Corporate action

PG&E Fire Victim Trust Announces Sale of an Additional 60 million Shares of PG&E Stock

Retrieved on: 
Friday, July 14, 2023
Public Policy, Government, Other Natural Resources, State, Local, Utilities, Energy, Natural Resources, Butte Fire, Bankruptcy, FVT, Trust, Fire, PG, Bangladesh Securities and Exchange Commission, Sale, Medicine, United States bankruptcy court, Trustee, PG&E, Death, Corporate action, Campfire, Camp Fire (2018), Insurance

The PG&E Fire Victim Trust (FVT) announced today the sale of 60 million shares of PG&E stock as it continues fulfilling its mission to compensate the victims of fires in Northern California from 2015 to 2018.

Key Points: 
  • The PG&E Fire Victim Trust (FVT) announced today the sale of 60 million shares of PG&E stock as it continues fulfilling its mission to compensate the victims of fires in Northern California from 2015 to 2018.
  • The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&E’s Chapter 11 Plan of Reorganization.
  • At that time, 476,995,175 shares of common stock were transferred to the Trust.
  • The Trust now holds 67,743,590 shares of PG&E stock following this most recent sale.

Santa Cruz County Bank Announces Annual Shareholder Voting Results

Retrieved on: 
Friday, May 26, 2023
Corporate action, Greater Community Bancorp, Plan, Bank, Retirement, Security (finance), Holding company

The number voting "For" constituted over 79% of the total number of shares represented for all directors listed to this item of business.

Key Points: 
  • The number voting "For" constituted over 79% of the total number of shares represented for all directors listed to this item of business.
  • The appointment of Crowe LLP as the Bank's independent registered public accounting firm for 2023 was ratified, with the number of shares voted as follows:
    The number voting "For" constituted 99.67% of the total number of shares represented and voting at the meeting with respect to this item of business.
  • At the meeting, shareholders approved the principal terms of the Plan of Reorganization and Merger Agreement providing for the reorganization of Santa Cruz County Bank into a wholly-owned subsidiary of West Coast Community Bancorp.
  • Shares were voted as follows:
    The number voting "For" constituted 96.90% of the total number of shares represented and voting at the meeting with respect to this item of business.

Sinclair Approves Holding Company Reorganization

Retrieved on: 
Wednesday, May 24, 2023
Technology, Finance, Entertainment, Online, Communications, Professional Services, Audio, Video, Media, TV and Radio, Security (finance), Bangladesh Securities and Exchange Commission, Sinclair Broadcast Group, Corporate action, SBGI, Holding company

Sinclair Broadcast Group, Inc. (the “Company”) (Nasdaq: SBGI) announced that, at a special meeting held today, its stockholders approved the previously announced reorganization, in the form of a share exchange, in which a new holding company, Sinclair, Inc. (“New Sinclair”), will become the publicly-traded parent of the Company and its subsidiaries (the “Reorganization”).

Key Points: 
  • Sinclair Broadcast Group, Inc. (the “Company”) (Nasdaq: SBGI) announced that, at a special meeting held today, its stockholders approved the previously announced reorganization, in the form of a share exchange, in which a new holding company, Sinclair, Inc. (“New Sinclair”), will become the publicly-traded parent of the Company and its subsidiaries (the “Reorganization”).
  • The Reorganization is expected to close in the second quarter of 2023.
  • In the Reorganization, each outstanding share of the Company’s Class A common stock and Class B common stock will be exchanged automatically on a one-for-one basis for a share of Class A common stock and Class B common stock, respectively, of New Sinclair.
  • The Reorganization is not expected to result in gain or loss to the Company’s stockholders for U.S. federal income tax purposes.

ALJ REGIONAL HOLDINGS, INC. ANNOUNCES EFFECTIVE TIME OF REORGANIZATION

Retrieved on: 
Tuesday, May 23, 2023
Agreement, State, Plan, Rule, OTC Markets Group, Regulation D, ALJ, General Motors Chapter 11 reorganization, OTC Bulletin Board, OTC, NewCo, Letter, Corporate action, Financial services, Security (finance)

The ALJ common stock will stop trading on the OTC Markets at the close of market on Thursday, May 25, 2023 (the "Stop-Trade Time").

Key Points: 
  • The ALJ common stock will stop trading on the OTC Markets at the close of market on Thursday, May 25, 2023 (the "Stop-Trade Time").
  • NewCo will not issue any fractional shares of NewCo common stock ("Fractional Shares") in connection with any issuance of Stock Consideration.
  • On or about May 31, 2023, the registered holders of ALJ's common stock as of the Stop-Trade Time will receive a letter of transmittal providing instructions for surrendering their ALJ common stock and receiving their Reorganization Consideration.
  • For additional details of the Reorganization, please refer to the proxy statement available on ALJ's website at ( www.aljregionalholdings.com ).

ALJ REGIONAL HOLDINGS, INC. ANNOUNCES RESULTS OF SPECIAL STOCKHOLDER MEETING

Retrieved on: 
Friday, May 12, 2023
NewCo, OTC Markets Group, Letter, Regulation D, ALJ, Corporate action, Financial services

The filing of the certificate of merger to effect the Reorganization (the "Effective Time") will be subject to satisfaction or waiver of the conditions specified in the Reorganization Agreement.

Key Points: 
  • The filing of the certificate of merger to effect the Reorganization (the "Effective Time") will be subject to satisfaction or waiver of the conditions specified in the Reorganization Agreement.
  • Registered holders of the Company's common stock will receive a letter of transmittal providing instructions for surrendering their stock certificate, if any, and receiving their Reorganization Consideration.
  • ALJ stockholders that hold shares in street name will receive similar instructions from their brokerage or similar accounts.
  • For additional details of the Reorganization, please refer to the proxy statement available on the website of OTC Markets at https://www.otcmarkets.com as well as ALJ's website at ( www.aljregionalholdings.com ).

Talen Announces Closing of $1.2 Billion Senior Secured Notes Offering

Retrieved on: 
Friday, May 12, 2023
Corporate action, Plan, TEC, Talen Energy, SEC Rule 144A, Line of credit, TES, Person, Sale, Escrow, Joint, Regulation, Trust company, Bankruptcy, Security (finance), Note

HOUSTON, May 12, 2023 /PRNewswire/ -- Talen Energy Corporation ("TEC") announced today that Talen Energy Supply, LLC ("TES" or the "Company"), a direct wholly owned subsidiary of TEC, has completed its previously announced offering of $1.2 billion in the aggregate principal amount of its 8.625% senior secured notes due 2030 (the "Notes"), pursuant to the Joint Chapter 11 Plan of Reorganization of Talen Energy Supply, LLC and its Affiliated Debtors (the "Plan").

Key Points: 
  • HOUSTON, May 12, 2023 /PRNewswire/ -- Talen Energy Corporation ("TEC") announced today that Talen Energy Supply, LLC ("TES" or the "Company"), a direct wholly owned subsidiary of TEC, has completed its previously announced offering of $1.2 billion in the aggregate principal amount of its 8.625% senior secured notes due 2030 (the "Notes"), pursuant to the Joint Chapter 11 Plan of Reorganization of Talen Energy Supply, LLC and its Affiliated Debtors (the "Plan").
  • Prior to the Completion Date, the Notes will be senior secured obligations of the Company secured only by a first priority security interest in the Escrow Account and all amounts on deposit therein, and the Notes will not be guaranteed.
  • The Notes and the related guarantees have not been and will not be registered under the Securities Act or any state securities laws.
  • The offering of Note is being made only by means of a confidential offering circular.

KP Tissue Releases First Quarter 2023 Financial Results

Retrieved on: 
Thursday, May 11, 2023
Kruger Inc., Partnership, KPT, SG, KP, KPLP, AFH, Sherbrooke, EBITDA, Trust, Acquisition, Traction, MD, SEDAR, Webcast, TSX, Consumer, Adjustment, White, News, Corporate action, Tissue paper, Beauty salon, Cryptocurrency, Holding company, Retail, Security (finance)

MISSISSAUGA, Ontario, May 11, 2023 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q1 2023 financial and operational results of KPT and Kruger Products Inc. (Kruger Products).

Key Points: 
  • MISSISSAUGA, Ontario, May 11, 2023 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q1 2023 financial and operational results of KPT and Kruger Products Inc. (Kruger Products).
  • The ramp-up of our bathroom tissue line exceeded expectations in the first quarter, while the start-up of our facial tissue and paper machine lines are scheduled for the fourth quarter of 2023 and end of 2024, respectively.
  • Accordingly, Adjusted EBITDA1 in Q2 2023 is expected to be in the range of Q1 2023.
  • KPT will hold its first quarter conference call on Thursday, May 11, 2023 at 8:30 a.m. Eastern Time.

Kenya’s starvation cult left over 100 dead – a psychologist’s view on how to support people as they process tragedy

Retrieved on: 
Tuesday, May 9, 2023
God, Religion, Shock, Friends, Anxiety, Hope, Hypoesthesia, Anger, Emotion, Burial, Pain, Insomnia, Grief, Time, Frustration, Corporate action, Government, Betrayal, System, Trauma, Death, News, Pentecostalism, Tourism, Dry cleaning, Employment agency, Entertainment, Hospital, Meat, Nursing

By the end of the month, at least 110 bodies had been dug up from shallow graves in the area’s Shakahola forest.

Key Points: 
  • By the end of the month, at least 110 bodies had been dug up from shallow graves in the area’s Shakahola forest.
  • A loss of this magnitude is traumatic and painful for the families and friends directly affected, and also for the public exposed to the details.
  • This complicates the grieving process as people experience betrayal from one of their most valued support systems: religion.
  • Most families will adapt their own style and process – all valid – to handle the pain and trauma.

Shock and numbness

    • It manifests in the form of denial of the fact that the person is dead.
    • Shock or denial is one of the immediate healthy reactions to a traumatic event.
    • Shock, disappointment, anger, frustration, denial or even acceptance are all valid reactions.

Yearning and searching

    • Staring at a perceived impossible future, a grieving individual tries to search for the comfort they used to enjoy from the deceased.
    • This manifests in a continuous preoccupation with the person who has died, and an attempt to look for reminders of them.
    • In a traumatic case like the Shakahola one, one of the most important things that families will be yearning and searching for is justice and information about what caused their loved one’s death.

Despair and disorganisation

    • For families affected by the Shakahola saga, many are likely to be furious at government agencies, their deceased loved ones and the church.
    • This anger may also be directed at themselves, especially if they feel they could have done something to prevent the death of their loved one.
    • It’s important to allow families to express these mixed reactions at whoever they choose to without trying to convince them otherwise.

Reorganisation and recovery

    • They begin to relinquish some of their loved one’s property or start to carry out some of the duties that were performed by the deceased.
    • Read more:
      Can death on the screen feel the same as a 'real' one?
    • When you experience a tragedy, it’s important to realise that any accompanying emotions are normal reactions to an abnormal event.
    • The process may take time and the pain may not subside quickly, and it all remains valid.

Washington Federal, Inc. and Luther Burbank Corporation Announce Receipt of Shareholder Approval for Merger

Retrieved on: 
Friday, May 5, 2023
Plan, LBC, Tripura Merger Agreement, Washington Federal, Certification, Mergers and acquisitions, WAFD, Acquisition, Corporate action, Federal Bank, Security (finance)

SANTA ROSA, Calif., May 05, 2023 (GLOBE NEWSWIRE) -- Washington Federal, Inc. (NASDAQ: WAFD, “Washington Federal”), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that, at special meetings of their respective shareholders held on May 4, 2023, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the “Merger Agreement”), by and between Washington Federal and Luther Burbank, and Luther Burbank’s shareholders approved the Merger Agreement, the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation (the “Merger”), and the compensation payable to the named executive officers of Luther Burbank in connection with the Merger.

Key Points: 
  • SANTA ROSA, Calif., May 05, 2023 (GLOBE NEWSWIRE) -- Washington Federal, Inc. (NASDAQ: WAFD, “Washington Federal”), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that, at special meetings of their respective shareholders held on May 4, 2023, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the “Merger Agreement”), by and between Washington Federal and Luther Burbank, and Luther Burbank’s shareholders approved the Merger Agreement, the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation (the “Merger”), and the compensation payable to the named executive officers of Luther Burbank in connection with the Merger.
  • The consummation of the Merger remains subject to customary closing conditions, including receipt of required regulatory approvals.
  • Brent Beardall, President and Chief Executive Officer of Washington Federal, commented, “We are pleased to have received approval of our shareholders and Luther Burbank’s shareholders in connection with our pending acquisition of Luther Burbank.
  • We are working collaboratively with Washington Federal on expeditiously pursuing regulatory approval so that we can begin executing on our closing and integration processes.”

Washington Federal, Inc. and Luther Burbank Corporation Announce Receipt of Shareholder Approval for Merger

Retrieved on: 
Friday, May 5, 2023
Banking, Professional Services, Finance, Plan, LBC, Tripura Merger Agreement, Washington Federal, Federal, Certification, Mergers and acquisitions, WAFD, Acquisition, Corporate action, Federal Bank, Security (finance)

Washington Federal, Inc. (NASDAQ: WAFD) (“Washington Federal”), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC) (“Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that, at special meetings of their respective shareholders held on May 4, 2023, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the “Merger Agreement”), by and between Washington Federal and Luther Burbank, and Luther Burbank’s shareholders approved the Merger Agreement, the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation (the “Merger”), and the compensation payable to the named executive officers of Luther Burbank in connection with the Merger.

Key Points: 
  • Washington Federal, Inc. (NASDAQ: WAFD) (“Washington Federal”), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC) (“Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that, at special meetings of their respective shareholders held on May 4, 2023, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of November 13, 2022 (the “Merger Agreement”), by and between Washington Federal and Luther Burbank, and Luther Burbank’s shareholders approved the Merger Agreement, the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation (the “Merger”), and the compensation payable to the named executive officers of Luther Burbank in connection with the Merger.
  • The consummation of the Merger remains subject to customary closing conditions, including receipt of required regulatory approvals.
  • Brent Beardall, President and Chief Executive Officer of Washington Federal, commented, “We are pleased to have received approval of our shareholders and Luther Burbank’s shareholders in connection with our pending acquisition of Luther Burbank.
  • We are working collaboratively with Washington Federal on expeditiously pursuing regulatory approval so that we can begin executing on our closing and integration processes.”