ABN Newswire

Toro Energy Limited (ASX:TOE) Toro Energy Secures A$12 million Funding

newsroom@abnnewswire.net — Thu, 1 Nov 2012 09:34:40 GMT

Toro Energy Limited (ASX:TOE) is pleased to announce that it has received and executed a committed letter of offer for an A$12 million convertible debt facility from Macquarie Bank Limited.

Once full legal documentation has been finalised, the Facility will increase Toro's available working capital to A$19.5 million (based on A$7.5 million cash held as at 30 September 2012) putting Toro is in a strong financial position to fund the completion of the Wiluna Uranium Project definitive feasibility study and finalise the process of negotiation with potential joint venture or funding partners.

The Facility is a secured loan with a term of three years from initial drawdown which is expected to occur in the first half of 2013. The first tranche of A$8.0 million is available following the completion of documentation and satisfaction of standard conditions precedent. The second tranche of A$4.0 million is available after the completion of an additional condition precedent being the receipt of Federal Government approval for the development of the Wiluna Uranium Project, a decision on which is anticipated by the end of 2012.

The interest rate applicable to the loan will be at the Australian bank bill rate plus fixed margin.

In line with the terms of the Facility, Toro will issue tranches of 3 year options to Macquarie at an exercise price set at a 20% premium to Toro's 30 day volume weighted average share price ("30 day VWAP") at various stages which, were they to be exercised, would raise funds equivalent to the A$12m face value of the facility. On execution of the Commitment Letter, Toro is obliged to issue options to Macquarie equating to 25% of the Facility face value (or equivalent value A$3m). The remaining 75% of the options are to be issued on a pro-rata basis if and when Toro makes drawdowns under the facility.

The initial tranche of 24,390,244 options will be issued on 2nd November 2012 with an exercise price of A$0.123 per share. Further tranches of options will be issued to Macquarie at each drawdown with a strike price set at a 20% premium to the 30 day VWAP prior to the date of each drawdown and the number of options issued being equal to 75% of the face value of the tranche divided by the 30 day VWAP. Under the terms of the Facility, any proceeds from the exercise of the options must be directed towards the repayment of the outstanding loan balance, if any.

In the event that Toro issues equity at a price below the exercise price of the options within 18 months of first drawdown or undertakes an in-specie distribution, the exercise price of the existing options will be adjusted in accordance with ASX Listing Rules. If circumstances that require an exercise price adjustment cannot be made under ASX listing rules Toro can issue replacement options, pay cash, issue shares or new options in order to compensate Macquarie for any reduction in value of their existing option holding.

Toro is obliged to repay the loan in full in the event of a sale of its interest in the Wiluna Project or when it undertakes a loan drawdown in respect of any project funding of the Wiluna Project. In respect of any other asset sales, Toro is obliged to direct 50% of any cash proceeds towards loan repayment when the asset sale has a value greater than A$2.0 million.

The establishment of the Facility will not require shareholder approval as the issue of options to Macquarie represents less than 15% of the issued capital of Toro.

"Toro welcomes Macquarie Bank as significant new stakeholder and looks forward to working with Macquarie in moving the Wiluna Uranium Project forward through the financing phase" Managing Director, Greg Hall, said today.

Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au

Yahoo! (NASDAQ:YHOO) and Alibaba Reach Agreement on Comprehensive Plan for Alibaba Stake

newsroom@abnnewswire.net — Mon, 21 May 2012 11:45:52 GMT

Yahoo! Inc. (NASDAQ:YHOO) and Alibaba Group Holding Limited today announced they have entered into a definitive agreement for a staged and comprehensive value realization plan for Yahoo!'s stake in Alibaba.

The first step is the repurchase by Alibaba of up to one-half of Yahoo!'s stake, or approximately 20% of Alibaba's fully-diluted shares. The purchase price will be based on a valuation of Alibaba to be established through equity financings that Alibaba intends to undertake to finance the transaction, subject to a floor valuation of approximately US$35 billion. The agreement includes substantial financial incentives for Alibaba to raise the additional equity at a valuation higher than US$35 billion. At the minimum price and assuming the initial repurchase of the full 20% stake, Yahoo! would receive from Alibaba consideration of approximately US$7.1 billion, composed of at least US$6.3 billion in cash proceeds and up to US$800 million in newly-issued Alibaba preferred stock.

The agreement also establishes a framework for Yahoo! to monetize its remaining interest in Alibaba in stages. First, at the time of an initial public offering (IPO) of Alibaba in the future, Alibaba will be required either to repurchase one-quarter of Yahoo!'s current stake at the IPO price or allow Yahoo! to sell those shares in the IPO. Second, following such an IPO, Yahoo! has registration rights and rights to marketing support from Alibaba to enable Yahoo! to dispose of its remaining shares, at times of Yahoo!'s choosing following a customary lock-up period.

This agreement is a result of extensive discussions between the two parties and a comprehensive review of both taxable and tax-efficient alternatives. Yahoo! and Alibaba believe this agreement to be the best path to align incentives and maximize value for shareholders of both companies and it paves the way for Alibaba to achieve future public market liquidity for all of Alibaba's shareholders. For Yahoo!, the agreement provides for a staged exit over time, balancing near-term liquidity and return of cash to shareholders with the opportunity to participate in future value appreciation of Alibaba.

"Today's agreement provides clarity for our shareholders on a substantial component of Yahoo!'s value and reaffirms the significance of our relationship with Alibaba," said Ross Levinsohn, Interim CEO of Yahoo!. "We look forward to continued collaboration with the Alibaba team on business initiatives as we explore joint opportunities for growth and benefit from Alibaba's future. I want to thank Jack Ma, Joe Tsai and the Alibaba team, as well as Tim Morse, Michael Callahan and our Yahoo! team for their dedication in achieving this successful outcome."

"This transaction opens a new chapter in our relationship with Yahoo!," said Jack Ma, Chairman and Chief Executive Officer of Alibaba Group. "I look forward to working with Ross Levinsohn and the Yahoo! team as Alibaba builds China's leading e-commerce company. Yahoo!'s global audience reach will provide attractive partnership opportunities for Alibaba to explore markets outside of China. The transaction will establish a balanced ownership structure that enables Alibaba to take our business to the next level as a public company in the future."

"We look forward to delivering the proceeds of the near-term transaction to our shareholders, and to the further enhancement of value and the additional monetization in the future that this agreement enables," said Timothy R. Morse, Executive Vice President and Chief Financial Officer of Yahoo!

In addition to the share repurchase, the companies have also agreed to amend their existing technology and intellectual property licensing agreement. Among other things, this amendment will result in Yahoo! granting Alibaba a transitional license to continue to operate Yahoo! China under the Yahoo! brand for up to four years, while restrictions on Yahoo!'s ability to make other investments in China will be terminated. Alibaba will make an upfront lump sum royalty payment of US$550 million to Yahoo! and continuing royalty payments for up to four years. In addition, Alibaba will license certain patents to Yahoo!. Upon closing of the repurchase transaction, the Alibaba shareholders' agreement will be amended so that the parties' respective rights will be commensurate with the parties' post-closing level of ownership in Alibaba. Yahoo! will continue to be represented on Alibaba's board of directors with the right to appoint one of four existing directors.

Yahoo! intends to return substantially all of the after-tax cash proceeds to shareholders following the closing of the transaction. While the form of the return of capital to shareholders has not yet been finalized, Yahoo!'s board has increased Yahoo!'s share buyback authorization by US $5 billion concurrently with this transaction.

The transaction is subject to customary closing conditions. Alibaba will be required to close the repurchase with respect to at least one-quarter of Yahoo!'s current stake in Alibaba regardless of the amount of financing raised, and up to one-half of Yahoo!'s current stake if it obtains the requisite financing. Alibaba intends to finance the repurchase through a combination of its own cash resources, debt, equity and equity-linked financing. The transaction is expected to close within approximately six months.

UBS Investment Bank acted as lead financial advisor to Yahoo! and Allen & Company LLC and Goldman Sachs & Co. also served as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP acted as lead legal counsel to Yahoo! and Weil, Gotshal & Manges LLP also acted as legal counsel. Munger, Tolles, & Olson LLP acted as legal counsel to the Yahoo! Board of Directors. Credit Suisse acted as lead financial advisor to Alibaba and Wachtell, Lipton, Rosen & Katz acted as lead legal counsel to Alibaba. Freshfields Bruckhaus Deringer LLP acted as counsel to Alibaba on certain financing and Hong Kong legal matters and Fenwick & West LLP acted as counsel to Alibaba on intellectual property matters.

Conference Call and Webcast Information

Yahoo! will host a conference call to discuss today's announcement at 5:45 a.m. Pacific Time / 8:45 a.m. Eastern Time Monday, May 21, 2012. A live webcast of the conference call, together with a supplemental presentation concerning the transaction, can be accessed through the Company's Investor Relations website at:
http://investor.yahoo.net/

The dial-in number for the live conference call is (866) 659-9165. Participants calling from outside the United States may dial (617) 399-5178. The passcode 73540611# is required to access the call. In addition, an archive of the webcast can be accessed through the same link. An audio replay of the call will be available for one week following the conference call by calling (888) 286-8010 or (617) 801-6888, passcode: 35326266.

About Yahoo!
Yahoo! is the premier digital media company, creating deeply personal digital experiences that keep more than half a billion people connected to what matters most to them, across devices and around the globe. And Yahoo!'s unique combination of Science + Art + Scale connects advertisers to the consumers who build their businesses. Yahoo! is headquartered in Sunnyvale, California. For more information, visit the pressroom (pressroom.yahoo.net ) or the company's blog, Yodel Anecdotal (yodel.yahoo.com ).

About Alibaba Group

Alibaba Group is a leading e-commerce company based in China. Since it was founded in 1999, Alibaba Group has grown to include the following core businesses: Alibaba.com(HKSE: 1688; 1688.HK), Alibaba Group's flagship company and a global e-commerce platform for small businesses; Taobao Marketplace, China's leading C2C online shopping destination; Tmall.com, a popular B2C online marketplace in China for quality, brand name goods; eTao, a comprehensive shopping search engine; Alibaba Cloud Computing, a developer of advanced distributed cloud computing services; and China Yahoo!, one of China's leading Internet portals. Alipay, a leading third-party online payment service in China, is an affiliate of Alibaba Group.

Forward-Looking Statements

This press release contains forward-looking statements (including in the quotations in this press release) concerning the agreement entered into by Yahoo! with Alibaba Group Holding Limited, including, without limitation, statements about the expected timing of closing of the transactions contemplated by the agreement, the ability of Yahoo! to monetize its holdings in Alibaba in both the near-term and in the future, potential future actions by Yahoo! and Alibaba concerning future business initiatives between Yahoo! and Alibaba and the potential for an initial public offering of Alibaba shares, and other expected benefits of the agreement and related agreements. Risks and uncertainties may cause actual results and benefits of the transactions contemplated by the agreement and related agreements to differ materially from management expectations. The potential risks and uncertainties include, among others, the failure to consummate or delays in consummating the transactions contemplated by the agreement; uncertainty regarding the future valuation of Alibaba; uncertainty regarding the financing of the transactions; uncertainty regarding if and when there will be an initial public offering of Alibaba shares; uncertainty regarding any future business initiatives with Alibaba; general economic and market conditions; and the possibility that some or all of the expected benefits of the agreement and related agreements may not be realized. All information set forth in this press release is as of May 20, 2012. Yahoo! does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances. More information about potential factors that could affect Yahoo!'s business and financial results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Yahoo!'s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as amended, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, which are on file with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov.

Yahoo! is the trademark and/or registered trademark of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owner.

Yahoo! Media Relations Contact: 
Dana Lengkeek
(408) 349-1130 
danal@yahoo-inc.com

Yahoo! Investor Relations Contact:
Joon Huh
(408) 349-3382
jhuh@yahoo-inc.com


Charles Sipkins
Sard Verbinnen & Co
(310) 201-2040
csipkins@sardverb.com


Alibaba Group Contact:
International - John Spelich
Alibaba Group
+852 9017-7444
johnspelich@hk.alibaba-inc.com

U.S. - Paul Kranhold/Jenny Gore
Sard Verbinnen & Co
(415) 618-8750
pkranhold@sardverb.com
jgore@sardverb.com

FINANCE VIDEO: White Crane Group Chief Economist Clifford Bennett Presents To Sydney Capital Markets at Investorium.tv

newsroom@abnnewswire.net — Thu, 23 Feb 2012 17:00:00 GMT

FINANCE VIDEO: Clifford Bennett, Chief Economist at White Crane Group presents to Sydney Capital Markets at Investorium.tv. He gives a quick overview of the current global macroeconomic status, forecasting a robust economic growth and strong demand for commodities in 2012.

Clifford believes that the "New First World" - Asia and Latin America - has overtaken the "Old First World" - the United States and the Europe - to drive the global economic growth. The United States no longer leads the economic cycle and the US dollar will continue to devalue. He is confident about the outlook of the Australian resource sector and the European fashion sector, as they have markets in the "New First World".

Clifford says that the media was very pessimistic about the world economy in 2011, resulting in a huge disconnect between sentiment and reality, as the world economy still held strong. Clifford believes that the depressed prices in varied market have created some once-in-a-lifetime investment opportunities. He is very optimistic about the world economy in 2012, predicting a growth of 5% or even higher. He adds that higher Australian dollar value is the product of higher commodity prices and higher demand for commodities, which will remain the main driver of the resource industry.

Clifford Bennett is also the author of Warrior Trading, available at Amazon Online bookstores.

View the Video Presentation at:
http://abnnewswire.net/press/en/71670/White-Crane-Report

The White Crane Group produces daily reports that are available on a subscription.

The Daily White Crane Report:
White Crane daily reports outline advanced macro-economic concepts and views that are entirely original here at White Crane Group. We are world leading in many of our ideas on contemporary economic processes, and we have shown for several years now that we have the ability to turn such economic insights into quantifiable global financial market advantage. This is not new to Clifford Bennett, who has a 25 year track record of making big calls that have shown themselves to be remarkably accurate.

The Daily FxMax Report:
FxMax is a daily report on global currency markets, and includes near term trend signals aimed at delivering strong positive trading results, as well as ahead of the curve macro economic insights. An insightful overview of daily macro events, combined with many years of experience of intra day trading patterns in the different global time zones, contributes to a unique and effective perspective of Fx markets each day. FxMax delivers an original "view", and quantifiable "trading" performance with easy to follow signals across a wide range of currency markets every day.

Samples of both the White Crane Report and the FxMax Daily Report are available at the following link:
http://www.abnnewswire.net/whitecranereport.asp

Clifford Bennett
White Crane Group
Email: enquiry@whitecranegroup.com.au

SAI Global (ASX:SAI) Reports Solid First Half Growth and Positions For Stronger Growth In FY13

newsroom@abnnewswire.net — Tue, 14 Feb 2012 11:52:28 GMT

SAI Global Limited (ASX:SAI) today announced a statutory half-year net profit after tax attributable to shareholders of $21.7M, representing an increase of 29.1% over the corresponding period. Underlying net profit, which backs out the impact of significant charges, was $22.1M, an increase of 12.7% over the underlying profit in the corresponding period.

All businesses contributed to the result with solid organic growth enhanced by full period contributions from recent acquisitions. This growth was achieved despite the continuing adverse impacts of the stronger Australian dollar. Sales revenue increased by 6.8% to $222.6M. Underlying EBITDA increased to $48.7M, up 10.9% on the corresponding period. Operating cash inflows before significant charges were up 21.2% to $26.0M.

Chief Executive Officer, Tony Scotton said: "Achieving growth in revenue across all of our businesses is satisfying given the uncertain economic times". He added "the growth in profitability is particularly pleasing given that we have begun to add the capability across the organisation, which we foreshadowed last August, to respond to recent new business wins and to take advantage of the other opportunities presenting themselves across our businesses. These extra costs will result in a flat second-half EBITDA relative to the prior period ahead of an expected uplift in profit in FY13".

KEY PERFORMANCE INDICATORS

The underlying basis is a non-IFRS measure that, in the opinion of the Directors, is useful in understanding and appraising the Company's underlying performance. The underlying basis excludes the costs associated with acquiring and integrating new businesses and costs associated with materially restructuring the business.

-----------------------------------------------------------------------
Sales revenue                        $222.6M                   Up 6.8%
EBITDA                               $48.0M                    Up 20.9%
Underlying EBITDA1                   $48.7M                    Up 10.9%
Statutory net profit after tax       $21.7M                    Up 29.1%
Underlying net profit after tax(1)   $22.1M                    Up 12.7%
Statutory EPS                        10.8 cents                Up 22.7%
Underlying EPS1                      11.1 cents                Up 6.7%
Interim dividend                     6.8 cents, 100% franked   Up 7.9%
Net operating cash inflow1           $26.0M                    Up 21.2%
-----------------------------------------------------------------------
(1). Before significant charges of $766k before tax, $473k after tax

Information Services

-----------------------------------------------------
                            1H12       1H11    Change
-----------------------------------------------------
Sales revenue ($M)          100.8      97.2      3.7%
EBITDA ($M)                  25.4      23.0     10.4%
EBITDA Margin (%)            25.2      23.6      1.6%
-----------------------------------------------------

Both businesses within the information Services division experienced organic growth during the period.

The Property business achieved revenue and EBITDA growth of 6.1% and 23.6% respectively reflecting the benefits from operational efficiency initiatives and strong growth in the banking workflow business. The EBITDA margin expanded to 12.8%, up from 11.0% in the corresponding period.

In July 2011 the Property business was awarded a national settlement services contract with ANZ bank. Much of the focus over the first-half has been on preparing the business to take on the ANZ settlement services in the States that it currently does not service, together with pursuing opportunities with other financial institutions.

The Standards business achieved constant currency revenue and EBITDA growth of 1.2% and 7.5% respectively. The lower than trend growth in revenue reflects the reduced sales of the Pressure Vessel Code which was revised last year and resulted in a revenue "spike" in the corresponding period.

Sales of standards within Australia in the first-half have been hampered by a lack of new product. In addition, the State of Victoria has delayed publishing the new workplace health and safety legislation. Together these factors contributed to the below trend revenue growth in the standards business. Standards production in Australia is projected to pick up over the next several months. The operating focus over the past six months has been on advancing business development through establishing relationships with trade associations, government agencies and other standards organizations to broaden our distribution reach.

Compliance Services

-----------------------------------------------------
                           1H12      1H11      Change
-----------------------------------------------------
Revenue ($M)               40.0      35.2       13.6%
EBITDA1 ($M)               14.5      12.9       12.7%
EBITDA Margin(1) (%)         36.2      36.5      (0.3%)
-----------------------------------------------------
(1). Before the impact of significant charges

The Compliance Services division achieved solid growth in the first-half reflecting both organic growth and a full period contribution from Integrity Interactive. Despite the adverse impact of the stronger Australian dollar, revenue grew by 13.6% over the corresponding period to $40.0 million and EBITDA before significant charges grew by 12.7% to $14.5 million. The EBITDA margin before significant charges was 36.2%, down marginally from the 36.5% achieved in the corresponding period. The EBITDA margin has been adversely impacted by the extra expense associated with investment in sales and marketing resources to support the division's product suite relating to the UK Bribery Act.

While global interest in anti-bribery/anti-corruption (ABAC) persists, the take-up by clients to date has been slower than projected. Adjustments to the level of sales focus coupled with the provision of a SaaS-based ABAC solution at a more compelling price point (a result of the Compliance 360 acquisition) are expected to result in an improved bookings performance over the next several months. The long-term expectation that ABAC will be a driver of growth for the Compliance business remains firm.

In January 2012, i.e. after the balance date, the division announced that it had acquired Compliance 360, a recognised leader in the provision of SaaS-based governance, risk and compliance (GRC) services to markets in the United States. A cornerstone of the strategy for our Compliance Services business is to build market leading positions across key product areas. In 2010 a leadership position was achieved in the ethics training and awareness space through the acquisition of Integrity Interactive. The acquisition of Compliance 360 is a significant step in achieving similar status in the GRC space.

Assurance Services

-----------------------------------------------------
                           1H12      1H11      Change
-----------------------------------------------------
Revenue ($M)               82.9      77.2        7.3%
EBITDA ($M)                14.5      12.6       15.1%
EBITDA Margin (%)          17.5      16.3        1.2%
-----------------------------------------------------

The Assurance Services division saw growth rates ahead of trend due to strong performances across our Asia and EMEA businesses, supported by solid performances across our more mature Australian, North America and Product Services businesses. This growth was achieved on the back of ongoing growth in our food, retail and environmental products. Sales revenue grew by 7.3% to $82.9 million despite the adverse impact of the stronger Australian dollar. EBITDA grew by 15.1% to $14.5 million at an expanded margin of 17.5%, up from 16.3% in the corresponding period through improved operational efficiencies at the gross margin line and better leveraging of the overhead base on higher revenues, most significantly in our larger North American and Australia businesses and emerging Asia business.

We continue to grow our share of the global retail-agri-food market, most significantly in the Americas and Europe, whilst expanding our capabilities in key related supplier markets. Expanding our global capability through a harmonised operational approach and business systems platform, complimented by strong account management capability continues.

Outlook

The Company expects continued revenue growth in the second-half and will accelerate the adding of resources and capability in the second-half to position the Company to take advantage of the opportunities emerging across each division. Revenue from the ANZ contract is now expected to ramp up in mid-year instead of February 2012. Accordingly, the Group's second-half EBITDA is expected to be flat relative to the corresponding period ahead of strong revenue and profit growth in FY13. The property business is projecting a significant uplift in new business in FY13 over and above that associated with the ANZ contract.

EBITDA growth of circa 20% is targeted across the Group in FY13 off the back of an uplift of up to $10M in the property business, continued organic growth across the other businesses and a full year contribution from Compliance 360.

SAI's businesses have demonstrated resilience through tough times. However, we continue to monitor the trading environment closely.

Media & Investor Inquiries

Tony Scotton
Chief Executive Officer
SAI Global Limited
T: +612 8206 6182
Mob: +61-419-527-592

Geoff Richardson
Chief Financial Officer
SAI Global Limited
T: +612-8206-6805
Mob: +61-429-314-698

http://www.saiglobal.com

Compliance Services Drives SAI Global (ASX:SAI) To New Highs

newsroom@abnnewswire.net — Wed, 17 Aug 2011 10:33:26 GMT

SAI Global Limited (ASX:SAI) today announced a record net profit after tax attributable to shareholders of A$44.8 million, representing an increase of 32.9% over the corresponding period. Underlying net profit, which backs out the impact of significant charges, was A$48.0 million, an increase of 42.4% over the corresponding period.

Continued organic growth plus contributions from recent acquisitions, most noticeably from Integrity Interactive, combined to produce sales revenue growth of 8.9% to $427.1 million despite the significant adverse impact of the stronger Australian dollar relative to the prior period. EBITDA increased to $95.8 million, up 25.8% on FY10 which includes the impact of significant charges consisting predominantly of transaction and integration charges incurred in relation to the acquisition of Integrity Interactive. Underlying EBITDA was at the top end of the guidance range at $100.7 million, up 32.3% on FY10. Operating cash inflows before significant charges and other acquisition related expenses were up 14.6% to $59.7M.

KEY FINANCIALS

------------------------------------------------------------------
Segment revenue                     $427.1 million    Up 8.9%
------------------------------------------------------------------
Net revenue(2)                      $340.1 million    Up 13.1%
------------------------------------------------------------------
EBITDA1                             $100.7 million    Up 32.3%
------------------------------------------------------------------
Reported net profit after tax       $44.8  million    Up 32.9%
------------------------------------------------------------------
Underlying net profit after tax(1)  $48.0  million    Up 42.4%
------------------------------------------------------------------
Reported EPS                         23.1  cents      Up 7.4%
------------------------------------------------------------------
Underlying EPS(1)                    24.7  cents      Up 14.9%
------------------------------------------------------------------
Final dividend             8.0 cents, 100% franked    Up 1.0 cents
------------------------------------------------------------------
Net operating cash inflows(3)       $59.7  million    Up 14.6%
------------------------------------------------------------------

1. Before significant charges of $4,946k before tax, $3,209k after tax

2. Excludes the pass through revenue which relates to the recharging of customers for fees levied on the Company by providers of searches and certificates to the property services businesses

3. Before significant charges and other acquisition related expenses

Chief Executive Officer, Mr Tony Scotton said: "The acquisition of Integrity Interactive was a transformational event for our compliance business, which, when combined with our existing business, delivered a leadership position in the ethics training and awareness space. SAI Global has clearly benefitted from this acquisition in terms of increased scale, greater operating leverage, expanded operating margins and a more balanced divisional contribution to income. He added "with the exception of property our businesses achieved solid organic growth. The property business experienced reduced activity levels, but continued investment in this business has positioned it for growth as evidenced by the recently announced contract with ANZ to provide national mortgage settlement services".

The directors have declared a fully franked final dividend of 8.0 cents per share, bringing the total dividend for the year to 14.3 cents, up from 12.8 cents last year. The dividend will be paid on 23 September 2011. The record date is 29 August 2011.

Information Services

Despite an improved performance by the standards business, which achieved revenue growth of 4.3%, the results of the division were adversely impacted by a reduced revenue and EBITDA contribution from the property business. The property business saw revenue and EBITDA reduce by 5.1% and 15.8% respectively compared to the prior year. The reduced contribution from the property business reflects the significant drop in the number of properties changing hands throughout FY11 compared with the economic stimulus fuelled levels experienced in FY10. The standards business benefitted from sales of the Pressure Vessel Code, albeit at low margins, but was adversely impacted by the stronger Australian dollar.

Overall the division's revenue was down 2.2% and EBITDA down 2.6%, both reductions also including the adverse impact of the stronger Australian dollar. The EBITDA margin reduced marginally from 25.3% to 25.2%. The margin in the standards business remained strong at 56.5% (56.2% in the corresponding period) despite the impact of the lower margin sales of the Pressure Vessel Code.

Notwithstanding the lower volumes experienced by the property business work has continued on refining business processes and upgrading the service offering. These improvements were instrumental in the business being awarded a national settlement services contract with The Australian and New Zealand Banking Group (ANZ)(ASX:ANZ), which was announced on 18 July 2011.

The general environment for the sale of standards has been steadily improving in line with the gradual improvements in economic conditions.

-------------------------------------------------------------
                                   FY11     FY10       Change
-------------------------------------------------------------
Revenue ($M)                      193.6    197.9       (2.2%)
Net revenue(1) ($M)               106.6    106.5        0.1%
EBITDA ($M)                        48.9     50.1       (2.6%)
EBITDA Margin on revenue (%)       25.2%    25.3%      (0.1%)
EBITDA Margin on net revenue (%)   45.8%    47.1%      (1.2%)
-------------------------------------------------------------

1. Excludes the pass through revenue which relates to the recharging of customers for fees levied on the Company by providers of searches and certificates to the property services businesses

Compliance Services

The Compliance Services division has been transformed during FY11 through the acquisition of Integrity Interactive which not only added significant scale to the compliance business, but also delivered, in combination with our legacy business, a market leading position in the provision of ethics training and awareness courseware.

The Compliance business achieved strong growth during the period reflecting both above trend organic growth together with the nine and a half months' contribution from Integrity Interactive. Despite the adverse impact of the stronger Australian dollar, revenue grew by 71.5% over the corresponding period to $79.9 million and EBITDA grew by 199.8% to $34.3 million. EBITDA margins expanded to 42.9%, up from the 24.5% achieved in the corresponding period, reflecting the operating leverage of the expanded business.

-----------------------------------------------------
                            FY11     FY10      Change
-----------------------------------------------------
Revenue ($M)                79.9     46.6       71.5%
EBITDA ($M)                 34.3     11.4      199.8%
EBITDA Margin (%)           42.9%    24.5%      18.4%
-----------------------------------------------------

Assurance Services

The Assurance Services division saw growth rates increase back to trend through a strong recovery in standards training, solid performances across our Asia businesses, expansion of our Product Services capability and ongoing growth in our food, medical, safety and environmental products.

Revenue grew by 4.0% to $155.4 million despite the adverse impact of the stronger Australian dollar. EBITDA grew by 20.8% to $28.4 million with the EBITDA margin expanding to 18.3%, up from 15.7% in the corresponding period through improved operational efficiencies at the gross margin line and better leveraging of the overhead base on higher revenues, most significantly in the standards training business.

The business continues to grow its food safety business, most significantly in the Americas, whilst expanding its capabilities in the key retail sector following the acquisition of Foodcheck in the UK.

----------------------------------------------------
                            FY11     FY10     Change
----------------------------------------------------
Revenue ($M)                155.4    149.4       4.0%
EBITDA ($M)                  28.4     23.5      20.8%
EBITDA Margin (%)           18.3%    15.7%      2.5%
----------------------------------------------------

Acquisitions

In September 2010 Integrity Interactive was acquired bringing together two of the foremost players in the provision of ethics training and awareness courseware. The purchase price of US$170 million was funded by an underwritten share placement and rights issue of approximately A$130 million and new debt facilities of approximately US$60 million.

Integrity has a strong presence in North America and an established presence in Europe. Its operations are complementary to SAI's strong presence in the Asia Pacific region and existing UK and North American compliance businesses. Integrity is headquartered in Waltham, Massachusetts and maintains offices in London, Brussels and Hartford, Connecticut.

On 30 June 2011, SAI acquired Advancing Food Safety Pty Limited (AFS), a provider of training services to the Australian and New Zealand food industry for $1.5 million.

Outlook for FY12

The Company remains committed to growing the value of its three divisions. It is envisaged that this growth will continue to come from a combination of organic growth, strategic acquisitions and partnering.

Financial markets are volatile and economic growth in major economies is stalling. Whilst not immune to the impacts of further economic deterioration, SAI's businesses have demonstrated their resilience through tough times. We will monitor the situation closely and respond accordingly.

Notwithstanding the current turmoil, we continue to see exciting opportunities across each of the Company's divisions as borne out by the recent contract awarded to the property business by the ANZ bank to provide national settlement services. In addition, the Compliance Services business is developing a product suite to address issues posed by the UK Bribery Act which came into effect on 1 July 2011, and the Assurance Services division is experiencing strong growth in its food business in North America and the UK, including in the food retail space.

The Company expects to report growth in revenue, profit, earnings per share and fully franked dividends in FY12.

Media & Investor Inquiries
Tony Scotton
Chief Executive Officer
SAI Global Limited
Tel: +61-2-8206-6182
Mob: +61-419-527-592

Geoff Richardson
Chief Financial Officer
SAI Global Limited
Tel: +61-2-8206-6805
Mob: +61-429-314-698

http://www.saiglobal.com

Gap, Inc. (NYSE:GPS): Banana Republic Bring 'Mad Men' Look to the Forefront

newsroom@abnnewswire.net — Thu, 23 June 2011 11:38:59 GMT

(Global Fashion Wire) - Banana Republic, owned by specialty retailer Gap, Inc. (NYSE:GPS), will be launching a capsule collection of 'Mad Men' men and women's fashions during August this year, marking another year of collaboration with the iconic AMC show. The collection, consisting of 65 pieces will entail clothing and accessories such as; chunky-meets-streamlined knit sweaters, tailored suit separates and fitted trousers, as well as classic accessories with character, including a money clip, cotton pocket squares, silk ties, tie bars and fedora hats, all influenced by the 'Mad Men' series.

The collection focusing on 1960's style for men and women was brought about by the collaboration with Emmy(R) Award-winning 'Mad Men' costume designer Janie Bryant, encompassing an effortlessly chic and tailored fashion, modern prints and playful accessories. The affordable and accessible luxury collection will be sold throughout Banana Republic stores and online at http://www.bananarepublic.com

"Working with Janie to gain a true understanding of the 'Mad Men' look and feel was a delight," says Banana Republic Creative Director Simon Kneen. "Janie was instrumental in helping us achieve the series aesthetic and standard of authenticity with this capsule collection, offering sketches, her own inspirations and actual artifacts from the production set to help inspire the 'Mad Men' within all of us."

Editorial Team
Global Fashion Wire
Phone: +61-2-9247-4344
http://www.globalfashionwire.com

FINANCE VIDEO: Clifford Bennett Invites Viewers To The White Crane Report

newsroom@abnnewswire.net — Wed, 20 Apr 2011 14:53:11 GMT

Chief Economist, Clifford Bennett, is widely recognized for his often market leading and insightful economic and financial market forecasts. Clifford has 25 years international experience with some of the world's leading investment banks, and was named the "world's most accurate currency forecaster" by Bloomberg News NY. Clifford is the author of "Warrior Trading" published by John Wiley & Sons New York, and frequently appears in the financial print and television media.

Clifford was the first to "ring the bell" for a new bull market in 2009, and was among the first to appreciate the Australian slow down would be short lived, consistently forecasting unemployment to peak at 5.7% to 6.1%, when even the government forecast was 8.5%. Clifford was the first economist to correctly predict the RBA would hold at 3.00%, and hike by the end of 2009, and the only economist to correctly forecast the RBA would stay on hold in February.

To view this video, please refer to the following link:
http://www.abnnewswire.net/multimedia/en/67103/White-Crane-Report

Clifford Bennett
Herston Economics
Email: whitecranereport@gmail.com

FINANCE VIDEO: Clifford Bennett Market Overview: Global Markets Continue To Unfold

newsroom@abnnewswire.net — Fri, 4 Mar 2011 13:21:31 GMT

Global markets continue to unfold according to our "Grand Bull Market" says Clifford Bennett of Herston Economics. The US dollar remains on the main stage, although the Euro has grabbed the centre, and is likely to continue to make strong gains throughout the year. ECB President Trichet may well follow through on yesterday's comments and hike by 25 points at the next meeting.

Gold may be a little soft as possible good news comes out of Libya, while oil remains strong regardless. Even the dip in Gold is a buying opportunity says Bennett. Overall our bearish US dollar bullish equity market view continues to deliver rewards. The Australian dollar is likely to have a sharp up move soon as well. For our full report go to Herston Economics, http://www.herstoneconomics.com

View the videocast here:
http://www.abnnewswire.net/multimedia/en/66371/Clifford-Bennett

Clifford Bennett
Herston Economics
Email: clifford@herstoneconomics.com
http://www.herstoneconomics.com

ABN Newswire
Tel: +61-2-9247-4344
http://www.abnnewswire.net

FINANCE VIDEO: Clifford Bennett Market Overview: Everything is Bullish Except The US Dollar

newsroom@abnnewswire.net — Thu, 3 Mar 2011 14:11:47 GMT

Clifford Bennett of Herston Economics says equity markets are stabilizing, before resuming a bullish trajectory in coming days. As expected equity markets will be moving higher alongside a higher oil price. Underlying all this will be a falling US dollar which is good for equity markets, the US economy and commodities. Clifford Bennett suggests caution regarding some commentators who keep suggesting doom and gloom which risks people missing out on what is still a very strong bull market and period of global economic prosperity.

View the videocast here:
http://www.abnnewswire.net/multimedia/en/66340/Clifford-Bennett

Clifford Bennett
Herston Economics
Email: clifford@herstoneconomics.com
http://www.herstoneconomics.com

ABN Newswire
Tel: +61-2-9247-4344
http://www.abnnewswire.net

FINANCE VIDEO: Clifford Bennett Market Overview: Oil Does Not Flow Fast Enough

newsroom@abnnewswire.net — Wed, 2 Mar 2011 15:20:55 GMT

The US market really got worried by the oil rally, and Bernanke's comments were exaggerated to good effect by the bears. The Australian market has been immediately marked lower in typical follow the leader fashion out of New York. As we approach what was our 'worst case' scenario near ASXSP200 4,785, think opportunity.

The previous rally to US$148 was a significant oil price shock, yet businesses the world over, including the US, found ways to deal with it, and adjust. This time round, notwithstanding the immediate sharp rally, the climb to US$145 will be relatively steady, providing ample opportunity for business and consumers alike to plan for, and find ways round, the higher oil impost.

View the videocast here:
http://www.abnnewswire.net/multimedia/en/66315/Clifford-Bennett

Clifford Bennett
Herston Economics
Email: clifford@herstoneconomics.com
http://www.herstoneconomics.com

ABN Newswire
Tel: +61-2-9247-4344
http://www.abnnewswire.net