Focus Financial launches secondary offering

first_imgOf the total, 6,536,327 shares are being offered by stockholders of Focus affiliated with Kohlberg Kravis Roberts and Stone Point Capital, and 463,673 shares are being offered by Focus on behalf of certain of the existing unitholders of Focus Financial Partners LLC, its operating subsidiary.Focus said it intends to contribute the net proceeds from the secondary offering to its operating company in exchange for newly issued common units. Focus LLC will use the contributed amount to purchase units from certain Focus LLC unitholders, including employees and principals of its partner firms, but not Focus corporate executive officers and directors. In connection with the purchase, Focus said it will cancel the corresponding shares of its Class B common stock.The offering will not have a dilutive impact on existing shareholders, the company said in a release.Separately, Focus said it’s made an investment in Prairie Capital Management, a hybrid firm based in Kansas City, Missouri, managing $5 billion. The transaction is expected to close in the second quarter.[More: Focus Financial sees another bang-up year for RIA M&A in 2021] Focus Financial Partners Inc. launched a secondary offering of 7 million shares of its Class A common stock (FOCS) priced at $48.00 a share. Planners boost pro bono efforts amid pandemiclast_img read more

Vector slashes dividends as Elliman’s net income drops over 80%

first_imgHoward Lorber, CEO of Vector GroupUPDATED Wednesday Nov. 6, 2019, 1:02 p.m.: Douglas Elliman’s net income plummeted last quarter and its parent company plans to cut back on payouts to investors.Vector Group will halve its quarterly cash dividend to $0.20 per share starting in the first quarter of 2020 and will no longer pay an annual dividend, CEO Howard Lorber announced Tuesday. He confirmed that investors would receive a dividend of $0.40 per share for the third and fourth quarters.“The reduced dividend will strengthen the company’s balance sheet and help it maintain its liquidity,” Lorber said on an earnings call.He added that “hopefully” the cut will “lower the cost of borrowing” leading up to Vector’s April 2020 deadline to repay $232 million in 5.5 percent variable-interest senior convertible notes.In last year’s annual filings Vector forecasted that 2019 would have “significant liquidity commitments” including outstanding convertible notes and $240 million in dividends. If there wasn’t enough cash on hand, the company had said it would extend its subsidiaries’ credit facilities and liquidate other investments. Vector extended two of its companies’ credit to $60 million on Nov. 1.The move comes as Elliman reported a net income of $1.9 million for the third quarter, down from $10 million in the same period last year — a stunning 81 percent drop. The brokerage’s quarterly revenue fell by $10.3 million to $201.2 million.Vector’s CFO J. Bryant Kirkland III said that was “because we’ve made investments in other markets.” In August, Elliman opened a Texas outpost.Vector reported a slight decrease in quarterly revenue to $504.8 million from Q3 in 2018, but its net income for the quarter soared to $36 million from $12 million in the third quarter of last year.Elliman’s third quarter results came on the heels of a banner second quarter. The firm had reported an 18 percent increase in revenue following a flurry of high-end sales in New York City before new closing taxes went into effect on July 1.Lorber noted that when considering the nine months ended Sept. 30, the brokerage’s “adjusted EBITDA” (earnings before interest, taxes, depreciation and amortization, but with other expenses excluded at the company’s discretion) was at the same point as it was last year.But that’s not necessarily a bellwether for success. In 2018, Elliman’s adjusted EBITDA for the full year was $11.3 million, down from $26.1 million. And the brokerage’s profits plunged by a staggering 75 percent even as revenue grew by 4.4 percent to $754.1 million. Lorber began the year promising “substantial” cost-savings in payroll and office consolidation.On Tuesday’s call Lorber promised Elliman’s business would turn around, provided there are no further legislative changes.“Look, I think we’ve somewhat survived,” he said, pointing to the loss of the SALT deduction in 2018, the mansion and transfer taxes introduced by New York State this year and sweeping changes in June to the state’s rent law. “And if nothing else happens, with some cost cutting and so forth, we’re going to be more profitable going forward.”Editor’s note: The story was updated to note Vector committed to paying a cash dividend of $0.40 per share for the third and fourth quarters of 2019. The reduced quarterly dividend goes into effect in 2020.Write to Erin Hudson at [email protected] This content is for subscribers only.Subscribe Nowlast_img read more

26 teams want to play WOmen’s EHF CL 2018/2019

first_imgShareTweetShareShareEmail Related Items: Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment. Click to comment ShareTweetShareShareEmailCommentsExactly 26 teams applied for the Women’s EHF Champions League 2018/2019. Decision about the participants list will be made at EHF Congress in Glasgow on June 18.The draw of the qualification will take place on Wednesday 27 June at the EHF Office in Vienna, while the group matches draw will be held on Friday 29 June also in the Austrian capital.Teams registered based on the EHF ranking list (20):AUT – Hypo NÖCRO – RK Podravka VegetaCZE – DHK Banik MostDEN – Kobenhavn HandboldDEN – Odense HCESP – Super Amara Bera BeraFRA – Metz HandballGER – Thüringer HCHUN – Györi Audi ETO KCHUN – FTC – Rail Cargo HungariaITA – Jomi SalernoMNE – WHC BuducnostNOR – Vipers KristiansandPOL – MKS Perla LublinROU – CSM BucurestiRUS – Rostov-DonSLO – RK Krim MercatorSRB – ZORK JagodinaSWE – IK SävehofTUR – Muratpasa BSKTeams registered based on additional places requests (6):FRA – Brest Bretagne HandballGER – SG BBM BietigheimNOR – Larvik HKROU – SCM CraiovaRUS – Handball Club LadaTUR – Kastamonu Belediyesi GSKlast_img read more