Technology

NOTEHOLDER UPDATE IN RELATION TO UKRENERGO

Published

2 weeks ago

November 8, 2024

US$825,000,000 6.875% GUARANTEED SUSTAINABILITY-LINKED GREEN NOTES DUE 2026 (THE “NOTES”)

ISSUED BY PRIVATE JOINT STOCK COMPANY “NATIONAL POWER COMPANY “UKRENERGO”” (THE “COMPANY”)

LONDON, Nov. 8, 2024 /PRNewswire/ — Cleary Gottlieb Steen & Hamilton LLP are working with a group of significant holders of the Notes (the “Ad Hoc Group” or “AHG”).

The circumstances of the Company’s announcement on 6 November 2024 (the “Announcement”) that it will suspend payments under the Notes including the scheduled interest payment due on 9 November 2024 give rise to a number of concerns.

First, notwithstanding the clearly stated intent of the Government of Ukraine (“GoU”) (which acts as guarantor under the Notes) to engage in discussions with holders of the Notes upon the conclusion of Ukraine’s sovereign debt restructuring in August, no such discussions ever took place. Whilst the Ad Hoc Group clearly communicated to the GoU and the Company its readiness to engage, neither the GoU nor the Company at any point demonstrated actual preparedness to enter into a non-disclosure agreement or conduct discussions with the AHG.

Second, the corporate governance issues surrounding the Company, which have been noted with concern by many of Ukraine’s stakeholders and foreign partners, appear to continue unabated. The Announcement attributed the suspension of payments on the Notes to a decision of the Ministry of Energy of Ukraine. Proper adherence to corporate governance would dictate that any such decision should have been taken only by the Company’s management and supervisory boards. The AHG notes recent commentary by market participants suggesting Noteholders might be requested to consent to a removal of the GoU guarantee on the Notes as part of a future restructuring. Without pre-judging the substance or nature of proposal which may be made by the Company, the continued exercise of corporate governance functions by the GoU underscores the responsibility of the GoU for the Company’s treatment of its Noteholders.

Third, holders of the Notes already made substantial concessions in the 2022 debt deferral. Since that deferral the Company has made no payments on the Notes, which the Company itself acknowledges in the Announcement has contributed meaningfully to its financial resilience for the past two years. During this same period, the Company has continued to promptly service its other commercial indebtedness (including interest and principal payments of $221 million and $156 million, respectively). In this context, the announced suspension of payments under the Notes (including the scheduled $28 million semi-annual coupon coming due on 9 November 2024) appears particularly regrettable. It should be noted that the Notes rank pari passu with, and are not subordinated to, the other debts the Company has continued to service.

Whilst the AHG welcomes the Company’s intention to engage with it in the near future, the AHG does not consider the suspension of payments under the Notes without any prior engagement with Noteholders to be conducive to achieving the consensual solution the Company claims to want. In this context, the AHG has no other choice but to reserve all of its rights in relation to any default under the Notes whether in relation to the Company’s failure to make the interest payment due on 9 November 2024 or otherwise.

The AHG remains fully supportive and committed to Ukraine, and Ukraine’s defense of its freedom and territorial integrity in the wake of the Russian invasion. It is also the view, however, of the AHG and many in the investment community that upholding and honouring commercial relationships to the fullest extent possible under the current circumstances is the best way to ensure (i) the long-term continuity of capital markets funding for Ukrainian borrowers and (ii) that Ukraine’s economy adjusts as rapidly as possible to new circumstances.

Holders of the Notes are invited to contact Alastair Goldrein or James Armshaw of Cleary Gottlieb Steen & Hamilton LLP for further information.

The contact details for Messrs. Goldrein and Armshaw appear below:

Alastair Goldrein

agoldrein@cgsh.com

Office: +44 (0) 20 7614 2322

Mobile: +44 (0) 77 3417 1953

James Armshaw

jarmshaw@cgsh.com

Office: +44 (0) 20 7614 2216

Mobile: +44 (0) 7581 053 809

View original content:https://www.prnewswire.com/news-releases/noteholder-update-in-relation-to-ukrenergo-302299688.html

SOURCE Ad Hoc Group of Ukrenergo Bondholders

Technology

Don’t Miss These Incredible AiRROBO Black Friday Deals – Unbeatable Prices Await!

Published

2 hours ago

November 24, 2024

HONG KONG, Nov. 24, 2024 /PRNewswire/ — Black Friday is here, and it’s your chance to grab the best deals of the year! Whether you’re looking to upgrade your home, simplify daily chores, or spoil your furry friends, we’ve got you covered with massive discounts on top-rated products. Check out these must-have items at unbeatable prices, available for a limited time only.

AiRROBO T20+ Robot Vacuum: Revolutionize Your Cleaning

Original Price: $499.99
Black Friday Price: $199

The AiRROBO T20+ isn’t just a cleaning device—it’s your new best friend. Featuring cutting-edge USLAM Air 5.0 & LiDAR Navigation, this robot vacuum efficiently maps your home for flawless cleaning. With its 3-in-1 sweeping, vacuuming, and mopping function, the T20+ handles everything from crumbs to tough stains.

Add the hassle-free self-emptying station, a powerful HEPA filter, and an impressive 180-minute runtime, and you have a device that takes care of your floors without breaking a sweat. Control it effortlessly via app, voice, or remote, and enjoy spotless floors every day.

AiRROBO P20 Robot Vacuum: Clean Smart, Live Better

Original Price: $129.99
Black Friday Price: $64.99
Discount Code: 9TNGZLDR

The AiRROBO P20 is perfect for budget-conscious shoppers who want smart cleaning. It delivers powerful suction to remove dirt, pet hair, and debris from hard floors and carpets. Compact yet efficient, the P20 is ideal for apartments or smaller homes. Don’t miss the chance to grab this deal and simplify your life for a fraction of the price!

AiRROBO PG50 Pet Grooming Vacuum: Pamper Your Pets

Original Price: $99.99
Black Friday Price: $49.69
Discount Code: 4YUDMHIJ

Say goodbye to the mess of grooming your pets at home. The AiRROBO PG50 combines grooming and vacuuming in one handy device, capturing pet hair and dander as you groom. This is the perfect gift for pet lovers who want to keep their homes fur-free while pampering their furry friends.

Why Shop This Black Friday?

Black Friday is the ultimate shopping event of the year, offering discounts you won’t find anywhere else. These exclusive deals are available only from November 21 to December 2, so act fast before they’re gone.

Massive Savings: Up to 60% off premium products.Convenience: Shop online and enjoy fast delivery to your doorstep.Perfect Gifts: Find practical and thoughtful gifts for loved ones—or yourself!

How to Grab These Deals?

Visit the AiRROBO Amazon store.Use the provided discount codes at checkout to secure the sale price.Hurry! Stocks are limited, and these deals won’t last.

This Black Friday, elevate your home and lifestyle without breaking the bank. Don’t let these deals slip away—shop now and enjoy cutting-edge products at unbeatable prices. Your future self will thank you!

For more information

For any giveaway campaigns or new feeds, please join AiRROBO on Facebook, Instagram, Twitter, YouTube and Gleam.io.

About AiRROBO

AiRROBO is a smart home appliance brand with a focus on AI-enabled technologies. Supported by world-leading AI and humanoid robotic company, UBTECH Robotics, AIRROBO is aiming to bring the most cutting-edge technology to more and more households around the globe, making smart home a new norm of life. Find out more at us.air-robo.com.

CONTACT: Kristy Luo, sihui.luo@ubtrobot.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/dont-miss-these-incredible-airrobo-black-friday-deals–unbeatable-prices-await-302314818.html

SOURCE AiRROBO

Technology

Max Stock Limited Announces Change in Shares Held by an Interested Party

Published

6 hours ago

November 24, 2024

CAESAREA, Israel, Nov. 24, 2024 /PRNewswire/ — Max Stock Limited (TASE: MAXO(; )the “Company”, “Max Stock“) today announced that on November 20th, 2024, Phoenix Financial Ltd. and Phoenix Investment House Ltd. (“Phoenix reporting group”), including their respective nostro account, provident funds and provident fund management companies, as well as mutual fund management companies and market maker sub entities, informed the Company that they had sold shares of the Company thereby lowering their joint holdings to 4.8% of the Company’s issued capital (4.15% and 0.65% respectively). As a result, Phoenix reporting group will no longer be an interested party in the Company.

This is an English translation of segments of a Hebrew immediate report that was published on November 24, 2024 (Ref. No: 2024-01-618032) (hereinafter: the “Hebrew Version”). This English version is only for convenience purposes. This is not an official translation and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

About Max Stock

Max Stock is Israel’s leading extreme value retailer, currently present in 64 locations throughout Israel and 2 locations in Portugal. We offer a broad assortment of quality products for customers’ everyday needs at affordable prices, helping customers “Dream Big, Pay Small”. For more information, please visit https://ir.maxstock.co.il

Company Contacts:

Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il

View original content:https://www.prnewswire.com/news-releases/max-stock-limited-announces-change-in-shares-held-by-an-interested-party-302314811.html

SOURCE Max Stock Limited

Technology

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

10 hours ago

November 24, 2024

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

SOURCE Wahed