Seaspan to Form New Holding Company, Acquire APR

first_imgHong Kong-based containership operator Seaspan Corporation has announced a reorganization to create a new holding company, Atlas Corp. which will become the new parent company of Seaspan.As explained, the proposed reorganization is intended to advance strategic capital allocation initiatives and provide operational transparency.Specifically, the reorganization will be implemented through the merger of Seaspan and an indirect, wholly-owned subsidiary, with Seaspan continuing as the surviving corporation and a direct, wholly-owned subsidiary of Atlas. “The formation of Atlas as a global asset manager enables diversification of capital to hard-asset intensive industries and beyond, which we expect will yield strong through cycle returns,” Ryan Courson, Chief Financial Officer of Seaspan commented.In conjunction with the reorganization, Seaspan also said that it has entered into a definitive agreement to acquire APR Energy Limited, a company specializing in fast-track, mobile power solutions.“We see ample opportunities for attractive capital deployment in maritime in 2020 as demonstrated by our recent acquisitions of over USD 400 million of containership assets, and we are excited about the prospect of allocating capital towards the global energy platform of APR,” Courson added.Under the agreement, Atlas will acquire APR in an all-stock transaction valued at USD 750 million including the assumption of debt, for an expected equity value at closing of about USD 425 million. Atlas shares will be issued to the sellers in the proposed acquisition at USD 11.10 per share.“The proposed acquisition is a transformative transaction on our journey as professional asset managers. We are bringing together two leading, integrated platforms, in two industries in which we have long-term confidence – maritime and energy,” David Sokol, Chairman of Seaspan’s Board of Directors, commented.Seaspan’s fleet consists of 119 containerships, including seven vessels the company has agreed to purchase, which have not yet been delivered, representing a total capacity of more than 975,000 TEU.Seaspan’s current operating fleet of 112 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.last_img read more

E. coli outbreak: First German sprout tests negative

first_imgHealthLifestyle E. coli outbreak: First German sprout tests negative by: – June 6, 2011 20 Views   no discussions Tweet The farm supplies sprouts to Hamburg and a wide area of northern GermanyThe first tests on bean sprouts from a northern German farm suspected of being the source of an E. coli outbreak are negative, officials say.Of 40 samples from the farm being examined, officials said 23 tested negative. Further tests are pending.They said finding the outbreak’s cause may prove difficult, because weeks have passed since it began.The farm in Uelzen south of Hamburg was named on Sunday as the probable source of the bug that has killed 22 people.Initially, German officials had pointed to Spanish cucumbers as the likely cause.More than 2,200 people have fallen ill in at least 12 countries, though cases outside Germany have been linked to travel there.‘Can’t understand’ “Investigations are continuing,” Lower Saxony’s agriculture ministry said on Monday as it announced that the first tests had proved negative.It added that it did not expect “any short-term conclusions”, and that given the complex testing procedure, the remaining 17 samples may not be returned for a few more days.The organic farm in Uelzen is about 100km (62m) south of Hamburg, the epicentre of the outbreak.It produces bean sprouts including adzuki, alfalfa, broccoli, peas, lentils and mung beans, all grown in a nursery for consumption in salads.The farm’s general manager, Klaus Verbeck, was quoted by the Neue Osnabruecker Zeitung newspaper as saying that he could not see how it was to blame.“I can’t understand how the processes we have here and the accusations could possibly fit together,” said Mr Verbeck.“The salad sprouts are grown only from seeds and water, and they aren’t fertilised at all. There aren’t any animal fertilisers used in other areas on the farm either.”The strain of enterohaemorrhagic E. coli (EHEC) involved in the outbreak is normally transmitted through faeces or faecal bacteria.Spanish seek damages Scientists say it is an aggressive hybrid strain toxic to humans and not previously linked to food poisoning.Hundreds of those affected by the bacterium have developed haemolytic-uraemic syndrome (HUS), which can be fatal.EU agriculture ministers are to hold an emergency meeting in Luxembourg on Tuesday, where they are expected to discuss the outbreak and how the EU can respond to its economic impact.They are also expected to address a Russian ban on imports of fresh produce from the EU, introduced in response to the outbreak.Spain has made it clear it will seek damages after Spanish produce was linked to the outbreak.Spain’s fruit and vegetables exporters association has estimated losses at 225m euros (£200m) a week.“We have told Germany that it must reimburse us for the loss, Spanish Agriculture Minister Rosa Aguilar told Spanish public television.“If it covers 100%, which is what we are demanding, the affair will be closed. Otherwise we reserve the right [to take] legal action.”BBC News Sharing is caring!center_img Share Share Sharelast_img read more

Ambles set to rejoin team after previous dismissal

first_imgFormer USC wide receiver Markeith Ambles, who was dismissed from the team in November, has rejoined the program, according to his personal Twitter account.Ambles told Bryan Fischer of CBSSports.com on Thursday that he was on a flight bound for Los Angeles and would be rejoining the team upon his arrival.A native of McDonough, Ga., Ambles had a rocky freshman season with the Trojans, appearing in four games and totaling only one catch for three yards in a 50-16 blowout win over Washington State.Furthermore, the former five-star wideout was also suspended indefinitely in late October after several late arrivals to mandatory team functions. During training camp in August, Ambles, along with freshman running back Dillon Baxter, was disciplined for similar incidents of “tardiness” and spent an entire practice session doing rollovers.Ambles was one of the signature signees of USC’s No. 1 2010 recruiting class, according to Rivals.com. Ranked as the third best receiver nationally and 24th overall, he originally committed to the University of Tennessee in 2009 when current USC coach Lane Kiffin was still with the Volunteers. When Kiffin departed for USC, Ambles also changed his commitment, signing a letter of intent to join the Trojans on Feb. 3, 2010.Along with Baxter and wide receivers Kyle Prater and Robert Woods, Ambles was one of four five-star recruits from USC’s 2010 class.last_img read more