PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
|(a) Full name of discloser:||AXA Investment Managers S.A.|
|(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
|(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
Alternative Credit Investments plc
|(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:|
|(e) Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure
6th November 2020
|(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
|Class of relevant security:
|1p ordinary share|
|(1) Relevant securities owned and/or controlled:||1 100 000
|(2) Cash-settled derivatives:
|(3) Stock-settled derivatives (including options) and agreements to purchase/sell:|
|TOTAL:||1 100 000
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
|Class of relevant security in relation to which subscription right exists:|
|Details, including nature of the rights concerned and relevant percentages:|
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
|Class of relevant security||Purchase/sale
|Number of securities||Price per unit|
|1p ordinary||Sale||240 000.00||GBP 8.70|
(b) Cash-settled derivative transactions
|Class of relevant security||Product description
|Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
|Number of reference securities||Price per unit|
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
|Class of relevant security||Product description e.g. call option||Writing, purchasing, selling, varying etc.||Number of securities to which option relates||Exercise price per unit||Type
e.g. American, European etc.
|Expiry date||Option money paid/ received per unit|
|Class of relevant security||Product description
e.g. call option
|Exercising/ exercised against||Number of securities||Exercise price per unit|
(d) Other dealings (including subscribing for new securities)
|Class of relevant security||Nature of dealing
e.g. subscription, conversion
|Details||Price per unit (if applicable)|
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
|Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
(b) Agreements, arrangements or understandings relating to options or derivatives
|Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”
|Is a Supplemental Form 8 (Open Positions) attached?||NO|
|Date of disclosure:||9th November 2020|
|Contact name:||Anthony Gilsoul|
|Telephone number*:||+33 1 44 45 97 54|
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
Investment firms cautious on reopening plans, notification procedures – Investment Executive
Banks in particular face future earnings, ratings challenges due to pandemic
Current spending levels of 1.3% of GDP could soar to 4.2% by 2041, says report
- By: IE Staff
- November 27, 2020
November 27, 2020
Canada among the housing market leaders, both short and long term
With Biden’s transition underway, investors have shifted their focus to Covid vaccines and economic recovery
Takeaways from our 2021 investment outlook: Legacy of the lockdowns – Investors' Corner BNP Paribas
Here we summarise the big picture for investors at the end of 2020. This constitutes the starting point for our 2021 investment outlook.
- Since the 2008 global financial crisis, the global economy has been mired in anaemic growth and weak demand, tempered by consistently rising asset prices.
- In 2020 the global economy faced a crisis of unprecedented magnitude (see Exhibit 1 below) after the pandemic lockdowns. After a contraction of 4.4% in 2020 the IMF forecasts global growth of 5.4% in 2021. Overall, this would leave 2021 GDP some 6.5% lower than in the pre-COVID-19 projections of January 2020. The adverse impact on low-income households is particularly acute, imperilling the significant progress made in reducing extreme poverty over the last 30 years. Countering inequality is a key challenge to be met in 2021 and beyond.
Exhibit 1: Largest decline since WWII – graph shows change in world gross domestic product (inflation-adjusted, in %)
Source: BNP Paribas Asset Management, as of 26/11/2020
- Under the best-case scenario, one or more vaccines for COVID-19 become widely available by the second half of 2021. Otherwise, the disease remains a longer-term threat requiring us to ‘live with’ the virus – repeated lockdowns will not be a sustainable long-term strategy.
- In 2020, advanced economies loosened the monetary and fiscal reins most spectacularly. Debt-to-GDP ratios soared, rising for many countries by more than they did in the years after the Global Financial Crisis (GFC). Major central banks have largely financed the increase in budget deficits, monetising an expanding national debt, much as Japan has done.
- One way to understand the weakness in aggregate economic demand is to study real interest rates (the ‘price’ of money in the economy). In 2006, the real yield of the 10-year inflation-protected US Treasury bond was between 2% and 3%. Since 2010, its yield has mostly been below 1%, including a spell in negative territory both in 2012 and again in 2020. Negative real yields are now common to the G3 economies (see Exhibit 2 below) and beyond. In 60% of the global economy — including 97% of advanced economies — central banks have pushed policy interest rates to below 1%. In one-fifth of the world, policy rates are negative.
Exhibit 2: Real yields are now negative for G3 sovereign debt – graph shows changes in real yields for US, Japanese and eurozone government debt between 1997 and 16/11/2020.
Source: BNP Paribas Asset Management, as of 26/11/2020
- In 2020, these meagre interest rates, along with cheap, low-risk liquidity from central banks, led asset prices higher. Risk premia for risky assets shrank. Companies whose revenues have plummeted — cruise lines, airlines, cinemas — were able to borrow money in 2020 to survive. Investors had few higher-yield options. Will central banks continue to supply such liquidity in 2021?
- And how is all this debt to be paid for? The appropriate historical parallel is perhaps the post-World War II period, when central banks capped bond yields at levels well below the trend GDP growth rate to gradually reduce the national debt as a proportion of GDP.
- Alternatively, instead of financial repression and inflation (as post WW2), the extraordinarily low real interest rates we have seen over the past decade could help achieve fiscal sustainability. It would, however, be imprudent to count on it. No policymaker should expect real interest rates to remain persistently below the growth rate of real GDP. Indeed, forecast imbalances in planned global savings and investment could drive real interest rates higher (ageing societies save a lot, but old societies do not).
- Another risk is that improved real trend growth does not come to the rescue. Lower global growth after the pandemic accompanied by inadequate fiscal stimulus would leave marginal sections of the economy vulnerable to collapse. Such an outcome would test the paradigm of modest growth, low inflation and supportive central bank policy that has supported asset prices since 2008.
Today we face three interconnected crises – health, economic and climate. The instability provoked by the pandemic presents a window of opportunity to pivot in a new direction. Long-term environmental viability, equality and inclusive growth are essential pre-conditions to a sustainable economy. By taking a holistic, systemic, long-term view, we are less likely to be surprised by crises and better able to manage them.
For in-depth insights into what’s next for the global economy and markets, read our 2021 investment outlook, ‘Legacy of the lockdowns’
Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients. The views expressed in this podcast do not in any way constitute investment advice.
The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.
Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).
Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.
Fossil Free Lakehead pleased with university investment decision – CBC.ca
A decision by the Board of Governors at Lakehead University to divest itself of fossil fuel investments is being hailed as a victory for one student group on its Thunder Bay, Ont., campus.
On Thursday, the board committed to not holding any investments involving fossil fuel extraction by 2023.
“Our decision to divest from fossil fuel companies reflects Lakehead’s goal of becoming a leader in sustainability as reflected throughout our current Strategic Plan and Sustainability Action Plan,” said Board of Governors Chair Angela Maltese in a statement.
Just over two per cent of the university’s investments are in fossil fuel organizations.
About 40 members of Fossil Free Lakehead have been working to convince the school since 2013, that it should no longer hold the investments.
Lakehead is the sixth university in the country, the group said, to divest itself of fossil fuel revenues.
“I think many people believe that burning and extracting is the only way forward, because that’s what we’re used to,” said Shaidya Aidid, a member of Fossil Free Lakehead.
“I think that progress doesn’t happen because we want to stay in our comfort zone,” she said, noting she got involved in the group, believing that Lakehead needed to lead the way when it came to promoting alternative fuels.
“A lot of the groups of students and members who are involved with our movement all believe in that message, that fossil fuels will not be fuelling our future.”
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