Central European Distribution Corporation (NASDAQ:CEDC) has achieved a revised transaction with Russian Standard that allows for new financing to flow from Russian Standard to CEDC, the creation of new operational management and restructuring committees within CEDC, the appointment of Grant Winterton has CEO of CEDC and an annual shareholders meeting to decide on the composition of CEDC’s Board of Directors. It was also agreed that certain earlier agreements would automatically terminate on January 21, 2013 and mutually release all claims and causes of action between CEDC and Russian Standard.
American Capital Ltd (NASDAQ:ACAS) announces its open market purchase of about 8.8 million shares of its common stock (2.8% of outstanding shares as at end September 2012) during the fourth quarter of 2012. The total consideration paid was about $103 million at an average price of $11.72 a share. The company claims its market purchases commencing the third quarter of 2011 through September 2012 were $0.90 per share accretive to its net asset value per share as of September 30, 2012. Net asset value accretion due to fourth-quarter purchases would be disclosed in the earnings release for that quarter.
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Canadian Solar Inc (NASDAQ:CSIQ), one of the world’s largest solar companies, and SunEdison Power Canada Inc., a subsidiary of MEMC Electronic Materials, Inc. (NYSE:WFR), announced the purchase and sale transaction of two utility scale solar projects in Ontario with a total capacity of about 24 MW with the possibility of a sale and purchase of three additional solar projects at transaction price of about C$37 million. With the transaction, litigation proceedings between Canadian Solar and SunEdison also stand settled.
Oil and gas output from BP’s (NYSE:BP) floating production, storage and offloading vessel in the Norwegian Sea, the Skarv FPSO, is now “imminent” despite challenging weather conditions according to a spokesman for the company. Production, originally scheduled to start August 2011, has been repeatedly hampered due to bad weather such as high waves, technical difficulties with its turret, strikes and supply chain bottlenecks for critical equipment.
China takes further steps to muzzle its Internet by implementing new regulations that legalise the already prevalent censorship and monitoring by Chinese authorities for companies such as Sina Corp. (NASDAQ:SINA). Deletion of posts or pages which are deemed to contain illegal information and the use of real names by Internet users when signing up with net providers are a couple of new restrictions now imposed by these regulations, according to Reuters.