AP7: Facebook climbdown over stock dispute saved investors $10bn

first_imgRichard Gröttheim, CEO, AP7Under the proposal, Facebook would have distributed two of the new shares to shareholders as a dividend for each class A or B share they own.Zuckerberg controls the company by owning the majority of B shares, which each carry 10 votes, while A shares carry one.The idea behind the stock reclassification was to allow Zuckerberg and his wife to sell much of their stock to fund philanthropic activities without losing control over the company.Gröttheim said AP7 agreed to lead the litigation because it believed that the Facebook stock reclassification would create “a terrible corporate governance scheme”.“If Mark Zuckerberg wants to sell his stock and become a philanthropist, he should do that,” he said. “But he shouldn’t be allowed to keep controlling Facebook while devaluing current stockholders after he does so.”In a post on Facebook earlier this week, Zuckerberg explained the decision to withdraw the proposal just days before he was due to go to court.He said last year he had thought the stock reclassification was the only way to achieve his philanthropic aims, but now thought there was a better solution.“Over the past year and a half, Facebook’s business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more,” he said.As a result, he had asked the board to withdraw the proposal. The lawsuit is now expected to be dismissed as moot sometime next week, according to Grant & Eisenhofer, a law firm representing several institutional investors.AP7 did not have any legal costs resulting from the action as these were borne by its US lawyer, Gröttheim said.The Swedish pension fund was represented by the law firm Kessler Topaz Meltzer & Check as co-lead plaintiff in the case. Swedish national pension fund AP7 has declared a “full victory” over Facebook’s decision to halt plans to reclassify its stock, a move it said would have cost public shareholders $10bn (€8.5bn).AP7 was the co-lead on litigation in the US to stop the share dilution.Richard Gröttheim, chief executive of AP7, told IPE: “We’re very proud to have shown that this instrument for corporate governance works very well.”He said the pension fund was very happy with the result, which was “a full victory for Facebook’s public stockholders”. AP7 is one of the largest shareholders in Facebook, with its holding of A shares in the company worth around SEK3.2bn (€334m).Gröttheim said the case had saved Facebook’s public shareholders from a potential $10bn investment loss, which it was estimated would have resulted from the depreciation of their stock following the reclassification.The pension fund, which runs the default option fund for Sweden’s premium pension system, launched a legal case against Facebook in May 2016 in the Delaware Court of Chancery after the US social media company announced a plan to issue a new voteless “C” class of shares, adding to the “A” and “B” shares already in issue.last_img read more

Wenger: Gunners must stay strong

first_img Their Champions League effort looks all but over after Bayern Munich opened up a commanding 3-1 lead in the first leg of their last-16 clash in London but Wenger believes how his team respond will shape the outcome of a season which sees them struggling to make the top four in the Barclays Premier League. “Of course, you are not feeling great if you can’t win, but we can stay solid or crack under the pressure,” Wenger said in an interview with Eurosport. “If you want to know, I am still solid, but I can’t tell you that I feel great right now because my job is about winning games and when you lose you will not find a single coach in this world who feels good.” Arsenal manager Arsene Wenger has called for his squad to “stay solid” as they look to prevent their campaign ending in more bitter disappointment. He went on: “I am not worried about us potentially coming back against Bayern, I am more worried about consequences that could manifest in the heads of our players. “You will never know how they can absorb those blows and how the team responds to disappointment. This is the most worrying aspect for me. “But from the experience of how to handle the end of the season, we know how to deal with that. We have had lots of experience.” While there is nothing Wenger can do now but rely on his continued belief the current group of players will be able to overall either Spurs or Chelsea to finish in the top four, Arsenal are expected to strengthen the squad in the summer. Several fringe players, like Andrey Arshavin and Sebastien Squillaci are set to be offloaded to trim the wage bill, with reinforcements brought in on the back of the club’s new sponsorship deal with Emirates Airline, which has been frontloaded to hit the summer transfer market. Defence is one area where Wenger will look to bring in new additions, with Swansea’s Ashley Williams a reported £8million target. In midfield, Jordy Clasie of Feyenoord is said to be another on the Arsenal radar. There could also still be developments off the pitch should American owner Stan Kroenke elect to sell his majority shareholdings to a so-far unnamed Middle East consortium reportedly to be ready to pay some £1.5billion for the Gunners, who have long championed a self-sustaining model based around the income generated from their 60,000-seater Emirates Stadium home. center_img Press Associationlast_img read more

‘Rise High’ not just about basketball

first_imgSecondly, and this should come as no surprise, he has built this nationally recognized operation with the “Best of the Best.” They include former Penn Hills star Chris Horne; City League legend David “Quick Draw” Strothers (why did they call him Quick Draw? Just check with all the great City league players he scored double figures on and they’ll tell you that they never saw the ball leave his hands); Assistant Director Dennis Boyce; along with some of the area’s greatest basketball minds in Chey Tyler, Director of Basketball Operations; Vince Natoli, Assistant Director; and Coach Toni Allen, former Allderdice star and wife of former Pitt great George Allen; plus former star players, Coach Cory Fulton, Quinzez Taylor and Reggie Tolliver.This all volunteer organization and its coaches established early on a no-nonsense approach to the game. Get good grades, be a good person, do something to help others, work on your game and we’ll let you be a part of our program. Sounds easy enough?Not as easy as you might think. Coach Wright will tell you life is tough and making this team is tough, but your efforts will only serve to make you a better person. Out of the 200 or more kids that try out, only 80 are lucky enough to make it.In the end, the rewards are well worth it. If you attend the tryouts and meet the standards and are between the ages of 10 and 15 years old, or 4th thru 9th grade, you get to be a part of one of the state’s best run organizations who travel the country all summer long to locations such as New York, Ohio, Maryland and West Virginia to compete against some of the nation’s best players.The success of the program can be recognized through the likes of Lincoln Davis of Central Catholic, Dante Forte of Obama Pittsburgh, John LeGrande of North Catholic and Will Supowitz of Shadyside Academy.But even more importantly, the reality of the quality of this program can be told from the parents. Bernard Mathis, of Homewood, has two sons on the squad, Malik and Hollis; Danielle Halloway, of Penn Hills, also has two sons aboard, Darrell and Devon; and Louis DeVito knows this is the best program for his two boys, Jonathan and Marc.They all echo the same feeling that the Rise High program offers their kids the best opportunity to have a safe, well structured, highly organized, disciplined, fun and competitive environment. They are not only developing as student athletes, but also as quality people. And the last time I checked, that’s what it’s all about.The Rise High program is always looking for potential sponsors, coaches and volunteers. For more information call 412-874-8762. Rise High is also on Facebook at [email protected] RISE HIGH PLAYERS AND COACHES (Courier Photos/J.L. Martello) The first thing you need to know is that the man behind this operation is one of western Pennsylvania’s best kept secrets. Coach Marvin Wright, now in his 10th year as founder and director of the Rise High AAU Youth Basketball Organization, has made it his life’s work to use basketball as a means to a successful end for young boys to become great young men.last_img read more

Mallard’s Team of the Week — Nelson U12 Selects

first_imgMallard’s Source for sports would like to honour the squad with Team of the  Week accolades.The squad includes coach Lisa Ranta, Adam Strautman, Kyle Kabatoff, Moss Caney, Jacob Robinson, Dante Cimolai, coach Greg Haydu, Lachlin Klammer, Noah McBriar, Ryan Pearce, Solance Patenaude, Xavier Moore, Quinn Tondu-Mcdonald, Matteo Faraguna, Tanner Ranta, Nicholas Haydu, Rohan Moola and Nate Hernandez. The Nelson Selects U12 Boys Soccer squad made it a weekend to remember, travelling recently to attend the West Coast Cup tournament in Langley.The Selects finished with a 0-2-2 record, playing four very close ball games against opposition from Langlely, North Delta and Maple Ridge in the U13 Silver Division.The tournament was the first taste of provincial competition for the team and, playing on the Lower Mainland, the Selects got the opportunity to attend a Vancouver Whitecaps game.last_img read more

UPDATED: Rebels complete weekend sweep of Nelson Leafs

first_imgRebels power past Leafs 4-0Castlegar Rebels scored three times on the power play to shutout the Nelson Leafs 4-0 in Kootenay International Junior Hockey League action Friday night in the Sunflower City.The teams meet again Saturday night in Nelson at 7 p.m. in the NDCC Arena.Mike Bhatoa, Nick Headrick and Vince Bitonti all scored with the man advantage for the Rebels. Darren Medeiros added the final marker.Castlegar, holding period leads of 2-0 and 3-0, saw Chris Breese finish the game with three points while Bhatoa and Tayden Woods each had two points.Nelson, playing the game with 14 skaters, out shot the Rebels 30-27 in the contest.The loss dropped the Leafs six points behind third place Grand Forks in the Neil Murdoch Division. The Bruins defeated Spokane Braves 5-2 Thursday in the Boundary City.The Leafs conclude the three-game weekend Sunday hosting the Spokane Braves at 2:30 p.m. in the NDCC Arena. The Castlegar Rebels completed a weekend sweep of the Nelson Leafs, doubling the Green and White 6-3 in Kootenay International Junior Hockey League action Saturday night at the NDCC Arena.Chris Breese, Mike Bhotoa and Tayden Woods, also finishing with a pair of goals, led the Rebels each with three points.Castlegar led 3-2 after the first period and 5-3 following 40 minutes of play.Zach Smith, Breese, Ed Lindsey and Darren Medeiros also scored for Castlegar.Kolten Nelson, Andy Fitzpatrick and Jordan Davie replied for the Leafs, whic have lost eight of the past nine games.Nelson, 19-27-0-0-2, remain six points behind the Grand Forks Border Bruins in the race for third in the Murdoch Division. The Bruins lost 6-3 to Creston Saturday in the Boundary City.The Leafs host Spokane Braves Sunday afternoon at 2:30 p.m. in the NDCC Arena to complete the three-game weekend.last_img read more

Morrison, Clouthier get Top 3 finishes in Canada Cup #2 races

first_imgCALGARY, A.B. – Fort St. John’s Denny Morrison and Dawson Creek’s Braden Clouthier both had podium finishes at Speed Skating Canada’s Canada Cup #2 competition yesterday.The Canada Cup #2 is taking place this week in Calgary, and allows skaters to earn points toward season-ending rankings, which are crucially important with the 2018 Winter Olympics in Pyeongchang, South Korea taking place in just over 13 months.Quebec City’s Jérôme Detuncq won the men’s 500 m race yesterday in 36.01 seconds. Denny Morrison cross the line just over half a second behind Detuncq to place second with a time of 36.52.- Advertisement -In the men’s 1000m, Dawson Creek’s Braden Clouthier placed third with a time of 1:11.70. Clouthier was less than a second behind winner Daniel Dubreuil Lévis, Qubec, who finished in 1:10.89, and Winnipeg’s Jess Neufeld.On Thursday, the second 500m races and the 1000m event will be held as part of the National Single Distance Championships, while a second 1000m will be raced as part of Canada Cup #2.last_img read more

NBL: City Oilers, JKL Lady Dolphins off to winning start

first_img Tags: Betway PowerCity OilerJKL DolphinsKCCA LeopardsMandy JuruniNational Basketball Leaguetop FUBA National Basketball League 2018Friday, 12-04-2018MTN Arena, LugogoBetway Power 66-69 City OilersKCCA Leopards 49-70 JKL Lady DolphinsLUGOGO – Unlike at the start of last season, defending National Basketball League champions City Oilers got off to a winning start, defeating Betway Power 66-69 in a thrilling encounter.In the game played at the MTN Arena in Lugogo, Oilers who lost to the same side at the start of last season, made a huge statement this time round to all the sides hoping to upstage them this campaign.To earn the victory, Mandy Juruni’s side had to come from 33-23 down at halftime, to win the hotly contested opener.Oilers were strong value for the result, with youngster Ivan Muhwezi scoring a team-high 16 points before he was stretchered off after a collision with Syrus Kiviiri.Speaking of Kiviiri, the guard had a colorful debut for Power franchise, scoring a game-high 17 points, despite ending on a losing side.In an epic encounter, Oilers Nigerian import Francis Chisioke Ajolibe had a nightmare debut, fouling out inside the first quarter.In the Ladies game, JKL Lady Dolphins got off the mark with a commanding 49-70 victory over KCCA Leopards.The defending league champions trailed 19-30 at the break but a strong performance from Jamila Nansikombi overturned the tables against Ali Mavita’s side.JKL who missed their coach Mandy Juruni on the sidelines, ran riot to win 28-6 and 23-18, in the last two quarters respectively, to seal a 21 point lead.Nansikombi started from where she stopped – The last season’s finals MVP bagged a game-high 20 points, shooting from 8-17, playing 31 minutes.Nansikombi scored 20 points on Friday. (FUBA Photo)JKL gave their new signings debut appearances, and it was former Magic Stormers player Jane Asinde who impressed the most amongst them, as she scored 13 points and picked 8 rebounds.KCCA Leopards had Cynthia Irankunda and Lillian Atieno score 11 and 10 points respectively in a losing effort.Next for JKL is a league game against UCU Lady Canons in a repeat of last year’s finals next Friday. KCCA will face MUK Sparks on April 17.Weekend Fixture:Saturday.-MUK Sparks Vs KIU Rangers-YMCA Lady Hamsters Vs UCU Lady Canons-UMU Ravens Vs A1 Challenge-Kampala University Vs KIU Titans-Falcons Vs Sharing Youth-KCCA Men Vs WarriorsSunday.-Angels Vs Nkumba Lady Marines-A1 Challenge Vs YMCA Lady Hamsters-Our Saviour Vs JKL Dolphins-Ndejje University Vs UCU CanonsComments last_img read more

Video: Watch youngster Toral score a hat-trick for Brentford

first_imgJon Toral scores a hat-trick as Brentford crush Blackpool 4-0 at Griffin Park to stay on the cusp on the play-off places.See also:Toral keen to use Brentford experienceFollow West London Sport on TwitterFind us on Facebooklast_img

Report: San Francisco Giants hire their new hitting coach

first_imgThe San Francisco Giants are expected to announce several new hires on Monday at the Winter Meetings, but one of the coaches joining the organization is now known.Cincinnati Reds assistant hitting coach Donnie Ecker is slated to join new manager Gabe Kapler’s staff as the Giants’ hitting coach, according to a report from The Athletic. A source confirmed Ecker’s hiring to the Bay Area News Group.Ecker, 33, spent last season with the Reds but previously served as a Triple-A hitting coach for …last_img

Coetzee called up for Hockey World Cup

first_img30 May 2014World record goalscorer Pietie Coetzee has made a surprise return to the Investec South Africa women’s hockey team following the withdrawal of double-Olympian Lenise Marais only days before the start of the Hockey World Cup in The Hague.Due to pressing work commitments – and in her typical, low-key fashion – superstar Coetzee, the scorer of a phenomenal 280 goals in 281 test matches, had made a quiet early exit from the World Cup reckoning for the four-yearly showpiece that begins on Sunday for South Africa.However, the enforced withdrawal of Marais this week, following a leg injury, gave Coetzee the chance to come in at a late hour for the event that runs through until 15 June.A pleasant surpriseGoing into her fourth World Cup odyssey, which began in Utrecht in The Netherlands in 1998, Coetzee said before late afternoon training on Thursday that her participation was a pleasant surprise, but it was unfortunate to come following Marais’ sad news.“Yes, I feel for Leno [Lenise], but at the same time it is great to be here,” Coetzee said.“We beat [non-World Cup side] Italy 5-2 in a training game this [Thursday] morning and my fitness is good,” she added.South African captain Marsha Cox, like Coetzee, said she felt for Marais, but welcomed the star striker back into the fold.ExcitingGoing into her fourth World Cup, Cox is a triple Olympian, the same as Coetzee, and is an icon in South African hockey and women’s sport. She said the forthcoming World Cup is a more exciting prospect now than ever before in her career, which began way back in 2001.“It’s even more special in that the men’s tournament is taking place at the same time and at the same venue,” said Cox, now a resident of Amsterdam, who is married to The Netherlands assistant coach Alexander Cox.Cox, who has represented the South African national team in a record 332 test matches, said the spirit in the side is good and preparation for the showpiece event has been productive. Apart from playing Italy, it has included training matches against back-to-back Olympic champions, world number one and 2010 World Cup finalists The Netherlands (0-3) and world number eight Korea (3-0).‘Busy with the details’South African head coach Giles Bonnet declared himself happy with the team’s preparations: “We are just busy with the details now, the small things, prepping for our first match on Sunday and looking forward to it.”The girls in green and gold meet reigning World Cup champions, world number two, and London 2012 Olympic finalists Argentina at 19:45 on Sunday.Unprecedented live broadcastAll the World Cup matches are at South African time (there is no time difference with The Netherlands) and an unprecedented all 76 men’s and women’s games will be televised live on SuperSport, which recently came on board as the South African national men’s team event sponsors.The South African men meet back-to-back Olympic champions Germany in their opener at 10:30 on Sunday.SAinfo reporterlast_img read more