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X-Bow to Receive Additional Funding for Expansion of DoD Contract for Hypersonic Solid Rocket Motor DevelopmentPatrick Stewart's first act as Rangers chief executive could be to sack Philippe Clement By STEPHEN MCGOWAN Published: 22:00, 25 November 2024 | Updated: 22:00, 25 November 2024 e-mail View comments Following his departure from Manchester United in April, Patrick Stewart took some time to travel and recharge his batteries. After 18 seasons of overseeing legal affairs at Old Trafford, the Aberdonian travelled to Germany to support Scotland at Euro 2024. In the parlance of professional football, he spent some time with the family. Day one at Rangers could make all of that feel like a distant mirage if he is faced with the most difficult decision any football chief executive has to make. Sharing a name with a famous actor has its downside and Stewart has spent most of his adult life batting away the Star Trek humour which followed news of his return to football as the replacement for James Bisgrove. He can expect more of that if his new employers come up short against Ange Postecoglou ’s Tottenham on December 12 then lose the Premier Sports Cup final to Celtic at Hampden three days later. By the time he’d reached the top of the marble staircase, briefcase in hand, Stewart would be under pressure to go boldly where so many of the occupants of the Ibrox hotseat have gone before by dismissing a manager before lunchtime. Patrick Stewart will take over as Rangers CEO the day after their League Cup final against Celtic Clement's position as Rangers manager would become impossible if they lose at Hampden While a start date of December 16 might disassociate the new man from guilt by association with two precarious fixtures, it won’t insulate him from the toxic fall-out if results go badly. He’d be straight in at the deep end, facing calls to axe Philippe Clement with immediate effect. A 1-1 draw with Dundee United on Saturday only added to the clamour for the Belgian’s removal. Eleven points behind Celtic in the Premiership, with no evidence of a pattern of play, a tactical vision or forward momentum, supporters have seen enough now. On Sunday night, Whatsapp rumours swept Glasgow suggesting Clement and Rangers had parted company by mutual consent. They were inaccurate — they usually are — but the blaze ignited quickly because the situation is now flammable. Most now regard Clement’s exit as a question of ‘when’ rather than ‘if’. The progress of his first season in charge is now a distant memory. Despite moments of individual quality from the likes of Vaclav Cerny and Nedim Bajrami, all that talk of improvement and progress fools no one these days. The team is now going backwards and, while the imminent arrival of a new chief executive and permanent chairman will bring more stability to the boardroom, the men in grey suits can’t put the ball in the net or stop the opposition doing the same. Malcolm Offord looks set to be named as Rangers' non-executive chairman in the weeks ahead Clement has yet to win a game against Celtic in five attempts. And defeat in the first showpiece final of the season at Hampden would render his position impossible. More so if the defeat is as convincing as the 3-0 humbling at Parkhead in September. It’s not impossible that Rangers will win at Hampden. While a long-awaited victory over Celtic would bring respite and relief, the title already looks too far gone. And, to deliver the financial equilibrium Rangers need off the pitch, Stewart really needs a manager capable of winning games and trophies on it. Champions League football is critical. He won’t be expected to do it all on his own. Malcolm Offord — Lord Offord of Garvel to give him his Sunday name — is expected to be named as the Rangers non-executive chairman in the coming weeks, replacing interim incumbent John Gilligan. Read More Rangers confirm appointment of former Man United man as chief executive officer six months after his predecessor's departure A political heavyweight with the clout to corral boardroom factions, Offord will work closely with the new CEO and, if the two men decide that Clement has to go, it’s their job to find a replacement. For that reason alone, it made sense to delay a decision on the manager until they were in the building. Like Michael Nicholson at Celtic, Stewart stems from a legal background and sees no value in being a front-of-house figure, courting journalists. Ask colleagues who cover Manchester United what they know about his background and the response is a shrug of the shoulders. Growing up in the Granite City, supporting his local team, Stewart was part of UEFA’s Champions League marketing agency for five years. He then moved to Old Trafford as the club’s first General Counsel in March 2006, the attraction of working with Sir Alex Ferguson too strong to resist. A graduate of Glasgow University, he built up the legal function from scratch. One of the first in-house lawyers at an English top-flight club, he was responsible for signing off on everything from player contracts to kit deals and liaised with the Premier League. A member of various football industry groups at the Football Association, the English Premier League and the European Club Association, Stewart also held a position at the Court of Arbitration for Sport and eventually became a Manchester United director before he was handed the job of interim CEO, overseeing the transition of power from the Glazers to Jim Ratcliffe before his departure in April. Click here to visit the Scotland home page for the latest news and sport Advertisement A political big hitter with a bulging contacts book will be good for a club which has spent recent years engaging in battles they couldn’t win. Rangers need figureheads capable of winning friends and influencing other clubs and both Offord and Stewart know their way around the corridors of power. While luring a man with an impressive CV drawn from Manchester United should be seen as a coup, there is an obvious drawback. Rangers are not Manchester United and, in recent times, Manchester United haven’t looked much like Manchester United either. Like Rangers, they’ve lost their way, on the field and off it. If nothing else, the appointment of a chief executive brings stability to Ibrox and, after a turbulent six months, they need that at least. Discussing Stewart’s appointment on the Jim White show on TalkSport yesterday, Mail Sport columnist Simon Jordan probably summed it up best. ‘It certainly alleviates the observations that they’re rudderless,’ said Jordan. ‘Whether he’s a good oarsman, we’ll see.’ Share or comment on this article: Patrick Stewart's first act as Rangers chief executive could be to sack Philippe Clement e-mail Add commentWorld News | Syrian Government Forces Withdraw from Central City of Homs as Insurgent Offensive AcceleratesJustin Baldoni Voices of Solidarity Award Rescinded After Blake Lively Legal Action
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The increase is an addition to the $64 million awarded to X-Bow in 2023 to expand production capacity of the solid rocket motor industrial base. LULING, Texas , Dec. 20, 2024 /PRNewswire/ -- X-Bow Systems Inc. (X-Bow), a leading non-traditional producer of advanced solid rocket motors (SRMs) and defense technologies, today announced the expansion of its contract to provide large solid rocket motors (SRM) to the U.S. Navy and the U.S. Army. This increase reinforces X-Bow as a new supplier of SRMs and strengthens the Defense Department supply chain in a critical period for the United States . Following the increase, X-Bow hosted Ms. Adele Ratcliff , Director of the DoD's Innovation Capability and Modernization (ICAM) Office, at our expanding Texas campus on December 3, 2024 . Ms. Ratcliff leads the Industrial Base Analysis and Sustainment (IBAS) Program, crucial for fortifying the U.S. defense industry and fostering emerging sectors like advanced manufacturing to ensure rapid response to national security needs. Ms. Ratcliff stated, "It is a national imperative that DoD seek new and rapid alternative sources of solid rocket motor production that provide the Department's decisions makers options that not only meet DoD's operational needs but bring capabilities and capacity to bear that grow the defense industrial base (DIB). X-Bow is a critical partner in the DIB ecosystem that aims to provide technical overmatch in the Hypersonics domain." "This contract expansion underscores the critical role X-Bow is playing in modernizing the U.S. defense industrial base," said Max Vozoff , CTO, X-Bow Systems. "Our innovative manufacturing techniques and focus on advanced materials will enable us to deliver high-performance solid rocket motors more efficiently and cost-effectively, strengthening our national security posture." Ms. Ratcliff witnessed X-Bow's new methods for manufacturing SRMs and energetics that will lead to a significant increase in SRM production capacity and decrease in cost for production of SRMs. X-Bow is nearing completion of its Texas campus which, when finished will be the second-largest solid rocket motor production facility in the United States . This facility will significantly enhance our nation's defense readiness. Ms. Ratcliff's visit highlighted the vital role X-Bow plays in strengthening the U.S. Defense Industrial Base through our advanced manufacturing approach to solid rocket motor technology. About X-Bow Systems X-Bow Systems is disrupting the aerospace industry with innovative and cost-effective advanced manufactured energetics for the solid rocket motor and launch vehicle market. X-Bow is also designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow is led by CEO Jason Hundley , Chairman Mark Kaufman , CTO Max Vozoff , CRO Maureen Gannon, General Counsel John Leary , COO Mike Bender and a growing team of seasoned industry veterans and new space entrepreneurs. X-Bow is a dual-use technology company with investment from Crosslink Capital, Razor's Edge Ventures, Balerion Space Ventures, Boeing, and Lockheed Martin Ventures. Headquartered in Albuquerque, New Mexico , X-Bow has additional presence in California , Alabama , Colorado , Texas , Utah , Maryland and Washington, DC . For more information visit www.xbowsystems.com . About DoD's Innovation Capability and Modernization (ICAM) Office: The Innovation Capability and Modernization (ICAM) Office manages and executes the DoD's Industrial Base Analysis and Sustainment (IBAS) Program Element, which aims to improve the readiness and competitiveness of the U.S. industrial base by investing in, and establishing high priority domestic capabilities for new supply chains needed for national security and mitigating exposure to global supply chain risks. The appearance of U.S. Department of Defense visual information does not imply or constitute DoD endorsement. View original content to download multimedia: https://www.prnewswire.com/news-releases/x-bow-to-receive-additional-funding-for-expansion-of-dod-contract-for-hypersonic-solid-rocket-motor-development-302337560.html SOURCE X-Bow Systems
The United States Postal Service might have found a way to unite a nation bitterly divided after this month's election: It will release a Betty White stamp. The beloved actor known for roles in "The Golden Girls," "The Mary Tyler Moore Show," "Boston Legal" and others will be on a 2025 Forever stamp, USPS announced this past week. White died in late December 2021 , less than three weeks before her 100th birthday. The Postal Service hasn't announced a release date for the stamp. Betty White speaks Sept. 17, 2018, at the 70th Primetime Emmy Awards at the Microsoft Theater in Los Angeles. “An icon of American television, Betty White (1922–2021) shared her wit and warmth with viewers for seven decades,” the Postal Service said in announcing the stamp, which depicts a smiling White based on a 2010 photograph by celebrity photographer Kwaku Alston . “The comedic actor, who gained younger generations of fans as she entered her 90s, was also revered as a compassionate advocate for animals.” Boston-based artist Dale Stephanos created the digital illustration from Alston's photo. "I'd love to send a letter back to my 18-year-old self with this stamp on it and tell him that everything is going to be OK," Stephanos posted on Facebook . Regardless of personal politics, self-proclaimed supporters of Republican President-elect Donald Trump and Democratic Vice President Kamala Harris reacted with delight on social media. "Betty White was my hero, all of my life! I actually had a doll when I was a little girl I named Betty White," one Trump supporter posted on X , formerly Twitter. “Something to make this awful week a little better: We’re getting a Betty White stamp,” a pro-Harris X account posted. White combined a wholesome image with a flare for bawdy jokes . Her television career began in the early 1950s and exploded as she aged. “The only SNL host I ever saw get a standing ovation at the after party," Seth Meyers posted on Twitter after her death. "A party at which she ordered a vodka and a hotdog and stayed til the bitter end.” Allen Ludden and his wife Betty White, who love to play games, continue a two year gin rummy battle in which she's ahead by a cumulative 6,000 points in Westchester, N.Y. on April 29, 1965. They do it professionally on TV. He's the master of ceremonies on "Password," and she makes frequent guest appearances on game shows. They play games to relax at home. (AP Photo/Bob Wands) Allen Ludden and his wife Betty White admire magnolia blossoms on the lawn of their country home in Westchester, N.Y. on May 14, 1965. (AP Photo/Bob Wands) Actress Betty White in 1965. (AP Photo) Betty White shares a moment backstage at the 28th annual Emmy Awards with Ted Knight after they each won an Emmy for their supporting roles in "The Mary Tyler Moore Show." On the series Miss White played Sue Ann Nivens while Knight played newscaster Ted Baxter. (AP Photo/Reed Saxon) LOS ANGELES, CA - MAY 17, 1976: (L-R) "The Mary Tyler Moore Show" co-stars - Ed Asner, Betty White, Mary Tyler Moore and Ted Knight - all won awards at the Academy of Television Arts & Sciences 28th Annual Primetime Emmy Awards held at the Shubert Theatre on May 17, 1976 in Los Angeles, California. (Photo by TVA/PictureGroup/Invision for the Academy of Television Arts & Sciences/AP Images) Actress Betty White with Ted Knight at the Emmy Awards in Los Angeles, Sept. 13, 1981. (AP Photo/Randy Rasmussen) Betty White and Anson Williams don't seem to faze Buckeye, a St. Bernard, during an awards ceremony during which Williams was honored by the Los Angeles Society for the Prevention of Cruelty to Animals as a friend and lover of animals. Ms. White presented a humanitarian plaque to Williams at the event, which was held in Hollywood, California, Friday, May 1, 1982. (AP Photo/Marc Karody) Actress Betty White with actor John Hillerman arriving at Emmy Awards, Sept. 22, 1985 in Pasadena, California. (AP Photo/LIU) Actresses Betty White Ludden, left, and Mary Tyler Moore, right, smile at each other in Los Angeles, Friday, June 22, 1985 during Annual Meeting of Morris Animal Foundation, at which Ludden announced her retirement as President of the animal health group, held at the Sheraton Universal Hotel in Los Angeles. (AP Photo/Nick Ut) These four veteran actresses from the television series "The Golden Girls" shown during a break in taping Dec. 25, 1985 in Hollywood. From left are, Estelle Getty, Rue McClanahan, Bea Arthur and Betty White. (AP Photo/Nick Ut) Actress Betty White poses in Los Angeles, Ca. in June, 1986. (AP Photo/Reed Saxon) Betty White stands backstage at the NBC TV Bob Hope "I Love Lucy" special on Sept. 16, 1989. (AP Photo/Djansezian) Michael J. Fox and Betty White, winners of Emmys for best actor and actress in a comedy series, stand backstage at the Pasadena Civic Auditorium in Pasadena, California, Sunday, Sept. 21, 1986 after receiving their honors. (AP Photo/Douglas C. Pizac) Comedienne Betty White places her hand on the star that was presented posthumously to her husband, Allen Ludden, during ceremonies inducting him into the Hollywood Walk of Fame in Hollywood, Los Angeles, Thursday, March 31, 1988. Ludden was honored with the 1,868th star of the famed walkway — between those of White and Tyrone Power. (AP Photo/Nick Ut) Estelle Getty, who plays Sophia, poses with her new husband, who plays Max, and the other "Golden Girls" after taping of episode on Friday, night, Nov. 5,1988 in Hollywood. Left to right are Rue McCLanahan (Blanche), Getty, Gilford, Bea Arthur (Dorothy) and Betty White. (AP Photo/Ira Mark Gostin) Former cast members of the Mary Tyler Moore Show, sans Mary Tyler Moore, are reunited for the Museum of Television and Radio's 9th annual Television Festival in Los Angeles Saturday, March 21, 1992. From left are Gavin MacLeod, Valerie Harper, Cloris Leachman, Betty White and Ed Asner. (AP Photo/Craig Fujii) Actress Betty White, left, writer/producer David E. Kelley, actress Bridget Fonda, and actor Oliver Platt pose at the premiere of their movie "Lake Placid," Wednesday night, July 14, 1999, in Los Angeles. (AP Photo/Mark J. Terrill) Betty White, from "Golden Girls," and Mr. T, Lawrence Tureaud, from "The A Team," pose for photographers at NBC's 75th Anniversary Party, Wednesday, Jan. 9, 2002, in the Hollywood section of Los Angeles. (AP Photo/Rene Macura) Actors Betty White, left, Georgia Engel, second left, Gavin MacLeod, center, Valerie Harper, second right, and John Amos pose for photographers during arrivals at CBS's 75th anniversary celebration Sunday, Nov. 2, 2003, in New York. (AP Photo/Louis Lanzano) Actress Betty White laughs as an African eagle roosts overhead at the Los Angeles Zoo Monday, Feb. 20, 2006, in Los Angeles, where White was honored as Ambassador to the Animals by the city for her decades of dedication to the humane treatment of animals. (AP Photo/Nick Ut) Betty White poses for photographers on the red carpet before Comedy Central's "Roast of William Shatner," Sunday, Aug. 13, 2006, in Los Angeles. (AP Photo/Rene Macura) Betty White arrives at the 34th Annual Daytime Emmy Awards in Los Angeles, on Friday, June 15, 2007. (AP Photo/Mark J. Terrill) Beatrice Arthur, left, Betty White, center, and Rue McClanahan, of the Golden Girls, arrive at the TV Land Awards on Sunday June 8, 2008 in Santa Monica, Calif. (AP Photo/Matt Sayles) Actor Henry Winkler, center, is seen Beatrice Arthur, right, and Betty White at the TV Land Awards on Sunday June 8, 2008 in Santa Monica, Calif. (AP Photo/Matt Sayles) In this Nov. 24, 2009 file photo, actress Betty White poses for a portrait following her appearance on the television talk show "In the House," in Burbank, Calif. (AP Photo/Chris Pizzello, File) Actress Betty White poses for a portrait on the set of the television show "Hot in Cleveland" in Studio City section of Los Angeles on Wednesday, June 9, 2010. (AP Photo/Matt Sayles) Actress Betty White is seen on stage at the Teen Choice Awards on Sunday, Aug. 8, 2010 in Universal City, Calif. (AP Photo/Matt Sayles) Betty White, a cast member in "You Again," poses with fans holding Betty White masks at the premiere of the film in Los Angeles, Wednesday, Sept. 22, 2010. (AP Photo/Chris Pizzello) Actress Betty White wears a U.S. Forest Ranger hat after being named an Honorary Forest Ranger by the US Forest Service, at the Kennedy Center in Washington Washington, Tuesday, Nov. 9, 2010. White has stated in numerous interviews that her first ambition as a young girl was "to become a forest ranger, but they didn't allow women to do that back then". (AP Photo/Cliff Owen) Betty White, left, Bradley Cooper and Scarlett Johansson arrive at the MTV Movie Awards in Universal City, Calif., on Sunday, June 6, 2010. (AP Photo/Matt Sayles) Betty White, left, Kristen Bell, center, and Jamie Lee Curtis, cast members in "You Again," pose together at the premiere of the film in Los Angeles, Wednesday, Sept. 22, 2010. (AP Photo/Chris Pizzello) Betty White, left, accepts the Life Achievement Award from Sandra Bullock at the 16th Annual Screen Actors Guild Awards on Saturday, Jan. 23, 2010, in Los Angeles. (AP Photo/Mark J. Terrill) From left, actresses Betty White, Wendie Malick, Valerie Bertinelli, and Jane Leeves pose for a portrait on the set of the television show "Hot in Cleveland" in Studio City section of Los Angeles on Wednesday, June 9, 2010. (AP Photo/Matt Sayles) Alec Baldwin, left, and Betty White are seen on stage at the 17th Annual Screen Actors Guild Awards on Sunday, Jan. 30, 2011 in Los Angeles. (AP Photo/Mark J. Terrill) Betty White attends a book signing for her book 'If You Ask Me (And Of Course You Won't)' at Barnes & Noble in New York, Friday, May 6, 2011. (AP Photo/Charles Sykes) Actress Betty White attends a press conference prior to the taping of "Betty White's 90th Birthday: A Tribute To America's Golden Girl" on Sunday, Jan. 8, 2012 in Los Angeles. (AP Photo/Vince Bucci) Actress Betty White arrives on a white pony as she is honored at a Friars Club Roast sponsored by Godiva, Wednesday, May 16, 2012 at the Sheraton Hotel in New York. (AP Photo/Starpix, Marion Curtis) Betty White, at left, attends her wax figure unveiling at Madame Tussauds on Monday, June 4, 2012 in Los Angeles. (Photo by Katy Winn/Invision/AP) From left, Sgt. 1st Class Chuck Shuck, Actress Betty White and The 2012 American Hero Dog Gabe pose during 2012 American Humane Association Hero Dog Awards held at the Beverly Hilton Hotel on Saturday, Oct. 6, 2012, in Los Angeles, Calif. (Photo by Ryan Miller/Invision/AP) Betty White and Cloris Leachman onstage at the 24th Annual GLAAD Media Awards at the JW Marriott on Saturday, April 20, 2013 in Los Angeles. (Photo by Todd Williamson/Invision/AP) Ellen DeGeneres, left, presents Betty White with the award for favorite TV icon at the People's Choice Awards at the Nokia Theatre on Wednesday, Jan. 7, 2015, in Los Angeles. (Photo by Chris Pizzello/Invision/AP) Betty White, left, speaks at the 70th Primetime Emmy Awards on Monday, Sept. 17, 2018, at the Microsoft Theater in Los Angeles. Looking on from right are Alec Baldwin and Kate McKinnon. (Photo by Chris Pizzello/Invision/AP) Receive the latest in local entertainment news in your inbox weekly!
YPSILANTI, Mich. (AP) — On a damp Wednesday night with temperatures dipping into the 30s, fans in sparsely filled stands bundled up to watch Buffalo beat Eastern Michigan 37-30 on gray turf. The lopsided game was not particularly notable, but it was played on one of the nights the Mid-American Conference has made its own: A weeknight. “A lot of the general public thinks we play all of our games on Tuesdays and Wednesdays, not just some of them in November,” MAC Commissioner Jon Steinbrecher said in a telephone interview this week. “What it has done is help take what was a pretty darned good regional conference and has given it a national brand and made it a national conference.” When the conference has played football games on ESPN or ESPN2 over the last two seasons, the linear television audience has been 10 times larger than when conference schools meet on Saturdays and get lost in the shuffle when viewers have many more choices. The most-watched MAC game over the last two years was earlier this month on a Wednesday night when Northern Illinois won at Western Michigan and there were 441,600 viewers, a total that doesn’t include streaming that isn’t captured by Nielsen company. During the same span, the linear TV audience has been no larger than 46,100 to watch two MAC teams play on Saturdays. “Having the whole nation watching on Tuesday and Wednesday night is a huge deal for the MAC,” Eastern Michigan tight end Jere Getzinger said. “Everybody wants to watch football so if you put it on TV on a Tuesday or Wednesday, people are going to watch.” ESPN has carried midweek MAC football games since the start of the century. ESPN and the conference signed a 13-year extension a decade ago that extends their relationship through at least the 2026-27 season. The conference has made the most of the opportunities, using MACtion as a tag on social media for more than a decade and it has become a catchy marketing term for the Group of Five football programs that usually operate under the radar in Michigan, Ohio, Indiana, Illinois and New York. Attendance does tend to go down with weeknight games, keeping some students out of stadiums because they have class or homework and leading to adults staying away home because they have to work the next morning. “The tradeoff is the national exposure,” Buffalo coach Pete Lembo said. “You know November nights midweek the average fan is going to park on the couch, have a bowl of chips and salsa out in front, and watch the game from there." When the Bulls beat Ball State 51-48 in an overtime thriller on a Tuesday night earlier this month, the announced attendance was 12,708 and that appeared to be generous. There were many empty seats after halftime. “You watch the games on TV, the stadiums all look like this,” Buffalo fan Jeff Wojcicki said. “They are not packed, but it’s the only game on, and you know where to find it.” Sleep and practice schedules take a hit as well, creating another wave of challenges for students to attend class and coaches to prepare without the usual rhythm of preparing all week to play on Saturday. “Last week when we played at Ohio in Athens, we had a 4-four bus ride home and got home at about 3:30 a.m.,” Eastern Michigan center Broderick Roman said. “We still had to go to class and that was tough, but it's part of what you commit to as an athlete.” That happens a lot in November when the MAC shifts its unique schedule. During the first two weeks of the month, the conference had 10 games on Tuesdays and Wednesdays exclusively. This week, there were five games on Tuesday and Wednesday while only one was left in the traditional Saturday slot with Ball State hosting Bowling Green. Next week, Toledo plays at Akron and Kent State visits Buffalo on Tuesday night before the MAC schedule wraps up with games next Friday and Saturday to determine which teams will meet in the conference title game on Dec. 7 in Detroit. In all, MAC teams will end up playing about 75% of their games on a Saturday and the rest on November weeknights. When the Eagles wrapped up practice earlier this week, two days before they played the Bulls, tight end Jere Getzinger provided some insight into the effects of the scheduling quirk. “It's Monday, but for us it's like a Thursday,” he said. Bowling Green coach Scot Loeffler said he frankly has a hard time remembering what day it is when the schedule shift hits in November. “The entire week gets turned upside down,” Loeffler said. “It’s wild, but it’s great for the league because there’s two days a week this time of year that people around the country will watch MAC games.” AP freelance writer Jonah Bronstein contributed to this report. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballCommunity Voices: Making Christmas merrierCT UK HIGH INCOME: Results on the up... now trust needs to add the missing part of the jigsaw By JEFF PRESTRIDGE Updated: 21:50, 7 December 2024 e-mail View comments Investment trust CT UK High Income is a provider of attractive income, primarily from a portfolio of high-yielding UK shares. Recent results indicate that under the command of a new manager this trust can deliver income against the backdrop of rising capital returns – something the trust has struggled to achieve in recent years. Half-year results issued late last month show that in the six months to the end of September, the trust reported overall share price returns of 9.4 per cent, compared with 6.1 per cent from the FTSE All-Share Index, its benchmark. 'We are pleased to report an outperformance of the company's benchmark over this period as the UK market remained resilient to ongoing wider geopolitical instability,' said Andrew Watkins, the trust's chairman. The stock market-listed trust has been run since July last year by David Moss, a portfolio manager with Columbia Threadneedle (CT) Investments who also runs the CT Select UK Equity Income Fund. 'What we are trying to do for shareholders is deliver a high level of income – and to grow it as well,' he says, 'while offering the prospect of capital growth on top.' It is certainly delivering on the income front. Shares in the trust, capitalised at £74 million, are currently providing a dividend equivalent to 6.5 per cent per year. It has also managed to grow annual dividend payments for 11 years on the trot. The missing part of the jigsaw is long-term growth in the trust's share price. Over the past five years, it is down nearly 5 per cent. Moss was brought in by the trust's board to improve total returns for shareholders. And while the half-year results indicate the performance numbers are moving in the right direction, he knows more needs to be done. 'We need to deliver more capital growth for a longer period,' he says. RELATED ARTICLES Previous 1 Next POLAR CAPITAL GLOBAL FINANCIALS TRUST: Make money from the... How you can cash in on DEAL MANIA now Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account The trust is currently invested in 40 stocks with more than 75 per cent of its assets in FTSE100 shares. Although it holds dividend-friendly big names such as Shell, HSBC, and insurers Phoenix and Legal & General, Moss says the portfolio is more diverse than maybe meets the eyes of many investors. Some of its stocks, for example, are listed on the FTSE250 Index such as brick manufacturer Ibstock – or dual listed (Irish housebuilder Cairn Homes, whose shares trade both on the UK and Irish stock markets). Both have performed strongly over the past year, with their shares rising by 44 and 64 per cent respectively. The portfolio also contains a smattering of European stocks – French industrial conglomerate Schneider Electric, German software company SAP and Dutch semi-conductor specialist ASM International (not to be confused with ASML). 'We can invest up to 10 per cent of the portfolio in overseas stocks,' explains Moss, 'but currently it is limited to those three stakes. First, because we only invest in overseas companies if they offer something that we can't get from a UK company. Also, from an investment potential point of view, all the value is in the UK.' Moss has mixed views on the Government. Although he admits to being 'disappointed' by the National Insurance costs heaped on businesses by Chancellor Rachel Reeves, he hopes that now 'all the bad news is out there'. As an investment manager who also runs an offshore European fund for Columbia Threadneedle, Moss says the UK is a better investment proposition than Europe. The trust pays income quarterly. 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PM looks to ‘brighter future’ at Christmas and ‘wishes for peace in Middle East’DORAL, Fla.--(BUSINESS WIRE)--Dec 23, 2024-- NeueHealth, Inc. (“NeueHealth” or the “Company”) (NYSE: NEUE), the value-driven healthcare company, today announced that it has entered into a definitive merger agreement pursuant to which the Company will be acquired by an affiliate of New Enterprise Associates (“NEA”) at an enterprise value of approximately $1.3 billion. Upon completion of the transaction, NeueHealth will become a privately held company with the flexibility and resources to continue advancing its value-driven, consumer-centric care model. Under the terms of the merger agreement, holders of NeueHealth common stock (other than shares that will be rolled over and certain excluded shares) will receive $7.33 per share in cash, which represents a premium of approximately 70% over the closing price of NeueHealth common stock on December 23, 2024. Certain stockholders of NeueHeath, including NEA and 12 existing NeueHealth investors (which collectively hold all of the outstanding shares of NeueHealth preferred stock), have entered into rollover agreements pursuant to which such stockholders will continue their investments by exchanging their shares of NeueHealth common stock and/or preferred stock for newly issued equity interests in the privately held company, and the Company’s existing secured loan facility with Hercules Capital, Inc. will remain in place. NeueHealth’s executive leadership team will continue in their roles upon completion of the transaction and intends to roll over 100% of their equity interests for newly issued equity interests in the privately held company. “We are pleased to announce this transaction as we believe it places NeueHealth in a strong position for continued growth while maximizing value for all of NeueHealth’s public stockholders,” said Mike Mikan, President and CEO of NeueHealth. “NEA has been a longstanding strategic partner, and we look forward to continuing to work together to build on NeueHealth’s success as a leader in value-based care.” “We believe NeueHealth has built a differentiated model of care that is uniquely positioned to drive value for consumers, providers, and payors and we have confidence in the NeueHealth team and their ability to continue to lead the Company,” said Mohamad Makhzoumi, Co-CEO of NEA. “We have had a strong partnership with NeueHealth since 2016 and share the Company’s commitment to making high-quality healthcare accessible and affordable for all Americans.” Transaction Details A special committee (the “Special Committee”) of the board of directors of NeueHealth (the “Board”), composed entirely of independent and disinterested directors and advised by its own independent legal and financial advisors, unanimously recommended that the Board approve the transaction and determined it was in the best interests of the Company and its stockholders that are not affiliated with NEA. Acting upon the recommendation of the Special Committee, the Board subsequently unanimously approved the transaction and determined to recommend that NeueHealth stockholders vote to approve and adopt the merger agreement. Certain NeueHealth stockholders have agreed to vote all of their shares of NeueHealth common stock and/or preferred stock to approve and adopt the merger agreement, subject to certain conditions. The merger is subject to approval by NeueHealth’s stockholders and other customary closing conditions, including receipt of certain regulatory approvals. NEA intends to finance the transaction with fully committed equity financing, and the transaction is not subject to any financing condition. Upon completion of the transaction, NeueHealth’s common stock will no longer be publicly traded or listed on any public market. The merger agreement includes a 30-day “go-shop” period that will expire at 12:01 AM New York City time on January 23, 2025, which permits the Special Committee and its financial advisors to solicit and consider alternative acquisition proposals. There can be no assurance that this process will result in a superior proposal, and NeueHealth does not intend to disclose developments with respect to the “go-shop” process unless and until it determines such disclosure is appropriate or is otherwise required. Lincoln International, LLC is acting as financial advisor, and Richards, Layton & Finger, P.A. is acting as legal counsel, to the Special Committee. Simpson Thacher & Bartlett LLP is acting as legal counsel to NeueHealth. Latham and Watkins LLP is acting as legal counsel to NEA, with Sidley Austin LLP acting as insurance regulatory counsel to NEA. More information regarding the key terms will be included in a current report on Form 8-K to be filed by NeueHealth with the Securities and Exchange Commission (the “SEC”). Important Information and Where to Find It In connection with the transaction, the Company will file with the SEC a proxy statement on Schedule 14A (the “Proxy Statement”), the definitive version of which will be sent or provided to Company stockholders. The Company, affiliates of the Company and affiliates of NEA intend to jointly file a transaction statement on Schedule 13E-3 (the "Schedule 13E-3") with the SEC. The Company may also file other documents with the SEC regarding the transaction. This release is not a substitute for the Proxy Statement, the Schedule 13E-3 or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE SCHEDULE 13E-3 AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE COMPANY OR THE TRANSACTION BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement, the Schedule 13E-3 and other documents that are filed or will be filed with the SEC by the Company, when such documents become available, through the website maintained by the SEC at www.sec.gov or through the Company's website at https://investors.neuehealth.com/home/default.aspx . The transaction will be implemented solely pursuant to the Agreement and Plan of Merger, dated as of December 23, 2024 (the “merger agreement”), among the Company, NH Holdings 2025, Inc. and NH Holdings Acquisition 2025, Inc., which contains the full terms and conditions of the transaction. Participants in the Solicitation The Company and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders of the Company in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is available in the definitive proxy statement for the 2024 annual meeting of stockholders of the Company, which was filed by the Company with the SEC on April 1, 2024 (the “Annual Meeting Proxy Statement”), and will be available in the Proxy Statement. Please refer to the sections captioned “Executive Compensation,” “Director Compensation,” and “Security Ownership of Certain Beneficial Owners and Management” in the Annual Meeting Proxy Statement. Holdings of the Company’s securities by certain of the Company’s employees, and any changes in the holdings of the Company’s securities by the Company’s directors or executive officers from the amounts described in the Annual Meeting Proxy Statement, have been reflected in the following Statements of Change in Ownership on Form 4 filed with the SEC: Form 4, filed by George Lawrence Mikan III on May 6, 2024; Form 4, filed by Jay Matushak on May 6, 2024; Form 4, filed Tomas Orozco on May 6, 2024; Form 4, filed by Jeffery Michael Craig on May 6, 2024; Form 4, filed by Jeffrey J. Scherman on May 6, 2024; Form 4, filed by Jay Matushak on May 13, 2024; Form 4, filed by Jeffrey J. Scherman on May 13, 2024; Form 4, filed by Kedrick D. Adkins, Jr. on May 14, 2024; Form 4, filed by Andrew M. Slavitt on May 14, 2024; Form 4, filed by Linda Gooden on May 14, 2024; Form 4, filed by Mohamad Makhzoumi on May 14, 2024; Form 4, filed by Robert J. Sheehy on May 14, 2024; Form 4, filed by Matthew G. Manders on May 14, 2024; Form 4, filed by Stephen Kraus on May 14, 2024; Form 4, filed by Manuel Kadre on May 14, 2024; Form 4, filed by Jeffrey R. Immelt on May 14, 2024; Form 4, filed by Mohamad Makhzoumi on October 3, 2024; Form 4, filed by Jay Matushak on October 8, 2024; Form 4, filed by George Lawrence Mikan III on December 18, 2024. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the proposed transaction when they become available. Free copies of the Proxy Statement and such other materials may be obtained as described in the preceding paragraph. About NeueHealth NeueHealth is a value-driven healthcare company grounded in the belief that all health consumers are entitled to high-quality, coordinated care. By uniquely aligning the interests of health consumers, providers, and payors, NeueHealth helps to make healthcare accessible and affordable to all populations across the ACA Marketplace, Medicare, and Medicaid. NeueHealth delivers high-quality clinical care to over 500,000 health consumers through owned clinics and unique partnerships with over 3,000 affiliated providers. We also enable independent providers and medical groups to thrive in performance-based arrangements through a suite of technology and services scaled centrally and deployed locally. We believe our value-driven, consumer-centric care model can transform the healthcare experience and maximize value across the healthcare system. For more information, visit: www.neuehealth.com . About NEA New Enterprise Associates (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has more than $25 billion in assets under management as of June 30, 2024 and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of investing includes more than 280 portfolio company IPOs and more than 465 mergers and acquisitions. For more information, please visit www.nea.com . Forward-Looking Statements This release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, and statements as to the expected timing, completion and effects of the transaction. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” “ensure,” and other similar expressions. These forward-looking statements include any statements regarding our plans, expectations and financial guidance. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: the failure to complete the transaction on the anticipated terms and within the anticipated timeframe, including as a result of failure to obtain required stockholder or regulatory approvals or to satisfy other closing conditions; potential litigation relating to the transaction that could be instituted against NEA, the Company or their respective affiliates, directors, managers, officers or employees, and the effects of any outcomes related thereto; potential adverse reactions or changes to our business relationships or operating results resulting from the announcement, pendency or completion of the transaction; the risk that our stock price may decline significantly if the transaction is not consummated; certain restrictions during the pendency of the transaction that may impact our ability to pursue certain business opportunities or strategic transactions; costs associated with the transaction, which may be significant; the occurrence of events, changes or other circumstances that could give rise to the termination of the merger agreement, including in circumstances requiring us to pay a termination fee; our ability to continue as a going concern; our ability to comply with the terms of our credit facilities or any credit facility into which we enter in the future; our ability to receive the remaining proceeds from the sale of our Medicare Advantage business in California in a timely manner; our ability to obtain any short or long term debt or equity financing needed to operate our business; our ability to quickly and efficiently complete the wind down of our remaining Individual and Family Plan (“IFP”) and MA businesses, including by satisfying liabilities of those businesses when due and payable; potential disruptions to our business due to the transaction or due to corporate restructuring and any resulting headcount reduction; our ability to accurately estimate and effectively manage the costs relating to changes in our business offerings and models; a delay or inability to withdraw regulated capital from our subsidiaries; a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our and our care partner’s abilities to obtain and accurately assess, code, and report risk adjustment factor scores; our ability to contract with care providers and arrange for the provision of quality care; our ability to obtain claims information timely and accurately; the impact of any pandemic or epidemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage any growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions, integrate acquired businesses, and quickly and efficiently divest businesses as needed; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; our ability to comply with requirements to maintain effective internal controls; our ability to adapt to mitigate risks associated with our ACO businesses, including any unanticipated market or regulatory developments; and the other factors set forth under the heading “Risk Factors” in the Company’s reports on Form 10-K, Form 10-Q, and Form 8-K (including all amendments to those reports) and our other filings with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations. View source version on businesswire.com : https://www.businesswire.com/news/home/20241223595862/en/ CONTACT: Investor Contact: IR@neuehealth.comMedia Contact: media@neuehealth.com KEYWORD: FLORIDA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PRACTICE MANAGEMENT PROFESSIONAL SERVICES MANAGED CARE HEALTH GENERAL HEALTH HEALTH TECHNOLOGY HEALTH INSURANCE HOSPITALS INSURANCE TELEMEDICINE/VIRTUAL MEDICINE FINANCE SOURCE: NeueHealth Copyright Business Wire 2024. PUB: 12/23/2024 05:53 PM/DISC: 12/23/2024 05:53 PM http://www.businesswire.com/news/home/20241223595862/en
ATLANTA — On Jan. 18 and 19 the AT&T Playoff Playlist Live! will be held at State Farm Arena in advance of the College Football Playoff national championship on Jan. 20. The star-studded lineup was announced Thursday at a news conference at Mercedes-Benz Stadium. Performances will include Lil Wayne and GloRilla on Saturday; and Camila Cabello, Myles Smith and Knox on Sunday. On game day, the Allstate Championship Tailgate, taking place just outside Mercedes-Benz Stadium in the Home Depot Backyard, will feature country acts on the Capital One Music Stage, including global superstar Kane Brown and iHeartCountry “On The Verge” artist Ashley Cooke. The concerts are just two of the festivities visiting fans can enjoy in the days leading up to the big game. The fan experience for both ticket holders and the general public has been a focus for event planners. All weekend long, an estimated 100,000 people from across the country are expected to attend fan events preceding kickoff. “It will be an opportunity for fans of all ages to come together to sample what college football is all about, and you don’t have to have a ticket to the game to be a part of it,” said Bill Hancock, executive director of the CFP in a press release. “We’ve worked closely with the Atlanta Football Host Committee to develop fan-friendly events that thousands will enjoy come January.” On Saturday, Jan. 18, Playoff Fan Central will open at the Georgia World Congress Center in downtown Atlanta. The free, family-friendly experience will include games, clinics, pep rallies, special guest appearances, autograph signings and exhibits celebrating college football and its history. That day, fans can also attend Media Day, presented by Great Clips, which will feature one-hour sessions with student-athletes and coaches from each of the College Football Playoff national championship participating teams. ESPN and social media giants X, Facebook, Instagram and TikTok will be taping live broadcasts from the event. On Sunday, Jan. 19, the Trophy Trot, both a 5K and 10K race, will wind its way through the streets of downtown Atlanta. Each Trophy Trot participant will receive a T-shirt and finisher’s medal. Participants can register at atlantatrackclub.org . On Sunday evening, the Georgia Aquarium will host the Taste of the Championship dining event, which offers attendees the opportunity to indulge in food and drink prepared by local Atlanta chefs. This premium experience serves as an elevated exploration of local cuisine on the eve of the national championship. Tickets to the Taste of the Championship event are available on etix.com . Atlanta is the first city ever to repeat as host for the CFP national championship. The playoff was previously held in Atlanta in 2018. “We are honored to be the first city to repeat as host for the CFP national championship and look forward to welcoming college football fans from around the country in January,” said Dan Corso, president of the Atlanta Sports Council and Atlanta Football Host Committee. “This event gives us another opportunity to showcase our incredible city.” The College Football Playoff is the event that crowns the national champion in college football. The quarterfinals and semifinals rotate annually among six bowl games — the Goodyear Cotton Bowl Classic, Vrbo Fiesta Bowl, Capital One Orange Bowl, Chick-fil-A Peach Bowl, Rose Bowl Game presented by Prudential and the Allstate Sugar Bowl. This year’s quarterfinals will take place on Dec. 31, 2024 and Jan. 1, 2025, while the semifinals will be Jan. 9-10, 2025. The CFP national championship will be Monday, Jan. 20, 2025, at Mercedes-Benz Stadium. For additional information on the College Football Playoff, visit CollegeFootballPlayoff.com . Get local news delivered to your inbox!
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