CHC, China Hydroelectric Corporation
** CHC reported that it has received tariff increases at four more of its hydroelectric power projects. These tariff increases are in addition to the recently announced tariff increases for two other power projects in Fujian province.
CHC has received substantial tariff increases for its Dazhaihe hydroelectric power project ("Dazhaihe"), one of its ten projects located in Yunnan province. Dazhaihe, acquired in April 2011, has 15 megawatts ("MW") of installed capacity and receives seasonally adjusted tariff rates. The new tariffs for each season represent an effective annual increase of 17% for Dazhaihe.
Furthermore, CHC has received a RMB 0.021 per kilowatt hour tariff increase for the Jinling complex which is located in Fujian Province and consists of three hydroelectric power projects: Dongguan, with 4.8 MW of installed capacity, Qianling, with 10.0 MW of installed capacity, and, Jinjiu, a 3.0 MW project. These three facilities received tariff increases of 7.5%, 8.8% and 7.5%, respectively.
CHC is an owner and operator of small hydroelectric power projects in China. Through its geographically diverse portfolio of operating assets, CHC generates and sells electric power to local power grids.
More about CHC at www.chinahydroelectric.com.
ORI, Old Republic International Corp.
** ORI reported that its wholly owned subsidiary, Republic Financial Indemnity Group, Inc. (RFIG) has sold a 20.6% common equity interest to a group of investors in a partial leveraged buyout (LBO).
The transaction has taken place in conjunction with ORI's decision to spin-off substantially all of its RFIG common stock holdings as a taxable dividend in-kind to ORI's shareholders. The spin-off will establish RFIG as a separate publicly held company.
A Registration and Information Statement describing RFIG's business and its common shares will be filed with the Securities and Exchange Commission (SEC) in the next few days. As soon as the Registration Statement clears SEC review, it will be sent to ORI shareholders of record, at which point the freely tradable RFIG common stock will be distributed.
ORI is one of the nation's 50 largest publicly held insurance organizations. ORI is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields.
More about ORI at www.oldrepublic.com
SHAW, Shaw Group Inc.
** SHAW reported that it has entered into a definitive agreement to sell substantially all of its Energy & Chemicals business to Technip.
Under the terms of the agreement, Technip will acquire substantially all of the business of the Energy & Chemicals Group for approximately $300 million in cash consideration, subject to adjustment based on the Energy & Chemicals Groups debt and working capital levels at closing.
SHAW and Technip also have agreed to work toward developing future business relationships involving SHAWs core business units.
SHAW expects to recognize a net pre-tax gain of approximately $15 million, or $10 million after tax, associated with the disposition of operations included in this transaction. The net gain also includes total charges of approximately $75 million pre-tax, which includes potential restructuring related to the businesses being retained, retention of the ethylene contract, transaction costs and other miscellaneous items. On a pre-tax basis, SHAW currently estimates this process will result in a charge of $43 million in the third quarter of fiscal year 2012, a gain of $66 million in the fourth quarter of fiscal year 2012, and a charge of $8 million in fiscal year 2013.
The timing and final amounts of the gain and related charges are dependent upon the closing of the transaction and the completion of potential restructuring and contract obligations.
The divestiture is targeted to be complete in SHAWs fourth quarter of fiscal year 2012.
After considering the above net gain, the previously issued earnings-per-share guidance for fiscal year 2012 is being increased to $2.20 to $2.30.
SHAW is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries.
More about SHAW at www.shawgrp.com.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. PennyOmega.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold PennyOmega.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://pennyomega.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.