Latest news with #GLAS


Agriland
6 days ago
- Business
- Agriland
Dafm E2 Million in Outstanding Glas Payments Made in 2024
The Department of Agriculture, Food and the Marine (DAFM) paid out almost €2 million in outstanding payments under the Green Low-Carbon Agri-Environment Scheme (GLAS) in 2024. GLAS was the precursor to the Agri-Climate Rural Environment Scheme (ACRES) as the main agri-environment scheme under the last Common Agricultural Policy (CAP). 2022 was the last official year of the scheme; however, payments continue to be made in unresolved cases involving appeals and probate, as well as other matters which arose and prevented payment during the scheme's duration. According to the department's Annual Report for 2024, it spent just over €1.91 million on the scheme last year. This brings the total expenditure by the department for GLAS to over €1.36 billion since the start of the scheme in 2015. The department report also shows that outstanding payments continued for the Results-Based Environment Agri Pilot (REAP) scheme in 2024. This was a pilot project that operated alongside GLAS for 2021 and 2022. It was designed as a dry run for farmers, advisors and officials for the results-based approach to agri-environment payments used in ACRES. The reports states that some €120,000 in residual payments issued for REAP in 2024. Payments also continued in 2024 for the previous iteration of the Targeted Agricultural Modernisation Scheme (TAMS) under the last CAP, often referred to as TAMS II. Like GLASS, 2022 was the last official year of the previous TAMS programme, before the launch of TAMS III in 2023. However, payment claims for on-farm investments applied for and approved in the last TAMS can still be made, and payments still issued. €18.9 million in payments were made in respect of TAMS II in 2024, according to the department report. DAFM's report outlines the work it carried out in 2024 across various programmes. The work of the department is divided into five policy areas, referred to as 'Strategic Goals'. These are: Strategic Goal 1 - Policy and Strategy; Strategic Goal 2 - One Health One Welfare, Food Safety, Animal and Plant Health, and Animal Welfare; Strategic Goal 3 - Farm/Forestry Sector Supports and Controls; Strategic Goal 4 - Seafood Sector; Strategic Goal 5 - Corporate Development. Farm schemes and support measures come under the third of these goals, and that section of the report, which was recently laid before the Oireachtas, outlines the department's expenditure in this area in 2024. The highest amount of 2024 scheme expenditure was on the Basic Income Support for Sustainability (BISS) and the Complimentary Redistributive Income Support for Sustainability (CRISS), with some €842 million paid in 2024.


Fashion Network
05-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore. This article is an automatic translation. Click here to read the original article.


Fashion Network
05-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore.


Fashion Network
04-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore. This article is an automatic translation. Click here to read the original article.


Fashion Network
04-07-2025
- Business
- Fashion Network
SMCP: Towards a resolution of the 15.5% capital dispute?
The incredible imbroglio surrounding the governance of French luxury brand group SMCP is drawing closer to a conclusion. On Friday, the group announced in a press release "that it has been informed that the Singapore High Court has today decided to order Dynamic Treasure Group Ltd (DTG) to return to European Topsoho S.à r.l. (ETS) the 15.5% stake in SMCP that was transferred to it in 2021". This restitution must be carried out within one week of the ruling. The wording may seem complex. But for SMCP's creditors, who have been united under the GLAS trustee since the beginning of this rocky affair pitting them against the family of the group's former Chinese owners, it could mean recovering the missing share of capital that "vanished" four years ago. At the time, European Topsoho, the 53% shareholder owned by Yafu Qiu, former chairman of SMCP's board of directors and head of the Chinese Shandong Ruyi group, had discreetly sold over 15% of the capital in the midst of a financial slump. An investigation revealed that these shares had become the property of a company called Dynamic Treasure Group, a holding company run by Chenran Qiu, daughter of Yafu Qiu. Since then, legal proceedings have multiplied. After a British High Court ruling on the case a year ago, followed by a victory for GLAS on appeal, the proceedings were transferred to Singapore, where the shares are held. This time, the Singapore decision is once again in favor of GLAS. However, DTG still has the option of appealing and thus postponing the return of these shares. Why are these legal issues important for a minority shareholding? Because GLAS brings together European Topsoho's creditors, who have been saying since the beginning of this affair that they don't want to be shareholders in a brand. They intend to sell their stake in the parent company of Sandro, Maje, Claudie Pierlot and Fursac, which generates annual sales of over €1 billion. The return of their 15.5% stake would enable them to move forward with a project to sell their 53% stake, while the group's market capitalization stands at 356 million euros, with a share price of 4.55 euros a few minutes before the close of trading on the Paris Bourse on July 4. While at its peak, the share price had flirted with 25 euros per share in 2019, it was recently closer to 2 euros and has rallied in recent months, up 23% since the start of the year. The end of the legal battle would therefore probably mean the start of a project to sell off the 53% stake. Financial backers, employees and partners of the French group are therefore keeping a close eye on the wording of DTG's potential appeal to Singapore.