a supercomputer project was delivered in Spain.
    • Tech Foundations revenue declined low single-digit due to volume reductions with select customers.

    Revenue in Others and Global Structures, which encompass Middle East, Africa, Major Events as well as the Group’s global delivery centers and global structures, grew double-digit reflecting stronger contributions from the Paris Olympic & Paralympic Games and the positive performance of Africa.

    Commercial activity

    Order entry for the Group was €1,526 million. Eviden order entry was €794 million and Tech Foundations order entry was €733 million.

    Book-to-bill ratio for the Group was 66% in Q3 2024, down from 84% in Q3 2023, reflecting softer market conditions and delays in contract awards as clients await the final resolution of the Group’s refinancing plan. This ratio is in line with the book-to-bill ratio for Q3 2023, excluding exceptionally large contract7.

    Book-to-bill ratio at Eviden was 73%. Main contracts signatures during the third quarter included the supply of an HPC to a leading player in the Aerospace sector, another HPC contract signed with a major French utility provider, together with control room utility solutions.

    Book-to-bill ratio at Tech Foundations was 60%, consistent with the seasonality observed in previous years, in particular in Q3 2021 (54%) and in Q3 2022 (58%). Main contracts signatures in the third quarter included several renewals to provide Hybrid Cloud & Infrastructure services in Financial Services, Public Sector, and Manufacturing industries.

    Stronger commercial activity is expected in the coming months in both Eviden and Tech Foundation, which would lead to a significant improvement of the Group book-to-bill ratio in the fourth quarter, as confidence in the Group’s financial sustainability has been restored.

    At the end of September 2024, the full backlog was €14.7 billion representing 1.4 years of revenue. The full qualified pipeline amounted to €5.7 billion at the end of September 2024.

    Human resources

    The total headcount was 82,211 at the end of September 2024, decreasing by -10.3% since the end of June 2024. Following contract completions in Americas and the UK, the Group transferred circa 4,900 employees to the new providers. Excluding these transfers, headcount has decreased by circa -5%.

    During the third quarter, the Group hired 1,839 staff (of which 91% were Direct employees), while attrition rate increased compared with Q2. The attrition rate over the past 9 months is in line with normal historical levels.

    Q3 cash position

    As of September 30, 2024, cash & cash equivalents was €1.1 billion, down €1.2 billion compared with December 31, 2023 primarily reflecting €1.6 billion lower working capital actions compared with the end of fiscal 2023 and €1.1 billion of new borrowings.

    As of September 30, 2024, net debt was €4.6 billion compared with €2.2 billion at the end of last year, reflecting primarily the reduction of working capital optimization down to €265 million.

    Cash consumption was €-3 million in the third quarter, excluding change in working capital optimization of €232 million.

    Full year 2024 outlook

    The Group expects for the full year 2024:

    • Mid-single-digit organic revenue decrease, corresponding to revenue of circa €9.7 billion
    • Operating margin of circa €238 million excluding additional provisions to be booked for some underperforming contracts8
    • Change in cash before debt repayment of circa €-783 million excluding the full unwind of the working capital optimization of circa €1.8 billion as of December 31, 2023.

    Financial restructuring process

    Atos expected to receive today the decision from the Court on its pre-arranged financial restructuring plan.

    Assuming the plan is accepted by the court, the next steps of the financial restructuring process would be as follows:

    November 12 – 22:
    • €233 million rights issue with preferred subscription rights
    Mid to end December:
    • Execution of concomitant reserved capital increases
    End of December 2024 or early 2025
    • Receipt of €1.5bn to €1.7bn of new money debt
    • Closing of the restructuring process

    Asset disposal processes

    The discussions with Alten regarding the sale of the Worldgrid business are progressing well and are on track.

    Following the communication issued on October 7, discussions related to the potential acquisition by the French state of the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of BDS are continuing based on a new proposal compatible with the financial restructuring plan of the Company.

    Governance

    As communicated on October 15, 2024, Philippe Salle has been appointed as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 1, 2025.

    Conference call

    Atos’ Management invites you to a conference call on the Group revenue for the third quarter of 2024, on Thursday, October 24, 2024 at 08:00 am (CET – Paris).

    You can join the webcast of the conference:

    • via the following link: https://edge.media-server.com/mmc/p/bkriazto
    • by telephone by dial-in, 10 minutes prior the starting time. Please note that if you want to join the webcast by telephone, you must register in advance of the conference using the following link:

    https://register.vevent.com/register/BI8dc47a058ab84cb88b1ba638c295b440

    Upon registration, you will be provided with Participant Dial In Numbers, a Direct Event Passcode and a unique Registrant ID. Call reminders will also be sent via email the day prior to the event.
    During the 10 minutes prior to the beginning of the call, you will need to use the conference access information provided in the email received upon registration.

    After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

    APPENDIX

    9-month organic revenue evolution by RBUs and business lines

    In € million 9-month 2024
    Revenue    		 9 month 2023
    revenue*    		   Organic variation*
    Americas 1,608 1,748   -8.0%
    Northern Europe & APAC 2,249 2,320   -3.0%
    Central Europe 1,621 1,673   -3.1%
    Southern Europe 1,561 1,564   -0.2%
    Others & Global Structures 230 211   +9.1%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        
             
             
             
       
    In € million 9-month 2024
    Revenue    		 9-month2023
    revenue*    		   Organic variation*
    Eviden 3,478 3,658   -4.9%
    Tech Foundations 3,790 3,858   -1.8%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        

    Q3 2023 Revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue is compared with Q3 2023 revenue at constant scope and foreign exchange rates. Reconciliation between the Q3 2023 reported revenue and the Q3 2023 revenue at constant scope and foreign exchange rates is presented below.

    In 2023, the Group reviewed the accounting treatment of certain third-party standard software resale transactions following the decision published by ESMA in October 2023 that illustrated the IFRS IC decision and enacted a restrictive position on the assessment of Principal vs. Agent under IFRS 15 for such transactions. The Q3 2023 revenue is therefore restated by €-15 million. The restatement impacted Eviden in the Americas RBU without impacting the operating margin.

    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Eviden 1,217 -15 1,202 -3 -31 -1 1,167
    Tech Foundations 1,373 0 1,373 3 -122 -9 1,244
    Total 2,590 -15 2,575 0 -154 -10 2,412
                   
                   
    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Americas 621 -15 606 0 -34 -13 558
    Norther Europe & APAC 769 0 769 0 -18 7 757
    Central Europe 627 0 627 0 -81 0 546
    Southern Europe 501 0 501 0 -21 0 480
    Others & Global structures 73 0 73 0 0 -3 69
    Total 2,590 -15 2,575 0 -154 -10 2,412

    *: At constant scope and foreign exchange rates

    Scope effects on revenue amounted to €-154 million. They mainly related to the divesture of UCC across all regions, EcoAct in Americas, Southern Europe and Northern Europe & Asia-Pacific, State Street JV in Americas and Elexo in Southern Europe.

    Currency effects negatively contributed to revenue for €-10 million. They mostly came from the depreciation of the American dollar, Argentinian peso, Brazilian real, and Turkish lira, not offset by the appreciation of the British pound.

    ***

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    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

    1 Eviden Q4 organic revenue evolution expected slightly negative and Tech Foundations Q4 revenue expected to decrease double digit on previously established contract completions and terminations
    2 Q4 2023 Eviden book-to-bill of 100%
    3 2021 (54%), 2022 (58%) and 2023 (84% including one large exceptional deal)
    4 Q4 2021-2023 book-to-bill average of 98%
    5 Q3 2023 book-to-bill of 65% excluding one large exceptional deal in Eviden and another one in Tech Foundations
    6 108%
    7 Book-to-bill ratio of 65% in Q3 2023, excluding an exceptionally large contract at Eviden and another at Tech Foundations.
    8 Negotiations are in progress with customers, which could lead to a low double digit % reduction of the operating margin

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 23 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 24 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 23 October 2024

    On 23 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)
      – – AQEU        
      – – CEUX
      – – TQEX
      93,245 40.47 XHEL
    TOTAL 93,245 40.47  

    *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 9,227,711 Sampo A shares representing 1.68 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

    The MIL Network –

  • MIL-OSI: Decisive new step in the completion of the financial restructuring: Atos’ accelerated safeguard plan approved by the specialized Commercial Court of Nanterre

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – October 24, 2024 – Atos SE (“Atos” or the “Company”) announces today that, by judgment dated October 24, 2024, the specialized Commercial Court of Nanterre (the “Court”), after having acknowledged, pursuant to the provisions of article L. 626-31 of the French Code de commerce, that all legal conditions had been satisfied, has approved the accelerated safeguard plan of Atos (the “Plan”), presented at the hearing of October 15, 2024.

    Philippe Salle, Chairman of the Board of Directors of Atos, said: “The approval of Atos’ accelerated safeguard plan by the Nanterre Specialized Commercial Court is a decisive step in our financial restructuring process and I would like to thank the entire management team for the remarkable work they have accomplished over the last few months. This important step guarantees the continuity of Atos’ activities in the best interests of our employees and customers, and allows us to project the Group confidently towards a new page in its history.”

    Jean Pierre Mustier, Chief Executive Officer of Atos, said: “Our Group has reached a decisive step, providing sufficient financial resources to successfully complete a new period of industrial development under the leadership of Philippe Salle, with a strong focus of all our teams to provide the best possible service to our customers through innovation and quality of service.”

    The Court has appointed, as practitioner in charge of supervising the implementation of the Plan (commissaire à l’exécution du plan), SELARL AJRS, represented by Maître Thibaut Martinat, for the duration of the Plan.

    In the absence of a suspensory appeal against the judgment approving the Plan, it is envisaged that all the financial restructuring transactions provided for in the Plan will be executed between November 2024 and December 2024/January 20251, subject in particular to the approval by the Autorité des Marchés Financiers (AMF) of the prospectuses relating to the various securities issues provided for in the Plan.

    As a reminder, the transactions provided under the Plan should lead to, in particular:

    • the equitization of €2.9 billion of financial debt; and
    • the provision to Atos of €1.5 to €1.675 billion of new money debt and the new money equity resulting from the rights issue (up to €233 million) already backstopped in cash by participating bondholders for €75 million and by the creditors participating in the new financings by set off against a portion of their debts for €100 million, as previously communicated and, as the case may be, from the potential voluntary additional subscription in cash by the participating creditors of up to €75 million as part of the Potential Capital Increase as provided in the Plan.

    The main characteristics of the share capital transactions to be implemented as part of the Plan are described in the document entitled “Main terms and conditions of the share capital transactions carried out as part of the Company’s financial restructuring plan” (Principales modalités des opérations sur le capital mises en œuvre dans le cadre du plan de restructuration financière de la Société) published on the Company’s website (section “Financial Restructuring”) on September 6, 2024 and updated on September 16, 2024. These share capital transactions will be covered by prospectuses submitted to the Autorité des Marchés Financiers (AMF) for approval.

    The Company will continue to inform the market in due course of the next steps of its financial restructuring.

    ***

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    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

    1 Subject to the required regulatory approvals.

    Attachment

    The MIL Network –

  • MIL-OSI: Bank of Åland Plc: Interim Report for the period January – September 2024

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Interim Report
    October 24, 2024 9.00 EET

    Interim Report for the period January – September 2024

    “We are reporting our best nine-month operating profit ever, at EUR 49.8 million (41.5), which generated a return on equity after taxes of 18.4 per cent (15.7).

    “It has been nearly a year since market interest rates reached their highest levels, and we can see that declining market interest rates are negatively impacting net interest income. However, because of rising activity levels within our financial investment operations and our IT operations, net commission income and IT income during the quarter together rose more than the decline in net interest income. Our core income in the form of net interest income, net commission income and IT income thus increased by EUR 0.6 M or 1 per cent compared to the same quarter of 2023, reaching EUR 52.7 M (52.1).

    “Hopefully, falling market interest rates will lead to a continued surge in activity levels in our society.”

    Peter Wiklöf, Managing Director and Chief Executive

    January-September 2024 compared to January-September 2023

    • Net operating profit increased by 20 per cent to EUR 49.8 M (41.5).
    • Core income in the form of net interest income, net commission income and IT income increased by 10 per cent to EUR 161.1 M (146.4).
    • Other income increased to EUR 1.1 M (0.3). • Total expenses increased by 7 per cent to EUR 110.0 M (103.1).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 2.5 M (2.0), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) increased to 18.4 per cent (15.7).
    • Earnings per share increased by 22 per cent to EUR 2.60 (2.13).
    • The common equity Tier 1 capital ratio increased to 14.0 per cent (13.7 on December 31, 2023).
    • Unchanged future outlook: The Bank of Åland expects its net operating profit in 2024 to be about the same as in 2023.

    The third quarter of 2024 compared to third quarter of 2023

    • Net operating profit decreased by 9 per cent to EUR 17.3 M (19.1).
    • Core income in the form of net interest income, net commission income and IT income increased by 1 per cent to EUR 52.7 M (52.1).
    • Other income increased to EUR 0.4 M (−0.9).
    • Total expenses increased by 11 per cent to EUR 35.1 M (31.5).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 0.8 M (0.7), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) decreased to 19.0 per cent (21.5).
    • Earnings per share decreased by 9 per cent to EUR 0.89 (0.99).

    Financial summary

    Group Q3
    2024    		 Q2
    2024    		  % Q3
    2023    		  % Jan-Sep
    2024    		 Jan-Sep
    2023    		 %
    EUR M                
    Income                 
    Net interest income 26.2 26.4 -1 27.9 -6 78.9 71.8 10
    Net commission income 18.9 19.4 -3 17.8 6 56.5 54.3 4
    IT income 7.6 9,7 -22 6.4 18 25.6 202 27
    Other income 0,4 -0,1   -0,9   1,1 0,3  
    Total income 53.1 55.3 -4 51.2 4 162.2 146.6 11
                     
    Staff costs -21.3 -22.8 -6 -19.4 10 -65.7 -60.4 9
    Other expenses -10.8 -12.5 -14 -8.9 20 -34.8 -30.4 14
    Statutory fees             -3,2 -100
    Depreciation/amortisation -3.0 -3.3 -8 -3.1 -3 -9.5 -9.0 5
    Total expenses -35.1 -38.5 -9 -31.5 11 -110.0 -103.1 7
                     
    Profit before impairment losses 18.0 16.8 7 19.8 -9 52.2 43.5 20
                     
    Impairment losses on financial assets, net -0.8 -1.2 -36 -0.7 8 -2.5 -2.0 23
    Net operating profit 17.3 15.6 11 19.1 -9 49.8 41.5 20
                     
    Income taxes -3.5 -3.1 16 -4.0 -10 -9.9 -8.9 11
    Profit for the period 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Attributable to:                
    Shareholders in Bank of Åland Plc 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Volume                
    Lending to the public 3,514 3,530 0 3,777 -7      
    Deposits from the public 3,396 3,475 -2 3,553 -4      
    Actively managed assets 10,654 10,343 3 8,982 19      
    Managed mortage loans 3,060 2,952 4 2,600 18      
    Equity capital 325 311 5 318 2      
    Balance sheet total 4,789 4,782 0 5,197 -8      
    Risk exposure amount 1,693 1,681 1 1,741 -3      

    The Bank of Åland (Ålandsbanken) follows the disclosure procedure stipulated in “Disclosure obligation of the issuer (7/2013)”, published by the Finnish Financial Supervisory Authority and hereby publishes its Interim Report for the period January – September 2024, which is enclosed with this stock exchange release.

    The Bank`s Interim Report for the period January – September 2024 is attached to this release in PDF format and is also available on the company’s web site at

    https://www.alandsbanken.com/uploads/pdf/result/en_resultat_jan-sep_24.pdf

    Mariehamn, October 24, 2024

    THE BOARD OF DIRECTORS

    For more information please contact:

    Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel. + 358 (0)40 512 7505

    Attachment

    The MIL Network –

  • MIL-OSI: Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Source: GlobeNewswire (MIL-OSI)

    Alliance Witan PLC (the “Company”)

    LEI: 213800SZZD4E21OZ9W55

    Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Alliance Witan’s investment manager, Willis Towers Watson (“WTW”), is pleased to announce the completion of the transition of assets from Witan Investment Trust (“Witan”) to Alliance Witan following shareholder approval for the combination of Alliance Trust and Witan on 9 October.

    Blackrock Inc. has helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to also make a manager change, replacing Black Creek Investment Management (“Black Creek”) with EdgePoint Wealth Management (“EdgePoint”).

    The appointment of EdgePoint follows that of Jennison Associates, previously one of Witan’s investment managers, which was announced at the start of the transition just over two weeks ago.

    EdgePoint, based in Toronto, is an employee-owned business, founded in 2008. It manages $25bn of client assets, as of 30 June 2024, and seeks to buy good, undervalued business and hold them until the market fully realises their potential.

    With the portfolio realignment now completed, the new manager allocations are as follows:

    Manager Allocations  
    ARGA 8.0%
    Dalton 5.5%
    EdgePoint 7.0%
    GQG Global 13.5%
    GQG EM 6.0%
    Jennison 6.0%
    Lyrical 6.5%
    Metropolis 9.5%
    Sands 4.5%
    SGA 10.5%
    Veritas 13.5%
    Vulcan 7.0%
    Other assets 2.5%

    The resulting risk profile of the portfolio is largely unchanged, with no excessive exposure relative to the benchmark to regions, sectors or styles, and most of the added value is expected to come from stock selection.

    The direct costs of the portfolio transition and manager changes, including BlackRock’s fee, trading commissions, tax and bid/offer spreads, will be less than 0.04% of the Alliance Witan portfolio, representing fair value for shareholders.

    Craig Baker, Chief Investment Officer of WTW and Chair of the Alliance Witan Investment Committee, said: “We would like to express our appreciation to the team at Black Creek for their contribution to the Company since their appointment in 2017. While we continue to rate Black Creek highly, a senior member of the team left in the last 12 months on health grounds, and we have been evaluating succession planning for some time. While Bill Kanko has no specific retirement date in mind and there are other experienced investors at the firm, we have taken the opportunity to switch to a manager in which we have high conviction, and which brings a fresh perspective to the new, combined portfolio.

    Baker added: “Now that Witan’s assets are fully invested, it is business as usual. We will be using the same proven investment approach we have always used for Alliance Witan, although we will be retaining a small number of Witan’s discounted investment trust holdings, which represent less than 3% of the portfolio, until such time that they can be sold at an attractive price for shareholders.”

    Ends

    About Alliance Witan (ALW)

    Alliance Witan aims to deliver long-term capital growth and rising income from investing in global equities at a competitive cost. Our investment manager blends the top stock selections of some of the world’s best active managers into a single diversified portfolio designed to outperform the market while carefully managing risk and volatility. Alliance Trust is an AIC Dividend Hero with 57 consecutive years of rising dividends

    https://www.alliancewitan.com

    For more information, please contact:

    Mark Atkinson
    Senior Director
    Client Management, Wealth & Retail
    Willis Towers Watson
    Tel: 07918 724303
    mark.atkinson@wtwco.com

    Sarah Gibbons-Cook
    Quill PR
    Tel: 020 7466 5050

    The MIL Network –

  • MIL-OSI: Co-op teams up with Quadient to deliver parcel locker convenience in communities in the UK

    Source: GlobeNewswire (MIL-OSI)

    Quadient (Euronext: QDT), a global automation platform powering secure and sustainable business connections, has partnered with Co-op in the United Kingdom to deliver further parcel locker growth and added convenience to its communities, it has revealed today.

    The partnership to supply Parcel Pending by Quadient lockers to Co-op’s stores, aims to align Co-op’s footprint in the heart of local communities with the continued growth in consumer demand for safe, secure and accessible parcel lockers.

    Parcel Pending by Quadient is a growing network of intelligent lockers used for deliveries and returns from significant carriers, including Royal Mail, DPD, Evri, and UPS, as well as for new services across the UK like convenient key drop-offs with Keynest.

    More than 30 units will initially be installed at Co-op stores, with the potential for this partnership to grow. The first lockers will be seen this month at Co-op stores in Bedford, Bradford, Guildford, Keighley, Liverpool, Stockport, Swinton, and Telford.

    The multicarrier open locker network form part of Co-op’s strategy to develop added services and enhanced convenience – creating a compelling customer offer to ensure its stores are a convenient destination not only for groceries but for a range of services that meet the needs of local communities.

    George Hayworth, Head of Q-Comm Development, Co-op, said: “We are delighted to partner with Quadient. Safe, secure and convenient parcel lockers are one of the ways in which we make things easier and deliver enhanced convenience for our member-owners and customers. With our stores conveniently located in high streets and transport hubs, university campuses and residential developments, parcel lockers can help local residents and time-pressed consumers pick up or return parcels at a time that is convenient to them, quickly, easily and conveniently.”

    Katia Bourgeais-Crémel, Director of Lockers Automation Europe at Quadient said: “We are proud to collaborate with the Co-op to introduce our open lockers in their stores. This partnership enables us to offer Co-op customers a secure and efficient solution for managing parcel deliveries and returns. Our open locker network is accessed by multiple carriers, including Royal Mail, DPD, Evri, and UPS, providing even greater convenience than others in the market. Shoppers can easily collect or return parcels, whether during a grocery run or as part of their daily routine, making the process both simple and seamless.”

    Learn more at parcelpending.com/en-gb. 

    About Quadient®
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

    Contacts

    Sandy Armstrong, Sterling Kilgore Joe Scolaro, Quadient         
    Director of Media & Communications Global Press Relations Manager
    +1-630-699-8979 +1 203-301-3673
    sarmstrong@sterlingkilgore.com j.scolaro@quadient.com

    About Co-op
    Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates almost 2,400 food stores, over 800 funeral homes and provides products to over 6,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. Employing 56,000 people, the Co-op has an annual turnover of over £11billion and is a recognized leader for its social goals and community-led programs. The Co-op exists to meet members’ needs and stand up for the things they believe in. For more information about the Co-op, visit www.co-op.co.uk

    Attachments

    The MIL Network –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q3-24 Results

    Source: GlobeNewswire (MIL-OSI)

    Q3-24 Revenue of € 156.6 Million and Net Income of € 46.8 Million Up 27.0% and 33.7%, Respectively, vs. Q3-23
    Orders of € 151.8 Million Up 19.2% vs. Q3-23. Hybrid Bonding Adoption Continues

    YTD-24 Revenue of € 454.1 Million and Net Income of € 122.7 Million
    Orders of € 464.8 Million Up 21.7% vs. YTD-23

    DUIVEN, the Netherlands, Oct. 24, 2024 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2024.

    Key Highlights Q3-24

    • Revenue of € 156.6 million up 3.6% vs. Q2-24 and 27.0% vs. Q3-23 due to increased demand by computing end user markets for hybrid bonding, photonics and other AI applications partially offset by ongoing weakness in automotive and Chinese end user markets
    • Orders of € 151.8 million up 19.2% vs. Q3-23 due to increased hybrid bonding orders. Down 18.0% vs. Q2-24 due primarily to fluctuations in hybrid bonding order patterns by customers
    • Gross margin of 64.7% decreased by 0.3 points vs. Q2-24 but was up 0.1 point vs. Q3-23. Gross margin development in the comparable periods was adversely affected by net forex influences
    • Net income of € 46.8 million increased 11.7% vs. Q2-24 and 33.7% vs. Q3-23 primarily due to higher revenue levels and cost control efforts which limited baseline operating expense growth. Q3-24 net margin rose to 29.9% vs. 27.7% in Q2-24 and 28.4% reported in Q3-23
    • Net cash of € 110.7 million at quarter-end increased by € 36.3 million (48.8%) vs. Q2-24 and € 20.5 million (22.7%) vs. Q3-23

    Key Highlights YTD-24

    • Revenue of € 454.1 million increased 8.3% vs. YTD-23 principally due to higher demand by computing end user markets, particularly for hybrid bonding and photonics applications and by Taiwanese and Korean subcontractors partially offset by weakness in mobile and automotive markets
    • Orders of € 464.8 million increased 21.7% vs. YTD-23 due to increased demand for hybrid bonding and photonics applications partially offset by lower bookings for automotive and, to a lesser extent, mobile applications and ongoing weakness in Chinese end user markets
    • Gross margin of 65.6% increased by 0.8 points vs. YTD-23 due to more favorable AI advanced packaging product mix
    • Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins were offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased to 27.0% vs. 29.1% in YTD-23

    Q4-24 Outlook

    • Revenue expected to be flat plus or minus 10% vs. the € 156.6 million reported in Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.7% realized in Q3-24
    • Operating expenses expected to be flat to up 5% vs. the € 46.2 million reported in Q3-24
    (€ millions, except EPS) Q3-
    2024    		 Q2-
    2024    		 Δ Q3-
    2023    		 Δ YTD-
    2024    		 YTD-
    2023    		 Δ
    Revenue 156.6 151.2 +3.6% 123.3 +27.0% 454.1 419.2 +8.3%
    Orders 151.8 185.2 -18.0% 127.3 +19.2% 464.8 381.9 +21.7%
    Gross Margin 64.7% 65.0% -0.3 64.6% +0.1 65.6% 64.8% +0.8
    Operating Income 55.1 49.3 +11.8% 42.7 +29.0% 145.0 147.3 -1.6%
    EBITDA 62.4 56.2 +11.0% 48.9 +27.6% 166.2 166.4 -0.1%
    Net Income* 46.8 41.9 +11.7% 35.0 +33.7% 122.7 122.2 +0.4%
    Net Margin* 29.9% 27.7% +2.2 28.4% +1.5 27.0% 29.1% -2.1
    EPS (basic) 0.59 0.53 +11.3% 0.45 +31.1% 1.56 1.57 -0.6%
    EPS (diluted) 0.59 0.53 +11.3% 0.45 +31.1% 1.55 1.54 +0.6%
    Net Cash and Deposits 110.7 74.4 +48.8% 90.2 +22.7% 110.7 90.2 +22.7%

    * Excluding share-based compensation expense, net income (net margin) would have been € 50.2 million (32.1%), € 48.5 million (32.1%) and € 36.6 million (29.7%) in Q3-24, Q2-24 and Q3-23, respectively and € 148.8 million (32.8%) in YTD-24 vs. € 137.6 million (32.8%) in YTD-23

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

    “Besi reported significant growth in revenue, orders and net income in Q3-24 versus the comparable quarter of last year as we continue to benefit from strength in our advanced packaging product portfolio for AI applications despite continued headwinds in mainstream and Chinese assembly equipment markets. For the quarter, revenue of € 156.6 million and orders of € 151.8 million grew by 27.0% and 19.2%, respectively, versus Q3-23 due primarily to strong growth by computing end user markets including hybrid bonding, photonics and other AI applications. Such growth was partially offset by weakness in automotive and Chinese end user markets continuing trends we have experienced this year. Net income of € 46.8 million grew by € 11.8 million, or 33.7%, reflecting a number of favorable trends including increased advanced packaging system revenue, increased gross margins related thereto and better than forecast operating expense levels despite continued growth in R&D spending for next generation hybrid bonding and TCB systems.

    For the first nine months of 2024, revenue of € 454.1 million and orders of € 464.8 million increased by 8.3% and 21.7%, respectively. Growth was due to significantly higher demand by computing end user markets, particularly for AI-related hybrid bonding and photonics applications and from Taiwanese and Korean subcontractors. Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins this year were offset by higher R&D spending in support of wafer level assembly development and share-based compensation expense.

    Our financial position improved as well in Q3-24 with net cash increasing to € 110.7 million at quarter-end, an improvement of € 36.3 million (+48.8%) versus Q2-24 and € 20.5 million (+22.7%) versus Q3-23 despite increased share buy-back activity. Total cash and deposits at quarter end grew to € 637.4 million including net proceeds from our Senior Note offering in July 2024 which positions us favorably for anticipated growth in the next market upcycle.

    During Q3-24, Besi continued to receive substantial orders for hybrid bonding systems from existing and new customers. At quarter-end, total revenue producing hybrid bonding orders since 2021 exceeded 100 systems highlighting the importance of this new technology for 3-D AI-related assembly applications. We anticipate additional orders in Q4-24 from a variety of customers as adoption continues to expand globally. We have also received increased interest for Besi’s TCB Next system from leading logic and memory customers which positions us favorably for anticipated growth in next generation 2.5D and HBM applications.

    As such, we have taken steps recently to expand our advanced packaging production capacity in anticipation of future growth. In 2025, we intend to approximately double the cleanroom capacity of our Malaysian production facilities and increase R&D and process development for our hybrid bonding and thermo compression bonding capabilities and customer support at our Singapore facility.

    Looking forward to Q4-24, we expect expanded adoption for hybrid bonding applications to be mitigated by ongoing weakness in mainstream assembly markets. For Q4-24, we forecast that revenue will be flat plus or minus 10% versus Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24. In addition, gross margins are anticipated to range between 63-65% based on our projected product mix. Aggregate operating expenses are forecast to be flat to up 5% versus Q3-24.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 230,000 of its ordinary shares at an average price of € 120.45 per share or a total of € 27.8 million. In August 2024, Besi completed its prior € 60 million share repurchase program and initiated a new € 100 million share repurchase program with an anticipated completion date of October 2025. Cumulatively, as of September 30, 2024, a total of € 7.0 million has been purchased under the new share repurchase program at an average price of € 110.55 per share. As of September 30, 2024, Besi held approximately 1.6 million shares in treasury equal to 2.0% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
       
    Important Dates  
    •  Publication Q4/Full year 2024 results February 20, 2025
    •  Publication Q1-2025 results April 23, 2025
    •  Besi’s 2025 AGM April 23, 2025
       

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2023 Annual Report, which is available on www.besi.com.

    Contacts:

    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator

    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi

    Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2023 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations

    (€ thousands, except share and per share data) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Revenue 156,570 123,320 454,060 419,227
    Cost of sales 55,325 43,709 156,276 147,374
             
    Gross profit 101,245 79,611 297,784 271,853
             
    Selling, general and administrative expenses 27,318 23,310 97,473 81,679
    Research and development expenses 18,874 13,614 55,296 42,907
             
    Total operating expenses 46,192 36,924 152,769 124,586
             
    Operating income 55,053 42,687 145,015 147,267
             
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Income before taxes 53,493 40,929 141,821 142,293
             
    Income tax expense 6,719 5,889 19,123 20,104
             
    Net income 46,774 35,040 122,698 122,189
             
    Net income per share – basic 0.59 0.45 1.56 1.57
    Net income per share – diluted 0.59 0.45 1.55 1.54
             
    Number of shares used in computing per share amounts:        
    – basic 79,630,787 77,374,933 78,701,287 77,656,542
    – diluted1 81,876,505 82,444,358 81,978,112 83,038,212

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets

    (€ thousands) September
    30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS        
             
    Cash and cash equivalents 307,448 127,234 232,053 188,477
    Deposits 330,000 130,000 215,000 225,000
    Trade receivables 169,266 174,601 150,192 143,218
    Inventories 104,103 99,291 99,384 92,505
    Other current assets 44,731 36,346 34,756 39,092
             
    Total current assets 955,548 567,472 731,385 688,292
             
    Property, plant and equipment 44,220 43,571 41,328 37,516
    Right of use assets 16,419 16,821 16,901 18,242
    Goodwill 45,278 45,710 45,613 45,402
    Other intangible assets 94,855 92,627 90,241 93,668
    Deferred tax assets 8,610 9,517 11,444 12,217
    Other non-current assets 1,316 1,239 1,252 1,216
             
    Total non-current assets 210,698 209,485 206,779 208,261
             
    Total assets 1,166,246 776,957 938,164 896,553
             
             
    Current portion of long-term debt 2,241 3,033 984 3,144
    Trade payables 49,211 51,620 52,382 46,889
    Other current liabilities 87,739 73,023 100,606 87,200
             
    Total current liabilities 139,191 127,676 153,972 137,233
             
    Long-term debt 524,527 179,801 265,142 297,353
    Lease liabilities 13,033 13,448 13,625 14,924
    Deferred tax liabilities 11,619 10,396 12,136 12,959
    Other non-current liabilities 12,449 11,352 12,914 12,671
             
    Total non-current liabilities 561,628 214,997 303,817 337,907
             
    Total equity 465,427 434,284 480,375 421,413
             
    Total liabilities and equity 1,166,246 776,957 938,164 896,553

     

    Consolidated Cash Flow Statements

    (€ thousands) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Cash flows from operating activities:        
    Income before income tax 53,493 40,929 141,821 142,293
             
    Depreciation and amortization 7,388 6,248 21,181 19,155
    Share based payment expense 3,400 1,575 27,216 16,300
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Changes in working capital 6,031 15,697 (43,914) (2,581)
    Interest (paid) received (1,996) (2,649) (19,513) (27,948)
    Income tax paid 2,156 1,582 7,218 3,075
             
    Net cash provided by operating activities 72,032 65,140 137,203 155,268
             
    Cash flows from investing activities:        
    Capital expenditures (2,099) (1,990) (10,965) (5,448)
    Capitalized development expenses (4,415) (4,700) (13,990) (15,341)
    Repayments of (investments in) deposits (200,000) – (105,000) (5,268)
             
    Net cash provided by (used in) investing activities (206,514) (6,690) (129,955) (26,057)
             
    Cash flows from financing activities:        
    Proceeds from notes 350,000 – 350,000 –
    Transaction costs related to notes (6,395) – (6,395) –
    Payments of lease liabilities (1,080) (995) (3,186) (3,207)
    Purchase of treasury shares (27,829) (45,537) (57,418) (190,264)
    Dividends paid to shareholders – – (171,534) (222,109)
             
    Net cash used in financing activities 314,696 (46,532) 111,467 (415,580)
             
    Net increase (decrease) in cash and cash equivalents 180,214 11,918 118,715 (286,369)
    Effect of changes in exchange rates on cash and
    cash equivalents    		 – 130 256 (292)
    Cash and cash equivalents at beginning of the
    period    		 127,234 192,977 188,477 491,686
             
    Cash and cash equivalents at end of the period 307,448 205,025 307,448 205,025

      

    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)

    REVENUE Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.5 29% 57.5 38% 58.5 40% 62.0 39% 40.8 33% 64.9 40% 37.6 28%
    Asia Pacific (excl. China) 51.6 33% 54.1 36% 43.6 30% 57.9 36% 42.3 34% 59.2 36% 58.2 44%
    EU / USA / Other 59.5 38% 39.6 26% 44.2 30% 39.7 25% 40.2 33% 38.4 24% 37.6 28%
                                 
    Total 156.6 100% 151.2 100% 146.3 100% 159.6 100% 123.3 100% 162.5 100% 133.4 100%
                                 
    ORDERS Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.4 30% 43.3 23% 51.1 40% 71.1 43% 46.0 36% 51.4 46% 35.5 25%
    Asia Pacific (excl. China) 69.3 46% 72.0 39% 45.0 35% 36.6 22% 40.9 32% 33.2 29% 71.3 50%
    EU / USA / Other 37.1 24% 69.9 38% 31.6 25% 58.7 35% 40.4 32% 28.0 25% 35.2 25%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    Per customer type:                            
    IDM 84.5 56% 122.4 66% 53.5 42% 82.7 50% 70.5 55% 60.5 54% 74.0 52%
    Subcontractors 67.3 44% 62.8 34% 74.2 58% 83.7 50% 56.8 45% 52.1 46% 68.0 48%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    HEADCOUNT Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                 
    Fixed staff (FTE) 1,807 87% 1,783 86% 1,760 88% 1,736 93% 1,725 87% 1,689 86% 1,682 84%
    Temporary staff (FTE) 271 13% 279 14% 236 12% 134 7% 248 13% 279 14% 312 16%
                                 
    Total 2,078 100% 2,062 100% 1,996 100% 1,870 100% 1,973 100% 1,968 100% 1,994 100%
                                 
    OTHER FINANCIAL DATA Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Gross profit 101.2 64.7% 98.3 65.0% 98.3 67.2% 103.9 65.1% 79.6 64.6% 106.6 65.6% 85.7 64.2%
                                 
                                 
    Selling, general and admin expenses:                            
    As reported 27.3 17.4% 30.5 20.2% 39.6 27.1% 24.3 15.2% 23.3 18.9% 29.4 18.1% 29.0 21.7%
    Share-based compensation expense (3.4) -2.1% (6.9) -4.6% (16.9) -11.6% (2.8) -1.7% (1.6) -1.3% (5.5) -3.4% (9.3) -7.0%
                                 
    SG&A expenses as adjusted 23.9 15.3% 23.6 15.6% 22.7 15.5% 21.5 13.5% 21.7 17.6% 23.9 14.7% 19.7 14.8%
                                 
                                 
    Research and development expenses:                            
    As reported 18.9 12.1% 18.5 12.2% 17.9 12.2% 13.5 8.5% 13.6 11.0% 14.3 8.8% 15.0 11.2%
    Capitalization of R&D charges 4.4 2.8% 4.9 3.2% 4.7 3.2% 5.7 3.6% 4.7 3.8% 5.3 3.3% 5.4 4.0%
    Amortization of intangibles (3.9) -2.5% (3.6) -2.3% (3.6) -2.4% (3.3) -2.1% (3.3) -2.6% (3.5) -2.2% (3.5) -2.6%
                                 
    R&D expenses as adjusted 19.4 12.4% 19.8 13.1% 19.0 13.0% 15.9 10.0% 15.0 12.2% 16.1 9.9% 16.9 12.7%
                                 
                                 
    Financial expense (income), net:                            
    Interest income (5.2)   (3.0)   (4.0)   (3.6)   (2.9)   (3.1)   (2.6)  
    Interest expense 5.7   2.1   2.8   3.0   2.8   2.9   2.9  
    Net cost of hedging 1.9   1.4   1.6   1.7   1.7   2.0   1.6  
    Foreign exchange effects, net (0.8)   0.5   0.2   (0.4)   0.2   (0.1)   (0.4)  
                                 
    Total 1.6   1.0   0.6   0.7   1.8   1.7   1.5  
                                 
    Gross cash 637.4   257.2   447.1   413.5   391.2   378.3   644.9  
                                 
                                 
    Operating income (as % of net sales) 55.1 35.2% 49.3 32.6% 40.7 27.8% 66.1 41.4% 42.7 34.6% 62.9 38.7% 41.7 31.3%
                                 
    EBITDA (as % of net sales) 62.4 39.8% 56.2 37.2% 47.5 32.5% 72.7 45.6% 48.9 39.7% 69.3 42.6% 48.2 36.1%
                                 
    Net income (as % of net sales) 46.8 29.9% 41.9 27.7% 34.0 23.2% 54.9 34.4% 35.0 28.4% 52.6 32.4% 34.5 25.9%
                                 
    Effective tax rate 12.6%   13.0%   15.3%   16.1%   14.4%   14.0%   14.0%  
                                 
                                 
    Income per share                            
    Basic 0.59   0.53   0.44   0.71   0.45   0.68   0.44  
    Diluted 0.59   0.53   0.44   0.68   0.45   0.66   0.44  
                                 
    Average shares outstanding (basic) 79,630,787 79,281,533 77,181,326 77,070,082 77,374,933 77,634,197 77,946,873
                                 
    Shares repurchased                            
    Amount 27.8   14.8   14.8   23.1   45.5   66.9   77.7  
    Number of shares 230,807 105,042 101,049 226,572 447,829 761,937 1,120,327
                                 

    The MIL Network –

  • MIL-OSI Russia: The results of the internship of Russian specialists in Belarus have been summed up

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    The final part of the internship of Russian specialists in the Republic of Belarus took place in Minsk and facilities close to the country’s capital.

    On October 21, members of the Russian delegation took part in a contact exchange with companies representing businesses and potential B2B partners from Belarus. The event was opened by the Director of the Federal Resource Center, Alexey Bunkin. The head of the Rossotrudnichestvo representative office in the Republic of Belarus, Yury Makushin, also addressed the Russian and Belarusian participants with an opening speech.

    During the event, the current state of foreign trade relations between Russia and Belarus, promising export and import directions, the peculiarities of local buyers’ perception of Russian products, issues of certification, logistics and mutual settlements were discussed, and numerous personal meetings, conversations and exchange of contacts took place.

    Then a visit to the office of the Free Economic Zone “Minsk” took place. The deputy head of the FEZ administration spoke in detail about its functioning, features in comparison with other zones, answered questions from members of the Russian delegation.

    Next, the internship participants visited the production facilities of ZAPAGROMASH LLC, the CIS leader in the production of agricultural machinery, including for feeding and keeping cattle, and Minsk Tractor Plant OJSC, the oldest enterprise in the republic and the largest manufacturer of agricultural machinery.

    During the visits, the delegation members learned about the history of the companies, examined samples of manufactured equipment and a number of production shops, including assembly shops, and discussed issues of interest to them with the management of the enterprises, with special attention paid to the topic of ensuring social security for workers.

    In the evening of the same day, Alexey Bunkin held a briefing with the internship participants, during which the results of the work were summed up, the achieved results were presented, and the prospects for the development of subsequent similar projects were discussed.

    On the final day of the internship, October 22, the delegation visited the Great Stone Industrial Park. They were given a thorough introduction to the history of the park’s creation and its present day, had a dialogue with the deputy head of the administration with answers to numerous questions, and toured the territory.

    The Russian delegation then moved to the building of the Belarusian State University of Economics and took part in a session on business education as part of the Second Forum of the Scientific and Educational Consortium “Eurasian Network University”, held by the State University of Management. Leading specialists from a number of consulting companies in the Republic of Belarus spoke to the internship participants.

    Also in the BGEU building, the vice-rector of the State University of Management Dmitry Bryukhanov and Alexey Bunkin presented certificates of advanced training in the program “Economic cooperation in the agro-industrial complex” to the participants of the Presidential program for training management personnel.

    The business program of the internship of Russian specialists in Minsk ended in the same place where it began – in the building of the Trade Mission of the Russian Federation in the Republic of Belarus. The meeting was attended by the representative of the Ministry of Economic Development of the Russian Federation in the Republic of Belarus Ilya Fedorov, the head of the department for promoting direct foreign investment and import substitution of the Ministry of Agriculture and Food of the Republic of Belarus Anastasia Dedyulya, the head of the production and marketing department of the KUP “Myasomolprom” of the Minsk Regional Executive Committee Tatyana Volozgina, a number of heads of commercial and manufacturing enterprises from the agro-industrial complex.

    The Russian and Belarusian participants once again considered possible areas and prospects for cooperation, and exchanged contacts for further interaction. Moreover, the discussion was based on information and experience gained during their stay in Belarus.

    The results of the intensive practice-oriented internship of Russian specialists in Belarus were familiarization with successful examples of entrepreneurship, establishment of contacts with both representatives of local businesses and Russian representative bodies that ensure the state interests of Russia in the sphere of foreign economic activity in Belarus.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/24/2024

    Internships for Russian specialists in the Republic of Belarus took place in Minsk and facilities close to the country’s capital.

    On October 21, members of the Russian delegation took part in a contact exchange with companies representing businesses and potential B2B partners from Belarus….

    ” data-yashareImage=”https://guu.ru/wp-content/uploads/Беларусь-2024-1.jpg” data-yashareLink=”https://guu.ru/%d0%bf%d0%be%d0%b4%d0%b2%d0%b5%d0%b4%d0%b5%d0%bd%d1%8b-%d0%b8%d1%82%d0%be%d0%b3%d0%b8-%d1%81%d1%82%d0%b0%d0%b6%d0%b8%d1%80%d0%be%d0%b2%d0%ba%d0%b8-%d1%80%d0%be%d1%81%d1%81%d0%b8%d0%b9%d1%81%d0%ba/”>

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.

    The fund will concentrate on four key areas:

    1. Accelerating the adoption of Move-based blockchain solutions
    2. Enhancing security and performance in decentralized networks
    3. Supporting projects that bridge Move and EVM ecosystems
    4. Driving innovation in Web3 infrastructure and applications

    “This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem,” said Kevin Yang, Managing Partner at Gate Ventures. “By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralized technology.”

    Rushi Manche, Co-Founder of Movement Labs added, “This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”

    Teerus Boon-Long, CEO of Boon Ventures, said, “This is the beginning of a great journey forward in the Web3 space. It’s not aimed at short-term goals but at building a promising future for a decentralized society.”

    The partnership leverages the unique strengths of each entity:

    • Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
    • Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure, and ecosystem building.
    • Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.

    To help achieve its goals, the fund will implement several key initiatives:

    • Organize global hackathons to stimulate innovation in Move-based technologies and attract top talent.
    • Establish a mentorship program connecting industry veterans with promising Web3 startups to provide guidance and expertise.
    • Create a research grant program to advance blockchain interoperability solutions, fostering cross-ecosystem collaboration.
    • Host quarterly thought leadership summits to address pressing challenges in the Web3 space and drive collective progress.

    As the fund deploys its $20 million, the partners are committed to fostering innovation and driving the Web3 space forward. They will provide updates on investments, collaborations, and leading-edge technologies that will define the future of Web3, blockchain, and decentralized applications.

    About Gate Ventures
    Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges, specializing in early-stage investments in blockchain technology and digital assets. Our mission is to drive innovation and foster growth across the global blockchain ecosystem. By collaborating with industry leaders worldwide, we support visionary teams and startups that have the potential to reshape social and financial interactions. As a long-term investor, we are committed to offering comprehensive support to our portfolio companies, from product development and operational scaling to global expansion. Follow Gate Ventures on X for more updates.
    https://gate.io/ventures

    About Movement Labs
    Movement Labs develops the Movement Network, an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine L2 for Ethereum, along with open-source tools to promote Move adoption across blockchains. Their platform enables developers to launch high-performance Move VM rollups easily, bridging Move and EVM ecosystems. Backed by $38 million in Series A funding, Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3. Follow Movement Labs on X and on Discord for updates. Movement Labs is on a mission to create a global community of Move builders, working together to increase the security, performance, and user experience of building in decentralized networks.

    About Boon Ventures
    Boon Ventures is a single-family office spun out of the Boon-Long family, one of the longest-established families in Thailand, in 2015. Since then, it has served as the alternative investment and advisory arm of the Boon-Long family. Boon Ventures is an independent, fast-moving organization with a strong network and partnerships both in Thailand and globally, driven by a mission to foster innovative change, long-term growth, and sustainable value.

    Media Contact:
    Elaine Wang at elaine.w@gate.io

    Name: Teerus Boon-Long Kanyarat Ondeekul
    Email: kanyarat.o@boonventures.com
    Company: Boon Ventures

    Name: Carmen Pearson
    Email: Carmen.Pearson@MovementLabs.xyz
    Company: Movement Labs

    Disclaimer: This content is provided by Gate. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/843b1a84-4e76-4e19-a8b1-6a30ff656efd

    The MIL Network –

  • MIL-OSI: eQ Community Properties Fund renewed loans in excess of EUR 400 million – Deutsche Bank as a new lender

    Source: GlobeNewswire (MIL-OSI)

    Press release
    24 October 2024 10:30 am

    eQ Community Properties Fund (AIF) has entered into a EUR 154 million senior secured loan arrangement with Deutsche Bank AG. The collateral portfolio consists of community and healthcare assets in the Helsinki Metropolitan Area and Tampere.

    In June, the fund also extended a EUR 253 million senior secured loan facility with its current lenders Nordea Bank, Danske Bank, Swedbank and Aktia.

    Through the recent successful arrangements, the Fund has broadened and strengthened its lender base, secured a long-term financing as well as extended its loan maturities and fixed interest periods.

    Head of Real Estate Investments at eQ, Tero Estovirta says: “We are very pleased to have an international and prominent financier, Deutsche Bank, as a new lender in eQ Community Properties Fund. We have worked for a long time and systematically to obtain international debt financing and Deutsche Bank has been one of the most interesting ones already for a while. It is great to have now initiated our cooperation. Generally, financiers have shown strong interest and trust towards Finnish real estate and open-ended funds. Access to debt has clearly improved as interest rate levels decrease. It is possible to reach cost-effective and sustainable financing solutions. All the lenders of eQ Community Properties Fund are leading players in the market and together with our latest addition, Deutsche Bank, they facilitate a strong financing platform for the future. We thank all our lenders for pragmatic and solution-orientated processes.”

    eQ Community Properties Fund (AIF) was established in 2012. The market value of the fund’s property portfolio is EUR 1.75 billion as per September 2024. The fund is the largest community properties investor and developer in Finland. The assets are located in the Helsinki Metropolitan Area and selected growth centres in Finland.

    Helsinki 24 October 2024

    eQ Asset Management Ltd

    Further information:
    Tero Estovirta, Head of Real Estate Investments, eQ Asset Management Ltd
    +358 50 593 6194 / tero.estovirta@eQ.fi

    eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website www.eQ.fi.

    The MIL Network –

  • MIL-OSI: MKS Instruments Breaks Ground on Super Center Factory in Malaysia

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., United States and KUALA LUMPUR, Malaysia, Oct. 24, 2024 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of technologies that transform the world, the Malaysian Investment Development Authority (MIDA) and InvestPenang today announced that MKS celebrated the groundbreaking ceremony of its super center factory in Penang, Malaysia to support the growing needs of semiconductor equipment for wafer fabrication in the region and globally. The state-of-the-art facility will be located on a 17-acre plot, spanning approximately 500,000 square feet. and will employ approximately 1,000 people. The new factory will be built in multiple phases, with the first phase scheduled for completion in the first half of 2026.

    ADUN Bukit Tambun and Director of InvestPenang, YB Goh Choon Aik stated, “Penang, renowned as the Silicon Valley of the East, has cemented its position as a preferred global destination for electronics and electrical investments in Southeast Asia. With a legacy of five decades of industrialisation and a reputation for innovation and technological excellence, the state offers a thriving industrial ecosystem that naturally attracts investors. MKS Instruments’ expansion into Penang is a testament to the state’s appeal as a preferred investment destination, supported by its robust ecosystem.”

    YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), welcomed MKS Instruments to Malaysia, stating, “This groundbreaking super center factory is a resounding affirmation of our government’s commitment to expediting investors’ projects with the able assistance of agencies like MIDA. More importantly, this aligns with our New Industrial Master Plan 2030, which aims to enhance our economic complexity, fostering symbiotic relationships between global companies and local SMEs, and creating high-skilled, high-paying jobs in cutting-edge sectors like engineering and technical fields, for the benefit of Malaysians. I’m confident that these initiatives will catapult our semiconductor sector to the pinnacle of the global value chain, a true ‘tour de force’ in the world of industry.”

    Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid stated “This momentous occasion presents a golden opportunity for our machinery and equipment (M&E) companies to showcase their prowess in producing high-value products and integrated services that meet the exacting standards of multinational corporations (MNCs). MIDA remains steadfast in its commitment to supporting and facilitating investments that enhance operational capabilities, ultimately catalysing the meteoric rise of Malaysia’s manufacturing sector, a true ‘industrial powerhouse’ in the making.”

    “Penang offers an attractive and rapidly growing semiconductor ecosystem, and building a significant presence here is part of our strategic and long-term capital planning,” said Dr. John T.C. Lee, President and Chief Executive Officer of MKS. “Adding Penang to our global footprint puts us closer to our customers, suppliers and a robust technology infrastructure, including a deep and talented labor pool, as we continue to spur innovation and enhance our capabilities as a leader across a broad array of semiconductor manufacturing applications.”

    MIDA reports that for the first half of 2024 (1H2024), the Machinery and Equipment (M&E) sector saw promising growth, with a total of 64 projects approved, amounting to investments valued at RM2.8 billion. These projects are anticipated to create significant opportunities, generating over 3,500 new jobs and contributing to the sector’s continued development and expansion in Malaysia.

    About MIDA

    MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

    About InvestPenang

    InvestPenang is the Penang State Government’s principal agency for the promotion of investments. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centers. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs), Penang CAT Center (for talent attraction and retention), and Global Business Services (GBS) Focus Group (promoting and developing digital economy). For more information, please visit https://investpenang.gov.my.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    For more information, please contact:

    MIDA InvestPenang MKS Instruments
    Ms. Zakiah Sajidan
    Director, Machinery and Metal
    Technology Division
    Email: zakiah@mida.gov.my
    Tel.: +603 22676769    		 Ms. Elaine Cheah
    Communications & Business
    Intelligence
    Email: elaine@investpenang.gov.my
    Tel.: +604 6468833    		 Mr. Bill Casey
    Senior Director, Marketing
    Communications 
    Email: press@mksinst.com
    Tel.: +1 630 995 6384 

    Ms. Kerry Kelly
    Partner, Kekst CNC
    Email: kerry.kelly@kekstcnc.com
         

    Safe Harbor for Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, regarding MKS’ construction of a factory in Malaysia and the projected timeline. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein, including as a result of the factors described in MKS’ Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

    The MIL Network –

  • MIL-OSI: Form 8.3 – PRS REIT Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: Jupiter Fund Management Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of Offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 PRS REIT plc, The
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 23rd October 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 6,394,359 1.16%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 6,394,359 1.16%    

    All interests and all short positions should be disclosed.

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

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

    Class of relevant security in relation to which subscription right exists: None
    Details, including nature of the rights concerned and relevant percentages: None

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    None      

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        
             

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    NONE        

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    None      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24thOctober 2024
    Contact name: Katie Wild
    Telephone number: 0203 817 1620

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

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

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

    The MIL Network –

  • MIL-OSI: Prospera Energy Inc. Corporate Update: Three Years of Strategic Restructuring, Recovery, and Future Growth

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“PEI”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B)

    The 2024 Prospera corporate update outlines the company’s restructuring efforts since 2021, highlighting key milestones achieved, challenges faced, and the strategic path forward to achieve production stability and profitability.

    Preamble:
    By the end of 2020 Prospera faced a litany of financial challenges, including low production, high operating costs, and the global impacts of the Covid pandemic. The company’s liability was in excess of $24MM ($12MM ARO, $11MM AP arrears, & $1.5MM in Credit Facilities) mainly towards secured mezzanine capital, CRA, mineral royalties, municipality property tax, landowners lease payments, numerous local service providers, and high asset retirement obligations. Adding to the problems, Prospera had in excess of 400+ non-compliance infractions with spills, dysfunctional monitoring devices, and facilities that had been neglected and orphaned. Consequently, Prospera Energy Inc. was in a terminal position. In Q1 2021, the municipality and secured debt holder exercised their rights, taking control of payments from the limited revenue and production that remained. The then-CEO and directors were fleeing from the company’s obligations, especially to the CRA.

    Towards the end of 2020, PEI’s continuing operations had become difficult due to high and long-term liabilities, a situation further amplified by the pandemic and drastic reduction in produced volumes (less than 200 bpd Gross).

    At the time, Mr. Samuel David was leading a private company developing medium-light oil around the Brooks area and as a result of his association with the late Burkhart Franz, founder of Prospera Energy Inc. (formerly Georox Resources), Mr. David accepted a role as an advisor to help rescue the company from entering into CCA.

    Prospera Energy Restructure:
    Prospera Energy Inc’s restructuring commenced in Q1, 2021, with the appointment of Mr. David as President, CEO & Director. Mr. David observed legacy heavy (13-17API) oil fields were developed with numerous vertical wells on reduced spacing. These wells were in primary depletion without any patterned pressure support. Produced water was randomly disposed resulting in water recycling. Reserves were estimated on the decline of the small number of low producing wells and their economies were burdened by high surface lease costs and their high number of standing wells. Unprocessed 3-D seismic coverage was available over the entire reservoir of each asset, each of which has a facility processing capacity to handle large volumes of produced fluid, and the wells were tied into these central facilities. Clean oils were trucked out to a nearby terminal. Produced water was reinjected by central pumps at the facility to injectors throughout the field. These infrastructures had previously been neglected and not maintained.

    Mr. David recognized the recovery to date was low with respect to volumetric estimation of oil in place, and a significant amount of oil remains within adequate infrastructure. The recovery has been from an under pressured solution gas drive reservoir with low active edge water and exploited by vertical well technology only. However, high AP arrears, ARO and neglected infrastructure were significant obstacles. Overcoming poor technical conduct and neglect required sufficient capital to exploit the remaining reserves effectively and profitably. To rectify these issues, Samuel devised a development plan in phases to capture the significant remaining reserves.

    The Prospera development plan is comprised of three phases:

    1. Phase one was to bring operations to safe operating conditions and optimize low hanging opportunities to increase production.
    2. Phase two was to transition to horizontal wells and abandon depleted vertical wells along the path. This reduces the environmental footprint and the corresponding fixed operating cost. It would also diversify product mix by adding higher API oil assets.
    3. The third and final phase is to implement improved and enhanced recovery methods tailored to the reservoir conditions, aiming to reduce decline for sustained long-term production. This approach, combined with a reduced footprint and lower operating costs, is designed to yield higher margins.

    At the time, the minimum allowed for a private placement was five cents, while PEI stock was trading at one cent and at risk of being halted. Fortunately, a one-time, two-cents private placement offering opportunity, that was only offered during extraordinary circumstances such as the pandemic, was permitted. Utilizing this opportunity and the proposed engineering solutions, capital was raised with the assistance of Kurt Soost, who played a key role in connecting credible investors such as Peter Lacey, Dave Richardson, and others to the seed capital provided by the management group, which included Mr. David and Jaz Dhaliwal. They participated in the initial and subsequent private placement offerings, helping Prospera secure a financial lifeline.

    This realigned the PEI board, which requested Mr. David amalgamate his private company assets into Prospera at an equal interest, to avoid any perception of bias towards his assets and to ensure focus on Prospera’s asset development going forward. As a result, Prospera acquired a 50% working interest in a medium-light oil property with operatorship from Mr. David on favorable terms, with no upfront cash consideration and delayed consideration on a success basis. These terms were released on December 7th, 2022, and the transaction consideration was based on third-party evaluations, TSX approval, and independent scrutiny and approval resolution by the directors.

    Restructuring Efforts Resulted In:
    Oil in Place Validated – Prospera Oil in place and remaining reserves were authenticated by geological delineation, well control & production performance, 3D seismic confirmation, and by 3rd party evaluation

    • Total OOIP = 396.7 MMbbl
    • Produced = 34.2 MMbbl
    • Recovered = 8.6%

    NPV Appreciation – Net Present value of the reserves was steadily substantiated by PEI’s optimization and development. As a result:

    • Before Tax PDP reserves increased 508% from $4.4MM$ to $27.1MM$ in 2023 at a 10% discount rate
    • Before tax 2P reserves increased by $60.8m from $72.5m to $133.3MM$ in 2023 at a 10% discount rate
    • Total proved and probable reserves increased by 25% from 4,306 to 5,403 Mboe
    • Reserve life index increased by 6% from 28.4 to 30.0 years

    Increased Ownership – In the three core heavy oil properties from an average of 35% to 95% by settling out joint venture receivables.

    Regulator License Liability Rating – Asset to liability ratio was elevated by PEI restructured efforts

    • The Saskatchewan regulator assessed the company’s asset value 18MM$ higher due to the changes implemented
    • The asset to liability ratio has increased from 0.47 to 1.44 in Saskatchewan
    • The asset to liability ratio has increased from 0.90 to 2.60 in Alberta

    Diversify Production Mix – Acquired a 50% interest in Medium-oil development play and successfully perforated two existing wells with favorable results. In 2023, the first well was drilled, with initial production (IP) rates exceeding expectations. This led to attractive investment returns, with a payout achieved in just seven months.

    In 2024, four development wells were drilled, encountering pay, structure, and oil shows as anticipated. The first medium-oil horizontal well encountered 800 meters of porous reservoirs with oil shown in the lateral section. The well test demonstrated strong inflow, producing over 50 m³/d of fluid at 50% oil cuts. The oil quality is 26–30-degrees API. This well is now online and delivering consistent rates as it is stabilizing.

    Financial Position Appreciation – Netbook value (Total assets) has increased from $5.5 million in 2020 to approximately $59.0 million by the end of Q3 2024. This growth was driven by capital raised ($35MM) and cash flow from operations ($7MM), both of which were deployed for optimization and development. Additional value appreciation resulted from an impairment reversal, supported by the substantiation of remaining reserve value ($8 million) and the capitalization of a working interest acquisition ($3 million). Since 2021, the total asset value has been appreciated by $53+ million. 

    Due to capital deployed for optimization, non-compliance elimination, infrastructure upgrades and development aimed at increasing production and recoveries, the company is beginning to see operational profitability. 2022 saw production increased and, if not for the lower commodity prices in 2023, the company would have been profitable in 2022. Nonetheless, 2022 was a rebound year, generating $2.3 million in operating income compared to a substantial loss the previous year. With ongoing production optimization and development, Prospera has achieved approximately $2.6 million in cash operating income as of Q3, 2024.

    The restructuring efforts have transformed the company into cash-flow-positive operation. Prospera’s bare bones break-even operating expenses are $1.1 million per month (500 boe/d @ $75/boe CAD). Any cash flow above this break-even amount is allocated to servicing debt, addressing legacy arrears and further funding, optimization and development initiatives.

    With current production levels around 900 boe/d, the company has generated $2.6 million year to date Q3, 2024.

    Production Appreciation & Challenges – PEI’s restructuring efforts successfully optimized production from 80 boepd to 800 boepd during the phase one execution. By the end of 2023, peak production rates reach 1,800 boepd driven by horizontal development and medium oil development.

    While the restructuring yielded positive results, Prospera production progress and forecast were impacted by operational set-back and by severe cold weather conditions. These issues hindered expected production rates, preventing the company from achieving its short-term production and financial targets.

    PEI has continually implemented measures to address operational constraints, and restore and maintain peak production rates. These include failure analysis, calibrated equipment, revised operational procedures, and accountability for accurate and timely data to maximize run time with experienced personnel. As a result, Cuthbert operations are starting to stabilize while challenges are being addressed. Approximately 70+ m3/d of production is currently behind pipe at Cuthbert, and PEI is focused on capturing this additional volume.

    Revised 2024 Prospera Forecast
    Following a challenging recalibration, Prospera has expressed optimism going forward, however, PEI has faced a series of challenges including cold weather conditions, infrastructure breakdown, water recycling issues, legacy arrears, non-participating JV partners, and lower commodity prices. These factors have unexpectedly delayed the company’s timeline for attaining the initially projected targets.

    The legacy reservoirs are now in the final stages of primary pressure depletion and require additional energy in-situ to increase the mobility of the viscous oil. Enhanced recovery methods suited to the specific reservoir conditions must be applied gradually and methodically to maximize oil recovery, which will take time. PEI has initiated horizontal transformation while testing the recovery methods to be applied to the future horizontal wells while modifying necessary infrastructure adjustments. With the benefit of new information, extensive data, and a revised plan, Prospera has reassessed and incorporated the challenges and setback into the company’s updated forecast moving forward.

    Prospera has achieved many technical and financial successes, these accomplishments have been overshadowed by production shortfalls set out by optimistic early targets. Moving forward, PEI’s primary focus is on efficient operations to ensure sustained, stable production and production growth.  

    Conclusion
    Prospera Energy Inc. has come a long way since the brink of bankruptcy in Q1, 2021. Through a successful restructuring, PEI has eliminated the risk of insolvency, addressed critical regulatory non-compliances, and raised regulator license liability ratings by increasing production through optimization and development. The company has also substantiated the large amount of remaining reserves and substantially increased the proven asset value of the company. By improving cash flow from operations well above break-even, PEI has remained operational while deploying capital to address legacy accounts payable arrears and implement proven technical applications. Additionally, the acquisition of medium-oil assets has reduced dependency on heavy-oil differentials.

    In short, Prospera have made significant progress in positioning the company for future growth. However, PEI achievements have been overshadowed by production short fall set out by optimistic targets by optimization and drilling success. Prospera acknowledges these challenges encountered and has incorporated them into the revised 2024 forecast, to allocate sufficient time and resources to improve operational efficiencies, optimize well run times, and implement reservoir management applications while adhering to safety & regulatory guidelines. These proactive measures are being implemented in Q4 2024 and Q1 2025 to stabilize and support robust, sustained growth throughout Q2 and Q3 of 2025.

    While the company is revising the year-end production target down to 1,250 barrels, it is important to emphasize that the fundamentals of Prospera Energy’s assets remain strong. The significant recovery potential remains within reach, and PEI continues to execute on our long-term development plan to capitalize on these opportunities. The reduction in short-term targets does not diminish the company’s confidence in the strategic path forward. Prospera remains focused on optimizing production, improving efficiency, and unlocking the full value of PEI’s resources. As Prospera moves ahead, the company is committed to increasing production through optimization, horizontal transformation, and enhanced oil recovery.

    About Prospera
    Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.

    The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.

    The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

    For Further Information:
    Shawn Mehler, PR
    Email: investors@prosperaenergy.com
    Website: www.prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0b193b58-7798-4139-b69d-1f8aec58a8f7
    https://www.globenewswire.com/NewsRoom/AttachmentNg/46e266dc-9f3f-43b1-a3f7-1f71bb526cce
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d404ae6-c38e-40c3-910a-403f9376549f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/506b134d-3ce3-4639-9a61-f0caa42b633e
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b0ac6d1d-5ea5-4c86-b5b4-d49a72936f7b
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e14fb81b-462a-456d-99fa-e4a54a549e7d
    https://www.globenewswire.com/NewsRoom/AttachmentNg/100176cb-60ba-45e8-9311-e94604dcd117
    https://www.globenewswire.com/NewsRoom/AttachmentNg/8fc83e60-6686-4b8f-93e8-84598ec586a0
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6c20cd2d-ef07-41b7-9149-5d80f7288b16
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fb37dc99-2c7f-4db1-bcab-a3807af55016

    The MIL Network –

  • MIL-OSI: Get Ready to Trade & Treat: BTCC Exchange Kicks Off Hauntingly Good Halloween Futures Trading Campaign

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Oct. 24, 2024 (GLOBE NEWSWIRE) — As the Halloween season approaches, BTCC Exchange is excited to announce its Halloween Futures Trading Campaign, inviting users to enter a thrilling crypto haunted dungeon where they can unlock treats worth up to 1,830,000 USDT. This campaign, running until November 1, 2024, promises a hauntingly good time for both seasoned traders and newcomers alike.

    This year, BTCC is offering three enticing treats for participants. The first treat allows users to trade futures and share in a 1,000,000 USDT prize pool. For every 10,000 USDT in futures trading volume, traders will earn 1 USDT in trading funds. There’s no limit to how much can be collected, but users must act quickly as the prize pool rewards will be given out on a first-come first-served basis.

    New traders will find their own special treat with a 3,000 USDT prize pool specifically designed for those who haven’t yet ventured into futures trading on BTCC. The first 1,000 participants to complete a futures trade exceeding 1,000 USDT will receive a 3 USDT coupon.

    Additionally, BTCC is offering free position vouchers of up to 700,000 USDT for users who complete consecutive daily trades. The first 1,000 users to meet the requirements will unlock these rewards.

    “Market sentiment has been buzzing with anticipation for a bull run since we entered ‘Uptober’,” said Alex, Head of Operations at BTCC. “With the upcoming U.S. election potentially adding fuel to crypto prices, this campaign arrives just in time for users to take advantage of the uptrend and profit from it.”

    Alongside the Halloween trading campaign, BTCC recently reduced its futures trading fees from just 0.01% for a limited period. Coupled with the potential to trade futures with up to 500x leverage, users can maximize their strategies while minimizing costs. This not only empowers both traders to capitalize on market movements but also elevates their chances of profiting during this Halloween season.

    About BTCC

    BTCC is a leading exchange that provides traders with a safe and secure platform to trade cryptocurrencies. With a commitment to user satisfaction, BTCC continues to explore new ways to enhance the trading experience for users around the globe.

    Website: https://www.btcc.com    

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    The MIL Network –

  • MIL-OSI: WisdomTree Merger – UK Equity Income in to UK Quality Dividend Growth – De-listing notice

    Source: GlobeNewswire (MIL-OSI)

    STOCK EXCHANGE ANNOUNCEMENT

    For Immediate Release        24 October 2024

    WISDOMTREE ISSUER ICAV (the “ICAV”)

    Re: Cancellation of Listing

    The Directors of the ICAV wish to announce that they have applied to the London Stock Exchange to delist the shares of WisdomTree UK Equity Income UCITS ETF (ISIN: IE00BYPGTJ26), being a Sub-Fund of the ICAV.

    Application has been made for the Sub-Fund to cancel trading on the main market for listed securities of the London Stock Exchange. Shares of the Sub-Fund will be delisted after close of trading on 24 October 2024.

    Enquiries: europesupport@wisdomtree.com

    The MIL Network –

  • MIL-OSI Economics: Secretary-General of ASEAN participates in the 11th AMCA Plus Three Meeting

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN Dr. Kao Kim Hourn today participated in the 11th AMCA Plus Three Meeting held in Melaka, Malaysia. The meeting discussed ways to further enhance cooperation in culture and the arts through the ASEAN Plus Three Cooperation Work Plan in Culture and the Arts (2022-2025).

    The post Secretary-General of ASEAN participates in the 11th AMCA Plus Three Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Rosneft Supplies Bashkir Hospital with High-Tech Medical Equipment

    Source: Rosneft

    Headline: Rosneft Supplies Bashkir Hospital with High-Tech Medical Equipment

    Bashneft (a subsidiary of Rosneft) has supplied the central district hospital in the city of Yanaul in the Republic of Bashkortostan with a modern high-tech computer tomography system.

    Rosneft is committed to the principles of social responsibility and traditionally pays special attention to creating a favourable social environment in the regions of operation. The healthcare sector is one of the Сompany’s key areas of support.

    To accommodate the new medical tomography complex, a separate block of the hospital was renovated and equipped in accordance with all safety requirements. The high-precision equipment enables high-quality diagnostics of patients, including examination of diseases of blood vessels and bone structures, abdominal cavity, brain, pelvic organs and many others.

    The high-tech medical complex is now available to 43,000 residents of Bashkortostan’s Yanaul District, who previously had to travel to other districts of the republic for check-ups.

    In total, more than 50 projects on construction and reconstruction of medical institutions have been implemented over the last 5 years within the framework of the Cooperation Agreement between Bashkortostan and Rosneft.

    For example, the «Lubumy Malysh» («Beloved Baby») inclusion center in Ufa features a successfully operating neurostudio. In the village of Verkhneyarkeevo, Ilishevsky District, there is a medical complex for 500 visits a day. A maternity ward with modern medical equipment serves the residents of Staryye Turbasly village. Modern modular polyclinics have been built in two villages in the Duvansky District. In the village of Petrovskoye, Ishimbaysky District, a rural district hospital built with the support of Bashneft started operating after a major overhaul. In February this year, a polyclinic was opened in the village of Nagayevo, on the outskirts of Ufa, serving 320 people a day and 12,000 people from three neighbouring settlements.

    Reference:

    Bashneft is one of the oldest oil and gas enterprises in the country engaged in oil extraction and processing. Bashneft’s main production facilities are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in Khanty-Mansi Autonomous Area–Yugra, Nenets Autonomous Area, Orenburg Region and the Republic of Tatarstan.

    Rosneft
    Information Division
    September 10, 2024

    Keywords: Social News 2024

    MIL OSI Economics –

  • MIL-OSI Economics: Rosneft Organises Clean Shores Environmental Festival in Nefteyugansk

    Source: Rosneft

    Headline: Rosneft Organises Clean Shores Environmental Festival in Nefteyugansk

    RN-Yuganskneftegaz (Rosneft’s largest producing asset) organised the Clean Shores environmental festival in Nefteyugansk. More than 500 employees and their family members attended the event, which was held for the fourth time.

    The festival programme included a clean-up and many interactive activities aimed at improving the environmental culture of the residents. The environment-oriented initiative was held on the territory of the memorial complex – «R-63 well» and the embankment of the Yugansk Ob river. Volunteers made a significant contribution to the health of the environment by collecting household waste and old tyres for recycling on the embankment.

    The festival had themed sections: games for children and mini-GTO, a quiz and workshops. An exhibition of specialised machinery was held near the memorial stele.

    On the same day, RN-Yuganskneftegaz employees planted 60 cherry trees in Nefteyugansk in honour of the 60th anniversary of the first Ust-Balyk oil being sent to the refinery. The event took place in the street named after Alexander Filimonov, an outstanding Soviet oilman, hero of socialist labour and honorary resident of the city.

    The event was attended by representatives of the Nefteyugansk administration, young specialists of the enterprise, activists of the Movement of the Firsts, students of Rosneft classes, residents and guests of the city.

    Environmental volunteering is an integral part of Rosneft’s volunteer movement. The Company’s employees are actively involved in cleaning up natural coastal and urban areas, as well as in interactive events aimed at promoting an environmental culture among the younger generation.

    Reference:

    RN-Yuganskneftegaz pays great attention to the conservation of natural resources and environmental protection by implementing various environmental programmes. Including compensatory reforestation and artificial propagation of aquatic bioresources.

    Rosneft
    Information Division
    September 11, 2024

    Keywords: Environmental news 2024

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Announces New Medications Tracking Feature for Samsung Health in India

    Source: Samsung

     
    India’s largest consumer electronics brand, Samsung announced that it has added the Medications tracking feature1 to the Samsung Health app2 to help users manage their health more comprehensively.
     
    The feature will not only allow users to keep track of their prescribed or over-the-counter medication regime but will also offer important medical information and tips. The feature can help in tracking medication adherence consistency for those, who are on a medication journey for hypertension, diabetes, PCOS, PCOD and other chronic diseases that require timely doses.
     
    “Samsung is a brand that puts its customers first and continuously works on products and services to improve their daily lives. We aim to build a holistic health platform for people to understand and manage their health better by connecting devices and services. With the addition of Medications feature for India in the Samsung Health app, we believe users will be able to manage their medications more conveniently, improve adherence, and ultimately maintain better health,” said Kyungyun Roo, Managing Director, Samsung Research Institute, Noida.
     
    The Medications feature, the result of a collaborative effort between R&D, Design and Consumer Experience teams at Samsung, has been designed keeping in mind the needs of Indian consumers. Upon entering the name of a select medication into the Samsung Health app, the Medications feature will provide users with detailed information including general descriptions, as well as its possible side effects.
     
    In addition, the new feature will provide information on adverse reactions from drug-to-drug interactions and other relevant safety guidance. Users can set up alerts to remind them both when to take their medications and when to refill them seamlessly through the Samsung Health App.
     
    These alerts can be fine-tuned to the need of the individual user, so the medications can be prioritized depending on their importance to the user, with Samsung Health sending reminders ranging from “gentle” to “strong”. Galaxy Watch users will also receive reminders right on their wrist so they can stay on top of their medication schedules, even when away from their phones.
     
    The Samsung Health app already provides a range of advanced health offerings spanning sleep management3, mindfulness programmes and irregular heart rhythm notification4 capabilities. The introduction of the Medication tracking feature in India will further reinforce Samsung’s commitment to create holistic wellness experiences for its users, enabling them to lead healthier, more fulfilling lives.
     
    The Medications tracking feature will be available on the Samsung Health app in India via the app updates.
     
     
     
    1Samsung Health Medications feature is intended to help users manage their medication list and schedule. Information provided is evidence-based content licensed from Tata 1mg.
    2Requires smartphone with Android 10.0 or later and Samsung Health app version 6.28 or later. Availability for the features may vary by device.
    3Sleep features are intended for general wellness and fitness purposes only. The measurements are for your personal reference only. Please consult a medical professional for advice.
    4The IHRN feature is only available in select markets. Available on Wear OS devices version 4.0 or later. It is not intended to provide a notification on every episode of irregular rhythm suggestive of AFib and the absence of a notification is not intended to indicate no disease process is present. It is not intended for users with other known arrhythmias. The features are supported via the Samsung Health Monitor app. Availability may vary by market or device. Due to market restrictions in obtaining approval/registration as a Software as a Medical Device (SaMD), it only works on watches and smartphones purchased in the markets where service is currently available (however, service may be restricted when users travel to non-service markets). This app can only be used for measuring in ages 22 and over.
     

    MIL OSI Economics –

  • MIL-OSI Africa: UN Secretary-General’s video message to the International Conference in Support of Lebanon’s People and Sovereignty [scroll down for French version]

    Source: United Nations – English

    strong>Download the video: https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergr…

    Monsieur le President, Excellencies, Friends of Lebanon,

    I welcome this initiative by President Macron and underscore our commitment to realizing the aims of this conference and supporting the people of Lebanon.

    We do so in the context of a region that is reeling, and Lebanon in utter turmoil.

    The past year has brought daily exchanges of fire across the Blue Line.

    We are gravely concerned about the safety and well-being of civilians on both sides of the Blue Line – but we must recognize that the conflict has recently taken on an entirely different nature and scale.

    Each day that passes only deepens the misery and suffering of people in Lebanon.

    Since last October, over 2,300 people have been killed in Lebanon, and at least 50 in Israel and the Israeli-occupied Golan.

    More than half of the deaths in Lebanon have occurred since the dramatic escalation in Israeli strikes on 23 September.

    Many of those killed were children and women.

    More than 1.2 million people have been displaced or affected in Lebanon.

    And in the last year, more than 60,000 have been displaced in Israel and the Israeli-occupied Golan.

    We see continued intense aerial bombardment by Israel in densely populated areas in Lebanon – including Beirut – and ground incursions across the Blue Line … as well as ongoing missile, drone and rocket attacks by Hizbullah into Israel.

    An immediate ceasefire is needed now – along with meaningful steps towards full implementation of Security Council resolutions 1559 and 1701.

    The sovereignty and territorial integrity of all countries must be respected.

    Civilians must be protected.

    Civilian infrastructure must not be targeted.

    Obligations under international law must be upheld.

    I urge friends of Lebanon to support the ongoing humanitarian response efforts, including by providing rapid funding of the Lebanon Flash Appeal.

    I call on Lebanon’s leaders to take resolute steps towards ensuring fully functional state institutions to address the country’s pressing political and security challenges.

    And I encourage partners to strengthen their support for those state institutions, including the Lebanese Armed Forces, which are a vital part of a secure – and peaceful – path forward.

    I salute the brave women and men of our peacekeeping force in Lebanon — UNIFIL – and the UN family across the country, who are striving to implement their mandates in such challenging conditions.

    Let me be clear: Attacks against UN peacekeepers are completely unacceptable.

    They are in breach of international law, against international humanitarian law and may constitute a war crime.

    I also pay tribute to humanitarian workers working to help communities in dire need.

    Excellencies,

    We know what is happening in Lebanon today is not an isolated phenomenon.

    We had the abhorrent terror attacks by Hamas on October 7th and the taking of hostages.

    Since then, Israeli military operations in Gaza have caused death and destruction at a speed and scale beyond anything in my years as Secretary-General.

    We have seen the impacts from Syria to Iraq to Yemen.

    Now we see the growing threat of a major conflagration between Israel and Iran that would upend the entire region.

    We need a ceasefire in Lebanon – as we need a ceasefire in Gaza and the immediate release of all hostages.

    Escalation after escalation is leading to the unimaginable for the people of the region – including the people of Lebanon for whom we have all come together today.

    Let us show our solidarity with action to ease the suffering and push for peace.

    Thank you.
    *****
    Monsieur le Président, Excellences, Chers amis du Liban,

    Je salue cette initiative du Président Macron et je souligne notre engagement à réaliser les objectifs de cette conférence et à soutenir le peuple libanais. 

    Nous le faisons dans le contexte d’une région en pleine tourmente, et d’un Liban totalement bouleversé. 

    L’année écoulée a été marquée par des échanges de tirs quotidiens de part et d’autre de la Ligne bleue. 

    Nous sommes gravement préoccupés par la sécurité et le bien-être des civils des deux côtés de la Ligne bleue – mais il faut reconnaitre que le conflit a récemment pris une tout autre nature et dimension. 

    Chaque jour qui passe ne fait qu’aggraver la misère et la souffrance du peuple libanais. 

    Depuis octobre dernier, plus de 2 300 personnes ont été tuées au Liban, et au moins 50 en Israël et dans le Golan occupé par Israël. 

    Plus de la moitié des décès au Liban sont survenus depuis l’escalade dramatique des frappes israéliennes le 23 septembre.

    Un grand nombre des personnes tuées étaient des enfants et des femmes. 

    Plus de 1,2 million de personnes ont été déplacées ou affectées au Liban. 

    Et au cours de la dernière année, plus de 60 000 personnes ont été déplacées en Israël et dans le Golan occupé par Israël. 

    Nous observons des bombardements aériens intenses et continus menés par Israël dans des zones densément peuplées du Liban – y compris Beyrouth – et des incursions terrestres à travers la Ligne bleue… ainsi que des attaques continues de missiles, de drones et de roquettes du Hezbollah vers Israël. 

    Un cessez-le-feu immédiat est nécessaire – accompagné de mesures significatives vers la pleine mise en œuvre des résolutions 1559 et 1701 du Conseil de sécurité. 

    La souveraineté et l’intégrité territoriale de tous les pays doivent être respectées. 

    Les civils doivent être protégés. 

    Les infrastructures civiles ne doivent pas être prises pour cible. 

    Les obligations en vertu du droit international doivent être respectées. 

    J’exhorte les amis du Liban à soutenir les efforts humanitaires en cours, notamment en finançant rapidement l’Appel éclair pour le Liban. 

    J’appelle les dirigeants libanais à prendre des mesures résolues pour assurer le bon fonctionnement des institutions de l’État afin de relever les défis politiques et sécuritaires urgents du pays. 

    Et j’encourage les partenaires à renforcer leur soutien à ces institutions étatiques, y compris les Forces armées libanaises, qui sont une composante vitale dans la construction d’un avenir sûr et pacifique.

    Je salue les femmes et les hommes courageux de notre force de maintien de la paix au Liban – la FINUL – et la famille des Nations Unies dans tout le pays, qui s’efforcent de remplir leurs mandats dans des conditions si difficiles. 

    Soyons clairs : les attaques contre les Casques bleus de l’ONU sont totalement inacceptables. 

    Elles sont contraires au droit international, contraires au droit international humanitaire, et peuvent constituer un crime de guerre. 

    Je rends également hommage aux travailleurs humanitaires qui s’efforcent de venir en aide à des populations en détresse. 

    Excellences, 

    Nous savons que ce qui se passe aujourd’hui au Liban n’est pas un phénomène isolé. 

    Nous avons connu les abominables attaques terroristes du Hamas le 7 octobre et l’enlèvement des otages. 

    Depuis, les opérations militaires israéliennes à Gaza ont causé des morts et des destructions à une vitesse et à une échelle dépassant tout ce que j’ai connu durant mes années en tant que Secrétaire général. 

    Nous en avons vu les conséquences – en Syrie, en Irak ou au Yémen. 

    Aujourd’hui, nous voyons la menace croissante d’une conflagration majeure entre Israël et l’Iran qui bouleverserait toute la région. 

    Nous avons besoin d’un cessez-le-feu au Liban – tout comme nous avons besoin d’un cessez-le-feu à Gaza et de la libération immédiate de tous les otages. 

    Escalade après escalade, la situation devient chaque jour plus inimaginable pour les populations de la région – y compris pour le peuple libanais, qui est au cœur de la réunion d’aujourd’hui. 

    Montrons notre solidarité – agissons pour soulager les souffrances et faire avancer la paix. 

    Merci. 

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Government opens applications for £100,000 interim payment to the estates of victims of Infected Blood Scandal

    Source: United Kingdom – Executive Government & Departments

    Estates of people who died as a result of the Infected Blood Scandal can now apply to receive an interim payment of £100,000, in advance of a comprehensive compensation scheme.

    Infected Blood Compensation Scheme: UK Government Update – 24 October 2024

    The estates of people who died as a result of the Infected Blood Scandal can now apply to receive an interim payment of £100,000 from today. This is the first time this group has ever received compensation. 

    Personal representatives of a deceased person’s estate, including partners, parents, siblings and children, are urged to apply by completing a form on gov.uk. 

    Applications will be processed by the Infected Blood Support Schemes, which will administer the payments.

    This interim payment comes in advance of a comprehensive, government-funded compensation scheme for infected and affected victims of infected blood.

    The compensation scheme is UK-wide and will be delivered by the Infected Blood Compensation Authority (IBCA), an independent arm’s length body led by Sir Robert Francis KC. The scheme was established in law in August and expects to make payments by the end of this year.

    Today’s announcement marks the first time that this group of the infected blood community has ever received compensation.

    It also fulfils the commitment placed on government by the Victims and Prisoners Act 2024 and helps deliver on Recommendation 12 of the Infected Blood Inquiry’s Second Interim Report, which recommended that “an interim payment of £100,000 should be paid to recognise the deaths of people who, to date, hadn’t been recognised.” 

    Paymaster General and Minister for the Cabinet Office, the Rt Hon Nick Thomas-Symonds MP, said:

    “I hope that today is seen as another important milestone for victims and campaigners who have waited far too long for justice.

    “We are committed to acting on the recommendations of the Infected Blood Inquiry and these payments are an important step forward in providing substantial compensation to the families of victims of infected blood.

    “No amount of compensation can fully address the suffering as a result of this scandal, but we are doing everything possible to deliver life-changing sums to people infected and affected.”

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ocean Maid report and flyer published

    Source: United Kingdom – Executive Government & Departments

    Grounding and subsequent loss of a stern trawler on Cairnbulg Point, Aberdeenshire, Scotland.

    Image courtesy of Alex Young and www.marinetraffic.com

    Today, we have published our accident investigation report into the grounding of the stern trawler Ocean Maid (BA 55) on Cairnbulg Point near the port of Fraserburgh, Scotland on 24 October 2022. The vessel later broke up and sank.

    The report, available via this link, contains details of what happened, subsequent actions taken and recommendations.

    A safety flyer to the fishing industry has also been produced with this report.

    Media enquiries (telephone only)

    Media enquiries during office hours 01932 440015

    Media enquiries out of hours 0300 7777878

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World Polio Day: MHRA trains worldwide laboratories in early detection of polio using breakthrough advanced technology

    Source: United Kingdom – Executive Government & Departments

    Medicines and Healthcare products Regulatory Agency (MHRA) is highlighting our work training multiple World Health Organisation (WHO) polio laboratories around the world.

    Today, World Polio Day, 24 October 2024, the Medicines and Healthcare products Regulatory Agency (MHRA) is highlighting our work training multiple World Health Organisation (WHO) polio laboratories around the world using an advanced molecular direct detection method that can halve detection times – supporting the global effort to eradicate polio and helping save lives.

    In collaboration with Imperial College London, the University of Edinburgh, Biosurv International and funded by the Bill and Melinda Gates Foundation, we have trained 25 countries in just over one year on the use of a technique called Direct Detection by Nanopore Sequencing (DDNS). This method can speed up the detection of polio outbreaks, saving public health authorities crucial time and money. This includes training laboratories in Pakistan, one of the last two countries where polio remains endemic, with the number of cases increasing this year.

    It is vitally important to detect polio early, as the infection moves rapidly within a population. By the time the first signs of polio appear in a country, many hundreds of people are typically already infected and can unknowingly pass on the virus to others who may not be fully vaccinated and protected. The virus – most commonly transmitted through contact with infected faeces via contaminated food and water – multiplies in the intestine, from where it can invade the nervous system and cause paralysis.

    Training worldwide in-country laboratories in rapid detection – using the DDNS method –enables samples to be tested in the country where the outbreak originated, rather than being sent to specialist laboratories abroad. This means the costs and delays of transport and testing can be reduced from an average of 42 days to an average of 19 days – a time saving that saves lives.

    A study published in Nature Microbiology last year, showed that our research, jointly conducted with partners, using the DDNS method to detect polio outbreaks can halve the detection time. This research indicated that DDNS tests done locally, in the Democratic Republic of Congo, over a six-month period were an average of 23 days faster than the standard method, with over 99% accuracy.

    Training laboratories in the DDNS method takes one to two weeks and is carried out by scientists from the MHRA, as well as colleagues from Imperial College London. It involves a combination of theoretical and practical sessions covering all aspects of the DDNS method from sample processing, nucleic acid extraction, PCR amplification, sequencing, analysis and interpretation of results.

    The training also encompasses methodological troubleshooting and utility of the detailed quality assurance programme associated with the method. The University of Edinburgh provides the bioinformatics expertise and have created purpose-designed analytical software to process the sequencing data produced by the method. Biosurv International support supply chains and participate in training and quality control review of data. 

    Javier Martin, Principal Scientist in Virology at the MHRA said:

    This worldwide training in the DDNS method for rapid detection of polio is a key strand in the global fight to eradicate polio, alongside vaccination programmes.

    Carrying out this work with our partners, which is the result of years of research, plays an essential part in managing outbreaks that threaten the global eradication effort and will help make polio a disease of the past.

    We are already initiating collaboration with laboratories in Africa training them to monitor different virus threats, such as Hepatitis E. The potential use of this faster detection technique has almost limitless possibilities for the protection of global health.

    Dr Alex Shaw, Research Fellow in the School of Public Health at Imperial College London talked about the potential that this DDNS method has for use with other diseases:

    The WHO has identified delays in detection as one of the major challenges facing their Polio eradication strategy 2022–2026. Training 25 countries in the past year to detect polio faster allows us to identify where outbreaks are and which polio strain is present much more quickly, allowing us to act at the earliest opportunity.

    This advanced sequencing technology is not only being used to strengthen poliovirus surveillance but is also easily adapted for the detection of other organisms. The worldwide training programme will, therefore, provide a foundation of skills and experience that can be redirected to the genomic surveillance of other pathogens, as needed.

    The most recent laboratory training programme was conducted in Angola and Tanzania and included scientists from Angola, Mozambique, Tanzania, Eritrea, Malawi and Rwanda. We conducted training at the MHRA South Mimms site for European laboratories in June 2024 (Germany, France, Finland, Netherlands, Italy and Ukraine).

    Scientists at the MHRA and their partners will continue to support the testing and validation of DDNS as a polio detection technique and to train WHO laboratories around the world in how to use it. We will travel to Thailand in mid-November 2024 to train scientists from Thailand, India and Indonesia. Additional training activities and implementation visits are planned for 2025 onwards.

    Notes to editors 

    1. The ‘Sensitive poliovirus detection using nested PCR and nanopore sequencing: a prospective validation study’ was published in August 2023 in Nature Microbiology. The research was jointly conducted by researchers at the Institut National de Recherche Biomédicale in Kinshasa who implemented DDNS in the Democratic Republic of the Congo (DRC) for the detection of polio outbreaks in collaboration with the MHRA, Imperial College London, the University of Edinburgh and various laboratories of the World Health Organization (WHO) Global Polio Laboratory Network (GPLN), with support from the Bill and Melinda Gates Foundation.
    2. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks. 
    3. The MHRA is an executive agency of the Department of Health and Social Care. 

    For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: AAIB Report: Boeing 737-8K5, G-TAWD, 20 October 2023

    Source: United Kingdom – Executive Government & Departments

    Lateral runway excursion, Leeds Bradford Airport, 20 October 2023

    Aircraft final position

    After touching down at Leeds Bradford Airport (LBA) in stormy weather, the aircraft began to yaw left of the runway centreline. When the pilot flying increased the right rudder input to correct the deviation, both pilots reported feeling a significant judder from the nose gear. This prompted the pilot flying to reduce the right rudder input and, although there were repeated brief right pedal inputs, the aircraft continued to deviate from the centreline and left the runway. The aircraft sustained minor damage and there were no injuries.

    The investigation found that one of the aircraft’s nosewheel bearings had suffered a catastrophic failure, likely during the rollout at LBA. The resultant juddering was unexpected, and the crew were uncertain as to its impact. However, the investigation found that there was in fact no mechanical impediment to the use of additional rudder and braking to prevent the runway excursion.

    Read the report.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Agricultural Census Statistics, June 2024

    Source: Scottish Government

    An Accredited Official Statistics Publication

    The June Agricultural Census 2024 shows a drop in the numbers of livestock in Scotland with the long-term trend in declining cattle numbers continuing.

    In 2024, there were 1.67 million cattle, a decrease of 2.4% when compared with the five year average (2019-2023) and a decrease of 0.9% when compared with 2023. Other livestock results show that the total number of sheep decreased by 3.8% to 6.47 million and the total number of pigs decreased by 6.5% to 315,500 pigs.

    The area of land used for growing cereals (wheat, barley, oats and other cereals) decreased by 0.8% compared with the five year average following a mixed year in 2024. The area used to grow winter crops (wheat, winter barley and winter oats) decreased. Spring planted crops (spring barley and spring oats) increased when compared with the five year average due to an increase in the area used to grow spring barley.

    The agricultural census also showed that the total workforce on agricultural holdings in Scotland increased by 0.5% to 67,400 people in 2024 when compared with the five year average.

    Background

    The June Agricultural Census provides an annual update on trends in agricultural activity across the country. It covers all main types of farming and the number of people working on agricultural holdings in Scotland. The agricultural census in 2024 also included questions on slurry destination and agricultural machinery.

    The full statistical publication is available on the Scottish Government website. 

    Official statistics are produced in accordance with the Code of Practice for Statistics.

    MIL OSI United Kingdom –

  • MIL-OSI China: 2 rescued from coal mine collapse in north China

    Source: China State Council Information Office 2

    Two of the six miners trapped early Wednesday in a collapsed coal mine in north China’s Hebei Province have been rescued, local authorities said Thursday.
    At around 10:40 a.m. Thursday, the two miners were brought to the ground with stable vital signs, according to the local government.
    Rescuers are racing against time to locate the remaining trapped miners.
    The cave-in happened at 4:37 a.m. Wednesday in the Qianjiaying mining subsidiary of Kailuan (Group) Limited Liability Corporation, a major state-owned coal mining company in Hebei.
    The Qianjiaying subsidiary is located in Fengnan District in the city of Tangshan.

    MIL OSI China News –

  • MIL-OSI China: Typhoon Trami approaching south China island city

    Source: China State Council Information Office 2

    Typhoon Trami is strengthening its intensity, and is expected to enter the South China Sea Thursday evening, according to the meteorological observatory in China’s southernmost island province of Hainan.
    The observatory forecast heavy rainfall and strong gales on the typhoon’s path through Xisha and Zhongsha Islands, which will affect the city of Sansha.
    Fishing boats and other vessels have returned to the harbor for shelter, and sandbags were used to reinforce the buildings in Sansha.
    China’s National Meteorological Center on Thursday morning renewed a blue typhoon warning to Trami, which has been listed as the 20th typhoon of this year.
    China has a four-tier emergency response system, with Level I being the most severe response, and a four-tier color-coded weather warning system, with red representing the most severe, followed by orange, yellow and blue.

    MIL OSI China News –

  • MIL-OSI China: China, Brunei pledge to enhance strategic cooperative partnership

    Source: China State Council Information Office

    Chinese Vice President Han Zheng Wednesday concluded a three-day visit to Brunei, with China and Brunei pledging to strengthen their strategic cooperative partnership so as to elevate bilateral relations to a new high.

    Chinese Vice President Han Zheng meets with Brunei’s Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah in Bandar Seri Begawan, Brunei, Oct. 22, 2024. [Photo/Xinhua]

    During the visit, Han held separate talks with Brunei Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah and Crown Prince Haji Al-Muhtadee Billah.

    Under the strategic guidance of the leaders of the two countries, China-Brunei relations have maintained a good momentum of development, Han said, adding that China is willing to work with Brunei to implement the important consensus reached by the two heads of state, strengthen strategic communication, deepen practical cooperation, and raise their bilateral relations to a new level.

    Han said China appreciates Brunei’s consistent adherence to the One-China principle and stands ready to maintain close high-level exchanges with Brunei and to support each other on issues involving their core interests and major concerns.

    Both sides should carry out cooperation on high-quality Belt and Road construction and upgrade their cooperation in trade, investment, energy and agriculture, Han noted.

    China attaches great importance to East Asia cooperation, supports ASEAN (the Association of Southeast Asian Nations) centrality, and is willing to promote a closer China-ASEAN community with a shared future, which will contribute to regional peace, stability, and development, said the Chinese vice president.

    Han pointed out that China is also willing to work with ASEAN countries, including Brunei, to actively advance maritime cooperation and the negotiation of the Code of Conduct in the South China Sea, with an aim to build the South China Sea into a sea of peace, friendship and cooperation.

    For his part, the Brunei Sultan reiterated that his country has always adhered to the One-China principle and is willing to continuously strengthen the strategic partnership between the two countries.

    He looks forward to deepening cooperation with China in economy and trade, energy, food, culture, education and sports, so as to advance the diversification of Brunei’s economy.

    Brunei places great importance on ASEAN-China cooperation and hopes to make joint efforts to address climate change, said the Sultan, adding that Brunei is willing to work with China and other ASEAN countries to strive to make the South China Sea a sea of peace, friendship, and cooperation for the benefit of regional peace and stability.

    Chinese Vice President Han Zheng meets with Brunei’s Crown Prince Haji Al-Muhtadee Billah in Bandar Seri Begawan, Brunei, Oct. 22, 2024. [Photo/Xinhua]

    During his visit to Brunei, Han also held talks with Brunei Crown Prince Haji Al-Muhtadee Billah.

    China and Brunei, though separated by the sea, have enjoyed a long history of friendship, Han said. “Over more than 30 years since the establishment of diplomatic relations, China and Brunei have set a good example of countries, whether big or small, treating each other as equals, living alongside each other harmoniously, and seeking mutual benefit and win-win results.”

    This year marks the 40th anniversary of Brunei’s independence, Han said, noting that the Chinese side has always supported Brunei in following a development path that suits its national conditions.

    China is willing to work with Brunei to explore more points of converging interests and cooperation for growth, advance their respective modernization processes, and bring more benefits to the people of both countries, Han added.

    For his part, the Brunei Crown Prince expressed his confidence in China’s development prospects, hailing China’s great achievements in its reform and open-up.

    He said Brunei is willing to strengthen exchanges and cooperation with China and to help promote further development of bilateral relations.

    MIL OSI China News –

  • MIL-OSI China: Xi urges China, India to facilitate each other’s pursuit of development aspirations

    Source: China State Council Information Office

    Chinese President Xi Jinping meets with Indian Prime Minister Narendra Modi on the sidelines of the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. [Photo/Xinhua]

    Chinese President Xi Jinping on Wednesday urged China and India to strengthen communication and cooperation, enhance strategic mutual trust, and facilitate each other’s pursuit of development aspirations.

    Xi made the remarks when meeting with Indian Prime Minister Narendra Modi on the sidelines of the 16th BRICS Summit.

    Xi pointed out that as time-honored civilizations, large developing countries and important members of the Global South, China and India both stand at a crucial phase of their respective modernization endeavors.

    It is in the fundamental interest of the two countries and two peoples to keep to the trend of history and the right direction of bilateral relations, he said, urging the two sides to shoulder their international responsibility, set an example in boosting the strength and unity of developing countries, and contribute to promoting a multipolar world and greater democracy in international relations.

    Xi stressed that China-India relations are essentially a question of how the two large developing countries and neighbors, each with a 1.4-billion-strong population, treat each other.

    Development is now the biggest shared goal of China and India, he said, noting that the two sides should continue to uphold their important understandings, including that China and India are each other’s development opportunity rather than threat, and cooperation partner rather than competitor.

    He also urged the two countries to maintain a sound strategic perception of each other, and work together to find the right and bright path for big, neighboring countries to live in harmony and develop side by side.

    Chinese President Xi Jinping meets with Indian Prime Minister Narendra Modi on the sidelines of the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. [Photo/Xinhua]

    Modi, for his part, noted that maintaining the steady growth of India-China relations is critical to the two countries and peoples. It not only concerns the well-being and future of 2.8 billion people, but also carries great significance for peace and stability of the region and even the world at large, he added.

    Against a complex international landscape, cooperation between India and China, two ancient civilizations and engines of economic growth, can help drive economic recovery and promote multipolarity in the world, Modi said.

    He said that India is willing to strengthen strategic communication, enhance strategic mutual trust, and expand mutually beneficial cooperation with China.

    India will give every support for China’s Shanghai Cooperation Organization presidency and strengthen communication and cooperation with China in BRICS and other multilateral frameworks, he added.

    The two leaders commended the important progress the two sides had recently made through intensive communication on resolving the relevant issues in the border areas. Modi made suggestions on improving and developing the relationship, which Xi agreed to in principle.

    The two sides agreed to make good use of the Special Representatives mechanism on the China-India boundary question, ensure peace and tranquility in the border areas, and find a fair and reasonable settlement.

    The two sides agreed on holding talks between their foreign ministers and officials at various levels to bring the relationship back to sound and steady development at an early date.

    The two sides agreed to strengthen communication and cooperation in multilateral fora to safeguard the common interests of developing countries.

    The two sides were of the view that this meeting is constructive and carries great significance. They agreed to view and handle China-India relations from a strategic height and long-term perspective, prevent specific disagreements from affecting the overall relationship, and contribute to maintaining regional and global peace and prosperity and to advancing multipolarity in the world.

    MIL OSI China News –

  • MIL-OSI China: BRICS says new centers of power, policy decision-making and economic growth are emerging

    Source: China State Council Information Office

    New centers of power, policy decision-making and economic growth are emerging in the world, BRICS countries said Wednesday in the Kazan Declaration issued at the 16th BRICS Summit.

    This trend paves the way for a more equitable, just, democratic and balanced multipolar world order, and provides more opportunities for emerging markets and developing countries to benefit from universally beneficial and inclusive economic globalization, the BRICS countries said.

    MIL OSI China News –