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open-source electron beam melting (EBM) 3D printing
At 3dprintingindustry.com - FREEMELT RAISES $1.6 MILLION IN INVESTMENT ROUND FOR OPEN-SOURCE EBM 3D PRINTER - SEPTEMBER 11TH 2019
Freemelt, a Sweden-based metal 3D printing company, has announced the completion of a SEK 15M ($1.6M) capital investment round led by venture capital firm Industrifonden.
The funding round also included Freemelt’s existing investors, and will be used by the company to fuel the next phase of its growth. Freemelt aims to “drive the metal 3D printing revolution forward” using its open-source electron beam melting (EBM) 3D printing technology.
General Electric wins partial dismissal of shareholder lawsuit
At reuters.com - General Electric wins partial dismissal of shareholder lawsuit - AUGUST 29, 2019
NEW YORK (Reuters) - A federal judge in Manhattan on Thursday partially dismissed a lawsuit by investors in General Electric Co that accused the company of concealing $24 billion in insurance liabilities and using fraudulent accounting to prop up its power business.
Judge Jesse Furman, however, granted the shareholders permission to amend their complaint. The class-action lawsuit, originally filed in November 2017, consolidates six cases that sought to hold GE and its senior leaders accountable for falling profits in recent years.
The suit, brought by more than a dozen U.S. and foreign pension plans, retirement funds and investors in GE, names the company and former Chief Executive Officers Jeff Immelt, John Flannery and other senior executives. It alleges they understated GE’s exposure to long-term care insurance risks and risks related to its long-term service agreements with customers that bought power plant equipment from GE.
“Plaintiffs may be able to allege additional facts regarding the individual defendants’ knowledge, or conscious disregard of, GE’s actuarial issues (with respect to its LTC portfolio) and the trends and risks it should have disclosed (with respect to its LTSAs) that would permit plaintiffs to clear the scienter bar,” Furman wrote in his ruling, referring to the legal term for knowledge of wrongdoing.
In an emailed statement, a GE spokesman said, “We are pleased the court dismissed the vast majority of the claims against GE, including the securities fraud allegations related to the company’s legacy insurance business. We intend to vigorously defend the rest of the case and continue to believe the claims are without merit.”
The ruling comes just after Madoff whistleblower Harry Markopolos said GE’s insurance business was under-funded relative to what it owed for long-term care policies.
A subsequent Fitch Ratings report ranked GE’s insurance units as among the most exposed to long-term care and least prepared to pay such claims.
The suit alleges that starting in early 2013, Immelt and other top GE executives repeatedly misled investors by saying GE had sold its insurance business even though GE remained liable for money-losing long-term care policies.
The insurance policies, which cover the cost of assisted-living or nursing care for the elderly, have turned out to require much greater payouts from insurers than was expected when the policies were written in the 1990s and early 2000s.
In January 2018, GE took a surprise $6.2 billion after-tax charge and began setting aside $15 billion to cover future claims from about 300,000 long-term care policies.
GE has denied using fraudulent accounting to hide falling sales and profits at its power unit. It said investors were victims of “business setbacks and forecasting misses” that GE disclosed at the time. GE also said the suit failed to point out specific information it should have provided “that a reasonable investor would need to avoid being misled.”
RE: other stocks on additive /// 3D-Printing ETF (PRNT)
obutimo - "Charlie I think if you diversify from GE and post info on other stocks on additive and metallurgical engineering. I think you will see more posts."
Charlie - "If I saw anything that looked remotely positive as an investment, I would."
Your point is well taken and I wish that I'd see a good investment opportunity in additive. Adoption of additive isn't getting any real press even at GE or Rolls Royce. Lima is still cranking out the implants but it's hard to see that anyone's taken notice. I haven't looked at what Stryker has been doing lately. I will.
PRNT - The 3D Printing ETF
I haven't looked at the individual performance of every holding listed in quite a while. I used to but wasn't impressed by anything other than ADSK. I bought in over several weeks but then sold all when I thought I had a better idea - not in additive, CAD, manufacturing, or materials. So far it hasn't panned out but I'm still holding. I still think it could be a big winner - maybe bigger than Arcam though probably not.
Maybe I'll spend the rest of the Labor Day weekend looking at a few of this ETF's individual holdings.
General Electric, A Bigger Fraud Than Enron
https://www.gefraud.com/
At cnbc.com - Read the full report from the Madoff whistleblower accusing GE of an Enron-like fraud - PUBLISHED THU, AUG 15 2019
GE_Whistleblower_Report.pdf
All information contained within our Whistleblower Report was obtained from publicly available sources, most of which cost nothing to procure such as annual reports, Society of Actuary Reports, and news articles. The only paid data ources used were the National Association of Insurance Commissioners (NAIC) and the AM Best databases.
Each slide is extensively footnoted so that you can see what source document and page number each piece of information used comes from. This will allow you to duplicate our work and determine whether or not you agree with our forensic analysis. We have also provided a listing of all source documents used at the end of our presentation for your use.
This is a Whistleblower Report not Investment Research. We are not making any investment recommendation nor are we offering investment advice.
I want to express my sympathy to the one million people who count on GE for either salaries, healthcare, or pensions. Make no mistake, GE’s current and past employees are the victims here as are GE’s lenders, vendors, and customers all of whom have to deal with the aftermath of an accounting fraud. The only winners are GE’s fat cat executives who enriched themselves with undeserved bonuses as they drove this once proud beacon of American business into the ground. I encourage you to hold them accountable.
Thank you very much for taking the time to read our Whistleblower Report, we hope you find it informative.
Harry Markopolos, CFA®, CFE
GE Aviation invests in widespread rollout of Arcam EBM technology to support GE9X blade production
GE Aviation invests in widespread rollout of GE Additive Arcam EBM technology to support GE9X blade production - June 20, 2019
Paris – GE Additive today announced at the Paris Air Show that GE Aviation has made a significant investment in its electron beam melting (EBM) technology, with the purchase of an additional 17 A2X systems and 10 Spectra H systems. Financial terms of the deal were not disclosed.
Avio Aero, a GE Aviation company, currently operates a fleet of 35 Arcam machines at its recently expanded site in Cameri, Italy. The additional EBM systems will be installed at GE Aviation and Avio Aero facilities in the US and Europe and will be used primarily for the production of titanium aluminide (TiAl) blades on the low-pressure turbine for the GE9X engine.
Additively manufactured TiAl blades are roughly half the weight of traditional nickel-alloy turbine blades. GE Additive Arcam EBM A2X machines produce six blades per batch, while the Spectra H system can produce up to ten blades, in around the same time.
Investment in 17 Arcam EBM A2X machines and 10 Arcam Spectra H systems builds on existing EBM footprint across GE Aviation and Avio Aero global manufacturing facilities
SLM-SOLUTIONS ADJUSTS GUIDANCE DUE, LOWER THAN EXPECTED SALES IN H1-2019
SLM SOLUTIONS ADJUSTS GUIDANCE DUE TO LOWER THAN EXPECTED SALES IN H1 2019 - JULY 29TH 2019
SLM SOLUTIONS: ADJUSTMENT OF GUIDANCE FOR FISCAL YEAR 2019
The text of the SLM news release on their Investor Relations page:
Luebeck, July 26, 2019 – Today SLM Solutions Group AG announced that the company will not meet the revenue and the EBITDA guidance communicated by the previous management team earlier in this year and will not set a new revenue and EBITDA guidance for the year. The weak business performance is driven by lower than expected orders in the first half of the year. In particular, order expectations from the Chinese frame agreement did not materialize as the previous management had anticipated. Despite a strengthening market environment for additive manufacturing machines, North America sales continued to underperform.
Under the leadership of the new CEO Meddah Hadjar a thorough assessment of the Company and the required steps needed to improve the Company’s growth and profitability profile is underway.
Initial conclusions of the assessment on the Company’s strategy and operations will be presented on SLM’s Q2 earnings call on 8 August 2019, with an in-depth presentation of the Company’s long term outlook and its strategy and organizational set up to achieve these to follow in Q4 2019 in a dedicated investor event.
First drop in sales in seven years
Last month, at the company’s AGM, a presentation showed SLM Solutions has been experiencing the first drop in sales since 2011. Between 2017 and 2018, sales for the company dropped 13% from €82.5 million to €71.7 million.
RE: diversify from GE
Anyone, please post if you see an outstanding, or even mediocre, additive company that's publicly traded. I'm not seeing much.
Adoption into areas of manufacturing other than aerospace and medical seems to be at a snail's pace.
For now, GE still looks like one of the few major users of metal additive machines for production end use components - and it's publicly traded. In virtually all of the recent corporate news about GE, additive isn't even a footnote anymore. It's been totally eclipsed by just about everything else they have going on. Mainstream GE shareholders couldn't care less about additive.
Three year trends for SLM Solutions and Voxeljet.
It's been horrifying to watch GE lately.
GE's going to grow the additive business on it's own? To show customers how to do it benefitting from GE's famed research and engineering? GE knows how to keep things no more complicated than they need to be.
At marketwatch.com - This ridiculous GE video showing 14 steps to reset a smart lightbulb has suddenly gone viral - Published: June 20, 2019
At washingtonpost.com - Think you know how a lightbulb works? Wait until you see this GE how-to video. - June 20, 2019
CITY OF RIVIERA BEACH POLICE PENSION FUND
It'll be interesting to see how this plays out. This might be one of GE's "non-operational headwinds". I wonder how many others are out there.
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE - CITY OF RIVIERA BEACH POLICE PENSION FUND, Plaintiff, v. W. GEOFFREY BEATTIE, GREGORY BRENNEMAN, CLARENCE P. CAZALOT, JR., MARTIN S. CRAIGHEAD, LYNN L. ELSENHANS, JAMIE S. MILLER, JAMES J. MULVA, JOHN G. RICE, LORENZO SIMONELLI, and GENERAL ELECTRIC COMPANY, Defendants, -andBAKER HUGHES, A GE COMPANY, Nominal Defendant
INTRODUCTION
1. This case arises from exploitation of a controlled company to address the controller’s desperate need for liquidity.
2. GE controls Baker Hughes. GE holds a majority of the Company’s voting power and five of the nine members of the Baker Hughes Board are current and/or former GE executives, GE directors or employees of GE-controlled companies.
3. GE is in the midst of a highly-publicized multi-year crisis. GE’s stock price plunged approximately 60% in 2018, GE stock was removed from the Dow Jones Industrial Average and the conglomerate is scrambling to sell assets to address
its liquidity problems. However, pursuant to a stockholders agreement (the “Stockholders Agreement”) entered into in connection with the 2017 merger of GE and the Company’s predecessor (the “Merger”), GE was contractually prohibited
from selling any of its Baker Hughes stock until July 3, 2019 (the “Lockup Period”).
4. On November 13, 2018, the Baker Hughes Board agreed to terminate the Lockup Period (the “Termination”) and to, among other things, (a) repurchase $1.5 billion in Baker Hughes stock from GE (the “Repurchase”) and (b) permit GE to sell $2.5 billion in Baker Hughes stock through a secondary offering (the “Offering”). At the same time, Baker Hughes and GE also entered into a series of other agreements and amendments that will govern the relationship between the two
companies going forward (collectively, the “Master Agreement Framework,” and together with the Termination, Repurchase and Offering, the “Transactions”).
5. Through the Transactions, GE was able to immediately terminate the Lockup Period, sell a large amount of Baker Hughes stock at undiscounted prices, obtain more than $4 billion in immediate and much-needed liquidity, and yet still
maintain control over the Company. Baker Hughes, on the other hand, was forced to expend more than $1.5 billion in Company cash to help solve GE’s problems, allow GE to flood the market with Baker Hughes stock, and restructure its arrangements with GE in ways that are even more unfavorable to the Company.
6. As BMO Capital Markets (“BMO”) aptly explained in a November 13, 2018 report, it “expected GE to offer a ‘sweetener’ to escape its 7/19 lockup early, but the sweetener seems to be extended commercial arrangements at worse terms.” (Emphasis added). BMO also noted that the revision to the commercial arrangements between Baker Hughes and GE will cost the Company approximately $75 million per year.
7. The one-sided terms of the Transactions demonstrate that far from seeking to use GE’s looming crisis as a negotiating tool for the Company’s benefit, Baker Hughes instead permitted GE to use its influence and control to handcraft a series of transactions designed to quickly funnel much-needed cash and other benefits to GE at the direct expense of the Company.
8. Plaintiff brings this action to remedy the harm incurred by Baker Hughes as a result of GE’s and the Board’s breaches of fiduciary duty in connection with the Transactions.
2014-Present
Chairman of the Board
Arcam AB (publ)
From 1997 to 1999, Malm was Senior Vice President of General Electric (GE) Company and President of General Electric Asia Pacific with the base in Hong Kong, where he was regionally responsible for the company’s 11 business units totaling US $10 billion in Revenue with 40,000 employees.
Between 1992 and 1997 Malm held position of President and CEO of GE Medical Systems Asia and Vice President of General Electric (GE) Company. In this position he developed the organization into a fully integrated region-wide business, growing revenues to US $1 billion and earnings to US $100 mill with 4,000 employees.
..... She served as the Chief Marketing Officer of GE Healthcare Life Sciences...........
....... She served as a Director of Arcam AB since March 23, 2015. Ms. Bernsten holds a B.Sc (Eng.). She holds a Master of Science in Chemical Engineering from KTH in Stockholm.
ARCAM - The Board
Göran Malm
Chairman since 2014.
Master’s degree in business administration and economics, has previously had top management positions within SKF, General Electric and Dell, i.e. as President General Electric Asia-Pacific and President Dell Computer Corporation Asia-Pacific.
Other former Board of Director assignments; Samsung Electronics, Envac and Micronic Laser Systems.
Lars Bergström
Board member since 2006.
President of Seco Tools AB in Sweden.
M.Sc. and MBA at KTH in Stockholm.
Vandana Sriram
Board member since 2017.
Global Business Controller at GE Aviation, Cincinnati, USA.
Studies at Dehli University in finance, accounting and economics.
Riccardo Procacci
Board member since 2017.
CEO at Avio Aero s.r.l – a GE Aviation business in Italy.
Ms.D. and Ph.D at Sapienza Università di Roma.
Carlos Haertel
Board member since 2017.
CEO at GE Germany and Austria.
GE CEO Culp - "What reset means"
There's a lot in the press about how GE's investors like Culp because there's more transparency with the communications and economic realities. I see nothing of the sort. He admits that there are problems but has been holding back.
WHY?!? He's the CEO, he's driving the bus. Tell us. Yes, I have 45 shares of GE. I bought into GE with some of my proceeds from the Arcam squeeze-out debacle knowing that GE has a Golden Goose with Arcam. I didn't like the explanation for this being a "reset year" and sold most of what I had. The message was empty.
I'm liking it even less now. The more Culp talks, GE looks less and less transparent.
GE is not ‘telling the whole story’ about its struggling power business, says JP Morgan’s Tusa - May 15, 2019
J.P. Morgan’s analysis comes even after CEO Larry Culp told investors in March that GE’s power business “is in a serious turnaround mode.” Culp also told CNBC that GE has “a number of problems we need to work through this year,” adding that “this is the year that we share with the world what those issues are.”
RE: reflection of GE’s ethics and compliance
https://www.ge.com/sustainability/sites/default/files/GEA33641_Anticorruption.pdf
"GE’s approach to compliance in this critical area is multifaceted...
...and represents a core belief in how we do business."
RE: Ameritrade shares finally redeemed.
That's amazing! Of course, not in a good way. It looks like GE purposely tried to make the squeeze-out as drawn out as they could. They tied up our money for over a year. Was that some kind of punishment?
Who here wouldn't have taken a decent offer?
(1) The point is moot and we'll never know that answer. GE never attempted a dialog with us. No offer was presented to us when GE was a majority investor.
(2) It could be argued that each of us might have had a different amount in mind, some higher than others. Again, we'll never know.
GE had a dialog with Elliott Investors and The Polygon Investment Group and was able to come to an agreement. Why not with us? GE touts itself as being innovative and ethical. We were not unapproachable so what gives?
GE CEO’S FIRST LETTER TO SHAREHOLDERS - February 28, 2019
Three elements underpin Culp’s belief in GE: the team, the technology and the global network. GE’s employees design and deliver technology to every corner of the planet — whether it’s the equipment and solutions that are involved in two-thirds of the world’s commercial aircraft departures or more than 2,200 gigawatts of its power generation capacity. “This purpose has driven more than 125 years of GE innovation,” Culp wrote, “and it is as strong as at any time in our history.”
Your Next Flight Is Brought to You by 3D Printing
We've seen how far this technology has advanced from the early days but we also forget that we are still in the true infancy of it's adoption in manufacturing worldwide.
At the washingtonpost.com - Your Next Flight Is Brought to You by 3D Printing - Brooke Sutherland - Bloomberg April 12 , 2019
From the middle of the article:
GE Aviation currently has four 3D-printed discrete parts certified by the FAA, and the expected approval of its GE9X and Catalyst engines over the next two years will give it about 20 more. But looking at the numbers alone understates the scale of GE’s ambitions. Of the more than 80 additional parts in GE Aviation’s additive pipeline, roughly 90 percent are based on new designs, meaning these parts don’t currently exist in that form in the marketplace, Eric Gatlin, the general manager for the unit’s additive integrated product team, said in an interview. The company is trying to literally reinvent the wheel, or in this case, the engine.(2) It’s pitching its Catalyst turboprop engine as the first that was designed from the start to be crafted with the help of additive manufacturing. For engineers trained on traditional casting and welding processes, that requires a whole new thought process.
Using traditional methods, a heat exchanger on the Catalyst required some 300 components, hand assembly and blind welding; now it can be printed as a single part. That’s where GE’s decision to acquire the actual makers of 3D printers is paying off. These deals weren’t cheap, but they also weren’t dumb. Instead of being forced to wait months for third-party printer makers to add features, the GE Aviation team can give feedback and get tweaks made within hours. GE’s doing something right because the weight and fuel burn advantages from the Catalyst’s 3D printed parts were one factor that it says helped it win a contract for Textron Inc.’s Cessna Denali and break into a cross-section of the business and general aviation market that has historically been dominated by United Technologies’ Pratt & Whitney.
Footnote (2) from the section above:
(2) The company almost didn’t pursue printing one of its FAA certified parts – a power-door operating bracket on the GEnx engine – because it would have been a more straightforward substitution and the additive team thought it was too simple; an engineer campaigned for the weight reduction benefits and the opportunity to circumvent a supplier that was charging too much.
Cameri gets bigger, next generation machines already installed
Cameri gets bigger - The next generation of additive machines are already installed at the factory of the future in Cameri, to 3D print turbine blades for the new GE9X engine and to continue expansion. - march 2019
march 2019
"Additive manufacturing is the Netflix of manufacturing," said David Joyce, Vice Chairman of GE and President and CEO of GE Aviation recently. And it might have been the Avio Aero plant in Cameri, that inspired his choice of words. That is because, Cameri has been making a name for itself recently, following an expansion plan that has increased its production capacity.
The plan has been accompanied - in lockstep - by Arcam EBM, a division of GE Additive whose electron beam machines having been manufacturing airplane engine parts at the Novara plant since it was established in 2013. "A few weeks ago, we increased the production area by 600 sqm, and we now currently host 35 Arcam machines in total," says Vincenzo Trovato, Manufacturing Leader at Avio Aero Cameri.
Of these, there are 31 Arcam A2X machines. The other four machines are the new Arcam EBM Spectra H. "There will be at least another 16 Spectra H machines and in the long run, and we may eventually replace the entire machine fleet of the previous model with this new one," continues Trovato.
The A2X machines heat and melt layer by layer metal powder together, producing TiAl (titanium aluminum) blades for assembly on the low-pressure turbine of the new large GE9X engine, which flew for the first time one year ago. Everything starts with the technical drawing of the blades, and once it is sent to the A2X machine, it produces 6 blades per batch in about three days. Arcam's new Spectra H machine can produce up to 10, in around the same time.
Additively manufactured TiAl blades are half the weight of traditional nickel alloy turbine blades. For the GE9X engine, this means a fuel consumption reduction of 10% (and therefore emissions), compared to its predecessor, the GE90. The GE9X, which boasts about 200 kg less weight, is expected to enter service in 2020. And, it is estimated that about 60 thousand blades will be produced between 2022 and 2023.
Strange - It still trades.
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RE: 'You dropped a bomb on my head'
As the Arcam--General Electric takeover appears to be ending I'd like see how much interest there is in keeping this message board active.
In the past I've wanted to keep this board focused mostly on Arcam. The Arcam we knew has changed significantly. As an investment opportunity, it's done. I've already reinvested some of my proceeds in GE. I still see Arcam as an acquisition that has the possibility of being a driving force for GE reinventing itself.
I'm going to try keeping this board open and active with the focus on all additive manufacturing and the associated technologies (new AM metallurgy, AM post-processing, AM related software, and whatever else has yet to be invented for AM). Ideally, having investment opportunities for individuals like ourselves.
That said, I also want to keep an eye on how GE and Arcam continue to grow into what we've mostly seen as a great future.
About GE recently - What happened between February 26, 2019 (the 2018 CEO annual letter) and March 5, 2019 (CEO at J.P. Morgan Aviation, Transportation and Industrials Conference)?
From General Electric's (GE) CEO Larry Culp on J.P. Morgan Aviation, Transportation and Industrials Conference - Transcript - Mar. 5, 2019
_CEO_Larry_Culp_on_J_P_Morgan_Aviation,_Transportation_and_Industrials_Conference_v2.jpg){kind=spacer}
Thanks. I know the significance of the 5th letter.
As the Citibank document references ADRs and ADSs. I believe that they are the holder and issuer of both. Do you have any information that even remotely suggests otherwise? If so, please share. I've looked and haven't found anything solid.
RE: AMAVF is not the American Depositary Receipt.
I'm not a lawyer or a banker. I did look into what the difference is between an ADR and an ADS.
This is what I'm going with. The US SEC Office of Investor Education and Advocacy - Investor Bulletin: American Depositary Receipts
An ADR is a negotiable certificate that evidences an ownership interest in American Depositary Shares (“ADSs”) which, in turn, represent an interest in the shares of a non-U.S. company that have been deposited with a U.S. bank. It is similar to a stock certificate representing shares of stock. The terms ADR and ADS are often used interchangeably by market participants. ADRs trade in U.S. dollars and clear through U.S. settlement systems, allowing ADR holders to avoid having to transact in a foreign currency.
Still not satisfied I did an Edgar search on the SEC's website for ARCAM. - https://www.sec.gov/cgi-bin/browse-edgar?company=arcam&owner=exclude&action=getcompany
It's easy to get lost in the search results so I went through every one.
The most applicable - the one that satisfied my concern that the terms mean essentially the same thing, at least to me, was this one.
SECURITIES AND EXCHANGE COMMISSION, Washington, D.C. 20549, FORM F-6 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOR DEPOSITARY SHARES EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS----ARCAM AB
There's no mention of ARZMY or AMAVF, just ARCAM and ADR and ADS. The exact name of the depositary as specified in its charter is CITIBANK, N.A.
At one point recently I tried to find why some people here didn't get some of the information that most of us got. That led me to this document. BTW, its actually a collection of documents all concerning Arcam with regard to SEC rules and information. For what it's worth, the term ADS is referenced 60 times, ADR is referenced 11 times, ARZMY is mentioned 0 times, and AMAVF is mentioned 0 times.
Form F-6EF Arcam Ab/adr F-6EF - Registration of American Depository Receipt shares, immediately effective
I've copied some of the sections pertinent to recent activity by Arcam and General Electric. I may have overlooked something here. Please read and tell us what you think is important to you. If it's important to you then it's probably important to us, too.
11. AVAILABLE INFORMATION. Based on the reasonable good faith belief of the Depositary (after exercising reasonable due diligence), it was determined, at the time of the filing of the applicable registration statement for the ADSs, that the Company published in English the information contemplated in Rule 12g3-2(b) under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), on its internet website or through an electronic information delivery system generally available to the public in the Company's primary trading market. As of the date of such filing, the Company's internet website was www.arcam.com. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. The Depositary does not assume any duty to determine if the Company is complying with the requirements of Rule 12g3-2(b) under the Exchange Act or to take any action if the Company is not complying with those requirements.
12. NOTICES; VOTING RIGHTS. The Depositary shall be under no obligation to give notice to the Holder or any Beneficial Owner of this Receipt of any meeting of shareholders or of any report of or communication from the Company or of any other matter concerning the affairs of the Company, except as herein expressly provided. The Depositary undertakes to make available for inspection by the Holder of this Receipt at its principal office any reports and communications received by the Depositary or any agent, nominee, custodian or correspondent of the Depositary from the Company which were both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. Such reports and communications will be available in the language in which they were received by the Depositary from the Company except to the extent, if any, that the Depositary in its sole discretion elects both (i) to translate into English any of such reports or communications that were not in English when received by the Depositary and (ii) to make any such translation available for such inspection by Holders of the Receipt. The Depositary has no obligation of any kind to translate any of such reports or communications or to make any such translation available for inspection. The Depositary shall not incur any liability to any Holder or Beneficial Owner by reason of any such translation provided by the Depositary, whether or not such translation was prepared by the Depositary.
The Depositary will, but only upon the written request of a Holder hereof and the payment to the Depositary of any expenses involved, endeavor insofar as practicable to exercise any then existing voting rights with respect to an amount of the Deposited Securities represented hereby in accordance with such request.
13. DISTRIBUTIONS. Until the termination of the agreement evidenced by this Receipt in accordance with the terms hereof, the Depositary shall distribute or otherwise make available to the Holder hereof, at a time and in such a manner as it shall determine, any distributions of cash and securities, subscription or other rights, and any other distribution with respect to the Deposited Securities represented by the ADSs evidenced by this Receipt, after deduction, or upon payment, of the fees and expenses of the Depositary described in paragraph 20 below, and the withholding of any taxes in respect thereof; provided, however, that the Depositary shall not make any distribution which in the opinion of counsel may violate the Securities Act or any other applicable law. In such case, the Depositary may sell such subscription or other rights, securities or other property. In the event that the Depositary elects not to make any such distribution it will notify the Holders of the disposition thereof and proceeds of such sale. Any dividend or other distribution received by the Depositary in cash in a currency other than U.S. dollars shall, subject to the provisions of the following paragraph, be converted into U.S. dollars and distributed as herein provided in U.S. dollars. In lieu of distributing fractional ADSs, the Depositary may, in its discretion, sell the amount of securities or property equal to the aggregate of any fractional ADSs. The Depositary shall have discretion as to the procedure to be followed in making subscription or other rights available to any Holder or in disposing of such rights on behalf of any Holder and making the net proceeds available to any Holder, provided that if by the terms of such rights offering or for any other reason it would be unlawful for the Depositary either to make such rights available to any Holder or dispose of such rights and make the net proceeds from the sale of such rights available to any Holder, then the Depositary may allow such rights to lapse. Sales of subscription or other rights, securities or other property by the Depositary may be made at such time and in such manner as the Depositary may deem advisable, and in such case, the Depositary shall distribute to the Holder hereof the net proceeds after deduction of its fees and expenses described in paragraph 20 below and the withholding of taxes and governmental charges in respect thereof.
If the Depositary shall determine in its sole judgment that any cash distribution is not convertible in its entirety, or with respect to the Holders of a portion of the Receipts, on a practicable basis into U.S. dollars available to it in the City of New York, or if any required approval or license of any government or agency for such conversion is denied, or is not obtainable within a reasonable period, the Depositary may in its discretion make such conversion and distribution in U.S. dollars to the extent possible to the Holders entitled thereto, at such time and rates of conversion as the Depositary shall deem appropriate, and shall with respect to any such currency not converted or convertible either (i) distribute such currency to the Holders entitled thereto or (ii) hold such currency for the respective accounts of such Holders and distribute appropriate warrants or other instruments evidencing rights to receive such foreign currency.
16. CHANGE AFFECTING DEPOSITED SECURITIES. Upon (i) any change in nominal or par value or any subdivision, combination or any other reclassification of the Deposited Securities, or (ii) any recapitalization, reorganization, sale of assets, receivership, bankruptcy, liquidation, merger or consolidation affecting the Company or to which the Company is a party, or (iii) the redemption by an issuer of Deposited Securities at any time of any or all of such Deposited Securities (provided the same are subject to redemption), then and in any such case the Depositary shall have the right to exchange or surrender such Deposited Securities and accept and hold hereunder in lieu thereof other shares, securities, cash or property to be issued or delivered in lieu of, or in exchange for, or distributed or paid with respect to, such Deposited Securities. Upon any such exchange or surrender, the Depositary shall have the right, in its discretion, to call for surrender of this Receipt in exchange (upon payment of fees and expenses of the Depositary and all applicable taxes and governmental or other charges) for one or more new Receipts of the same form and tenor as this Receipt, specifically describing such new shares, securities, cash or property. In any such case the Depositary shall have the right to fix a date after which this Receipt shall only entitle the Holder to receive such new Receipt or Receipts. The Depositary shall mail notice of any redemption of Deposited Securities to the registered Holders of Receipts, provided that, in the case of any redemption of less than all of the Deposited Securities, the Depositary shall draw in such manner as it shall determine an equivalent number of ADSs and shall mail notice of redemption only to the Holders of Receipts evidencing the ADS so drawn for redemption in whole or in part. The sole right of the Holders of Receipts evidencing the ADS designated for redemption after the mailing of any such notice of redemption shall be to receive the cash, rights, and other property applicable to the same, upon surrender to the Depositary (and upon payment of its fees and expenses and governmental or other charges) of the Receipts evidencing such ADSs.
18. AMENDMENT OF RECEIPTS. The form of the Receipts may at any time and from time to time be amended by the Depositary in any respect which it may deem necessary or desirable. Any amendment which shall prejudice any substantial existing right of Holders shall not become effective as to outstanding Receipts until the expiration of thirty (30) days after notice of such amendment shall have been given to the Holders of outstanding Receipts; provided, however, that such thirty (30) days' notice shall in no event be required with respect to any amendment which shall impose or increase any taxes or other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses. Every Holder and Beneficial Owner of ADSs evidenced by this Receipt at the time any amendment so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment and to be bound by the agreement evidenced in this Receipt as amended thereby. In no event shall any amendment impair the right of the Holder of any Receipt to surrender this Receipt and receive therefore the Deposited Securities represented by the American Depositary Shares evidenced thereby, except in order to comply with mandatory provisions of applicable law.
Now, all that said, I wanna be a rockstar.
It's like the bottom of the ninth and I'm never gonna win
This life hasn't turned out
Quite the way I want it to be
I'm gonna trade this life
For fortune and fame
I'd even cut my hair
And change my name (to charlie T colton)
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Does everyone have cash? Question about settlement price.
Has anyone NOT been cashed out?
According to the Citibank notice of termination document dated February 12, 2019:
The Company’s ADR holders are requested to arrange for the mandatory surrender of their ADSs to receive the following cash proceeds:
Gross Rate per ADS: $ 38.267590
Depositary Fee: $ 0.050000
Net Rate per ADS: $ 38.217590
The Depositary hereby gives notice that the net cash proceeds in US Dollars will be available for distribution as of February 22, 2019. The books were closed for issuances and cancellations at the close of business on February 8, 2019.
I'm curious what everyone received for their settlement share price. Please post if you haven't already. It's pretty clear that mine is $37.6791. What's strange is that I was cashed out on Feb. 6th, two days before the books were closed and 16 days before the funds were available for distribution. That's $1,941 less than expected for my traditional IRA. I also had sizeable Arcam holdings in two of my brokerage accounts, well sizeable to me anyway. The combined total is enough for me to say, "It ain't over 'til it's over."
You guys have been great.
charlie T colton, ALL IN
Is history repeating itself with GE?
A year ago - GE says shock multibillion-dollar insurance charge is ‘a special case’ - Published: Feb 10, 2018
"General Electric made what seemed like a smart move last month, giving investors several days to digest some bad news ahead of announcing its fourth-quarter results.
GE still had to talk about the after-tax charge of $6.2 billion and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary on its earnings call, but the surprise charge and reported loss was mitigated by talk of a better future. GE shares GE, -0.21% rallied after the company reported its results.
But there was more bad news to come, when GE was forced to acknowledge a Securities and Exchange Commission investigation into the process leading to the sudden multibillion-dollar charge, and an additional review of revenue recognition and controls over its long-term contracts.
The market immediately reversed the gains.
When GE first announced the charge on Jan. 16, which related to the remnants of its long-term-care reinsurance portfolio, CEO John Flannery told analysts he had “underappreciated the risk in this book.”
Jim Cramer on GE's CEO cash-flow news: 'You dropped a bomb on my head'
Published on Mar 6, 2019
NOTICE-OF-TERMINATION-OF-UNSPONSORED-ADR-FACILITY-AND-CASH-DISTRIBUTION FOR ARCAM AB AMERICAN DEPOSITARY SHARES
NOTICE OF TERMINATION OF UNSPONSORED ADR FACILITY AND CASH DISTRIBUTION FOR ARCAM AB AMERICAN DEPOSITARY SHARES
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