Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! “This Stock Could Be Like Buying Amazon in 1997” 5 UK shares I think are still cheap I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Christopher Ruane | Friday, 18th December, 2020 One of the intriguing things about the stock market is that individual UK shares move in their own way. So, the headlines often discuss the market going up or moving down. But at any time there are usually some shares which look better value than others.Right now there are five UK shares I think look cheap. I already own some of these names, but I’d be happy to buy them all right now.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…High yield at a low priceTobacco manufacturer Imperial Brands is a popular stock among dividend hunters. That is little wonder considering its strong cash flows and regular payouts. The company did cut its dividend this year, which damaged sentiment. But it still pays out £1.37 a year. Additionally, its progressive dividend policy means that that could increase.I expect its business to continue strongly and it plans an investor day next month to update the City. Despite Imperial’s solid business performance, these UK shares continue to look cheap to me. With an annual dividend yield over 8%, I would buy them today and hold them indefinitely.UK shares I think remain undervaluedMany leading shares have regained their pre-pandemic highs. But others are still nursing the wounds of a challenging market. Take defence contractor Babcock, for example. Historically it has been a good dividend payer. Its customer base provides fairly stable revenues with long-term visibility. The company’s interim results last month showed half-year basic earnings per share of 10.5p, even after the effects of the pandemic. At around 300p, I regard Babcock as cheap.Similarly, shares in leading bank Natwest have recovered some ground, but they still look cheap to me. The bank has not paid dividends this year, so has been able to stockpile more cash. I hope that will be used for future payouts. The bank has strong liquidity and I think it is in a good position to return excess capital to shareholders.Household namesA couple of household names among UK shares have caught my eye lately. Insurer Legal & General may not be in an exciting business, but that doesn’t mean its shares are unexciting. They are getting close to double their 2020 lows. On that basis they may not look cheap. But their price-to-earnings ratio is still in the single digits. They offer a yield of over 6%. Legal & General continued to pay dividends this year when competitors such as Aviva suspended theirs. That has earned them a place in my portfolio.Lastly, pharma company GlaxoSmithKline is one of the cheap UK shares I’d buy now. The shares seem to have been unloved during 2020. They remain around a quarter down on where they started the year. But the company is in decent shape. It has a wide portfolio of brands in both the pharma and consumer markets. Its Covid-19 vaccine is not now due for release until the end of 2021. But I don’t think that should affect the company’s valuation. A P/E of 11 and a yield close to 6% for a company of GSK’s quality looks cheap to me.I think there continues to be lots of value in the UK market — if one knows where to look. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares christopherruane owns shares of Babcock International Group, Imperial Brands, and Legal & General Group. The Motley Fool UK has recommended GlaxoSmithKline and Imperial Brands. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Simply click below to discover how you can take advantage of this. Enter Your Email Address I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Image source: Getty Images See all posts by Christopher Ruane
Associate Rector for Family Ministries Anchorage, AK Rector Knoxville, TN A utility pole with a no-parking sign sits in a Fayetteville, North Carolina, creek after a lake burst its dam because of a deluge from Hurricane Matthew Oct.10. Photo: REUTERS/Jonathan Drake[Episcopal News Service] Episcopalians along the southeast coastal United States are assessing the damage wrought by Hurricane Matthew.Some still cannot return to their homes because of severe damage in their communities or because rain-swollen rivers and creeks are still flooding.The storm killed more than 1,000 people in Haiti by the estimate of the Reuters news service. Officials there have begun burying people in mass graves.At least 21 have died in the U.S. – nearly half of them in North Carolina, according to the Associated Press. Most were swept away by flood waters and officials worry that the U.S. death toll may rise as impatient people drive around road barricades into swiftly moving floodwaters. Water from the torrential rains that hit eastern North Carolina over the weekend continue to swell rivers and levees and dams are threatened. Some people missing since the storm have been found but others are still missing, the news service saidEpiscopal Relief & Development said Oct. 10 that it continues to provide technical assistance to local partners in the areas affected by Hurricane Matthew, as the storm dissipates over the Atlantic Ocean. In the places most severely impacted, information gathering is hampered by downed communications lines, widespread power outages and damage to critical roads and bridges, the organization said.”“From what we are seeing so far, the damage is extensive in a number of areas and it will take a long time, even years, for many of these places to recover,” said Abagail Nelson, senior vice president for programs.Members of the Diocese of North Carolina on Oct. 10 were still trying to assess damage there, but “as of this afternoon, we don’t have reports of major damage sustained by churches within our diocese,” Director of Communications Christine McTaggart told Episcopal News Service via email. Diocesan officials had not yet heard about major damage to any church.“We’ll continue to stay in touch with churches in the areas hardest hit until rivers have finished rising and the danger of additional flooding has passed,” she wrote.Diocese of East Carolina Bishop Robert Skirving and the Rev. Canon J. M. “Sonny” Browne, canon for diocesan life, worked from home Oct. 10 to check in with parish leadership. The two had learned that Trinity Center, the diocesan camp and conference center at Pine Knoll Shores sustained light wind damage and tree loss; Trinity Episcopal Church in Chocowinity had several inches of water enter its undercroft; and St. John’s Episcopal Church in Fayetteville experienced some flooding.The Fayetteville Observer reported that St. John’s parking lot was submerged Oct. 9, as well as the children’s playground and bottom floor of the church. The choir room, preschool chapel and an administrative office on the bottom floor were among the areas that sustained serious damage, according to member Mary Holmes, who said the church had recently undergone a major restoration in anticipation of its 200th anniversary next year.More than 45 people came to help clean the church out early on Oct. 9, Holmes told the paper. By afternoon, rugs and children’s toys littered the parking lot as volunteers worked to save what they could.Diocesan House in Kinston, North Carolina, was without telephone and internet service. Water entered offices there; it was “fortunately not deep, but enough to wet the carpet thoroughly,” Browne said via email.“Bridges are closing as I write this email, as the rivers are swelling,” Browne reported. “At this hour, we are unaware of catastrophic loss of parish property in our diocese.”Later in the day, Browne emailed to say that East Carolina was experiencing horrible flooding and evacuation. “The damage to the state’s road infrastructure is astounding with a great many roads washed out in one or more places,” he wrote.Member of the Episcopal Church in South Carolina were also regrouping on Oct. 10 and trying to find out how congregations in the Lowcountry along the coast fared, Holly Behre, director of communications, reported via email.Information posted on the diocese’s Facebook page pointed evacuees to Episcopal churches in the Dioceses of Upper South Carolina, Western North Carolina, North Carolina and Atlanta.Members of four of those coastal congregations had organized Eucharist together the day before near Hendersonville, North Carolina. Most of those attendees were from All Saints Episcopal Church on Hilton Head Island, which was very hard hit. They are still not able to return home, Behre said.The Rev. Richard Carroll Lindsey, All Saints’ rector, wrote on the church’s website that an eyewitness reported that the church weathered the storm with only a street light down, a small tree across the entrance and the cross on the steeple damaged.Trees knocked down in Hurricane Matthew lie outside of the doors of St. Francis of the Islands Episcopal Church in Savannah, Georgia. Photo: Diocese of Georgia via FacebookIn the Diocese of Georgia, six of 24 coastal churches held services on Oct. 9. As evacuees were returning home Oct. 10, Bishop Scott Benhase said that damage on the coast was “less than was feared or forecasted.”However, Benhase said, “we know that others in the southeastern United States, and particularly our sisters and brothers in Haiti, the Dominican Republic and the Bahamas, did not fare so well. Our hearts and prayers go out to them.”He urged people to donate to Episcopal Relief & Development.Twenty-two coastal churches and the retreat center suffered minor damage or even no damage from the storm, Benhase said. St. Francis of the Islands Episcopal Church, Savannah, lost a significant number of trees, which in turn damaged the church porch, education building and playground. No survey of All Saints Episcopal Church on Tybee Island has yet been possible, although some areas near the church experienced flooding and wind damage, the bishop said.“In the days ahead there will be insurance claims to file and lots to repair and to clean up. We will do that and move on,” Benhase predicted. “God has called us together so that we might be the hands and heart of Jesus for others.”Federal Emergency Management Agency officials survey damage on Highway A1A near Daytona Beach, Florida. Photo: FEMADiocese of Southeast Florida Bishop Peter Eaton voiced similar concern for those in the Caribbean after Matthew. “While we in our diocese were not hit by the full force of this storm, others have been terribly hit, and I hope that we can give from our strength and sense of gratitude,” he wrote Oct. 8.In Jacksonville, Florida, St. John’s Cathedral opened its doors during the storm and became a sanctuary for some people, the Very Rev. Kate Moorehead said.The dean predicted in her Oct. 9 sermon that the congregation would not soon forget the hurricane or the anxety of wondering if they would see each other again. She recounted riding out the storm with her husband and sons in one part of their home away from the side shaded by a large water oak tree. They worried that the tree would fall on the house but, instead, it fell into the front yard. “We just have one hole in the roof – a small one,” she said.However, the downed tree trapped the family in the house for two days until they could cut through some limbs with a chainsaw and get her car out of the driveway. Freed, Moorehead and one of her sons drove down the street and almost got hit by an oncoming car in an intersection.“Aren’t you grateful after this storm to be alive?” she asked.Such gratitude, she said, is about “opening our eyes to the truth that God has given us life and, no matter what happens, all we can say is ‘thank you.’ ”People walk along a street in downtown Jeremie, Haiti, Oct. 6, two days after Hurricane Matthew made landfall nearby. While the capital Port-au-Prince was mostly spared from the full strength of the class 4 hurricane, the western cities of Les Cayes and Jeremie received Matthew’s full force. Photo: Logan Abassi UN/MINUSTAHMeanwhile, nearly a week after Hurricane Matthew began its destructive journey, the United Nations Office for the Coordination of Humanitarian Affairs said Oct. 10 that nearly $120 million in aid was needed to help the devastated portions of Haiti.Local aid officials struggled to get food, medicine and water to increasingly desperate communities still isolated almost a week after the blow from Hurricane Matthew, the Associated Press reported. Officials said that young men – some of them armed – in villages along the road between the hard-hit cities of Les Cayes and Jeremie were putting up blockades of rocks and broken branches to halt convoys of vehicles bringing relief supplies.Episcopal Relief & Development it will support local partners such as the Bishop Tharp Institute (BTI) in Les Cayes to provide food and water to displaced people sheltering on the school’s campus.“Papa, J’ai peur, je veux du soleil (Daddy, I am scared, I want to see the sun),” Ernest Cajuste’s 4-year-old son told him as the hurricane bore down on their Haitian homeCajuste, an Episcopal Relief & Development program officer, wrote that “the strong winds made it sound like our house might disappear into the air,” about riding out the hurricane in Haiti. “We could hear a high, shrill, piercing clatter when our window frames vibrated. This is the first hurricane he has lived through. That was certainly a scary moment for him, but after the long, dark night of tension, we were fine. We were lucky.”– The Rev. Mary Frances Schjonberg is an editor and reporter for the Episcopal News Service. By Mary Frances SchjonbergPosted Oct 10, 2016 Press Release Service Hurricane Matthew Priest Associate or Director of Adult Ministries Greenville, SC Curate (Associate & Priest-in-Charge) Traverse City, MI Director of Music Morristown, NJ Course Director Jerusalem, Israel Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Rector Smithfield, NC This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Rector Belleville, IL Missioner for Disaster Resilience Sacramento, CA Priest-in-Charge Lebanon, OH Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Rector (FT or PT) Indian River, MI Bishop Diocesan Springfield, IL Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Assistant/Associate Priest Scottsdale, AZ Submit an Event Listing In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 The Rev. D F Lindstrom says: New Berrigan Book With Episcopal Roots Cascade Books An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Canon for Family Ministry Jackson, MS TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Family Ministry Coordinator Baton Rouge, LA AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Featured Jobs & Calls October 11, 2016 at 8:31 am “continues to provide technical assistance.” What about direct financial aide though local dioceses as you did not help in Central Gulf Coast after Katrina as my parish in Greenville, Al, and other churches served over 500 displaced persons per day. ERD was a lifesaver because of the financial help. We did not need technical assistance. Rector Collierville, TN Comments (2) October 19, 2016 at 5:49 pm I am a member of St Martin’s in Houston. Tell me how we can help. Rector Albany, NY Rector Washington, DC Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Youth Minister Lorton, VA Tags Director of Administration & Finance Atlanta, GA Cathedral Dean Boise, ID Rector Shreveport, LA Featured Events Submit a Press Release Associate Rector Columbus, GA The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Rector Hopkinsville, KY Rector Tampa, FL Rector/Priest in Charge (PT) Lisbon, ME Submit a Job Listing Episcopalians take stock of Hurricane Matthew’s damage Danger not over for Carolinians, officials say Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Curate Diocese of Nebraska Assistant/Associate Rector Morristown, NJ Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Assistant/Associate Rector Washington, DC Rector and Chaplain Eugene, OR Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Comments are closed. Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Nancy Chickering says: Rector Pittsburgh, PA Rector Martinsville, VA Associate Priest for Pastoral Care New York, NY Rector Bath, NC
Florida gas prices jump 12 cents; most expensive since 2014 UF/IFAS in Apopka will temporarily house District staff; saves almost $400,000 Share on Facebook Tweet on Twitter 1 COMMENT LEAVE A REPLY Cancel reply William Allman You have entered an incorrect email address! Please enter your email address here Please enter your comment! EDITORIAL ANALYSIS OF TONIGHT’S CANDIDATE FORUMBy Reggie ConnellFor the first time in this campaign cycle, all six candidates will be in one venue – The CPS Sportsplex at 7:00 PM tonight. This brand new center embodies all that Apopka is and could be, and the candidates will be trying to illustrate how they too can be that shining star in Apopka politics. Incumbent Sam Ruth, Pastor Doug Bankson and Alice Nolan all challenging for Seat #3; incumbent Bill Arrowsmith, Kyle Becker and Young Kim competing for Seat #4 will all be here for the Free 2016 Apopka City Council Candidate Forum.As you walk into this state of the art facility, you will pass by a martial arts dojo, but the real fight will probably be a little further down the hallway at the Forum. And make no mistake, despite this being called a forum, a debate may very well break out.In the election for Seat#3, Commissioner Ruth has made it clear what to expect from him tonight. Last Saturday on his Facebook page, Ruth began to “define his opponent” Pastor Doug Bankson by describing him as part of the good old boy network and contrasting his transparency with Bankson’s. Do not be surprised to see Ruth talk about Bankson’s connection to the John Land Trust. Here is what he wrote to The Apopka Voice on Monday:“Public purpose and accountability are key for expenditures. This explains my concern over $200,000 of tax money given in early 2014 to a private trust fund. The board members, one being my opponent, for nearly a year refused to release minutes, policies or accounting. I, on the other hand, have insisted on extensive public budget workshops and meeting details posted online.”He will also feature his accomplishments since he took office in 2014.“I’m looking forward to sharing my message of positive change for Apopka with voters,” said Ruth. “It is important people know where the city started in 2014, and how much more we yet must get done.”Bankson has been an articulate, disciplined candidate who leads Ruth in fundraising and has made no public statements about him. At the Chamber of Commerce Candidate Forum he said he is not running against anyone, but is running with co-candidates. The question is if Bankson will respond to Ruth’s critiques or continue to maintain the strategy he has utilized so far of “running in his own lane”.“I’m looking forward to the Forum and for the opportunity for the voters to hear first hand where we stand on the issues,” he said; not referencing Ruth’s comments about him.Alice Nolan will bring her fresh positive approach to the event, and is the final candidate in the Seat #3 field.“As everyone knows I love people and I enjoy hearing the thoughts of the public,” she said. “With this said I’m very excited to connect with even more people in the community Wednesday night. It is valuable to our citizens to hear all sides, so they can make the most educated decision when voting.”The Seat #4 race pits longtime Commission incumbent and Vice Mayor Bill Arrowsmith against two newcomers to Apopka politics – Kyle Becker and Young Kim. Arrowsmith has high name recognition and is well-financed. Becker and Kim will definitely have an uphill battle. Arrowsmith will be difficult to beat in this election and in a debate as well.“I have had a lot of voters say they are attending it,” said Arrowsmith. “I am looking forward to a very positive event.”If Becker or Kim are going to have a shot, they will have to challenge Arrowsmith’s 39 years in office. Is he out of touch? Is he part of the establishment? Becker seems to be a more polished and careful candidate. If he is planning on taking it to Arrowsmith, he isn’t saying so.“I am really excited to share my thoughts and ideas with the residents of Apopka,” said Becker. “And thank the media outlets for organizing the event, and the Cooper family for hosting it at their facility.”Young is more prone to shoot from the hip. He references a very familiar Old Testament story to describe his battle with Arrowsmith.“I would compare it to a meeting between David and Goliath,” he said “A contest between a smaller and financially weaker opponnent who faces a much bigger and stronger adversary. But when one has enough faith, conviction and belief one can conquer even the greatest opponent.”Arrowsmith has won a lot of elections, probably more than anyone in Apopka history except for Mayor John Land. He has been in office longer than the three commissioners and the mayor combined. But is experience an asset or a liability in this election cycle?Tonight the answers to those questions will begin to take shape.Reggie Connell is the Managing Editor of The Apopka Voice TAGS2016 Apopka City Council Candidate ForumAlice NolanBill ArrowsmithDoug BanksonKyle BeckerSam RuthYoung Kim Previous articleTonight: City Council Candidate ForumNext article2016 City Council Candidate Forum Questions Denise Connell RELATED ARTICLESMORE FROM AUTHOR Reply Gov. DeSantis says new moment-of-silence law in public schools protects religious freedom Please enter your name here I commend the organizers, sponsors, Mr. Cooper and staff and the candidates for Apopka City Commission on an excellent forum.. For the first time in my over 9 years living in Apopka I can go to the polls as an educated voter. The CPS Sportsplex is a world-class facility that reflects the progress Apopka is on the verge of accomplishing – with the right leadership within the Mayoral office and City Commission. We are headed in the right direction and a couple of voices came out loud and clear from the stage that they are poised to bring fresh and innovative ways to accomplish these goals. January 28, 2016 at 9:15 am Save my name, email, and website in this browser for the next time I comment.
St John goes door-to-door in Newham and Tower Hamlets Tagged with: Community fundraising Individual giving 26 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Howard Lake | 2 July 2008 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis HOMEOWNERS across the London Boroughs of Newham and Tower Hamlets are to be asked to show their generosity and support the good work of leading UK first aid charity, St John Ambulance.A safe and tightly controlled fundraising initiative has just begun in this particular area, with a carefully selected team of individuals visiting homes over the coming months.In turn, the fundraising programme will then move to Barking, Redbridge and Havering.Those carrying out the door-to-door campaign will be dressed in St John Ambulance branded t-shirts and body jackets. They will also carry photographic identification.Each professional St John Ambulance fundraiser visiting London homes will be seeking to find people willing to donate to St John Ambulance on an annual basis, but no cash donations will be taken.More than 10,000 people in London are already supporting the charity with regular donations as a result of this style of fundraising.The campaign has so far been able to raise more than half a million pounds for St John Ambulance in London and £5 million for St John Ambulance nationally.“St John Ambulance London provides half a million hours of voluntary service every year, to help the city exist in safety and in health while having fun,” said CEO Len Bamber.“We provide training to individuals, schools and businesses every day of the week from 25 training venues across the capital. Collectively, we train nearly 50,000 people per year.“We regard a fundraising initiative such as this to be vital in helping us continue with that good work. “Not only is this a great opportunity to ensure a more financially secure future for St John Ambulance, but it provides us with a valuable chance to speak directly to people in the community about what we do and how they might wish to get involved with us.”For further information about St John Ambulance London call 020 7258 7014 or visit www.sja.org.ukENDSNOTES TO EDITORS:To find out more in respect of this news story:Contact Deborah Watson on 01394 446494 or e-mail [email protected] WatsonDirectorLexia Media LtdWinner of 2008 CIPRFifth Estate Campaign Award4 Quayside PlaceQuaysideWoodbridgeSuffolkIP12 1FA01394 446494
Five Recipes for YouTube™ Success Howard Lake | 21 January 2009 | News Ramya Raghavan, Nonprofit & Activism Manager at YouTube explains five kinds of content that a charity/nonprofit organization might consider creating this year. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Advertisement 19 total views, 1 views today Tagged with: Digital 20 total views, 2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.
ColumnsModification Of Approved Resolution Plan: Aftermath Of Covid19 P. Nagesh & Akshay Sharma6 Jun 2020 7:55 AMShare This – xCOVID-19 has disrupted the economy of the country. As a result, financial rating agencyMoody’s has downgraded India’s economy outlook to BAA3 from BAA2. Various businesses are facing the threat of insolvency due to outbreak of the Pandemic. To soften the blow and protect the businesses from insolvency, the Govt. has increased the minimum threshold under the Insolvency and Bankruptcy…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginCOVID-19 has disrupted the economy of the country. As a result, financial rating agencyMoody’s has downgraded India’s economy outlook to BAA3 from BAA2. Various businesses are facing the threat of insolvency due to outbreak of the Pandemic. To soften the blow and protect the businesses from insolvency, the Govt. has increased the minimum threshold under the Insolvency and Bankruptcy Code, 2016 (Code) to One crore from One Lakh. On 03.06.2020, the Union Cabinet has approved the proposal to suspend the fresh insolvency filing for Non-Performig Assets (NPA) from March 25, 2020 for a period of six months However, one important aspect which hasn’t been addressed by the Government is the implementation of an approved resolution plan post Covid19 by a Resolution Applicant who has taken all the burden of furnishing bank guarantees and arranging funds in terms of the sanctioned plans. With the Covid 19 Lockdown, earlier valuations are being substantially reduced and successful resolution applicants are already pushing for renegotiations with the lenders. Banks are now anticipating that the resolution applicant will use the Force Majuere or Material Adverse Clauses (MAE) to renogiate the approved resolution plan. There can be three stages at which a resolution applicant can seek to withdraw/renegotiate a resolution plan which can be as follows; Submission of Resolution Plan to Resolution Professional.Approval of Resolution Plan by Committee of Creditors.Approval of Resolution Plan by Adjudicating Authority under Section 31. Resolution Applicant can withdraw/renegotiate a resolution plan at Stage 1 or Stage 2 but the outbreak of global pandemic is forcing and has already forced some resolution applicants to renegotiate/modify a resolution plan at Stage 3. The same is unprecedented for the code and therefore needs to be addressed immediately. Recent data by Insolvency and Bankruptcy Board of India (IBBI) indicated that since the inception of code in December 2016, 221 resolution plans have been approved by the adjudicating authority out of which 27 resolution plans were approved during the first quarter of 2020 which will be implemented in the coming times along with the doom of COVID-19. These resolution plans along with some approved earlier, may wriggle out of implementation of the Resolution Plans or move applications to renegotiate the already approved Resolution Plans. The implication of COVID-19 is more severe with regard to these 27 approved resolution plans. The valuation of business and assets of a corporate debtor during Covid 19 has reduced significantly. There is general impairment in the value of the assets of a Corporate Debtor .The resources/funds at the disposal of successful resolution applicant are also reduced due to the pandemic. There is also a substantial reduction in demand in the market and therefore the current circumstances may warrant a modification in most of the approved resolution plans. Many successful Resolution Applicants may renegotiate with the Banks to value a Plan shade above the liquidation value of a Corporate Debtor The problem is more pertinent with regard to the real estate corporate debtor. This particular sector is labour driven. The primary obligation of a resolution plan of real estate company is to provide unit/flat to the homebuyers within a stipulated timeline. The same seems to be a mammoth task due to migration of labourers. Therefore, it seems impossible to adhere to the resolution plan. Resolution applicants may face prosecution under Section 74 of the code for not implementing the resolution plan but the other inevitable consequence of the same will be corporate death of the company leading to liquidation if the creditors are not willing to renegotiate with a Resolution Applicant . National Company Law Tribunal (NCLT) has inherent power under Rule 11 of NCLT Rules, 2016 for meeting the end of justice. NCLT also has the power under Section 60(5) to deal with any question of law and fact arising out of the resolution process of the corporate debtor. The Supreme Court in the case of Rahul Jain v Rave Scans Pvt. Ltd. has held that an approved resolution plan attains finality and cannot be disturbed with. National Company Law Appellate Tribunal (NCLAT) followed the same in the case of QVC Exports Pvt. Ltd. VS United Tradeco FZC &Anr. and held that it is not permitted to modify the Resolution Plan under the guise of inherent powers of the Tribunal.It is also pertinent to mention that NCLAT has held in the case of R.G.G Vyapar Pvt Ltd v Arun Kumar Gupta that the Adjudicating Authority has no jurisdiction to reopen resolution process under section 31 of the Code. However,the plan doesn’t attain finality as an approved resolution plan is subject to statutory appeal under Section 61of the code. So, the plans which are pending for approval before NCLAT such as the Jaypee Infratech, there is a scope for modifying those resolution plans in light of COVID-19. Also, approved resolution plan can also be challenged before Supreme Court under Section 62 of the code and Supreme Court has wide powers under Article 142 of the Constitution to modify the resolution plan to accocodate changes due to COVID-19. Supreme Court has earlier in the case of Amtek Auto Limited Vs. Dinkar T. Venkatsubramanian (Civil Appeal 6707 of 2019) reversed a liquidation order and ordered for fresh offer of resolution plan. So if a Plan can be modified by a superior court, it might well stand to reason if the NCLT also is given the power to entertain an application for modification of the Approved Plan. Furthermore, a Resolution Plan may include provision for restructuring for the corporate debtor in the form of merger, amalgamation or demerger. Now under the Companies Act, 2013 the role of the tribunal is supervisiory and the scheme of the merger or amalgamation can be modified once approved under Section 231. It is specifically provided that the tribunal (NCLT) may modify a scheme of merger or amalgamation if it is necessary for the proper implementation the merger and arrangement. Supreme Court in the case of S.K. Gupta v. K.P. Jain, (1979) 3 SCC 54, held that; “When a scheme is being considered by the Court, in all its ramifications, for according to its sanction, it would not be possible to comprehend all situations, eventualities and exigencies that may arise while implementing the scheme. … The purpose underlying Section 392 is to provide for the effective working of the compromise and/or arrangement once sanctioned and over which the Court must exercise continuous supervision [see Section 392(1)], and if over a period there may arise obstacles, difficulties or impediments, to remove them, again, not for any other purpose but for the proper working of the compromise and/or arrangement.” The Supreme Court in another case of Meghal Homes (P) Ltd. v. Shree Niwas Girni K.K. Samiti, (2007) 7 SCC 753 held that; “As we read Section 392 of the Act, it only gives power to the court to make such modifications in the compromise or arrangement as it may consider necessary for the proper working of the compromise or arrangement.” As there is no statutory bar upon the NCLT to revise its order, can the NCLT use the Power under section 60(5) of the IBC to entertain an application for modification of the Approved Plans on the grounds of impossibility of performance owing to Covid 19. In our view a strong case can be made for the modification of the approved resolution plan by invoking the jurisdiction of NCLT. The NCLT though on its own cannot modify a plan but can at best refer the same to the Committee of Creditors (COC) for reconsideration in the light of COVID-19. COC may not remain into existence after approval of resolution plan but the same can be reconvened owing to current circumstances.Hence, an application can be filed under Section 60(5) of the Code read with Rule 11 of the NCLT rules. A peculiar situation may arise at this juncture i.e. if the revised offer of the successful resolution applicant is less than the unsuccessful resolution applicant. Whether an oppourtunity shall be provided to the unsuccessful resolution Applicant say who was L-2 , to present its plan before the COC to be taken into consideration. The problem can be looked from a different aspect as well. An approved resolution plan attains the force of law and thereby becomes a statutory obligation. Completion of corpororate insolvency resolution process (CIRP) within a period of 330 days under Section 12 of the code is also a statutory obligation. NCLAT has taken a suo motu cognizance and held that the period of lockdown will be excluded from 330 days. Similarily, compliance under Real Estate Regulation Act, 2016 (RERA) is also a statutory obligation but the same is also being extended by government for a period of six months. Therefore, the period of lockdown ideally should also be excluded from the implementation schedule of an approved resolution. It will not be as beneficial as modification of an approved resolution plan but will provide some respite to the successful resolution applicant. Supreme Court held in the case of Maharashtra Seamless v. Padmanabhan Venkatesh(2020 SCC OnLine SC 67) that an approved resolution plan cannot be withdrawn by the resolution applicant. Therefore, in such a situation modification of the approved resolution plan or exclusion of lockdown period from implementation schedule is the only viable solution. The legislature is required to take steps in this direction otherwise the same will cause huge hardship to all the stakeholders.Views are personal only (P. Nagesh,Advocate &Akshay Sharma, law student, National University of Study and Research in Law.) Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Story
Written by FacebookTwitterLinkedInEmailEPHRAIM, Utah-Taylor Larsen posted 185 all-purpose yards and the Snow Badgers decimated Hohokam (Ariz.) 75-12 Saturday at Terry Foote Stadium.Larsen hauled in a 38-yard scoring pass from Garrison Beach (9-17, 180 yards, 3 TD’s) while returning a punt 45 yards for another score.Snow ran for 295 yards while tailbacks Seth Kaelin (12 car, 129 yards, 2 TD’s), Caezar Warren (9 car, 113 yards, 3 TD’s) and Carsen Manookin (3 car, 78 yards, TD) were also solid.Tejhaun Palmer (3 rec, 85 yards, 2 TD’s) added scoring receptions of 15 and 60 yards for the Badgers, who improved to 5-0.Robert Fuentes posted 2.5 sacks for the Badgers and Xavier DeLong added 1.5 more sacks for Snow in the victory.Matthew Purnell completed 17 of 23 passes for 185 yards and a touchdown for the Owls in the loss.Hohokam consists of various Maricopa County (Ariz.) based junior college football players comprising a team that represents the entirety of the greater Phoenix area.The 5-0 Badgers return to action Saturday at Ellsworth, Iowa for a 12:00 pm MDT kickoff. April 24, 2021 /Sports News – Local Snow Football Routs Hohokam Brad James
View post tag: development Arms Import to Stimulate Development of Russian Defense Products View post tag: Products View post tag: Defense Share this article View post tag: Arms December 22, 2011 View post tag: Euroasia Russian defense ministry recourses to importing of arms in order to stimulate development of Russian defense products, said defense minister Anatoly Serdiukov in the interview to Rossiyskaya Gazeta. According to him, in such manner the ministry tries to identify those sectors where Russian industry falls behind the world producers.“We want to push on the industry to design up-to-date weapon systems. The solution is either to use own-grown developments or to set up cooperation with foreign companies. This implies purchase of license and arrangement of joint production of arms and components in our territory“, Serdiukov said.Periodically appearing need to buy foreign military-oriented products can be also explained by “financial restrictions”. “Defense ministry cannot buy products not going with world prices and world quality requirements“, explained Serdiukov having noted, however, that the ministry’s primary objective was to bring defense output rate up to the level of 80’s.Nevertheless, Russian defense ministry is not about to import arms in large quantities; by such procurements, the military plans to set requirements to Russian-designed weapons. As an example, Serdiukov mentioned Italian armored vehicles Iveco; it is supposed to launch co-production of them in Voronezh, Russia. “We bought them to hold mine explosion resistance test and to check declared characteristics. After trials we made sure everything goes with our demands“, said Serdiukov.Meanwhile, defense ministry managed to agree with domestic manufacturers as of costs for defense products. In particular, contracts will be tied under ‘fixed price’ conditions; all parameters of such agreements will be determined in advance, even if the question is long-term projects. “Only inflation factor won’t be fixed. If it was planned to have, say, 6 percent inflation but really it turned out to be 5 or 7 percent, all things will be recalculated“, said the minister.Production profitability of any type of weapon system will be also stipulated in a contract. According to new regulations, if a company purchases constituent parts from another company, defense ministry’s extra charge for such products must not exceed a percent. If the question is home-made products, profitability may reach 20-25%.“Moreover, in some cases we are ready to pay 30-35% profits, but on one condition. The difference must be spent for technical upgrading of a company, purchase of new technologies and licenses“, pointed out Serdiukov adding that companies will be fined for non-fulfillment of contractual deadlines. Manufacturer will have to pay a one-time penalty which is 5% of the order price, and 0.1% for each day of delay.[mappress]Naval Today Staff , December 22, 2011 View post tag: import View post tag: News by topic Back to overview,Home naval-today Arms Import to Stimulate Development of Russian Defense Products View post tag: Russian Equipment & technology View post tag: stimulate