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The TARGET has been in business over several decades and is a leading company in the natural resource and construction material space in South Africa with average annual revenues of approximately $70 million during the last two years. The identity of TARGET and other details will be kept confidential until completion of Due Diligence. The transaction is scheduled to close in September 2016, subject to additional due diligence, compliance with the US Securities and Exchange Commission and the Johannesburg Stock Exchange, and establishment of a special purpose entity to be owned, controlled and managed equally by Milost Global Inc. and PHI.
Milost Advisors, PHI’s buy-side advisor and subsidiary of Milost Global Inc., has been able to arrange the required capital for the closing of TARGET. Milost Advisors Inc. is also acting as the lead and the only advisor with regards to this buyout transaction.
In addition, Milost Global Inc., an Alabama-based private equity firm, is currently working hand in hand with PHI in the acquisition of a NYSE-quoted distribution company with an annual turnover of $1.4 billion and other cash-flow positive companies that generate between $100 million to $5 billion in annual revenues.
Henry Fahman, Chairman and CEO of PHI Group, said, “We are delighted to have the blessings of TARGET’S board of directors and the support of its senior management to proceed with the due diligence process for this transaction.” Henry added, “I am excited also to learn that Bonisile (Boni) Mtsweni, a seasoned banker who gained experience while working at Public Investment Corporation (PIC), Africa's largest state owned Private Equity Firm with over $150 billion assets under management, will help us expedite the process and achieve a successful closing. We are confident that the closing of this acquisition will immediately give us the critical mass to reposition PHI and qualify for uplisting to the Nasdaq and strongly believe that we can bring select business opportunities and relationships to TARGET to create significant value for all shareholders and stakeholders otherwise not possible.”
Bonisile (Boni) Mtsweni the M&A Vice President of Milost Advisors South Africa said, “We are excited to work on this transaction. It marks an excellent opportunity to acquire a South African asset with capabilities to expand beyond SA borders. Milost Advisors is pleased to be the advisor on one of many such investments that PHI and Milost Global will tackle together. It is a relationship we look forward to strengthening from one transaction to the next.”
Dr. Ronald (Ron) Spratt, CEO of Milost Global Inc., said, “We are pleased to work with PHI to consummate this transaction as soon as possible. This is the first one of many more to come that will validate our vision, commitment and capabilities. With PHI Group as our partner, we can do more and better deals that benefit shareholders of all parties involved.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market as soon as practical.
Safe Harbor: This news release and the featured interview contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Henry Fahman
+1-702-475-5430
Email: henry@phiglobal.com
Bin gespannt...
NEW YORK, Aug. 02, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com); (OTC Markets:PHIL), a U.S. public company currently engaged in conventional energy, renewables, natural resources and special situations, announced today that the shareholders of the previously announced undisclosed South African target company ("TARGET") that represent 68% of the total issued share capital have approved PHI Group's tender offer to acquire the TARGET for cash.
The TARGET has been in business over several decades and is a leading company in the natural resource and construction material space in South Africa with average annual revenues of approximately $70 million during the last two years.
PHI has engaged Milost Advisors South Africa to carry out the Due Diligence Review, a process that will start on August 2. Due diligence is expected to be completed before August 27 at which time PHI will be able to disclose further information about the TARGET.
The transaction is scheduled to close in September 2016.
Henry Fahman, Chairman and CEO of PHI Group, said, "We are excited to have received the consent of the TARGET's majority shareholders, the approval of its board of directors and the support of senior management to proceed with this transaction. The closing of this transaction will enable us to uplist PHI Group's stock onto a senior exchange and create significant value for our shareholders and all other stakeholders."
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market as soon as practical.
Safe Harbor: This news release and the featured interview contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact: Henry Fahman
+1-702-475-5430 Email: henry@phiglobal.com
Source: PHI Group, Inc.
Henry Fahman, Chairman and CEO of PHI Group, joined Milost Advisors and the TARGET’s senior management last week in Johannesburg, South Africa to review major aspects of the target company’s overall operations including corporate governance, corporate finance, portfolio companies, discontinued operations, legal proceedings, SHERQ management system (Safety, Health, Environment, Risk and Quality) and site visits and also discussed potential post-acquisition initiatives that may substantially enhance value for the TARGET.
The entire due diligence process is expected to be completed next week and the transaction is scheduled to close in September 2016.
The TARGET is a leading company in the natural resource and construction material space in South Africa with average annual revenues of approximately $70 million during the last two years.
On another note, during Henry Fahman’s visit to South Africa, PHI Group also signed a Memorandum of Understanding to acquire majority interest in another company that has diamond mining rights in Kimberly, South Africa. The consummation of the diamond-mining project is subject to further due diligence and feasibility study.
Nozipho Mnyandu, Senior Analyst at Milost Advisors in Johannesburg, commented: “We are delighted in advising PHI Group as they venture into their first South African transaction and meeting Henry last week during the site visit was also invigorating. Furthermore, the Milost Advisors team is pleased to announce the near completion of the due diligence review process.”
Bonisile Mtsweni, Vice President at Milost Advisors in Johannesburg, concurred: "We're pleased to have undergone the site visit with Henry and working with a leader of Henry's caliber has been an extremely rewarding experience. The due diligence process has been very enlightening and we expect to complete rather soon. This venture will be PHI's first venture in South Africa and as Milost Advisors, it is our pleasure to be part of this journey."
M & A-Transaktionen wohl sehr aktiv. Neben dem Südafrika Deal haben sie wohl mehrere in der Pipeline mit Finanzierung abzuschließen.
Denke könnte sehr interessante Wochen werden.
Einfach mal im Auge behalten....
PHIL recently partnered with Milost Advisers, Inc., a global investment banking firm, to counsel the company on strategic alternatives, and also recently agreed to form a Special Purpose Entity (SPE) with Milost Global, Inc. to carry out buyouts of revenue-generating companies. Both of these partnerships are pivotal because the company is hoping to seal the deal on three major acquisitions that could qualify PHIL to uplist to a senior exchange.
In June 2016, a Letter of Intent was signed to acquire 100% of a wood pellet manufacturing company that brought in $19.2 million in revenue for FY2014 and $12.4 million in revenue for FY 2015. The 36,000 sq.ft. plant and storage facility sits on 18 acres of land in the Southeastern part of the United States and produces 100,000 MT/year. In July 2016, Phi Group signed a Purchase and Sale Agreement for 50.90% equity ownership of a Liquid Petroleum Gas (LPG) distribution and service company in Southeast Asia. The target company could potentially bring in more consolidated revenues and bottom lines for PHIL, however, further details of the target company and the acquisition are kept under wraps until the deal closes in December 2016, or no later than March 31, 2017.
In South Africa, an acquisition for a company that has average revenues of approximately $70 million for FY 2014 and FY 2015 is going very well for PHIL. The company they are acquiring is a leading company in the natural resource and construction material space. Milost Advisors is conducting due diligence and the acquisition is expected to close in September 2016.
On the Stock Day Radio Show, Henry Fahman said, “We’re very careful. We don’t go out and issue shares and buy out opportunities just to do it. We make sure it’s lucrative to the bottom line and to net earnings for our company.” What’s most impressive in this movement is that these acquisitions are cash transactions, which is a great achievement by PHIL and Milost Advisors, as shareholders do not have to worry about their stock diluting.
To strengthen the company by acquiring already successful companies without hurting their shareholders and stakeholders is a smart and responsible move by PHIL and one that will certainly turn the leaf for the company. The closing of any one of these acquisitions will not only open the door for many more opportunities for Phi Group Inc., but it will also qualify the company to uplist to a senior exchange.
NEW YORK, Aug. 31, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com) (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions announced today that the Company has obtained a $15 million secured line of credit facility for acquisition financing from TCA Global Fund, a U.S. institutional fund.
Henry Fahman, Chairman and CEO of PHI Group, Inc., said, “Access to this credit facility will facilitate the Company’s ability to carry out its acquisition program of smaller targets in North America, especially to consummate an imminent transaction in the agricultural business in Northeastern U.S. We believe that the leverage that this facility affords us will enable us to minimize equity dilution compared to all-equity alternatives.”
Henry added: ““We plan to prudently utilize the facility to quickly conclude some pending transactions and take advantage of special situations otherwise not doable.”
Interessant ist das ein Fund auch Geld zu Verfügung stellt...denke langsam könnte es was werden :-))
According to the re-negotiated deal following the due diligence, all shareholders of the TARGET will have the possibility to exchange their shares for PHI Group’s stock. The exchange rate will be determined on the basis of 10 days’ Volume-Weighted Average of both companies’ stock prices (the "Acquisition Value").
In addition, PHI Group will make available a $20-million shareholder loan facility to retire the TARGET’s subsidiary term loan and provide working capital required to internationalize TARGET’s operations.
The TARGET is a leading company in the natural resource and construction material space in South Africa with average annual revenues of approximately $70 million during the last two years. The closing of this transaction is expected to add $6 million monthly revenues to PHI Group by the end of this month, not to mention new initiatives to capitalize on TARGETS’ capabilities to expand and grow both its domestic and international business.
Mojca Lukancic, Legal Advisory Managing Partner of Milost Advisors Inc, stated: “With support from all involved, we have arrived at the closing stage. This has required a lot of work and cooperation. Everybody is aware that after closing the real work will start, which will bring the TARGET to be among the best in its class.”
Henry Fahman, Chairman and CEO of PHI Group, added: “We are very pleased to have progressed very quickly on this transaction. We greatly appreciate the support of Milost team and the TARGET’s management, board of directors and shareholders who have made this deal possible. We also expect to announce other acquisitions that can potentially add significant value to the Company in the very near future.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market as soon as practical.
About Milost Advisors Inc
Headquartered in New York City, Milost Advisors Inc. is a global investment banking firm for mid to large market clients and entrepreneurs globally. Milost team experience continues to enable it to offer its clients comprehensive advisory services including M&A, capital markets, legal, research as well as restructuring and strategic advisory.
Safe Harbor: This news release and the featured interview contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Henry Fahman
+1-702-475-5430
henry@phiglobal.com