| Groupe SEB: 2006 Results in Line With Expectations and Promising ...
Groupe SEB's (Paris:SK) (ISIN:FR0000121709) revenue rose 7.7% in 2006, led by a sharp return to strong organic growth, of 5.4%, and the positive contribution from companies acquired in 2005 and 2006. The currency effect was slightly negative for the year. Against a backdrop of downwardly drifting prices throughout most of the year, higher raw materials costs and widely fluctuating currencies, operating margin remained stable in value, but increased excluding acquisitions. As expected, profit attributable to equity holders of the parent declined, to €88 million, due to the higher restructuring costs than in 2005. Including financing for the Mirro WearEver acquisition and the funds placed in escrow for the Supor transaction, debt was unchanged at 31 December 2006, at €422 million.
GEORGIA ACQUIRES OIL AND GAS INTEREST AND LEASE ACREAGE IN KANSAS
Vancouver, BC Houston, TX US, February 16, 2007 /FSC/ - Georgia Exploration Inc. (GXPL - OTCBB), is pleased to announce that it has acquired certain oil and gas lease interests in the Mound Branch Prospect located in Elk County, Kansas that totals approximately 8,800 acres gross, as well as working interests in nine existing well bores and associated facilities and equipment that have been drilled on the acquired lease acreage. For the existing drilled wells, the Company's working interest ranges from 25.0% to 100.0%. For all undrilled lease acreage the Company holds a 100.0% working interest and 74.0% net revenue interest in lease acreage under the oil and gas leases acquired. Flow and other testing of the existing drilled wells are in process.
The acquisition was made pursuant to a purchase and sale agreement between Georgia, Orbit Energy, LLC and Wharton Resources LP (wholly owned by Georgia) in consideration for $6,800,000 less $760,947 for testing, evaluation and other associated Mound Branch costs previously advanced by Wharton to, or paid on the behalf of, Orbit. The purchase consideration was comprised of the issuance to Orbit of 4,039,053 shares in the common stock of Georgia, at a deemed price of $1.00 per share and by issuing Orbit a thirty-six month convertible unsecured debenture of Georgia in the principal amount of $2,000,000, bearing simple interest at the rate of 10% per annum payable quarterly in arrears. The principal amount of the Debenture may be converted by Orbit in whole or in part to acquire shares in the common stock of Georgia at $1.00 per Debenture share, at any time after twelve months from the effectiveness of the acquisition. After thirty-six months all unpaid interest and principal on the Debenture become due on demand.
Sanitation District No. 1 wins ruling
Just 10 days after hearing oral arguments in the case, the Kentucky Court of Appeals has ruled that Northern Kentucky's regional sewer utility has the authority to administer the region's storm water program. In a unanimous decision issued Friday, the court ruled that Sanitation District No. 1 had the authority to administer the program as well as levy a fee on residents and businesses to pay for it. The ruling upholds an earlier decision by Senior Judge Stan Billingsley in Boone Circuit Court in a case brought by Fort Wright developer Rick Wessels and Boone County resident Thomas Seiter. "In its thorough and well-reasoned opinion, the trial court found specific statutory authority for the district's implementation of a storm water drainage plan, for its contractual agreements with the various local governments within its boundaries, and for assessment of a surcharge for its storm water management services," wrote Senior Appellate Judge William L.
Mortgage giant Freddie Mac decides it will no longer buy high-risk mortgages
WASHINGTON Mortgage giant Freddie Mac said Tuesday it will no longer buy high-risk home mortgages that it deems to be highly vulnerable to foreclosure.
The surprise move came amid a deteriorating market for subprime loans affected by slumping home prices and rising interest rates.
The government-sponsored company, which is the second-biggest financer of home loans in the United States, said it will begin using stricter standards for mortgages that it buys -- including limiting the use of loans requiring less documentation of the borrower's status than conventional mortgages. The goal is "to help ensure that future borrowers have the income necessary to afford their homes," McLean, Va.-based Freddie Mac said.
"The steps we are taking today will provide more protection to consumers and enhance the level of underwriting standards in the market," Richard Syron, the company's chairman and CEO, said in a statement.
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