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News out
CIB Marine Bancshares, Inc. Announces Details of Plan to Repurchase All Preferred Stock
Press Release | 07/26/2021
BROOKFIELD, Wis., July 26, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQB: CIBH) announced an agreement with Hildene Capital Management, LLC (including their affiliated investment funds, Hildene Opportunities Master Fund, Ltd. and Hildene Opportunities Master Fund II, Ltd., collectively “Hildene”) on a plan for the repurchase and retirement of all preferred stock over the next four years, including an initial repurchase in 2021 of $18 million for roughly half of the currently outstanding preferred stock, at a price of $825 per share.
Implementation of the preferred stock repurchase plan will require amendment of the Company’s Articles of Incorporation. Accordingly, the Company’s proposed Second Amended and Restated Articles of Incorporation will be submitted to all classes of common and preferred shareholders for a vote at separate meetings of such shareholders expected to be held in September of this year.
If the Company’s shareholders approve the Second Amended and Restated Articles of Incorporation, the Company intends to repurchase all shares of preferred stock at $825 per share (a 17.5% discount from the $1,000 per share liquidation preference value) by the end of 2025. The initial repurchase of $18 million of outstanding preferred shares, comprising a pro rata repurchase of Series A and Series B preferred shares from each preferred shareholder, is expected to be concluded by the end of 2021. Following the initial repurchase, the Company intends to engage in periodic repurchases of Series A preferred shares until fully retired, and thereafter Series B preferred shares until fully retired. Subsequent repurchases after the initial repurchase would be in such amounts and at such times as determined by the CIB Marine Board of Directors but are expected to culminate in the repurchase of all preferred stock by the end of 2025. Each repurchase transaction is subject to CIB Marine obtaining all regulatory approvals, including approval from the FDIC, State of Illinois, and Federal Reserve.
The agreement also concludes the proxy contest initiated by Hildene in conjunction with CIB Marine’s upcoming annual meeting of shareholders and aligns the interests of CIB Marine and Hildene in support of the repurchase plan described above. Additional information regarding the agreement and the proposed Second Amended and Restated Articles of Incorporation will be included in the Company’s proxy statement for the rescheduled 2021 Annual Shareholder Meeting.
J. Brian Chaffin, CEO of CIB Marine said, “This agreement represents a significant step forward for the Company in the long process of trying to retire the outstanding preferred stock. We and Hildene are aligned in pursuit of the same goal, and with this agreement, we have a means to achieve that goal.”
The proposal to approve the Second Amended and Restated Articles of Incorporation was not included in either the Company’s white proxy card or Hildene’s blue proxy card issued for the 2021 Annual Shareholder Meeting, which was adjourned until July 29, 2021. Accordingly, the Annual Meeting has been canceled and will be rescheduled for a later date. A new Proxy Statement will be distributed to all shareholders and will include a proposal to approve the Second Amended and Restated Articles of Incorporation. The previously executed proxy cards submitted for the now-canceled Annual Meeting will be voided.
Mark Elste, Chairman of the Board of CIB Marine concluded, “The Board of Directors of CIB Marine greatly appreciates the dedication and hard work put into this process. An agreed means for repurchasing the outstanding preferred stock is a critical issue that needs to be resolved as part of the Company’s strategic capital plan. We thank our shareholders for their input and assistance as we worked through this process. We look forward to working with you in the next phase as we seek common and preferred shareholder approval, followed by the execution of the preferred stock repurchases.”
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:
operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.
?FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
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NIHK .0715 update
We got some exciting news for our shareholders, we have paid in full for our lingstar models and are in the process of building $NIHK ’s website so customers are able to preorder our cars.
— Tytan Cybernetics (@NIHKEV) July 21, 2021
As soon as our website is up, preorders will be enabled. Stay tuned for more updates.
NECA .0029 News
New America Energy Corp. Officially Acquires Third Bench
Looks to Gain $24 Million in 2021 Gross Revenue
NEW YORK, NY / ACCESSWIRE / July 21, 2021 / New America Energy Corp. (OTC PINK:NECA) officially acquires Third Bench Holdings, an industry leader in Kitchen & Bathroom cabinetry and countertops. The closing with Third Bench is expected to bring an estimated $24million in revenue to NECA in 2021.
https://www.accesswire.com/users/newswire/images/656395/image.png
Third Bench has a particular emphasis on well run, long-standing, regionally dominant businesses owning a multi-year, established, defensive leadership position in a regional market. Alongside management, Third Bench fuels and implements transformative changes to drive rapid growth and sustainable value creation for customers.
The management team and operating brands represent decades of experience with an operationally oriented partnership that manages North America-based architectural millwork, cabinets, countertops, and, generally, permanent "housing-infrastructure" brands.
"I'm so excited to complete this acquisition and deliver on my promise to seek cash flow companies with strong management. Third Bench and their team are exactly what NECA was seeking. The immediate value this adds for our shareholders is incredible. The team at Third Bench has done an amazing job building such a successful company, and I look forward to them executing their acquisition strategy and building more and more value for the Company," said Jeff Canouse, CEO of New America Energy Corp.
David Fair, CEO of Third Bench Holdings, states “We are very excited about taking this next step of becoming a public company. Third Bench is well-positioned to take advantage of the growth in commercial millwork and the historical demand for cabinets and countertops in the residential sector. We look forward to tapping into the public markets to fuel our expansion and long-term strategy.”
About Third Bench Holdings, LLC
THIRD BENCH Holdings is a holding company for three subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies offer products in categories: Residential Cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. THIRD BENCH also provides installation services as a part of its vertical offering. The company provides its products and services through its architectural millwork and retail facilities, currently located in Albuquerque and Las Cruces, New Mexico and Tucson, Arizona. Third Bench employs over 140 people and had revenue in excess of $18.8 million in 2020. Third Bench is on a run rate of over $24.0 million for 2021 and is cash flow positive. These projections have been provided by management and do not include the additional acquisitions that are currently under review.
Third Bench Holdings
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/
About New America Energy Corp.
New America Energy Corp. (NECA) is a holding company focused on strategic acquisitions that are opportunistic, cash-flow positive with hard assets.
NECA Contact:
Jeffrey M. Canouse
770-235-6053
jeff@necaholdings.com
jeffcanouse@gmail.com
https:/twitter.com/necaholdings
NOTICE REGARDING FORWARD LOOKING STATEMENT
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words 'believes,' 'expects,' 'anticipate' or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
SOURCE: New America Energy Corp.
View source version on accesswire.com:
https://www.accesswire.com/656395/New-America-Energy-Corp-Officially-Acquires-Third-Bench
© Copyright 2021 ACCESSWIRE. All Rights Reserved.
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They a little late I think. SYVN was suspended last week and will be a grey sheet if its not revoked. I been holding for years and always had hope for it. Who knows maybe they can pull a miracle with it.
what a whack job
Good for you go brag on that board then this is the UNDR board.
They are all pos in subbies and the fact is UNDR won a multi million dollar law suit so dont act so cocky. I have been in this for years and watching somewhat quietly to see how this unfolds. As for my opinion goes on UNDR, the problem here is 1. Will they be able to collect the money? If yes then it will run hard again and if no the court case was a waste of time. and 2. The company has dropped the ball when it comes to filing and updating shareholders. There is absolutely no excuse for them not to have updated their SOS filings and update otcmarkets by now. They also should have been putting out PRs as the court case went along instead of us having to watch court websites all day long. I am still holding millions of shares here and can afford to take that risk and hope the company's management and lawyers can get their heads out of their rears and get the company current again.
.0014 ask unreal
TAWNF .10 well guess I was dumb to hold this
NECA .0023
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