PKA doubles stake in troubled tyre recycler as part of rescue deal

first_imgDenmark’s PKA has taken a loss reported to be DKK830m (€111m) on its private equity investment in tyre recycling business Genan, and upped its stake to 97% from 45%, as part of a deal to save the ailing  company.PKA had an investment of DKK1bn (€134m) in Genan, but serious financial problems at the company came to light in early summer.Asked about Danish media reports that it was taking a loss on the investment of more than DKK800m, a PKA spokesman did not comment directly on the figure mentioned, but said: ”The loss has already been accounted for in our books by the end of Q2, and despite this we still have a positive return of approximately DKK10.7bn.”The labour-market pensions administrator said it was taking over all shares owned by Genan’s major shareholder and company founder Bent Nielsen. Managing director Peter Damgaard Jensen said: “This matter has taken so much effort over many months, and it has been a hard process, which we at PKA could have done without.”PKA was not used to being involved in cases such as this, he said.“Now there is a solution that we and the banks are happy with and what matters is to calm the situation and clarify how best we can move the business forward,” he said.Damgaard Jensen said PKA still believed in the business idea behind Genan.The company’s business is seen as environmentally beneficial, recycling tyres — rather than allowing them to be burned — into a variety of materials including infill in artificial turf sports surfaces.Genan said the company and new management would now work with the banks to prepare solutions to safeguard its future, and carry out a financial restructuring.It held a general meeting yesterday to approve the annual accounts of the Danish companies, PKA said.When Genan’s problems became clear, PKA requested in-depth research and analysis of the company, the PKA spokesman said.Genan said the purchase price for the shares PKA was buying would depend on the future development of the value of the Genan companies in question. PKA manages around DKK200bn (€26.8bn) on behalf of five labour-market pension funds, in the health and social care sectors.last_img read more

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Football Notes: Badgers reflect on season opener at Lambeau

first_imgAlec James finally feels it all slowing down.The redshirt junior defensive end on the University of Wisconsin football team recorded three tackles during the Badgers’ 16-14 win against Louisiana State University last Saturday at Lambeau Field.On the first drive of the game, James sacked LSU quarterback Brandon Harris for a loss of nine yards. It helped set the tone for the afternoon, and Harris never truly looked comfortable for the rest of the game.“I did some good things and there’s some things I still need to work on,” James said. “I played better than I had last year, but you never play a perfect game.”James said he needs to work on the consistency of his technique.During the third quarter, LSU was looking to regain momentum while trailing 6-0. James halted LSU’s tailback Leonard Fournette for gains of just one and three yards on first and second down. This was a part of a three-and-out that gave Wisconsin favorable field position. The next offensive drive resulted in a touchdown, giving the Badgers a 13-0 lead.James added that he began playing faster after an increased number of reps in live-game action helped accelerate his reaction time to the snap of the ball. This adjustment allowed him to generate an earlier push off the line.He and his fellow defensive ends, Chikwe Obasih and Connor Sheehy, all played well against LSU and were key to stopping Fournette and the LSU offense.While questions still lingered about LSU’s passing game and Brandon Harris’ development prior to the season opener, halting the Tigers’ run game was a tough assignment. Leonard Fournette came into last weekend as a proven juggernaut after his performances from last year earned him a spot on the 2016 Preseason Heisman Watch List.In photos: UW fans’ fairytale comes true with Badger win at LambeauThe football game this Saturday couldn’t have been any more magical for Wisconsinites as their two pride and joys were Read…Dietzen enjoys homecomingRedshirt freshman guard Jon Dietzen enjoyed a homecoming of sorts on Saturday for his first game action at the college football level.Dietzen is a native of Black Creek, Wisconsin and played high school ball at Seymour, which is just 15 miles away from Lambeau.“Indescribable,” Dietzen said of the atmosphere at Lambeau. “Growing up in Wisconsin in the [Green] Bay area, it was just absolutely unreal to be on Lambeau Field.”Dietzen split reps at left guard with redshirt sophomore Micah Kapoi. Dietzen said his play started with some hiccups, but improved steadily as the game went on.That was good news for Wisconsin, which needed Dietzen to step up after Kapoi was unable to finish the game.“There were going to be those hiccups either way,” Dietzen said. “I think that by the time I had to step up, I think it was kind of good that by that time I already kind of had that first one.”Dietzen said he excels in Wisconsin’s run-blocking scheme because of his natural size and strength. He is listed as 6 feet 6 inches tall and 336 pounds. He also prefers being on the attack, rather than allowing defenders to come to him, which is the standard technique for pass-blocking.Dietzen is currently listed as the co-starter with Kapoi for Saturday. Kapoi is listed as questionable for this Saturday’s game against Akron, but offensive coordinator Joe Rudolph said he’d probably play.last_img read more

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League of Women Voters to host forums

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich.— In a few short weeks voters will head to the polls for the August 4th primary election. The League of Women Voters of Northeast Michigan wants to make sure you are informed on who’s running in specific divisions.The LWV is hosting public forums for contested races in Alpena and Alcona. Candidates facing off either Democrat or Republican are participating in each race.All races will be held virtually and can be found on the League of Women Voters Facebook page. During the forums, residents are allowed to ask the candidate questions by submitting them at [email protected] Alpena forum is set for Tuesday, July 14th starting at 6:30pm and the Alcona forum is Tuesday, July 21st at 6:30pm.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious A Mio homeowner is swindled out of $15,000Next Local farmer reflects on farm business during pandemiclast_img read more

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BH Athlete Mesud Pezer took the First Place in the USA

first_imgBosnia and Herzegovina’s (BiH) athlete Mesud Pezer, took the first place in the disc throw after only two training sessions. He achieved his new record in the early morning on the tournament in Chula Vistai, United States of America (USA).Pezer threw the disc 59.42 m and thus set a new personal record, breaking his previous record of 57.50 m.Sarajevo Timeslast_img

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