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Het probleem is dat men vrees dat voor die energiecentrales veel geld zal nodig zijn en niet veel zal opbrengen.
Moesten ze zeggen daarmee te stoppen het aandeel vliegt meteen naar 10.
waarde van hun financial assets steeg ruim 9 miljoen.
Current Financial Assets
eind 2019: 72 854 000
eind 2018 : 63 839 000
cash daalde van 30 naar 27 miljoen maar dat kwam door het massaal inkopen van eigen aandelen.
http://www.velcan.lu/wp-content/uploads ... t-2019.pdf
As on 31/12/2019the bond portfolio had a value ofEUR 56.6m (excluding accrued interests).On the14thof February the bond portfolio had been reduced to EUR 42 m(excluding accrued interests). Since then the current market crisis linked to the covid-19 epidemic has significantly decreased the value of this portfolio. As of the 14thof April, thesesame bonds hada value of EUR 36.1mtowhich an additionalEUR0.4 m has been added for a total value of EUR 36.5 m. The decrease
Financial Year 2019-Annual Report9is of approximately14% since mid-February,which is in the range of the market decline for such bonds. The Group does not expect to sell most of these bonds in the short term.Thanks to the US Federal Reserve announcements the newsflow has been more positive on the High Yield Bonds asset class recently. But it has to be noted that this is still an illiquid asset class where prices are more difficult to ascertain than before. The Groups relies for its evaluation on information from its banks and the Reuters system. Among others the current situation has increased the riskiness of the exposures of the Group to the Republic of Argentina, the CMA CGM Group, Trafigura and NordLB.As of December 2019, the Group also owns private investments worthEUR 2.8m includingprivate equity and direct lending. Most partof Private equity and direct lending investment are invested in the shipping sector. Given the recent poor performance of this sector these investments have contributed negatively to the performance of the Group between2016and 2019.In 2016 the Group, as part of the management of its USD treasury, has accorded a direct senior loan of USD 1.6 Million to a third party for financing the acquisition of a chemical tanker. The loan was secured by a first preferred mortgage. Since then the borrower has defaulted and the vessel has been arrested in Nigeria by other alleged creditors. The loan has been restructured with a new borrower and the Group has engaged procedures to lift the arrests and recover its dues. Several arrests have already been lifted. As of 31stDecember 2019 theprincipalamount plus various recoverable expenses related tothe recovery of the said loan amounts due under the restructured loan is USD 5.2m. The amount due by the new borrower remains secured by a first rank mortgage on the said vessel. To the extent that the recoverability of the loan will depend ultimately onthe resolution of the legal disputes in relation with the ownership of the vessel and potentially the enforceability of the mortgage, a partial impairment has been booked in the accounts.Due to litigations, the impairment amount is kept confidential.TheGroup is actively monitoring these investments in the shipping sector to try to maximize their value.As of December 2019, the Group had investments worthEUR 6.7 m in listed equitiesof which EUR 2.4 m were equity shorts to hedge the portfolio holdings and EUR 0.9 m in Gold ETFs and gold mining equity. Until the Covid-19 related crisis, the Group believedthe equity markets providedno sufficient reward vs the risks entailed by their level. Given the market turmoil and heavy decreases of listed equity price levels, the Group increased its equity exposure to listed equityin 2020.As of the 14thof April 2020, the general equity exposure was of EUR 21.1m. Of which EUR 6.97 m where equity shorts to partially hedge the portfolio holdings. In addition to this, the Group held in its Commodity asset class 5.4m EUR of Gold ETFs and gold mining stocks. Depending on stock market evolutions, the Group may increase further or decrease its equity exposure.The Group has divested its position in hedge funds, which wasEUR 7.9 min 2018.The Group has also investment worth EUR 0.6 m in mutual fund in India.Additionally, as of December 2019, the Group had investments worthEUR 8.2 m in US T-Bill (having less than 3 months maturity).
Als ze alles binnenhalen kunnen ze nog eens dikke 300.000 aandelen vernietigen.
As of 13th March 2020, the Company held 393 125 own shares, representing 6.74% of the share capital, of which the break-up by objective was the following:
To date, as part of the program launched March 13, 2020, the Company has bought back a total of 112,104 shares at a weighted average price of 4.85 euros per share and for a total amount of 543,879 euros
As of 16th September 2020, date of this amendment, and taking into account the cancellation of 278,500 shares and the repurchases carried out since 13th March 2020, the Company owns 226,730 shares, being 4.08% of the capital, of which the break-up by objective was the following:
• The Company may acquire, as of date, a maximum number of 187,896 shares representing 3.38% of the current share capital;
• the acquisition price per share will be equal to the market price on the day of the acquisition, including in the case of block transactions that may be carried out in the market or over the counter;
• the maximum purchase price per share is seven euros (EUR 7), excluding acquisition costs;
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Velcan Holdings: Extension Of Time For The Land Acquisition Procedure Of The Indian Hydropower Projects
September 28th, 2020
Under the land acquisition regulations applicable to the Heo-Tato1 hydropower tandem project (426 MW) in India, the “Section 19 notification” was due by 26th September 2020. Such notification is the act by which the State Government declares further that the concerned land is needed for public purpose, based on the completion of the second phase of the acquisition procedure.
This second phase starts after the Section 11 notification, which was issued on 26th September 2019, and includes all activities required by applicable regulations such as onsite land survey, the marking of land boundaries on the ground in view of the establishment of the final list of land owners, the hearing of individual objections, the ruling on such objections, the detailed census of affected families, the preparation and publication of Rehabilitation & Resettlement schemes to the benefit of affected families and public hearings on such proposed schemes in affected villages.
The above activities, which are under the exclusive purview of the State Government, could not be completed on time. The land survey and marking of boundaries was scheduled between 10th February and 14th March 2020, to be conducted by District Administration. On 10th February 2020, several land owners physically prevented the District administration team to start the survey and claimed notably the immediate payment of benefits and that land disputes should be settled in court separately. Following this incident, the District Administration suspended the survey until further notice and constituted a special committee of Government officials, for the purpose of handling the land survey and settling issues. A first meeting was held, between the local land owners and the committee, on 24th February 2020 but without positive outcome. Another committee meeting was schedule on 24th March 2020. However such meeting could not be held due to COVID-19 lockdown and related restriction measures, and was postponed indefinitely by a Government order dated 19th March 2020.
Since then COVID-19 restrictions have been extended numerous times, the State Government has not yet restarted the procedure, and could therefore not complete the activities required by Law to reach the “Section 19 notification” on time. As a result, in compliance with the possibility offered by applicable regulations, the State Government has decided a time extension of 12 months, until 25th September 2021, to issue the “Section 19 Notification”.
Under the concession agreement and applicable regulations, the land is to be acquired by the State Government itself, and then leased to the project developer. The completion of section 19 activities is essential, especially establishing the final land owners consent as it is the basis of the financial allocations under the future rehabilitation plan and land compensations. After the completion of the Section 19, the State Government will have to carry on another set of activities and procedural steps such as the computation of land values, enquiries on claims made by owners, issuance of individual financial awards (Sections 23 to 30), rehabilitation plan implementation, payment procedures and taking physical possession of the Land (Section 38).
The stoppage of the administration-led land survey by some owners is a major concern as it highlights again the acute difficulties and delays faced by the hydropower projects due to the absence of proper land registry, and the inability of the local Government to settle land disputes and guarantee Law and Order. The completion of the land acquisition procedure by the local government remains a prerequisite for the next development phases of the project, which are the negotiation of a power purchase agreement (PPA) and the financing of the construction.