Lucara Diamonds Corporation (LUC.bw) Q32019 Interim Report

first_imgLucara Diamonds Corporation (LUC.bw) listed on the Botswana Stock Exchange under the Mining sector has released it’s 2019 interim results for the third quarter.For more information about Lucara Diamonds Corporation (LUC.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the Lucara Diamonds Corporation (LUC.bw) company page on AfricanFinancials.Document: Lucara Diamonds Corporation (LUC.bw)  2019 interim results for the third quarter.Company ProfileLucara Diamond Corporation is a diamond exploration and mining company which operates in southern Africa. Its principal asset is the wholly-owned Karowe Mine in Botswana where Lesidi La Rona was found; the world’s second largest gem-quality diamond. Karowe Mine consistently produces large Type IIA stones and has an estimated worth of $US2.2 billion unmined diamonds. Lucara Diamond Corporation also has interests in the Mothae Diamond Project in Lesotho and the Kavango Diamond Project in Namibia. The company was previously known as Bannockburn Resources Limited, but the name was changed to Lucara Diamond Corporation in 2007. Lucara Diamond Corporation is a member of the Lundin Group of Companies with its head office based in Vancouver, Canada.last_img read more

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Exeter Chiefs tapping into new technology

first_img Exeter Chiefs tapping into new technologyTradition and technology – getting the balance right is crucial in all parts of life and sport is no exception. Take Exeter Chiefs.First the tradition. A day spent at Sandy Park in pre-season shows the exertions in the gym, the skills work and, of course, the obligatory mickey-taking.As Kai Horstmann emerges from the tunnel in a shirt and trousers as part of his new corporate role at the club having retired at the end of last season, there are calls from his former team-mates that he is needed on the pitch.Director of rugby Rob Baxter has players positioned along the two 10m lines in pods of three or four with his kickers on the middle of the halfway line for a restart drill. It’s a favourite for the end of a Wednesday session.The players are set a target of 15 successful catches from the kickers’ dropouts and a successful catch is a player being lifted by his pod and taking the ball above his head. Anything other than that doesn’t count.He can kick it: Henry Slade practises a restart (Getty Images)To make things more interesting, if a pod go for the lift and don’t catch the ball, Baxter will deduct one from the tally.Given the pleas that greet Hortsmann, it seems like they could do with his expertise on this particular Wednesday as it was an area he was renowned for, but the current crop are left to continue for another 20 minutes to reach the target.Now for the technology. There are examples dotted around – the GPS units in the back of shirts and the AlterG anti-gravity treadmill in the corner of the gym that uses NASA technology to allow players recovering from injury to train without their entire bodyweight putting strain on the joints.The biggest advancement for the Chiefs this season, though, comes on the top floor of the main stand in the shape of their new fitness analysis suite, launched in partnership with Red Bull.It is full of state-of-the-art equipment and gadgets to test players’ bodies in various areas and hopefully flag any causes for concern early to help prevent injuries. TAGS: Exeter Chiefs Group hug: The Exeter squad come together after a pre-season session (Getty Images) LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Take a seat… The isokinetic dynamometer that assesses a player’s range of motionIn one corner there’s something that looks even more intimidating than a dentist’s chair – an isokinetic dynamometer. Players are strapped in and perform different exercises, like a leg raise for example, while the machine resists with a set force. If there is a significant difference between the results in the left and right legs, it may highlight a deficiency and the medical team can investigate further.In the centre of the room are plates that measure forces of a player running or jumping, and XSens MVN full-body suits allow the Chiefs to get 3D motion capture imagery instantaneously to examine a player’s movement. There’s also a counterweight treadmill as well as the mask needed to carry out VO2 max testing to measure aerobic capacity.Suits you: The XSens MVN suits allow full-body motion captureAll in all, there’s a lot of complex and intricate analysis done in the suite but the aim is simple: to keep players playing.“We want to keep players out on the field,” explains academy manager Rob Gibson. “We want to make use of the science and track players from a young age all the way through. We can build up a history and see if there are any weaknesses in a player’s body.”Chiefs are focusing on their academy players first so they can get baseline measurements and then track them throughout this season and beyond, but first-teamers will also go through the process.Chiefs have used this sort of equipment before but previously had to go to the University of Exeter to do so. Having everything on site is a huge advantage, says Pat Carden, Exeter’s sports performance scientist.High tech: The counterweight treadmill and other equipment in the new fitness suite“Before, testing was more of a challenge because you had to juggle schedules, but now it’s all here we can test a lot more people more frequently,” says Carden.“Rugby is so variable you can never predict injury, but we look for a series of different markers to allow us to be as informed as we can be. It’s not just one thing, there’s a comprehensive series of information – knee strength, rotational force, aerobic and anaerobic capacity… We might see a weakness on the left or right side, or a deficit potential that means there’s an injury risk.”It looks as though Exeter are striking that happy balance between tradition and technology as they prepare for the new Gallagher Premiership season. The Chiefs are gearing up for the 2018-19 Gallagher Premiership season by using a new fitness analysis suite Exeter Chiefs have launched a brand-new fitness analysis suite for their first-team and academy players in partnership with Red Bull.Follow Rugby World on Facebook, Twitter and Instagram.last_img read more

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Orange County Animal Services Wait ‘Til 8 Program Saves over 160…

first_img The Anatomy of Fear From the Orange County NewsroomOrange County Animal Services launched its Wait ‘Til 8 program, where citizens are empowered and provided the tools to care for underage kittens in their home until the kittens are old enough (eight weeks) to return for sterilization and adoption. More than 60 Orange County citizens have participated in the program with over 160 kitten lives saved.“Many residents are unaware of the staggering volume of abandoned kittens the shelter receives throughout the summer months – sometimes dozens in a single day,” said Diane Summers, manager of Orange County Animal Services. “It’s a problem that we as a community can solve if we work together and this program will be key. Kindness for Cats, Inc. and shelter staff have united to launch Wait ‘Til 8 and provide motivated residents an easy way to save lives. It has proven successful in its pilot stage and I’m eager to see the continued impact now that it is fully unleashed.”Due to the year-round Florida warm weather, kitten season is close to lasting all year long. Cats start reproducing and continue to have several litters. During this time, Orange County Animal Services experiences a massive influx of intakes of kittens and mother cats. Underage kittens without their mothers are at high-risk when brought into shelters due to the vulnerability of their health. This is where the Wait ‘Til 8 program begins to help save the lives of underage kittens.“As a long-time foster parent I’ve learned how important it is to provide a safe home environment for underage kittens to thrive,” said Cindy Patton, founder of Kindness For Cats, Inc. “I also realized that many community members want to help when they find kittens in need but often are not sure how to go about it. The Wait ‘Til 8 program empowers concerned citizens by giving them guidance and resources to not only care for kittens but also to network to find adopters for the kitties once they are old enough to be spayed/neutered.”Learn more about the Orange County Animal Services Wait ‘Til 8 program.Share your Wait ‘Til 8 story, please tag Orange County Animal Services and #OCASWT8! Please enter your name here Save my name, email, and website in this browser for the next time I comment. Support conservation and fish with NEW Florida specialty license plate Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 You have entered an incorrect email address! Please enter your email address herecenter_img LEAVE A REPLY Cancel reply Orange County Government strives to serve its citizens and guests with integrity, honesty, fairness, and professionalism. Located in Central Florida, Orange County includes 13 municipalities and is home to world-famous theme parks, the nation’s second-largest convention center, and a thriving life science research park. Seven elected members make up the Board of County Commissioners including the Mayor who is elected countywide. For more information, please visit www.OCFL.net or go to the Orange County Facebook and Twitter pages. Share on Facebook Tweet on Twitter TAGSKittensOrange CountyOrange County Animal ServicesPets Previous articleGetting Your Home Ready for Trick-or-TreatersNext article$1.6 billion Everglades reservoir site work could begin early next year Denise Connell RELATED ARTICLESMORE FROM AUTHOR Please enter your comment!last_img read more

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Double House / Bokarev Architects

first_imgArchDaily Year:  Houses CopyHouses•Tyumen, Korea, Republic of “COPY” Korea, Republic of Year:  2015 photographs:  Bokarev Architects – Maxim Denisenko, Bokarev Architects – Artem Rich, Bokarev Architects – Ilya BokarevPhotographs:  Bokarev Architects – Maxim Denisenko, Bokarev Architects – Artem Rich, Bokarev Architects – Ilya BokarevSave this picture!© Bokarev Architects – Maxim DenisenkoRecommended ProductsEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornEnclosures / Double Skin FacadesFranken-SchotterFacade System –  LINEAWoodLunawoodThermowood FacadesWoodParklex International S.L.Wood cladding – FacadeText description provided by the architects. A small plot of building land (600 square meters) is situated in a district of private houses in the city of Tyumen. The task for the architects was to design a two-section house for two brothers. The authors have fulfilled the basic requirements to design a separate entrance and provide car accessto each section, have a small terrace on the south side of the house and a lawn in the backyard that could be shared by the owners, and include a parking lot for two cars along each section.Save this picture!Floor PlanSave this picture!IsometricSave this picture!Floor PlanThe house is designed to accommodate three or four people in each block 97 square meters in area. There are day stay rooms on the ground floor: a living room, a kitchen, an office, a bathroom, a boiler room, and a storage room under the stairs. The second floor holds two bedrooms and a bathroom.Save this picture!© Bokarev Architects – Maxim DenisenkoOn the side facades decorated with dark gray profiled sheets there are no windows due to the close proximity of adjacent buildings. The front and rear facades are covered with pale wood and white composite panels. Rusty metal is used in the decoration of the staircase. The architects extensively used local building materials.Save this picture!© Bokarev Architects – Ilya BokarevAll external engineering equipment including automatic shutter boxes is concealed under the wooden facade to keep the appearance laconic. The ledges of walls have niches for outdoor units of air conditioners. The downpipe is also hidden inside the wall.Save this picture!DiagramThe roof to wall attachment was specially designed for this project. The architects initially made the necessary drawings and a 3D model; then, a full-size model was elaborated.Save this picture!© Bokarev Architects – Ilya BokarevProject gallerySee allShow lessRotermann Carpenter’s Workshop / KOKO architectsSelected ProjectsVellore House / Made in EarthSelected Projects Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/780298/double-house-bokarev-architects Clipboard Architects: Bokarev Architects Year Completion year of this architecture project center_img 2015 ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/780298/double-house-bokarev-architects Clipboard “COPY” Save this picture!© Bokarev Architects – Maxim Denisenko+ 21 Share Photographs Projects Double House / Bokarev Architects Double House / Bokarev ArchitectsSave this projectSaveDouble House / Bokarev Architects CopyAbout this officeBokarev ArchitectsOfficeFollowProductsWoodSteel#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesTyumenRussiaPublished on January 15, 2016Cite: “Double House / Bokarev Architects” 15 Jan 2016. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogPartitionsSkyfoldVertically Folding Operable Walls – Classic™ SeriesVinyl Walls3MVinyl Finish – DI-NOC™ AbstractFaucetshansgroheKitchen Mixers – Talis MShower ColumnsAXORShowers – AXOR LampShower by NendoWoodBruagRoom Acoustics – Interior Cladding PanelsPanels / Prefabricated AssembliesIsland Exterior FabricatorsMega-Panel Facade SystemsConcreteKrytonCrystalline Waterproofing – KIMTable LampsAxolightTable Lights – SkirtDoorsRabel Aluminium SystemsMinimal Glass Pivot Door – Rabel 8700 Slim Super ThermalUrban ShadingPunto DesignPublic Architecture in Residential ComplexExterior DeckingHouse of BambooDecking – BambooAnti-Corrosive CoatingsTIGERPowder Coating – Drylac® Bianco 605More products »Save想阅读文章的中文版本吗?俄罗斯连体住宅 / Bokarev Architects是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

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Three journalists briefly detained

first_img Three journalists with the Japanese TV station Asahi – Kosuke Okuno, Yoshihisa Nomura and Chaimaa Sami – were briefly detained along with their driver, Hani Morsi, as they were trying to film on Tahrir Square. Help by sharing this information January 26, 2011 – Updated on January 20, 2016 Three journalists briefly detained RSF_en center_img Organisation Newslast_img read more

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Concern over conditions for Limerick women prisoners

first_imgLinkedin NewsCrime & CourtConcern over conditions for Limerick women prisonersBy John Keogh – September 25, 2014 1768 Previous articleFree lunchtime classical concerts in LimerickNext articleLimerick councillor not ready to dump landfill proposal John Keoghhttp://www.limerickpost.ie Limerick Prison operating above capacity Limerick prisonLimerick prisonby Kathy [email protected] up for the weekly Limerick Post newsletter Sign Up A NATIONAL review of the penal system has once again highlighted concerns regarding the living conditions in the women’s section of Limerick prison, which is one of the two most overcrowded prisons in the country.The Strategic Review of Penal Policy published by the Department of Justice this week noted that the planned redevelopment of the women’s section, which would include new accommodation for female prisoners, has “made little progress”.The review stated that the two female prisons, Dóchas Centre and Limerick, are now the most overcrowded prisons in the State. Prison overcrowding impacts the level of services which can be offered in prisons and of itself creates barriers to rehabilitation and reintegration.”It added that overcrowding can lead to “arguments between women, inadequate services and regimes, lack of privacy and general tension” and that such problems are “further exacerbated by the inadequate physical condition” of the women’s prison in Limerick.The report noted that steps are being taken to address the concerns, but that the review group was “particularly concerned at the level of facilities and services” in Limerick and highlighted the need for “urgent and long term” improvements.The review also pointed out that nationally, the number of female prisoners has increased, while the male prison population has seen a decline, and criticised the lack of open prison facilities for women.Figures from March of this year showed that Limerick womens’ prison was operating at 111 per cent capacity, while the Dóchas Centre which is attached to Mountjoy Prison in Dublin was at 127 per cent capacity.Earlier this year the conditions for Limerick women prisoners were described as “inhuman” by peace activist, Margaretta D’Arcy after she served part of a second prison sentence over her opposition to the US military use of Shannon Airport.The 80-year-old campaigner was released by prison authorities after serving nine of the fourteen day sentence last July. Although in ill health, she had been abstaining from food in an act of solidarity with victims of war around the world.“There’s a toilet in the cell with no lid on it and that’s the same room where we eat our meals. The window is small and boarded over so you don’t see daylight until you get out to the yard for exercise and when we get out there, there are not enough benches, so the women have to lie on the tarmac in the sun,” she told the Limerick Post after her release.“Prisoners are only allowed out of their cells for six hours a day and if something happens, they are then locked up around the clock. Unlike the Dóchas Centre in Mountjoy, Limerick prisoners have to eat in their cells. They also have to go to the toilet in the cell and I think this is unacceptable”, she added.Although a spokesperson for the Prison Service said they didn’t comment on what was said by released prisoners, he said that a capital plan for the entire prison service  had been in place since 2012 and part of that plan was to eliminate slopping out and the upgrading of outdated buildings, such as the A and B buildings at Limerick Prison.“They will be demolished and replaced with completely new accommodation, that will meet with best international practice. We hope to be able to advance that as soon as the finance is in place,” he said. Twitter RELATED ARTICLESMORE FROM AUTHOR TAGSDepartment of JusticeDóchas CentreIrish Prison ServiceLimerick PrisonStrategic Review of Penal Policy Email WhatsAppcenter_img City and Soul: Reaching out for the Reds Print Limerick news briefs – Prison loans, Willie’s way, fake 50s and oil thefts Advertisement Facebook 57 drug seizures at Limerick Prison A new sensation at Dochas Limerick Investigation ongoing at Limerick Prison over alleged staff misconductlast_img read more

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WATCH – Nash aiming for more opportunities this season

first_imgMunster announce departure of long-serving prop James Cronin TAGSRugbySportSporting limerick Craig Casey praises the influence of Conor Murray 2021 British and Irish Lions Tour to be shown on free-to-air television RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter Previous articleBeyond the neon runesNext articleDundalk earn hard fought win over a spirited Limerick FC team John Keogh Linkedin Advertisement Print WATCH – Nash aiming for more opportunities this seasonYoung Munster starlet Calvin Nash got a taste of life on the wing last season with Munster and is looking for more game time in the 2018/19 season.Nash has been impressive each time he has donned the Munster red and is determined to take his chance when the opportunity arises as well as reach the goals he has set for himself.Sign up for the weekly Limerick Post newsletter Sign Up Last year was like, get a few games and experience under my belt, a few minutes even. This year I want to edge my way more into the team.Every year I’m constantly learning more and more and progressing as a player. Personally, I’m trying to stamp my name on the team.Click below to watch the full video. Rhys Marshall confirmed as latest Munster departure WhatsApp Email NewsWATCH – Nash aiming for more opportunities this seasonBy John Keogh – August 31, 2018 919 The post WATCH – Nash aiming for more opportunities this season appeared first on Sporting Limerick. Team News: Munster name team to take on Ulster at Thomond Park Tom Savage: Hooker an area where Munster can find improvement going forwardlast_img read more

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[Breaking] Karnataka HC Refuses To Stay Karnataka CET Scheduled To Start From Tomorrow [Courtroom Exchange]

first_imgTop Stories[Breaking] Karnataka HC Refuses To Stay Karnataka CET Scheduled To Start From Tomorrow [Courtroom Exchange] LIVELAW NEWS NETWORK29 July 2020 3:49 AMShare This – xKarnataka Govt decides to go ahead with #KCET on July 30, 31 and August 1 as scheduled. A written submission to that effect has been filed in the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginKarnataka Govt decides to go ahead with #KCET on July 30, 31 and August 1 as scheduled. A written submission to that effect has been filed in the Court.Live Updates 29 July 2020 7:04 AMThe bench in the order : All students who come to give examination should be allowed to write CET.  29 July 2020 7:04 AMBench in the order : Authorities shall make sure that conditions in the SOP issued by the Union Ministry of Health and the SOP of state from time to time are scrupulously followed by all.29 July 2020 7:03 AMThe bench clarifies in the order that failure to inform COVID-19 status in advance shall not be a ground to disallow a student from attending exam.29 July 2020 7:03 AM[Breaking] Karnataka HC refuses to stay #KCET2020 exam scheduled to start tomorrow.29 July 2020 7:00 AMBreaking: Karnataka HC Starts Dictating Order in Plea Against Conducting Karnataka CET29 July 2020 6:58 AMAAG replies in the affirmative : “Yes, Milord”.29 July 2020 6:46 AMBench : Suppose, in containment zones if a non-covid patient is residing then? You should make arrangements on receiving request for transportation.AAG : Yes, will do that.29 July 2020 6:45 AMThe bench to AAG “Mr Dhyan whether are you ready to provide transport from containment zones”AAG says, yes.29 July 2020 6:45 AMGovt Adv Vikram Huilgol says AAG informed earlier that there were 40 candidates with COVID-19 . Ten mins back we checked and now the number is 51, he says.29 July 2020 6:42 AMThe bench seeks some clarifications from the AAG.Asks if the SOP regarding information being provided is applicable only to COVID-19 patients?AAG says, yes.>Load MoreSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

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Added legal burden will enhance HR role

first_img Comments are closed. Previous Article Next Article Added legal burden will enhance HR roleOn 30 May 2000 in Personnel Today Related posts:No related photos. The frenzied speculation about corporate killing and the stiff penalties company directors could face may now be laid to rest as the Home Office consultation paper is now out.A new offence of corporate killing and two new offences to deal with death caused by recklessness or gross carelessness are among the proposals to replace the current law on involuntary manslaughter.The changes to the law will have wide implications for HR, although much of what they need to do should already be good practice. Personnel managers will have to make doubly sure that checks, like working hours that staff are doing, are made. They will have to be certain that drug-testing checks are being carried out so staff are fit to do the job they are recruited to do. References and qualifications will need to be checked and effective health and safety training will be crucial. Personnel managers may be groaning as another legislative burden comes their way but the profession should regard it in a positive light.As the document highlights, the penalties for getting it wrong are rightly severe. Directors could be disqualified from holding management positions. And the two new individual offences of reckless killing and killing by gross carelessness will carry a maximum sentence of life imprisonment.But the severity of these penalties is, perversely, good news for the HR director. More work does mean more responsibility and they will fulfil a vital role in the company – protecting the skins of senior executives or fellow directors. Maybe the board will listen more carefully to what HR managers are saying – that good health and safety training and checks are important. And responsibility for health and safety will have to be driven downwards with each person responsible for their area or work. And the speculation can continue as the document does not give all the answers and raises more questions. The HR profession has until the beginning of September to respond to the proposals so seize your chance to write, e-mail or fax responses. And don’t forget to e-mail a copy of the consultation document to your chief executive or board of directors just to make them remember how important personnel really is. last_img read more

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Making sense of the SPACe race

first_img Email Address* Tags Full Name* Share via Shortlink From left: Fifth Wall’s Brendan Wallace, Tishman Speyer’s Rob Speyer, Social Capital’s Chamath Palihapitiya, Cantor Fitzgerald’s Howard Lutnick, Pershing Square Capital’s Bill Ackman and Opendoor’s Eric WuWhen Fifth Wall Ventures decided to jump into the SPAC market in January, it targeted a raise of $250 million to take a startup public. Within three weeks, it upsized the offering — twice — before the new blank-check firm closed its $345 million IPO on Feb. 9. “There was a lot of public demand,” a euphoric-looking Brendan Wallace, the venture firm’s co-founder, said during a video call after the IPO. Wallace said his “lightbulb moment” was in September when he watched one of his portfolio companies, instant-homebuying startup Opendoor, strike a $4.7 billion deal to go public with a blank-check firm backed by Chamath Palihapitiya. The iBuyer went public on Dec. 21 and now has a market cap of $18.2 billion. “It was, ‘Wow, this is a validation of this instrument and what’s possible here,’” Wallace said. ADVERTISEMENTIt’s been about a year since the frenzy around special purpose acquisition companies began, kicked off by big Wall Street names such as Bill Ackman and Palihapitiya. Real estate players and investors have embraced the trend with gusto, taking proptech companies public and raising large sums for future deals. More than a dozen proptech-focused SPACs, backed by names such as Tishman Speyer, CBRE, Cantor Fitzgerald and the Chera family’s Crown Acquisitions, are hunting for deals. This month, real estate investor Scott Seligman, a minority owner of the San Francisco Giants, teamed up with Foxhall Partners’ Brian Friedman and Citigroup alum Ben Friedman to raise a $175 million SPAC. Scott Rechler’s RXR Realty filed papers to raise $250 million for a proptech-focused SPAC. And some, like Zillow co-founder Spencer Rascoff, are on their second SPAC. “It’s not really a fad,” Cantor CEO Howard Lutnick told CNBC in December. “It is a really good way for fast-growing, high-tech companies to go public.”So far, SPACs have taken startups like Opendoor and home-services firmPorch.com public. View (smart glass), Latch (smart locks), Matterport (3D software for virtual property tours) and Hippo (insurance) are slated to go next. Even WeWork — yes, WeWork — may be waiting in the wings. Last year, 248 blank-check firms went public, raising $83 billion — a 510 percent jump from 2019. (As of Feb. 10, 134 SPACs had gone public so far this year, raising $40.4 billion, according to SPACInsider.) SPACs allow many parties to wet their beaks. Sponsors typically get 20 percent of the company in exchange for putting up a fraction of the funding. Investors get all their money back if no deal is made within two years, or if they opt out. For startups strapped for cash and time, it’s a fast, guaranteed IPO that doesn’t pose the risk of leaving money on the table. But that quick-and-dirty route to going public has fewer regulatory safeguards than a traditional IPO. Instead of having a quiet period, companies are free to drum up publicity and use projected financials to tell a much rosier story, which can be risky for investors. Latch, for example, projected $167 million in booked revenue in 2020, which represents signed contracts with clients. Its earned revenue for the year was an estimated $18 million. SPAC deals are also negotiated behind closed doors, without the chance for public scrutiny of the company’s inner workings. The SPAC sponsor gets a payday as long as it acquires a target company, even if that company flounders after the merger, a quirk that Dealbook columnist Andrew Ross Sorkin described as “pay before performance.” Robert Davis, chief investment officer at Round Table Wealth Management, said the guaranteed payday upon acquisition is a “good incentive to get something done.”But, he added, “a skeptic would say they’re getting compensated to close a deal, whatever the deal is.” A better IPOPopular in the 1980s, SPACs gained a reputation for being risky bets and disappeared during the financial crisis. Their resurgence now is part of a growing acknowledgment that the traditional IPO is broken. This past fall, Rascoff said Zillow’s 2011 IPO, when the company’s stock price shot up 200 percent within minutes, was a “facepalm moment.” “I was bothered by that spike for years to come,” he tweeted in October, the same month he launched a $350 million blank-check firm of his own. (Too big a stock “pop” essentially means bankers underpriced the deal.) This month, Rascoff backed a second SPAC that’s seeking $250 million. Wallace pointed to the growing number of high-quality real estate targets as a sign of the evolution of proptech. “Many real estate tech businesses have matured,” he said. “They’re at this inflection point, evaluating whether to stay private or go public.”Read more“Blank-check” companies make a comeback in real estateSpencer Rascoff goes for SPAC trifectaWeWork in talks to go public via SPAC CBREFifth WallIPOslatchopendoorProptechSPACSpencer Rascofftishman speyer Message* And in a sluggish real estate market, proptech’s ability to help landlords and developers slash costs has become a big selling point. “Top-line [real estate] revenue has not been going up,” said Ben Friedman, a former trader who partnered with Seligman on BOA Acquisition Corporation to take a proptech company public. “If you think about where you can cut the fat out, a lot of this has to do with technical innovation and using third-party service providers.”For certain companies that are banking almost entirely on future upside rather than past performance, SPACs may be the only short-term route to public capital. That’s because target companies can share projected earnings, not just historical results. View, which has raised $1.8 billion from investors, including over $1.1 billion from SoftBank, was not a traditional IPO candidate, admitted CEO Rao Mulpuri. The San Francisco startup, which holds 1,050 patents, has spent $1 billion on research and development since 2007. Its projected revenue for this year is just $75 million, up from last year’s $31 million.“We don’t have the scale, predictability or profitability to IPO yet, certainly by classic standards,” Mulpuri said. “But we have a demonstrable need for the capital to create further shareholder value.” Latch raised a $100 million Series B in August 2019, and lost an estimated $61 million on an EBITDA basis in 2020.  It is now going public in a $1.56 billion merger with Tishman Speyer. Without a SPAC deal on the table, “there would be no expectation of them going public soon,” said Bradley Tusk, co-founder of Tusk Ventures, which invested in Latch and also has a separate $300 million hospitality-focused SPAC . Tusk said the marriage between a proptech startup and a top owner-operator —  Tishman Speyer controls 78 million square feet of real estate in the U.S. — was part of what investors found appealing. “Some of it is the belief that, ‘Look, what we bring to the table and what they bring to the table is so compelling, we can drive more value,’” said Tusk. Latch has forecast $600 million in revenue by 2024, when it projected it will turn profitable with $3 million in EBITDA. For Porch.com, a Seattle startup that provides software to home-services companies, its SPAC merger wiped out a history of losses and set the stage for massive growth. Porch’s deal with Proptech Acquisitions Corporation, founded by Abu Dhabi Investment Authority alums Tom Hennessy and Joe Beck, gave it $200 million in cash and left it debt-free. Without that lifeline, Porch’s accountants raised “substantial doubt” about its ability to stay in business. “It gives us a significant war chest, which we can use to play offense,” Porch CEO Matt Ehrlichman told TRD in October. “The whole point in taking the company public through a SPAC versus going through a traditional IPO a year later is to be able to capitalize the business as well as we are, faster, so that we can go and be aggressive and take advantage of the M&A opportunities.”Porch projects $120 million in revenue this year, up from $77.6 million last year. It claims it became profitable in June 2020 with $7 million in EBITDA.By contrast, Latch CEO Luke Schoenfelder said the startup had “a lot of capital around the table” when it received more than a dozen SPAC offers over the past year. Its options included raising more private capital or going public in a traditional IPO down the road. “We have a fiduciary responsibility [to investors] to make sure we deliver the best possible outcome,” Schoenfelder said. “The ability to say, ‘Let’s put nearly  $500 million on the balance sheet to develop new products,’ it’s pretty exciting.” But though Schoenfelder may have to answer to Latch’s investors, the SPAC’s sponsor will not. SPAC sponsors do not have a fiduciary duty to the investors in the acquired company. Relevant experience Real estate players have slid comfortably into the role of SPAC sponsor. It takes a similar skill set to property investing: Raise capital, find an asset to buy, come to terms and, hopefully, turn a profit. “My strongest skill set has always been around acquisitions,” said Ophir Sternberg of Lionheart Capital, the developer behind the Ritz-Carlton in Miami Beach. “My business involves buying the right type of property at the right price and structuring the deal well.”(Sternberg’s OPES Acquisition Corporation struck a deal to take the burger chain BurgerFi public in July 2020. A second, $200 million blank-check firm is focused on proptech.) Tishman Speyer has backed a dozen proptech startups, including VTS, Openspace and Agora. In January, a Tishman-backed SPAC struck a deal to merge with Latch. Less than 24 hours later, the landlord launched a second blank-check firm, targeting a $250 million investment in a proptech firm. “Our customers are demanding more and better. They want new technologies to make their lives easier and seamless,” Rob Speyer, Tishman’s chief executive, said in a January interview with TRD. Speyer joined Latch’s board to help the company expand into Europe and the commercial office market. In the Tishman-Latch deal, the landlord will receive a 4 percent stake worth about $60 million, according to Latch’s investor presentation. According to Evan Hudson, a real estate partner at Stroock, SPACs are also becoming an investment vehicle for many of his clients, including REITs, that previously invested in blind pools. “Having assets under management is the lifeblood of real estate,” he said. “And capital is what drives returns.”Perfectly legalTo some, the sheer volume of new SPACs is a sign of a bubble.With so much capital being raised, there are bound to be blow-ups. A growing number of skeptics worry the number of blank-check firms outweighs targets — which could drive up valuations as sponsors compete for deals. “The getting is so good right now that people are jumping in with reckless abandon,” said Dave Eisenberg, a co-founder at Zigg Capital who sold his 3D mapping startup, Floored, to CBRE in 2017. “The dynamic now is there’s a lot of people who see a lot of easy money to be made.” Others point to what they believe is a fundamental misalignment between SPACs and the target companies.SPAC investors, who usually have no interest in the underlying business, often cash out before the merger is complete, or right after. “We don’t want to own the risk of the operating company,” said Patrick Galley, CEO of RiverNorth Capital Management. By the same token, he said, “If you’re a fundamental investor, why would you want to own a portfolio of cash when you don’t know what it’s going to be?” In recent months, high trading volume sounded alarm bells for veteran investors. “It’s a perfectly legal regulatory arbitrage,” Joseph Grundfest, a former SEC commissioner, told the Wall Street Journal in November. New research also paints a sobering picture of SPAC deals a few months after the giddy headlines have died down. SPAC mergers completed between January 2019 and June 2020 lost, on average, 12 percent of their value within six months, according to researchers at Stanford and New York University. By comparison, the Nasdaq rose 30 percent during the same time. Proptech-focused SPACs also show mixed results. As of Feb. 5, Opendoor’s stock had slipped 9.8 percent from Dec. 21, 2020, when it went public. Porch Group was up 33 percent from its IPO on Christmas Eve. And United Wholesale Mortgage, which completed a SPAC deal in January, was down 11.9 percent. To some, those slides warrant greater scrutiny of company valuations. As with venture capital, investors are underwriting a company’s growth prospects. “You’re turning the pixie dust back into gold,” said Tusk. Sometimes, there’s a good reason. “A regular IPO is all about history, you know, protecting the investor,” Lutnick said on CNBC after his CF Acquisitions struck a deal to merge with View. “A company like View needs to talk about its projections … Its margins are 60 percent on this glass.” Among proptech deals, valuation has been all over the place. View was valued at $1.6 billion, or 21.3 times its projected revenue of $75 million this year, while Opendoor was valued at $4.7 billion, on par with its 2019 revenue. Latch’s $1.56 billion deal was 9.3 times its estimated booked revenue of $167 million in 2020, but 86.7 times its estimated net revenue of $18 million. Schoenfelder drew a parallel to real estate, where developers pencil out projects based on projections. “How many buildings are built on historical financials?” he said. Latch’s customers operate in the same way, placing orders far in advance in multiyear projects. “When you build infrastructure, you have to plan ahead,” he said. But Fifth Wall’s Wallace said valuations are also a function of the market opportunity that exists today. Real estate represents 13 percent of the U.S. economy, but the sector spends just half of 1 percent on IT, he said. For that reason, category-leading companies can command a valuation that reflects big growth potential. “The commensurate opportunities are so vast that it is possible to pursue valuations that might optically seem very high,” he said, “and have them be totally justified.” He predicted a two-track fate for SPACs. “It’s kind of a flat-footed resolution of what’s happening in the SPAC market to say it’s a bubble,” he said. “I don’t think it’s a bubble for the highest-quality sponsors and businesses.”Even Palihapitiya, who’s become the unofficial face of SPACs and described Opendoor as his “next 10x idea,” cautioned prudence. “SPACs may be easy to raise … but they are hard to execute and success isn’t guaranteed,” he tweeted Feb. 3. “Good luck to all the players.Contact E.B. Solomont Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

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