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Plymouth Industrial REIT Forms $150 Million Equity Joint Venture with Madison International Realty

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Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced the formation of a $150 million equity joint venture with Madison International Realty (Madison) to pursue the acquisition of value-add and opportunistic industrial properties in key target markets. Plymouth will own a 20% interest in the joint venture, and Madison will own an 80% interest.

Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1% of the total equity contributed to the joint venture by the partners as well as a promote based on return thresholds. Additionally, Plymouth has options to purchase properties out of the joint venture over time.

For its initial investment, the joint venture has agreed to acquire a 28-property portfolio of Class B industrial properties totaling 2.3 million square feet in metropolitan Memphis, Tennessee. The acquisition, which is subject to customary closing conditions, is expected to close by year end 2020. The acquisition is expected to be funded with secured financing of approximately 60% to 65% loan-to-value and with equity contributions from Plymouth and Madison based on their pro rata ownership of the joint venture.

Jeff Witherell, Chairman and Chief Executive Officer, noted, Pursuing a joint venture in the right way and with the right terms has been a top priority for us over the past year. This additional capital will allow us to expand our reach within key markets, while providing us the ability to scale our platform. Finding the right partner for this venture was equally as important, and we are fortunate to be able to form this joint venture with Madison who we know very well and is one of our largest shareholders. They have been very supportive of our growth plans, and we believe this portfolio in Memphis is a strong start to expanding our relationship.

Ronald Dickerman, President of Madison International Realty, added, We continue to be enthusiastic about our growing partnership with Plymouth. This new venture allows us to jointly target attractive industrial opportunities given the very positive supply/demand fundamentals and return potential.

Madison is excited to further our holistic support of Plymouths business, which began with our convertible preferred investment in 2018 and participation in subsequent common equity follow on offerings, noted Kyle Torpey of Madisons US Investments team.

About Plymouth

Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

About Madison International Realty

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.

Forward-Looking Statements

This press release includes forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management’s plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as may, plan, seek, will, expect, intend, estimate, anticipate, believe or continue or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Tripp Sullivan

SCR Partners

(615) 942-7077

[email protected]

News

China Zenix Auto International Limited Reports 2020 Third Quarter Financial Results

gbafNews28

ZHANGZHOU, China, Dec. 1, 2020 /PRNewswire/ — China Zenix Auto International Limited (OTC: ZXAIY) (“Zenix Auto” or “the Company”), one of the largest commercial vehicle wheel manufacturers in China in both the aftermarket and OEM market by sales volume, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Financial Highlights

Third Quarter 2020:

  • Revenue was RMB488.3 million (US$71.9 million), down 8.2% year-over-year
  • Sales to the Chinese OEM market increased by 19.7% year-over-year
  • Sales of tubeless steel wheels represented 55.0% of the third quarter revenue
  • Sales of aluminum wheels accounted for 11.7% of total sales
  • Net loss and total comprehensive loss was RMB101.6 million (US$15.0 million) with basic and diluted loss per American Depositary Share (“ADS”) of RMB1.97 (US$0.29) compared with net loss and total comprehensive loss of RMB40.3 million for the third quarter of 2019 with basic and diluted loss per ADS of RMB0.78 in the third quarter of 2019;
  • Net cash inflow from operating activities was RMB47.2 million (US$7.0 million).

First Nine Months of 2020:

  • Revenue was RMB1,311.1 million (US$193.1 million), a decrease of 34.5% year-over-year compared with RMB2,000.2 million in the first nine months of 2019;
  • Tubeless steel wheel sales decreased by 17.9% year-over-year;
  • Sales of aluminum wheels decreased by 13.9% year-over-year;
  • Net loss and total comprehensive loss for the period was RMB240.8 million (US$35.5 million) with loss per ADS of RMB4.66 (US$0.69);
  • Bank balances and cash, pledged bank deposits and fixed bank deposits with maturity period over three months totaled RMB991.0 million (US$146.0 million).

Mr. Junqiu Gao, Deputy CEO and Chief Sales and Marketing Officer of Zenix Auto, commented, “Our lower sales is a result of slower economic growth in China, uncertainties resulting from the COVID-19 affecting business decisions in China and continuing weakness in international markets. While the Chinese economy grew in the third quarter of 2020, it was at a much slower rate than in the past. International markets remain weak in the face of COVID-19, which has affected inventory planning and pricing policies across many industries in China.”

“As the leading manufacturer in the commercial wheel industry in China with a broad customer base, we made proactive adjustments to respond to the new market environment.  We realigned our resources to further improve our manufacturing efficiency through greater production automation and focusing on high-demand wheels to partially offset the effect of price reductions across the industry. We continue to generate positive cash flow from operations during the third quarter and first nine months of 2020 and to focus on maintaining a sound financial standing,” Mr. Gao concluded.

Mr. Martin Cheung, CFO of Zenix Auto, commented, “We maintained our financial strength with solid bank balances of US$99.9 million and US$42.7 million in fixed bank deposits. These amounts represented US$2.76 in cash and fixed bank deposits per ADS on September 30, 2020 including positive operating cash flow from operations of US$7.0 million generated in the third quarter of 2020.  We will continue to review our options that will best utilize our financial resources to create long-term value for shareholders.”

2020 Third Quarter Results

Revenue for the third quarter was RMB488.3 million (US$71.9 million) compared to RMB531.9 million in the third quarter of 2019. The decrease in revenue on a year-over-year basis was mainly due to a combination of the negative impact of weaker demand and price reductions in the domestic aftermarket segment and international markets.  

Sales to the Chinese OEM market were RMB348.7 million (US$51.3 million) compared to RMB291.4 million in the same quarter of 2019. Total unit sales in the OEM market increased by 32.1% year-over-year during the third quarter of 2020. The higher sales to the OEM market was mainly attributable to the strong growth in the Chinese truck market.

Aftermarket sales in China were RMB99.0 million (US$14.6 million) compared to RMB185.0 million in the third quarter of 2019. Total unit sales in this market decreased by 36.0% year-over-year. The lockdown in the first quarter of 2020 and the slowdown in domestic traffic in the second quarter had a material adverse effect on the domestic auto repair shop industry and many owners were forced to close down permanently. During the third quarter of 2020, weak demand from the international markets forced many local export-oriented wheel producers to offload their inventories into an already struggling domestic aftermarket.

International sales were RMB40.6 million (US$6.0 million) compared to sales of RMB55.5 million in the same quarter of 2019, but up from RMB35.6 million in the second quarter of 2020. Total unit sales in the international sales decreased by 17.9% year-over-year in the third quarter of 2020. The COVID-19 pandemic continues to create a challenging environment in many of the world's important automotive markets.

In the third quarter of 2020, domestic OEM sales, domestic aftermarket sales and international sales contributed 71.4%, 20.3% and 8.3% of revenue, respectively.

Sales of tubed steel wheels comprised 29.4% of the 2020 third quarter revenue compared to 45.5% in the same quarter in 2019. Tubeless steel wheel sales represented 55.0% of the third quarter revenue compared to 41.2% in the same quarter of 2019. Sales of aluminum wheels accounted for 11.7% of the third quarter revenue as compared to 9.4% in the same quarter a year ago.

Third quarter gross loss was RMB25.6 million (US$3.8 million), compared to a gross profit of RMB32.9 million in the same quarter in 2019. The negative gross margin in the 2020 third quarter was mainly due to the significant drop in sales volume in both the aftermarket in China and international markets, and the wider-than-normal price cuts following the unprecedented impact from the COVID-19 outbreak. However, the production utilization rate remains at a high level.

Selling and distribution expenses increased by 13.2% to RMB39.0 million (US$5.7 million) from RMB34.5 million in the third quarter of 2019.  As a percentage of revenue, selling and distribution costs were 8.0% in the third quarter, compared to 6.5% in the same quarter a year ago. The increase in selling and distribution costs as a percentage of revenue in the third quarter of 2020 was primarily due to the significantly higher shipping costs and increased marketing campaign expenses compared with the same quarter last year.

Research and development (“R&D”) expenses increased by 25.7% to RMB17.6 million (US$2.6 million), compared to RMB14.0 million in the third quarter of 2019. R&D as a percentage of revenue was 3.6% in the third quarter of 2020, compared to 2.6% in the same quarter a year ago. The increase in R&D as a percentage of revenue in the third quarter of 2020 was primarily due to lower sales and increased new product development projects compared with the same quarter last year. The Company increased its R&D initiatives for new product development, associated new materials development, new light-weight product design, and new production equipment development.

Administrative expenses were RMB36.0 million (US$5.3 million), an increase of 14.9% from RMB31.3 million in the third quarter of 2019. The increase in administrative expenses in the third quarter of 2020 compared with the same quarter last year was primarily due to increased salaries to retain the core team members, increased medical benefits for the staff and new staff dormitory fees.  As a percentage of revenue, administrative expenses were 7.4%, compared to 5.9% of revenue in the third quarter of 2019. The increase in administrative expenses as a percentage of revenue was primarily due to significantly lower sales in the third quarter of 2020 compared with the same quarter last year.

Net loss and total comprehensive loss were RMB101.6 million (US$15.0 million) in the third quarter compared to net loss and total comprehensive loss of RMB40.3 million for the same quarter of 2019. 

Basic and diluted losses per ADS were RMB1.97 (US$0.29) compared to basic and diluted losses per ADS of RMB0.78 in the third quarter of 2019.  

In the third quarter of 2020, the Company recorded net cash inflow from operating activities of RMB47.2 million (US$7.0 million) compared with a net cash inflow of RMB146.3 million in the third quarter of 2019. Capital expenditures for the purchase of property, plant and equipment in the third quarter were RMB28.8 million (US$4.2 million).  The quick ratio in the third quarter was 1.52 to 1.

During the third quarter of 2020 and 2019, the weighted average number of ordinary shares was 206.5 million and the weighted average number of ADSs was 51.6 million.

2020 First Nine Months Results

Revenue for the first nine months ended September 30, 2020 was RMB1,311.1 million (US$193.1 million) compared with RMB2,000.2 million in the first nine months of 2019.

Sales to the Chinese OEM market decreased by 20.4% year-over-year to RMB864.5 million (US$127.3 million) and represented 65.9% of revenue generated in the first nine months ended September 30, 2020. Aftermarket sales decreased by 53.5% year-over-year to RMB322.9 million (US$47.6 million) and represented 24.6% of total first nine-month revenue. International sales decreased by 43.6% year-over-year to RMB123.7 million (US$18.2 million) compared with the same period last year and represented 9.5% of revenue.

Tubed steel wheel sales for the first nine months ended September 30, 2020 decreased by 53.5% compared with the same period in 2019 and accounted for 31.9% of revenue. Tubeless steel wheel sales decreased by 17.9% from the same period a year ago and accounted for 52.7% of revenue. Aluminum wheel sales decreased 13.9% from the same period a year ago and accounted for 11.5% of revenue. Construction equipment wheel sales decreased by 32.4% and accounted for 2.2% of revenue.

Gross loss for the first nine months ended September 30, 2020 was RMB31.9 million (US$4.7 million) compared with a gross profit of RMB211.8 million during the same period in 2019. 

Net loss and total comprehensive loss for the first nine months ended September 30, 2020 was RMB240.8 million (US$35.5 million) compared with a net loss and total comprehensive loss of RMB34.5 million during the same period in 2019. Basic and diluted losses per ADS for the first nine months ended September 30, 2020 were RMB4.66 (US$0.69), compared with basic and diluted losses per ADS of RMB0.67 during the same period in 2019.

As of September 30, 2020, Zenix Auto had bank balances and cash of RMB678.0 million (US$99.9 million) and fixed bank deposits with a maturity period over three months of RMB290.0 million (US$42.7 million). Accounts receivables were RMB408.5 million (US$60.2) compared to RMB369.7 million at the end of 2019. Total bank borrowings were RMB558.0 million (US$82.2 million). Total equity attributable to owners of the Company was RMB2,193.0 million (US$323.0 million).

Conference Call Information

The Company will host a conference call on Tuesday, December 1, 2020 at 8:00 a.m. EST/9:00 p.m. Beijing Time. Please dial in five minutes before the call start time and ask to be connected to the “China Zenix Auto” conference call. Interested parties may participate in the conference call by dialing:

Phone Number: +1-877-407-0782 (North America)

Phone Number: +1-201-689-8567 (International) 

Phone Number: +86-400-120-2840 (Mainland China) 

A telephone replay of the call will be available after the conclusion of the conference call through December 31, 2020. The dial-in details for the replay are: U.S. Toll Free Number +1-877-481-4010 and International dial-in number +1-919-882-2331 using Conference ID “38554″ to access the replay.

Exchange Rate Information

The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. All translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the effective noon buying rate as of September 30, 2020 in The City of New York, and for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board. The percentages stated are calculated based on RMB amounts.

About China Zenix Auto International Limited

China Zenix Auto International Limited is one of the largest commercial vehicle wheel manufacturers in China in both the aftermarket and OEM market by sales volume. The Company offers approximately 883 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 67 distributors in more than 28 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of September 30, 2020. For more information, please visit: www.zenixauto.com/en.

Safe Harbor

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The consequences of the coronavirus outbreak to economic conditions and the automobile industry in general, and the financial position and operating results of our company in particular, have been material in the first nine months of 2020, are changing rapidly, and cannot be predicted. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

For more information, please contact
Kevin Theiss
Awaken Advisors
Tel: +1-(212) 521-4050
Email: [email protected]

— Tables Follow —

 

 

 

China Zenix Auto International Limited

Unaudited Condensed Consolidated Statements of Profit or Loss and Other

Comprehensive Income (Loss)

For the three months ended September 30, 2020 and 2019

(RMB and US$ amounts expressed in thousands, except number of shares and per share data)

2019

2020

2020

RMB' 000

RMB' 000

US$' 000

Revenue

531,875

488,340

71,925

Cost of sales

(498,972)

(513,928)

(75,693)

Gross profit (loss)

32,903

(25,588)

(3,768)

Other operating income 

4,200

3,008

443

Net exchange gain(loss)

1,115

(1,023)

(151)

Selling and distribution costs

(34,464)

(39,020)

(5,747)

Research and development
expenses

(13,982)

(17,576)

(2,589)

Administrative expenses

(31,348)

(36,031)

(5,307)

Finance costs

(6,202)

(6,157)

(907)

Loss before taxation 

(47,778)

(122,387)

(18,026)

Income tax credit

7,499

20,773

3,060

Loss and total
comprehensive loss for the
period

(40,279)

(101,614)

(14,966)

Loss per share

Basic

(0.20)

(0.49)

(0.07)

Diluted

(0.20)

(0.49)

(0.07)

Loss per ADS

Basic

(0.78)

(1.97)

(0.29)

Diluted

(0.78)

(1.97)

(0.29)

Shares

206,500,000

206,500,000

206,500,000

ADSs

51,625,000

51,625,000

51,625,000

 

 

 

China Zenix Auto International Limited

Unaudited Condensed Consolidated Statements of Profit or Loss and Other

Comprehensive Income (Loss)

For the nine months ended September 30, 2020 and 2019

(RMB and US$ amounts expressed in thousands, except number of shares and per share data)

2019

2020

2020

RMB' 000

RMB' 000

US$' 000

Revenue

2,000,223

1,311,088

193,102

Cost of sales

(1,788,422)

(1,342,968)

(197,798)

Gross profit (loss)

211,801

(31,880)

(4,696)

Other operating income 

13,144

8,617

1,269

Net exchange gain(loss)

1,108

(1,105)

(163)

Selling and distribution costs

(117,850)

(102,402)

(15,082)

Research and development
expenses

(42,198)

(47,685)

(7,023)

Administrative expenses

(86,525)

(98,985)

(14,579)

Finance costs

(18,230)

(18,278)

(2,692)

Loss before taxation 

(38,750)

(291,718)

(42,966)

Income tax credit

4,202

50,936

7,502

Loss and total
comprehensive loss for
the period

(34,548)

(240,782)

(35,464)

Loss per share

Basic

(0.17)

(1.17)

(0.17)

Diluted

(0.17)

(1.17)

(0.17)

Loss per ADS

Basic

(0.67)

(4.66)

(0.69)

Diluted

(0.67)

(4.66)

(0.69)

Shares

206,500,000

206,500,000

206,500,000

ADSs

51,625,000

51,625,000

51,625,000

 

 

 

China Zenix Auto International Limited

Unaudited Condensed Consolidated Statements of Financial Position

(RMB and US$ amounts expressed in thousands)

December 31
 2019

September 30
 2020

September 30
 2020

RMB'000

RMB'000

US$' 000

ASSETS

Current Assets

Inventories

129,641

168,083

24,756

Trade and other receivables and
prepayments

596,359

564,307

83,113

Pledged bank deposits

14,900

23,000

3,388

Fixed bank deposits with maturity
period over three months

290,000

290,000

42,712

Bank balances and cash

906,840

678,008

99,860

Total current assets

1,937,740

1,723,398

253,829

Non-Current Assets

Property, plant and equipment

1,076,731

1,042,679

153,570

Right-of-use assets

357,599

350,530

51,627

Long term prepayments

13,000

1,915

Deferred tax assets

54,641

99,379

14,637

Intangible assets

17,000

17,000

2,504

Deposits paid for acquisition of
property, plant and equipment

61,618

62,598

9,220

Total non-current assets

1,567,589

1,585,186

233,473

Total assets

3,505,329

3,308,584

487,302

EQUITY AND LIABILITIES

Current Liabilities

Trade and other payables and accruals

410,764

468,179

68,955

Amount due to a shareholder 

10,557

Taxation payable

982

Short-term bank borrowings

558,000

558,000

82,185

Total current liabilities

980,303

1,026,179

151,140

Non-current liabilities

Deferred tax liabilities

85,150

83,908

12,358

Deferred income

6,106

5,509

812

Total non-current liabilities

91,256

89,417

13,170

Total liabilities

1,071,559

1,115,596

164,310

EQUITY

Share capital

136

136

20

Paid in capital

392,076

392,076

57,747

Reserves

2,041,558

1,800,776

265,225

Total equity attributable to owners
of the company

2,433,770

2,192,988

322,992

Total equity and liabilities

3,505,329

3,308,584

487,302

 

 

 

China Zenix Auto International Limited

Unaudited Condensed Consolidated Statement of Cash Flows

For the three months ended September 30, 2020

(RMB and US$ amounts expressed in thousands)

Three Months Ended

September 30, 2020

OPERATING ACTIVITIES

RMB' 000

US$' 000

Loss before taxation

(122,387)

(18,026)

Adjustments for:

          Depreciation of right-of-use assets

2,356

347

          Depreciation of property, plant and equipment

31,811

4,685

          Release of deferred income

(199)

(29)

          Finance costs

6,157

907

          Loss on disposal of property, plant and equipment

586

86

          Interest income

(2,449)

(361)

Operating cash flows before movements in working capital

(84,125)

(12,391)

Increase in inventories

(3,286)

(484)

Decrease in trade and other receivables and prepayments

45,929

6,765

Increase in trade and other payables and accruals

86,126

12,685

Cash generated from operations

44,644

6,575

Interest received

2,574

380

NET CASH FROM OPERATING ACTIVITIES

47,218

6,955

INVESTING ACTIVITIES

Purchase of property, plant and equipment

(28,848)

(4,249)

Withdrawal of pledged bank deposits

95,000

13,992

Placement of pledged bank deposits

(100,500)

(14,802)

Proceeds on disposal of property, plant and equipment

503

74

Deposits paid for acquisition of property, plant and equipment

(980)

(144)

Placement of fixed bank deposits with maturity periods over three months

(160,000)

(23,565)

Withdrawal of fixed bank deposits with maturity periods over three months

160,000

23,565

NET CASH USED IN INVESTING ACTIVITIES

(34,825)

(5,129)

FINANCING ACTIVITIES

New bank borrowings raised

(80,000)

(11,783)

Repayment of bank borrowings

80,000

11,783

Interest paid

(6,164)

(908)

NET CASH FROM FINANCING ACTIVITIES

(6,164)

(908)

NET INCREASE IN CASH AND CASH EQUIVALENTS

6,229

918

Cash and cash equivalents at beginning of the period

671,304

98,872

Effect of foreign exchange rate changes

475

70

Cash and cash equivalents at end of the period

678,008

99,860

 

 

 

China Zenix Auto International Limited

Unaudited Condensed Consolidated Statement of Cash Flows

For the nine months ended September 30, 2020

(RMB and US$ amounts expressed in thousands)

Nine Months Ended

September 30, 2020

OPERATING ACTIVITIES

RMB' 000

US$' 000

Loss before taxation

(291,718)

(42,966)

Adjustments for:

          Depreciation of right-of-use assets

7,069

1,041

          Depreciation of property, plant and equipment

98,890

14,565

          Release of deferred income

(598)

(88)

          Finance costs

18,278

2,692

          Loss on disposal of property, plant and equipment

1,622

240

          Interest income

(8,015)

(1,180)

Operating cash flows before movements in working capital

(174,472)

(25,696)

Increase in inventories

(38,442)

(5,662)

Decrease in trade and other receivables and prepayments

23,712

3,492

Increase in trade and other payables and accruals

54,554

8,035

Cash used in operations

(134,648)

(19,831)

Interest received

8,209

1,209

PRC income tax paid

(982)

(145)

NET CASH USED IN OPERATING ACTIVITIES

(127,421)

(18,767)

INVESTING ACTIVITIES

Purchase of property, plant and equipment

(56,849)

(8,373)

Withdrawal of pledged bank deposits

244,000

35,937

Placement of pledged bank deposits

(252,100)

(37,130)

Proceeds on disposal of property, plant and equipment

503

74

Deposits paid for acquisition of property, plant and equipment

(8,158)

(1,201)

Placement of fixed bank deposits with maturity periods over three months

(450,000)

(66,278)

Withdrawal of fixed bank deposits with maturity periods over three months

450,000

66,278

NET CASH USED IN INVESTING ACTIVITIES

(72,604)

(10,693)

FINANCING ACTIVITIES

New bank borrowings raised

420,000

61,859

Repayment of bank borrowings

(420,000)

(61,859)

Interest paid

(18,352)

(2,703)

Repayment to a shareholder

(10,557)

(1,555)

NET CASH USED IN FINANCING ACTIVITIES

(28,909)

(4,258)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(228,934)

(33,718)

Cash and cash equivalents at beginning of the period

906,840

133,563

Effect of foreign exchange rate changes

102

15

Cash and cash equivalents at end of the period

678,008

99,860

 

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SOURCE China Zenix Auto International Limited

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QK Alert: Johnson Fistel Launches Investigation into Q&K International – Stock Price has Plummeted Since IPO; Investors Suffering Losses Encouraged to Contact the Firm

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SAN DIEGO, Dec. 1, 2020 /PRNewswire/ — Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Q&K International Group Limited (“Q&K” or the “Company”) (NASDAQ: QK) for violations of federal securities laws.

On or about November 5, 2019, Q&K sold about 2.7 million shares of stock in its initial public stock offering (the “IPO”) at $17.00 a share, raising nearly $50 million in new capital. On November 30, 2020, the stock closed at $3.65.

Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its November 2019 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.

If you have information that could assist in this investigation, or if you are a Q&K shareholder and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

[Click here to join this action]

 

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SOURCE Johnson Fistel, LLP

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Gerdau S.A. Announces Results Of Early Tender Period Of The Cash Tender Offer For Certain Of The Outstanding 5.750% Bonds Due 2021, 4.750% Bonds Due 2023, 5.893% Bonds Due 2024 And 4.875% Bonds Due 2027 And Upsizing Of The Cash Tender Offer

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SÃO PAULO, Dec. 1, 2020 /PRNewswire/ — Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) (“Gerdau” or the “Company”) hereby announces the results of the early tender period under the previously announced offer by the Company to purchase for cash (the “Tender Offer”) up to a maximum tender consideration of U.S. $230,000,000 (including the Early Tender Payment, if applicable) of certain of the outstanding 5.750% Bonds due 2021 (the “2021 Bonds”) issued by Gerdau Trade Inc. (“GTI”), 4.750% Bonds due 2023 (the “2023 Bonds”) issued by  GTI, 5.893% Bonds due 2024 (the “2024 Bonds”) issued jointly by Gerdau Holdings, Inc. (“GHI”) and GTL Trade Finance Inc., (“GTL”) and the 4.875% Bonds due 2027 (the “2027 Bonds”, and together with the 2021 Bonds, the 2023 Bonds and the 2024 Bonds, the “Bonds” and each, a “series” of Bonds) issued by GTI (GTI, GHI and GTL, collectively, the “Offerors”). The Tender Offer is being made pursuant to the offer to purchase dated November 16, 2020 (the “Offer to Purchase”). Capitalized terms used but not defined in this press release shall have the meanings assigned to them in the Offer to Purchase.

The Tender Offer was oversubscribed as of 5:00 P.M., New York City time, on the Early Tender Date.  The Offerors have agreed, however, to increase the tender offer to accept for purchase an aggregate of U.S. $300,007,000 principal amount of the Bonds, so that the “Aggregate Maximum Tender Consideration” (as defined in the Offer to Purchase) has been increased to U.S.$ 335,887,519.22.   Accordingly, the Company will not accept for purchase any additional Bonds tendered after the Early Tender Date.  As the Tender Offer was oversubscribed, Bonds tendered at or prior to the Early Tender Date were accepted in accordance with the Acceptance Priority Level (as defined in the Offer to Purchase) and proration, in the amounts set forth in the table below. No 2023 Bonds or 2027 Bonds were accepted for purchase.

The principal amount of each series of Bonds that were validly tendered and not validly withdrawn in the Tender Offer as of the Early Tender Date and the principal amount of each series of Bonds that have been accepted for purchase by the Company are set forth in the table below.

 

Description of Bonds

CUSIP / ISIN Nos.

Outstanding
Principal
Amount

Acceptance Priority

Level

Principal Amount Tendered

Principal Amount Accepted

5.750% Bonds due 2021

G3925DAA8 / USG3925DAA84
37373WAA8 / US37373WAA80

U.S.$394,643,000

1

U.S. $29,056,000

U.S. $29,056,000

5.893% Bonds due 2024

G24422AA8 / USG24422AA83
36249SAA1 / US36249SAA15

U.S.$626,403,000

2

U.S. $349,433,000

U.S. $270,951,000

4.750% Bonds due 2023

G3925DAB6 / USG3925DAB67

37373WAB6 / US37373WAB63

U.S.$517,968,000

3

U.S. $74,993,000

U.S. $0

4.875% Bonds due 2027

G3925DAD2 / USG3925DAD24

37373WAD2 / US37373WAD20

U.S.$650,000,000

4

U.S. $96,059,000

U.S. $0

The Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase. 

Gerdau will deliver cash with respect to such validly tendered and accepted Bonds on December 2, 2020.

On the Early Settlement Date, eligible holders of Bonds that were validly tendered prior to the Early Tender Date, and whose Bonds were accepted for purchase, will be entitled to receive total consideration of (i) U.S. $1,008.62 for each U.S. $1,000 principal amount of the 2021 Bonds and (ii) U.S. $1,131.50 for each U.S. $1,000 principal amount of the 2024 Bonds, which includes, in each case, the Early Tender Payment of U.S. $50.00  per U.S. $1,000 principal amount of the Bonds. In addition, such eligible holders will be entitled to receive a cash payment equal to the accrued and unpaid interest on such Bonds up to, but not including, the Early Settlement Date.

The Tender Offer will expire at 11:59 p.m. New York City time, on December 14, 2020, unless extended or earlier terminated. The withdrawal deadline for the Tender Offer was 5:00 p.m., New York City time, on November 30, 2020 and so has passed.  Accordingly, Bonds tendered (in the past or future) in the Tender Offer may no longer be withdrawn, except if required by applicable law.

The Information and Tender Agent for the Tender Offer is D.F. King & Co. To contact the Information and Tender Agent, banks and brokers may call (866) 207-3636 or email [email protected].

The Dealer Managers for the Tender Offer are BofA Securities, Inc. and Goldman Sachs & Co. LLC (the “Dealer Managers”). Any questions or requests for assistance may be directed to BofA Securities, Inc. at Collect: +1 (646) 855-8988 or U.S. Toll-Free: +1 (888) 292-0070, or Goldman Sachs & Co. LLC at U.S.: +1 (212) 357-1452 or by email at [email protected].  In addition, Holders may contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Tender Offer.

Documents in connection with the Tender Offer are available at the offices of the Information Agent, D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005, Attn: Andrew Beck.  

This notice does not constitute or form part of any offer or invitation to purchase, or any solicitation of any offer to sell, the Bonds or any other securities in the United States or any other country, nor shall it or any part of it, or the fact of its release, form the basis of, or be relied on or in connection with, any contract therefor. The Tender Offer is made only by and pursuant to the terms of the Offer to Purchase and the information in this notice is qualified by reference to the Offer to Purchase. None of the Dealer Managers or the Information and Tender Agent make any recommendations as to whether Holders should tender their Bonds pursuant to the Tender Offer.

This notice to the market does not represent an offer to sell securities or a solicitation to buy securities in the United States or in any other country.

This notice to the market is released for disclosure purposes only, in accordance with applicable legislation. It does not constitute marketing material and should not be interpreted as advertising an offer to sell or soliciting any offer to buy securities issued by any of the Offerors. This notice to the market is not for distribution in or into or to any person located or resident in the United States, its territories and possessions, any state of the United States or the District of Columbia or in any jurisdiction where it is unlawful to release, publish or distribute this announcement, other than any exemption thereunder.

Forward-Looking Statements

This notice includes and references “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to, among other things, the Offerors' business strategy, goals and expectations concerning its market position, future operations, margins and profitability.

Although the Offerors believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect.

The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors.

The Offerors undertake no obligation to update any of their forward-looking statements.

 

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SOURCE Gerdau S.A.

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