Recent Developments. On April 2, 2002, we agreed to dispose of our 37.95% interest in TV Travel Group Limited ("TVT") to USA Networks Inc. as part of USA Network's Inc.'s agreement to purchase TVT. This disposal was completed on May 2, 2002. The consideration for our interest in TVT (comprised of ordinary shares, preference shares and loan notes) was (pound)27.1 million after transaction costs, all to be paid in cash. On May 2, 2002, we announced that we were reducing our total staffing levels from approximately 10,500 to approximately 9,000. This is part of a group reorganization, which aims to streamline management and flatten reporting lines and should allow us to focus on our core businesses. In addition, our Consumer and Business Divisions, which are currently managed separately, will be merged into a single operating division, which will be serviced by a newly created Networks and Technology Division. Also on May 2, 2002, we filed with the SEC our unaudited financial statements for the first quarter of 2002. For the complete text of the financial statements and related press release see the Form 6-K filed by us on May 2, 2002. On May 14, 2002, Microsoft Corporation ("Microsoft") informed us that it was withdrawing its three non-executive directors - Henry Vigil, Salman Ullah and Dennis Durkin - from our board of dixxxxxxx. Xxcrxxxxx xxxxx 23.6% xx xxx xxxxxd shares and has the right to nominate up to three representatives to the board under corporate shareholder agreements with us. Microsoft said: "At -------------------------------------------------------------------------------- TELEWEST COMMUNICATIONS PLC US GAAP UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -------------------------------------------------------------------------------- NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS present we believe that we will be in a better position to manage our relationship with, and investment in, Telewest without board representation. Microsoft expects to continue to evaluate Telewest on an ongoing basis and, in that regard, will continue to consider, among other things, purchasing or selling Telewest securities or engaging in possible strategic transactions involving Telewest. Microsoft has no current plan regarding any such transactions, but reserves the right to change its plans at any time." On June 14, 2002 we announced that we had agreed to dispose of our 75.6% interest in the ordinary share capital of The Way Ahead Group Limited ("Way Ahead...
Recent Developments. The financial information included the Registration Statement, the Disclosure Package and the Prospectus under the heading “[Summary—Recent Developments]” has been derived from the accounting records of the Company subject to internal controls, reflects and will reflect the Company’s best estimates of such information available to the Company as of the date hereof and as of each Closing Date, respectively, and, to the best of the Company’s knowledge and belief after due inquiry, is and will be accurate in all material respects as of such dates. If at any time following the date hereof there occurs an event or development as a result of which such financial information, if republished immediately following such event or development, would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (i) the Company will promptly notify the Representative and (ii) the Company will promptly amend or supplement the Registration Statement, the Disclosure Package and/or the Prospectus to eliminate or correct such conflict, untrue statement or omission.
Recent Developments. As of the Effective Date, (a) all actions by each Company Entity necessary to authorize the execution, delivery and performance of the Transaction Documents have been taken (including the adoption of appropriate resolutions of the Governing Body), (b) no Event of Default has occurred, and (c) no Company Entity has incurred any additional Indebtedness since the Term Sheet Date.
Recent Developments. Since the date hereof, there shall be no fact or circumstance (individually or in the aggregate) which constitutes a Material Adverse Change.
Recent Developments. On January 1, 2006, the Corporation completed its merger with MBNA Corporation. Additional information regarding the foregoing is available from the filings made by the Corporation with the SEC, which filings can be inspected and copied at the public reference facilities maintained by the SEC at 000 X Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000, Xxxxxx Xxxxxx, at prescribed rates. In addition, the SEC maintains a website at xxxx://xxx.xxx.xxx, which contains reports, proxy statements and other information regarding registrants that file such information electronically with the SEC. The information concerning the Corporation, the derivative counterparty and the foregoing mergers contained herein is furnished solely to provide limited introductory information and does not purport to be comprehensive. Such information is qualified in its entirety by the detailed information appearing in the documents and financial statements referenced herein. Xxxxx'x currently rates the derivative counterparty's long-term debt as "Aa1" and short-term debt as "P-1." The outlook is Stable. Standard & Poor's rates the derivative counterparty's long-term debt as "AA" and its short-term debt as "A-1+." Ratings are on CreditWatch Positive. Fitch rates long-term debt of the derivative counterparty as "AA-" and short-term debt as "F1+." The outlook is Positive. Further information with respect to such ratings may be obtained from Xxxxx'x, Standard & Poor's and Fitch, respectively. No assurances can be given that the current ratings of the derivative counterparty's instruments will be maintained. The derivative counterparty will provide copies of the most recent Bank of America Corporation Annual Report on Form 10-K, any subsequent reports on Form 10-Q, and any required reports on Form 8-K (in each case as filed with the Commission pursuant to the Exchange Act), and the publicly available portions of the most recent quarterly Call Report of the derivative counterparty delivered to the Comptroller of the Currency, without charge, to each person to whom this document is delivered, on the written request of such person. Written requests should be directed to: Bank of America Corporate Communications 000 Xxxxx Xxxxx Xxxxxx, 18th Floor Charlotte, North Carolina 28255 Attention: Corporate Communications The delivery of this prospectus supplement shall not create any implication that there has been no change in the affairs of the Corporation or the derivative counterparty since the date hereof, or...
Recent Developments. On March 27, 2008, the Republic sent the following communication and economic update to the International Monetary Fund: Brazzaville, March 27, 2008 The Minister of Economy, Finance, and Budget to: Xx. Xxxxxxxxx Xxxxxxx-Kahn Managing Director International Monetary Fund Washington, D.C. 20431 USA Dear Xx. Xxxxxxx-Xxxx: The government of the Republic of Congo (Congo) pursued a Staff Monitored Program (SMP) during April-September 2007, with the intent of establishing a track record of performance that would support a subsequent move to a Poverty Reduction and Growth Facility (PRGF) arrangement. While we made some progress under the SMP, we also had fiscal slippages and did not implement some key structural measures in a timely manner, which prevented the successful completion of this program. The fiscal slippages were associated mainly with unanticipated costs of the legislative elections last year, higher subsidies to the petroleum sector due to high world oil prices, and higher than budgeted domestically-financed investment. On structural policies, delays in implementation reflected low capacity and the need to enhance program monitoring. In this regard, we established a new reporting and monitoring structure, which will xxxxxx strong program ownership and our relations with the IMF. A policy committee headed by the President of the Republic will manage Congo’s program and relations with the IMF, and it will be supported by a technical monitoring committee headed by a special advisor to the President of the Republic. The resident representatives of the IMF and the World Bank have been invited to serve as advisors to the technical committee. The technical committee has been heavily engaged with Fund staff, and we believe the flow of information and dialogue has already been improved. We are determined to make a break from the past, and to establish a satisfactory record of macroeconomic and structural policy implementation. In this regard, we request a new Staff Monitored Program covering the period January 1 through June 30, 2008. The policies and objectives of this SMP are detailed in the attached Memorandum of Economic and Financial Policies (MEFP). This SMP is designed to facilitate the move to a PRGF arrangement, by demonstrating the government’s resolve to pursue fiscal consolidation, enhance governance and transparency, and reassure Congo’s external creditors that we are committed to macroeconomic stabilization and structural reform. We believe that ...
Recent Developments. 4. Overall economic activity declined in 2007 because of a temporary fall in oil production caused by an accident on the Nkossa oil platform. However, the non oil economy continued to expand at a healthy pace (about 6½ percent), and above the growth rate experienced during the past several years. Food prices fell as a result of improvements in the transportation network, leading to a decline in annual inflation in 2007. The current account moved into deficit last year, reflecting the decline in oil production and imported equipment to repair the oil platform. The external position, however, was helped by an agreement with London Club creditors, which led to debt relief amounting to US$ 1.6 billion. This agreement is consistent with the enhanced HIPC Initiative and accounts for more than half of the total relief envisaged at the completion point.
Recent Developments. On February 2, 2021, we announced our financial results as of and for the quarter ended December 31, 2020 presented below. The consolidated financial results for the three months ended December 31, 2019 and 2020 and the nine months ended December 31, 2019 and 2020 included in this prospectus supplement have not been audited or reviewed by our independent registered public accounting firm, PricewaterhouseCoopers. Unless otherwise stated, all translations of RMB into US$ in this section titled ‘‘Recent Developments’’ were made at RMB6.5250 to US$1.00, the exchange rate on December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board, and all translations of RMB into HK$ were made at RMB0.84164 to HK$1.00, the middle rate on December 31, 2020 as published by the People’s Bank of China. Unaudited Consolidated Income Statements Data Three months ended Nine months ended December 31, December 31, 2019 2020 2019 2020 RMB RMB US$ RMB RMB US$ (in millions, except (in millions, except per share data) per share data)
Recent Developments. (a) Except as set forth in Section 2.10 of the Seller Disclosure Schedule, since the Most Recent Balance Sheet Date, there has been no change, event or circumstance that, individually or in the aggregate with all other changes, events or circumstances, has caused any Material Adverse Effect.
Recent Developments. The adjusted EBITDA ranges for the fiscal year ending March 31, 2012 included in the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto) under the heading “Summary—Recent Developments — Certain preliminary information for the full fiscal year ending March 31, 2012” were determined by the Company with a reasonable basis and in good faith. Nothing has come to the attention of the Company that has caused it to believe that the actual adjusted EBITDA amounts for the fiscal year ending March 31, 2012 will be materially different from the ranges disclosed in the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto). Any certificate signed by an officer of the Company or any Guarantor and delivered to the Initial Purchasers or to counsel for the Initial Purchasers in connection with the transactions contemplated by this Agreement shall be deemed to be a representation and warranty by the Company or such Guarantor to the Initial Purchasers as to the matters set forth therein.
