Latest news with #Hart-Scott-RodinoAct
Yahoo
a day ago
- Business
- Yahoo
EOG to Acquire Encino's Assets in Utica for $5.6B
This article was first published on Rigzone here EOG Resources, Inc. said it has entered into a definitive agreement to acquire Encino Acquisition Partners (EAP) from the Canada Pension Plan Investment Board (CPP) and Encino Energy for $5.6 billion, inclusive of EAP's net debt. EOG expects to fund the acquisition through $3.5 billion of debt and $2.1 billion of cash on hand, the company said in a news release. The transaction is expected to close in the second half, subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions, EOG said. The acquisition of Encino's 675,000 net core acres increases EOG's Utica position to a combined 1.1 million net acres, representing more than 2 billion barrels of oil equivalent of undeveloped net resources, with pro forma production totaling 275,000 barrels of oil equivalent per day (boepd), according to the release. EOG said that the acquisition significantly expands its contiguous liquids-rich acreage, adds premium-priced gas exposure, and increases working interest. The company averages 65 percent liquids production, with 235,000 net acres for a combined contiguous position of 485,000 net acres. On the natural gas front, the acquisition adds 330,000 net acres along with existing natural gas production with firm transportation exposed to premium end markets. In the northern acreage, where the company has delivered outstanding well results, EOG increases its existing average working interest by more than 20 percent, the company stated. "This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets," EOG Chairman and CEO Ezra Yacob said. "Encino's acreage improves the quality and depth of our Utica position, expanding EOG's multi-basin portfolio to more than 12 billion barrels of oil equivalent net resources". Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> "We are excited to execute on this unique opportunity that is immediately accretive to our per-share metrics and meets our strict criteria for acquisitions - high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price," Yacob added. "Our ability to execute on the Encino acquisition without diluting our shareholders will be a textbook example of how EOG utilizes its industry leading balance sheet to take advantage of counter cyclical opportunities to enhance the returns of our business and create long-term value for our shareholders,' he said. EAP was established by CPP Investments and Encino Energy in 2017 to acquire high-quality oil and gas assets with an established base of production in mature basins across the lower 48 states in the USA, CPP said in a separate statement. Since 2017, CPP Investments has held a 98 percent ownership position in EAP alongside Encino Energy. Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources, CPP noted. 'When we established Encino Acquisition Partners with Encino Energy in 2017 we envisioned creating a company that would be a leader in acquiring U.S. oil and gas assets. Since then, it has done just that, and we are pleased with EAP's success and the strong returns this investment has delivered,' Bill Rogers, head of sustainable energy at CPP Investments, said. To contact the author, email More From The Leading Energy Platform: TotalEnergies Exits Bonga Field in Nigeria OPEC+ Countries to 'Implement Production Adjustment' of 411K Bpd in July Naftogaz, Orlen to Expand Energy Partnership JP Morgan Asks If Oil Prices Are $10 Too Low or $20 Too High >> Find the latest oil and gas jobs on << Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
EOG strengthens Utica presence with $5.6bn acquisition deal
EOG Resources has entered into a definitive agreement to acquire Encino Acquisition Partners from the Canada Pension Plan Investment Board and Encino Energy for $5.6bn, including net debt. This move is set to transform EOG's standing in the Utica shale play, significantly expanding its net core acres. The acquisition will elevate EOG's Utica position to 1.1 million net acres, with undeveloped net resources of more than two billion barrels of oil equivalent per day (bboe/d). The deal is expected to be immediately accretive to EOG's net asset value and per-share financial metrics, enhancing annualised EBITDA (earnings before interest, taxes, depreciation and amortisation) by 10%, and cash flow from operations and free cash flow by 9%. EOG's acquisition of Encino's assets will expand its liquids-rich acreage in the volatile oil window by 235,000 net acres, creating a contiguous position of 485,000 net acres. It also adds 330,000 net acres in the natural gas window, with production exposed to premium markets. EOG's working interest in the northern acreage, where it has seen excellent well results, will increase by more than 20%. The operational expertise and increased scale from the acquisition are expected to generate more than $150m in synergies in the first year. These synergies will come from reduced capital, operating and debt financing costs. Additionally, the acquisition supports EOG's strategy of returning capital to shareholders, evidenced by a 5% increase in dividends. EOG's board of directors has declared a dividend of $1.02 per share, to be paid on 31 October 2025 to shareholders on record as of 17 October 2025. The annual rate indicated is $4.08. The transaction, expected to close in the second half of 2025, is subject to Hart-Scott-Rodino Act clearance and other customary conditions. EOG chairman and chief executive officer Ezra Y. Yacob said: "This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets. Encino's acreage improves the quality and depth of our Utica position, expanding EOG's multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource.' "EOG strengthens Utica presence with $5.6bn acquisition deal" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-05-2025
- Business
- Yahoo
Victoria's Secret adopts poison pill to halt hostile takeover
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Victoria's Secret & Co's board of directors approved the adoption of a limited-duration shareholder rights plan, or poison pill, to protect the best interest of shareholders, according to a Tuesday announcement. The plan was effective Tuesday and expires in one year. The strategy is in response to the 'substantial accumulation' of Victoria's Secret stock by investment firm BBRC International. BBRC began increasing its position in Victoria's Secret in March to around 13% of outstanding shares. Victoria's Secret will issue one right per share of common stock on May 29, which will become exercisable if a shareholder acquires a 15% or higher stake. Victoria's Secret is pushing back after an Australian investment firm acquired a considerable amount of the company's stock. Victoria's Secret said that, for nearly three years, BBRC acquired stock in violation of U.S. antitrust law. The retailer said the investment firm failed to file forms required under the Hart-Scott-Rodino Act. BBRC has since made corrective filings that would permit the firm to acquire nearly 50% of Victoria's Secret's voting stock once the waiting period expires on Wednesday. A poison pill is a way of deterring investors from amassing enough shares to take control of a company or stage a takeover without the board's approval. 'In light of the circumstances and consistent with its fiduciary duties, the Board determined it was necessary to adopt a rights plan to protect the long-term interests of all Victoria's Secret shareholders and guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control,' Donna James, board chair, said in a statement. BBRC did not respond to Retail Dive's request for comment. Victoria's Secret has been in talks with BBRC representatives and its owner, billionaire businessman Brett Blundy, for the past three years. 'We value Mr. Blundy's input as a shareholder and look forward to continuing our dialogue,' James said. However, the retailer pointed to BBRC's track record of acquiring controlling interests in retail companies and its recent launch of lingerie, sleepwear and beauty brand, Léays. Blundy also founded Bras N Things in the 1980s and eventually sold it to Hanesbrands in 2018 for around $400 million.
Yahoo
20-05-2025
- Business
- Yahoo
Mesa Air Group Reports Second Quarter Fiscal 2025 Results
PHOENIX, May 20, 2025 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ('Mesa' or the 'Company') today reported second quarter fiscal 2025 financial and operating operating revenues of $94.7 million Pre-tax loss of $62.5 million, net loss of $58.6 million, or $(1.42) per diluted share Adjusted net loss1 of $2.9 million2 excludes a $53.8 million loss related to the impairment and loss on sale of assets Adjusted EBITDAR1 of $9.6 million Operated at a 99.9% controllable completion factor3 Scheduled utilization for the quarter of 9.4 block hours per day Operated our last CRJ-900 flight on February 28, 2025 'In the March 2025 quarter, Mesa posted our sixth straight quarter of positive EBITDA and EBITDAR performance, along with our third consecutive quarter of improving block-hour-per-day utilization, which is expected to be 9.8 in the June 2025 quarter,' said Jonathan Ornstein, Mesa Chairman and CEO. 'Notably, we flew our final CRJ-900 flight during February, culminating a multi-year transition of our operations. Mesa was the worldwide launch customer for the CRJ-900 and flew the first flight in 2003. Our United fleet now consists exclusively of 60 E-175 aircraft, and when combined with Republic Airways' fleet upon the closing of our announced transaction, will create one of the world's leading Embraer operators.' 'We continued to close on sales of surplus CRJ assets and repay debt obligations, and we remain focused on being the strongest possible enterprise by the time of transaction completion,' continued Ornstein. 'I want to thank our people for the dedication they have shown during this process, and we look forward to providing enhanced opportunities for them, as well as for our shareholders, as a result of the transaction.' ____________1 See Reconciliation of GAAP versus non-GAAP Disclosures2 Adjusted net loss primarily excludes a $53.8 million loss related to the impairment and loss on sale of assets3 Excludes cancellations due to weather and air traffic control Mesa Republic Merger Update Hart-Scott-Rodino (HSR) filing submitted: May 16, 2025 Merger expected to close prior to calendar year-end 2025, subject to regulatory approvals, including under the Hart-Scott-Rodino Act, shareholder approvals, and other customary closing conditions Additional details regarding the proposed merger can be found in our Form 8-K filed with the SEC on April 8, 2025 Second Quarter Fiscal 2025 Details Total operating revenues in Q2 2025 were $94.7 million, lower by $36.8 million, or 28.0%, compared to $131.6 million for Q2 2024. Contract revenue was $68.4 million, lower by $45.4 million, or 39.9%, compared to $113.8 million in Q2 2024. These decreases were driven by the reduction in contractual aircraft with United Airlines, Inc. ('United'), and higher deferred revenue. Also, Q2 2024 results included $8.8 million of revenue attributable to higher E-175 block-hour rates retroactively applied to Q1 2024 flying. Pass-through revenue increased by $8.6 million, or 48.2%, driven primarily by higher pass-through maintenance expense. Mesa's Q2 2025 results include, per GAAP, the recognition of $0.7 million of previously deferred revenue, versus the recognition of $7.9 million of previously deferred revenue in Q2 2024. The remaining deferred revenue balance of $14.6 million will be recognized as flights are completed over the remaining term of the United contract. Total operating expenses in Q2 2025 were $152.0 million, an increase of $32.1 million, or 27%, versus Q2 2024. Compared to Q2 2024, the increase primarily reflects net losses on asset sales of $46.2 million. Excluding these items, Q2 2025 operating expenses were $105.8 million, lower by $11.5 million, or 9.8%, compared to $117.3 million in Q2 2024. This decrease primarily reflects flight operations expense that was lower by $13.1 million, or 26.6%, due to fewer contracted aircraft and decreases in pilot training costs, and depreciation and amortization expense that was lower by $3.9 million, or 39.4%, primarily due to the retirement and sale of CRJ aircraft and engines. Mesa's Q2 2025 results reflect a net loss of $58.6 million, or $(1.42) per diluted share, compared to net income of $11.7 million, or $0.28 per diluted share, for Q2 2024. Mesa's Q2 2025 adjusted net loss was $2.9 million, or $(0.07) per diluted share, versus adjusted net income of $6.3 million, or $0.15 per diluted share, in Q2 2024. Mesa's adjusted EBITDA1 for Q2 2025 was $8.3 million, compared to adjusted EBITDA of $26.8 million for Q2 2024. Adjusted EBITDAR was $9.6 million for Q2 2025, compared to adjusted EBITDAR of $28.2 million for Q2 2024. Second Quarter Fiscal 2025 Operating Performance Operationally, the Company reported a controllable completion factor of 99.9% for United during Q2 2025. This is compared to a controllable completion factor of 99.9% for United during Q2 2024. Controllable completion factor excludes cancellations due to weather and air traffic control. For Q2 2025, the Company operated 60 large (70/76 seats) jets under its CPA with United, comprising 57 E-175s and three CRJ-900s. As of March 31, 2025, Mesa was flying a fleet of 60 E-175s and had wound down CRJ-900 flying. Balance Sheet and Liquidity Mesa ended the March 2025 quarter with $54.1 million in unrestricted cash and cash equivalents. As of March 31, 2025, the Company had $131.7 million in total debt, secured primarily with aircraft and engines, compared to a balance of $400.1 million as of March 31, 2024. During the quarter, the Company paid $25.6 million in debt, comprising of payments related to CRJ asset sale transactions and scheduled obligations. Based on the most recent appraisal value of spare parts, Mesa had $12.4 million in available credit under its United facility, subject to approval. About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 82 cities in 32 states, the District of Columbia, Cuba, and Mexico. As of March 31, 2025, Mesa operated a fleet of 60 aircraft, with approximately 238 daily departures. The Company had approximately 1,650 employees. Mesa operates all its flights as United Express pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc. Important Cautions Regarding Forward-Looking Statements This Press Release includes information that constitutes forward-looking statements 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. Words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'might', 'will', 'should', 'can have', 'likely' and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the Company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the ability to complete the proposed merger with Republic on the proposed terms or on the anticipated timeline, or at all, including the risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the proposed transaction, the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company's ability to regain compliance with Listing Rule, the Company's ability to become current with its reports with the SEC, and the risk that the completion and filing of the Form 10-Q will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the SEC, including the risk factors contained in its most recent Annual Report on Form 10-K and the Company's other subsequent filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. Contact:Mesa Air Group, Investor AIR GROUP, Statements of Operations and Comprehensive Income (Loss)(In thousands, except per share amounts) (Unaudited) Three months ended March 31, Six months ended March 31, 2025 2024 2025 2024 Operating revenues: Contract revenue $ 68,423 $ 113,820 $ 149,101 $ 214,920 Pass-through and other revenue 26,324 17,762 48,879 35,439 Total operating revenues 94,747 131,582 197,980 250,359 Operating expenses: Flight operations 36,197 49,329 71,470 101,147 Maintenance 43,539 44,272 90,066 92,899 Aircraft rent 1,324 1,408 2,940 2,612 General and administrative 11,484 11,133 21,003 23,142 Depreciation and amortization 5,955 9,823 13,934 23,116 Asset impairment 46,173 2,659 111,838 43,043 Loss on sale of assets 7,706 — 54,397 — (Gain) on extinguishment of debt — — — (2,954 ) Other operating expenses (379 ) 1,315 381 4,159 Total operating expenses 151,999 119,939 366,029 287,164 Operating income (loss) (57,252 ) 11,643 (168,049 ) (36,805 ) Other income (expense), net: Interest expense (5,334 ) (10,640 ) (12,398 ) (21,800 ) Interest income 24 14 41 28 Gain on investments — 7,230 — 7,230 Unrealized loss on investments, net (11 ) (6,499 ) (53 ) (4,048 ) Gain on debt forgiveness — 10,500 4,500 10,500 Other income, net 79 (516 ) (2,820 ) (359 ) Total other income (expense), net (5,242 ) 89 (10,730 ) (8,449 ) Income (loss) before taxes (62,494 ) 11,732 (178,779 ) (45,254 ) Income tax expense (benefit) (3,863 ) 72 (5,591 ) 936 Net income (loss) $ (58,631 ) $ 11,660 $ (173,188 ) $ (46,190 ) Net income (loss) per share attributable to common shareholders Basic $ (1.42 ) $ 0.28 $ (4.19 ) $ (1.13 ) Diluted $ (1.42 ) $ 0.28 $ (4.19 ) $ (1.13 ) Weighted-average common shares outstanding Basic 41,334 41,068 41,333 41,004 Diluted 41,334 41,068 41,333 41,004 MESA AIR GROUP, Balance Sheets(In thousands) (Unaudited) March 31,2025 September 30,2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 54,116 $ 15,621 Restricted cash 3,043 3,009 Receivables, net 14,674 5,263 Expendable parts and supplies, net 13,649 28,272 Assets held for sale 75,812 5,741 Prepaid expenses and other current assets 2,283 3,371 Total current assets 163,577 61,277 Property and equipment, net 36,846 426,351 Lease and equipment deposits 583 1,289 Operating lease right-of-use assets 7,050 7,231 Deferred heavy maintenance, net — 6,396 Assets held for sale — 86,605 Other assets 6,896 7,709 TOTAL ASSETS $ 214,952 $ 596,858 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt and finance leases $ 98,603 $ 50,455 Current portion of deferred revenue 5,381 3,932 Current maturities of operating leases 1,535 1,681 Accounts payable 55,972 72,096 Accrued compensation 11,498 12,797 Customer deposits 849 1,189 Other accrued expenses 28,199 32,308 Total current liabilities 202,037 174,458 NONCURRENT LIABILITIES: Long-term debt and finance leases, excluding current portion 31,652 259,816 Noncurrent operating lease liabilities 6,890 6,863 Deferred credits — 3,020 Deferred income taxes 596 8,173 Deferred revenue, net of current portion 9,209 5,707 Other noncurrent liabilities 26,973 28,579 Total noncurrent liabilities 75,320 312,158 Total liabilities 277,357 486,616 STOCKHOLDERS' EQUITY: Common stock of no par value and additional paid-in capital, 125,000,000 shares authorized; 41,334,433 (2025) and 41,331,719 (2024) shares issued and outstanding, 4,899,497 (2025) and 4,899,497 (2024) warrants issued and outstanding 272,918 272,376 Accumulated deficit (335,323 ) (162,134 ) Total stockholders' equity (62,405 ) 110,242 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 214,952 $ 596,858 MESA AIR GROUP, Highlights(Unaudited) Three months ended March 31, 2025 2024 Change Available seat miles (thousands) 890,987 961,761 (11.3 )% Block hours 39,517 43,270 (12.7 )% Average stage length (miles) 600 544 6.5 % Departures 19,894 23,691 (17.4 )% Passengers 1,174,960 1,422,702 63.3 % Controllable completion factor* United 99.88 % 99.85 % 0.0 % Total completion factor** United 97.02 % 97.15 % (0.1 )% *Controllable completion factor excludes cancellations due to weather and air traffic control**Total completion factor includes all cancellations Reconciliation of non-GAAP financial measures Although these financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), certain non-GAAP financial measures may provide investors with useful information regarding the underlying business trends and performance of Mesa's ongoing operations and may be useful for period-over-period comparisons of such operations. The tables below reflect supplemental financial data and reconciliations to GAAP financial statements for the three months and six months ended March 31, 2025 and March 31, 2024. Readers should consider these non-GAAP measures in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income or loss. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Reconciliation of GAAP versus non-GAAP Disclosures(In thousands) (Unaudited) Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Income (Loss) Before Taxes Income Tax (Expense)Benefit Net Income (Loss) Net Income (Loss) per Diluted Share Income(Loss)Before Taxes Income Tax (Expense)Benefit Net Income(Loss) Net Income (Loss) per Diluted Share GAAP income (loss) $ (62,494 ) $ 3,863 $ (58,631 ) $ (1.42 ) $ 11,732 $ (72 ) $ 11,660 $ 0.28 Adjustments(1)(2)(3)(4)(5)(6)(7)(8)(9) 59,550 (3,681 ) 55,869 $ 1.35 (5,423 ) 33 (5,390 ) $ (0.13 ) Adjusted income (loss) (2,944 ) 182 (2,762 ) $ (0.07 ) 6,309 (39 ) 6,270 $ 0.15 Interest expense 5,334 10,640 Interest income (24 ) (14 ) Depreciation and amortization 5,955 9,823 Adjusted EBITDA 8,321 26,758 Aircraft rent 1,324 1,408 Adjusted EBITDAR $ 9,645 $ 28,166 (1) $10.5 million gain on debt forgiveness during the three months ended March 31, 2024. (2) $6.5 million loss resulting from changes in the fair value of the Company's investments in equity securities during the three months ended March 31, 2024. (3) $7.2 million gain on the transfer of investments in equity securities during the three months ended March 31, 2024. (4) $0.9 million loss for early payment fees on the retirement of debt during the three months ended March 31, 2024. (5) $46.2 million and $2.7 million impairment loss related to held for sale assets during the three months ended March 31, 2025 and March 31, 2024, respectively. (6) $1.3 million and $1.2 million loss on deferred financing costs related to the retirement of debts during the three months ended March 31, 2025 and March 31, 2024 respectively.(7) $3.6 million and $1.2 million in third party costs associated with significant, non-recurring transactions during the three months ended March 31, 2025 and March 31, 2024, respectively.(8) $7.7 million net loss and $0.2 million gain on the sale of assets during the three months ended March 31, 2025 and March 31, 2024, respectively.(9) $0.7 million in miscellaneous costs associated with the sale of assets during the three months ended March 31, 2025. Six Months Ended March 31, 2025 Six Months Ended March 31, 2024 Income (Loss) Before Taxes Income Tax (Expense)Benefit Net Income (Loss) Net Income (Loss) per Diluted Share Income(Loss)Before Taxes Income Tax (Expense)Benefit Net Income(Loss) Net Income (Loss) per Diluted Share GAAP income (loss) $ (178,779 ) $ 5,591 $ (173,188 ) $ (4.19 ) $ (45,254 ) $ (936 ) $ (46,190 ) $ (1.13 ) Adjustments(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12) 171,816 (5,373 ) 166,433 $ 4.03 32,217 666 32,883 $ 0.80 Adjusted income (loss) (6,963 ) 218 (6,745 ) $ (0.16 ) (13,037 ) (270 ) (13,307 ) $ (0.32 ) Interest expense 12,398 21,800 Interest income (41 ) (28 ) Depreciation and amortization 13,934 23,116 Adjusted EBITDA 19,328 31,851 Aircraft rent 2,940 2,612 Adjusted EBITDAR $ 22,268 $ 34,463 (1) $3.0 million gain on extinguishment of debt the six months ended March 31, 2024. (2) $7.2 million gain on the transfer of investments in equity securities during the six months ended March 31, 2024. (3) $0.9 million loss for early payment fees on the retirement of debt during the six months ended March 31, 2024.(4) $4.5 million and $10.5 million gain on debt forgiveness during the six months ended March 31, 2025 and March 31, 2024, respectively. (5) $0.1 million and $4.0 million loss resulting from changes in the fair value of the Company's investments in equity securities during the six months ended March 31, 2025 and March 31, 2024, respectively. (6) $51.1 million and $43.0 million impairment loss related to held for sale assets during the six months ended March 31, 2025 and March 31, 2024, respectively.(7) $2.0 million and $1.3 million loss on deferred financing costs related to the retirement of debts during the six months ended March 31, 2025 and March 31, 2024 respectively.(8) $4.3 million and $3.2 million in third party costs associated with significant, non-recurring transactions during the six months ended March 31, 2025 and March 31, 2024, respectively.(9) $54.4 million and $0.2 million net loss on the sale of assets during the six months ended March 31, 2025 and March 31, 2024, respectively.(10) $0.7 million in miscellaneous costs associated with the sale of assets during the six months ended March 31, 2025.(11) $2.9 million loss on the write off of interest related to the sale of aircraft during the six months ended March 31, 2025.(12) $60.7 million impairment loss related to the write down of net book value of certain aircraft during the six months ended March 31, 2025. Source: Mesa Air Group, in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Victoria Secret Adopts Poison Pill to Keep Brett Blundy's BBRC at Bay
Victoria Secret & Co. has an admirer who might be getting a little too close for comfort. The lingerie company adopted a shareholder rights plan — commonly described as a poison pill — to 'protect the best interests' of all shareholders after Australian entrepreneur Brett Blundy's BBRC International amassed a 13 percent stake in the business. More from WWD Victoria's Secret Names 3 Brand Presidents to Carry Out CEO Hillary Super's Vision The Victoria's Secret Fashion Show Caused a Valentine's Day Stumble Victoria's Secret Projects $10M to $20M Hit to Operating Income From China Tariffs in 2025 The poison pill is designed to prevent any investor from taking over the company on the open market without paying a 'control premium' that is typically seen in acquisitions. The plan lasts for one year and will allow shareholders to buy additional stock at half price if any party acquires 15 percent of Victoria's Secret stock. BBRC has been an investor in Victoria's Secret for a few years, but switched to a more active stance in February 2024 and, over the past three months, has been ramping up its stake. Victoria's Secret claims that BBRC bought shares of the company 'in violation of U.S. antitrust law for nearly three years by failing to file forms required under the Hart-Scott-Rodino Act and observe the regulatory waiting period.' Now, BBRC has made 'corrective filings' and the company said it could theoretically acquire up to 49.99 percent of its stock once the waiting period has expired. That is expected to happen at the end of the day on Wednesday. Shares of the company got a little boost from the interest signaled by the poison pill and gained 3.2 percent to $23.51 in premarket trading on Tuesday. Donna James, chair of Victoria's Secret, said: 'The company has engaged in open and constructive dialogue with Mr. Blundy and other representatives of BBRC over the past three years and appreciates BBRC's investment in the company. 'Our board and management team remain focused on effectively managing near-term headwinds in the macro environment, while pursuing a focused strategy to unlock the full potential of our brands and business under our new CEO Hillary Super,' James said. The company also noted that BBRC has a 'a track record of acquiring controlling interests in retail companies' and recently launched a new global lingerie, sleepwear and beauty business. BBRC did not immediately respond to a request for comment, but its website touts its 40-plus year track record as a private investment firm that 'makes fast and confidential decisions, with Brett Blundy acting as a partner, investment committee, and decision-maker all in one.' 'At BBRC we have no team of consultants or MBAs,' the website said. 'We are incredibly lean, and prefer to work directly with our partners, not through intermediaries or outside experts. Business is hard, it is best to partner with someone who understands that.' BBRC's current investments include Australian fashion brand Dissh, jewelry company Lovisa, family-focused brand Best & Less and workout studio Hot 8 Yoga. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
