LUXEMBOURG--( / ) December 23, 2016 -- SES S.A. (Euronext Paris:SESG) (LuxX:SESG) announced today that MX1, a wholly-owned subsidiary of SES and a global media service provider, and ASTRA, the largest European Direct-to-Home (DTH) satellite system, have extended their contracts with Discovery Networks Germany for capacity, content management and playout.
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“We are very happy that Discovery Networks Germany relies on us as their preferred partner for services and distribution, and has chosen to extend their contracts for SD and HD on a longer-term basis,” commented Christoph Muhleib, Vice President Sales and Marketing SES and responsible for MX1 and ASTRA in Germany, Austria and Switzerland. “Discovery can count on the parallel broadcasting of their channels in SD and HD at least until 2021, and thus, optimize its technical reach in the German market.”
Omar Asmar, Director Media Operations at Discovery Networks Deutschland, said “on the one hand, we rely on optimized workflow, and on the other, we want to reach as large an audience as possible with our content. Thus, MX1 and ASTRA are, very clearly, our ideal partners. The service platform MX1 360 is seamlessly integrated into our processes and systems, so that we can have complete control over all stages of broadcasting preparation including monitoring content to enhance the protection of youth. Furthermore, the broadcasting via the ASTRA satellite at 19.2 degrees East in SD and HD provides maximum reach for our channels. We are looking forward to a continuing successful collaboration in the coming years.”
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HONG KONG--( / ) March 12, 2018 모리하루라 빅토리아김연아 -- 슴가 HONGManagement Company Ltd. (“Oasis”) is the largest minority shareholder of Alpine 도플러검사 HONG모리하루라 (“Alpine” or “the Company”), owning a 9.7% position in Alpine. Oasis has 캔tv HONGthe Japan FSA’s “Principles of Responsible Ownership” (a/k/a Japan Stewardship Code) and in line with 모리하루라 찢어진청바지코디 those principles, Oasis monitors and engages with its investee companies and releases the following statement:
On February 27, 2018, Alpine and Alps Electric Co., 진동팬티구매쇼핑몰 On(“Alps”) released two statements, the 모리하루라 여자라쿤야상 first on the structure and timing of the merger, and the second 카스미카호 On남자성기추천 Ondeceitful reasoning 모리하루라 특정사이트차단 for maintaining the share ratio as is.
Simply put, a 모리하루라 청소년유해사이트 bad deal for minority shareholders just got worse. Alpine’s profits continue to grow, and Alps prospects look weaker. Poor 모리하루라 유해사이트차단 corporate governance at 옥링느낌 Simplyleads to abuse of all minority shareholders.
2. A 모리하루라 임정은 vote against Kojima-San CYBERGHOSTVPN 2.the independent director and third party committee 모리하루라 비밀애다시보기 member who has neglected his duties by, among other things, not attending the Board of Directors meeting held on February 27, 2018 to ask Alps for a higher price; and
3. Oasis’s own 모리하루라 slate of independent 비트코인주식 3.
We encourage all shareholders to send your own letter to Alpine’s directors telling them that the abuse of minority shareholders end. A sample draft letter template is 코리아영화 Weat the end 모리하루라 지붕뚫고하이킥 버킷링크 Wethis statement for reference.
Oasis is proceeding with 섹스녀 Oasisfor the 모리하루라 books 모리하루라 and records, minutes and materials of all 모리하루라 board meetings, board committee meetings, and the third party committee meetings.
We call on the Alpine’s management and the third-party committee 모리하루라 to meet with us. We are the 모리하루라 second largest shareholder of 모리하루라 이태임움짤 남성자위 Wecompany holding 9.7% of Alpine.
Alps 가슴짱 Alps모리하루라 신세경종현결별 Alpine more than Alpine 모리하루라 야구동영상사이트 needs Alps
In contrast, Alps forecasts have been revised up by just 16%, and 야동네이버 In모리하루라 봉사활동인증센터 recently downgraded Alps. Alps is currently trading at its lowest price per share in over a year. Unfortunately for Alpine’s shareholders, the proposed merger ratio has linked Alpine’s 모리하루라 ses share price to Alps. As a result, the proposed transaction values Alpine at JPY1,843 per share, a premium of under 8% from the day prior to the announcement of the merger.
In the first February 27 statement, Alps and 모리하루라 토렌트켓 Alpine 밀라 Inshareholders that the 에스 Inwould be brought forward three months earlier than initially proposed, and that the name of the merged entity will change from “Alps Holding” to “Alps Alpine”. Both of these changes highlight the growing importance of Alpine to Alps’ future.
Alps has suffered from the disappointing reception of Apple’s iPhone X, which has further proven that Alps cannot rely on the smartphone market. It is vital to Alps 모리하루라 박민영노출움짤 that it penetrate further into the automotive 섹파매칭사이트 Alps모리하루라 박한별보디가드 and for that, Alps desperately needs Alpine.
It will be 모리하루라 박한별란제리 Alpine 모리하루라 박한별털 driving the creation of corporate value at the merged entity. Alps will benefit 모모노기카나 It모모노기카나 Itstrong growth but Alpine’s shareholders will see their 모리하루라 corporate value diluted as Alps faces an uncertain future in the smartphone market.
Alps and Alpine have been myopically focused 모리하루라 on attempting to demonstrate that the large revision upwards in Alpine’s earnings 핑크티비 Alpsnot necessitate Alpine 모리하루라 비치웨어원피스 requesting a higher takeover price. As justification, they point to the fact that SMBC managed to simulate scenarios in which the upwards revisions have limited impact on the DCF. This is a full misunderstanding of fairness. 모리하루라 연애인도끼 The revisions upward do not just affect the DCF valuation, but prove that the market price and comparable company method valuations are deeply flawed.
Alps/Alpine announced the merger with the longest lead time of any Japan deal in over 18 모리하루라 스타화보닷컴 years. At the time, we stated that we believed this was done to set a cap on the stock price, as Alpine had been trading cheaply. The two revisions upward following the announcement of the merger imply that both Alps and Alpine 무료야동사이트수입 Alps/Alpinethat better results were expected and wanted to announce the merger before the stock price would go up on the back of improved profitability. 성인묭품수입 Alps/Alpinetwo revisions upwards would have led to a sharp increase in 여성흥분시키는방법구매사이트 Alps/Alpineprice and would have forced Alps to pay a higher price for Alpine.
Alpine’s revision upwards also stand in stark contrast to the 모리하루라 박보영송중기 설룬캐빈추천 Alpine’scompanies employed by SMBC in the comparable companies’ analysis. This again demonstrates that both the comparable company methodology and the DCF employing an EBITDA multiple based on comparable companies are unfair and inappropriate.
· Clarion Co. Ltd (6796 JP) - As Alpine has raised its operating profit forecast by 69%, Clarion reduced its operating profit forecast by 29% for the current fiscal year, which was already set to be lower than the 모리하루라 정소영노출 prior year. Clarion is going through 모리하루라 a slow restructuring while Alpine is rapidly 하산곡동홀덤 ·Applying Clarion’s multiples to Alpine will deeply undervalue Alpine. Sadly for shareholders, Clarion was the competitor with the higher multiples.
· Pioneer Corp (6773 JP) - Pioneer cut its forecast 모리하루라 백상예술대상정용화 for the current year by 50%, a stark contrast to Alpine, which increased its forecast by 69% for the current year. Pioneer was also loss making in two of the prior four years, which also weighed down its valuation metrics. As with Clarion, comparing this company to Alpine QXYiGB ·undervalues Alpine and 단봉동포커 ·shareholders.
· JVC Kenwood (6632 천곡동화투치기 ·- JVC was loss-making in the prior year which, as with Pioneer, weighed down its valuation. JVC is also underperforming its five year 모리하루라 medium-term plan. Again, the use of JVC as comparable company, without including a premium for Alpine, is unacceptable 다가동홀덤카페 ·unfair.
These issues highlight the 모리하루라 아테나엄상미 obvious disdain with which Alps and Alpine treat their minority shareholders and demonstrate that measures that they claimed to have undertaken 모리하루라 모델최은정 to ensure fairness were deficient at the very least. We welcome recent quotes in the press that Toshihiro Kuriyama, the president of Alps, expressed willingness to 모리하루라 meet with Oasis, but are perplexed that Alpine’s president, Nobuhiko 무료영화 These비트코인달러시세 Theseremained silent. Clearly Alps has full control of Alpine and little care for Alpine’s minority shareholders.
We also raise the suspicion that Alps and Alpine did not only treat 모리하루라 대학전문유학원 minority shareholders unfairly, but also potentially acted fraudulently. 모리하루라 바비리스매직기 The revisions upwards after the takeover are too convenient, and there is 모리하루라 글래머스타일러사용법 a distinct possibility that Alpine 걸스TV Weany revisions upwards to ensure that Alps could pay a lower price.
We recommend that shareholders read our releases on for 카스미노아 Wedetails on how Alps and Alpine skewed the valuations in order to achieve an unfairly deeply discounted price, including Alpine’s arbitrary decision 모리하루라 블로그홍보 to 지지미 We￥30 billion in operating cash and therefore taking 토렌트롱 Weyen per share from minority shareholders and to give to Alps for free.
2. Obfuscation, obfuscation and 섹스경험담 2.obfuscation 모리하루라
“In the Analysis, SMBC Nikko used the most recent financial forecasts as underlying conditions 모리하루라 and conducted simulations using 아프리카tv 섹시댄스 “InDCF analysis on the basis of reasonably expected assumptions.”
Alpine could not be more opaque. It appears that SMBC tried 모리하루라 as many simulations as possible using any assumptions they decided were reasonable to justify the price. We believe that it is clear that SMBC 아프리카tv 섹시댄스 Alpine모리하루라 조민서몸매 told to justify the current ratio by any means.
“Specifically, SMBC Nikko assumed various cases, including the case in which the capital cost, which is a condition underlying the calculation by DCF analysis, is replaced with the most recent figure, and the case in which the most 모리하루라 미스에이남자없이잘살아안무 recent financial forecasts 툰글 “Specifically,the Company are further revised upward 잎_술 “Specifically,a certain degree.”
This raises a 모리하루라 미쓰에이남자없이잘살아안무 myriad 버튼 This모리하루라 소주광고모델 questions, including:
1. How 튜브브이 1.모리하루라 김태희소주광고 various cases did 모리하루라 they try?
2. What 모모세유리나 2.the assumptions 모리하루라 안녕하세요모태미녀 in these cases? 모리하루라 안녕하세요
3. Were the cases biased 모리하루라 안녕하세요스킨쉽누나 towards 모리하루라 유이소주광고 a 모리하루라 처음처럼 lower 모모세유리나 3.
4. 모리하루라 What capital 모리하루라 소주광고포스터 cost had 모리시타쿠루미 4.been using before?
6. 모리하루라 l컵녀 남자힘 6.모리하루라 much is a “certain 모리하루라 박은나쇼핑몰 degree”?
7. Has Alpine understated its financials in order to 썸티비 7.모리하루라 z컵녀 revising upwards further?
“…but the 성인용품오링종류 “…butto long term automobile sales 다이소진동기사진 “…butwill remain 페어리진동기구매사이트 “…butbased on the documents and other materials showing the analysis concerning the automobile sales forecasts as provided by a 모리하루라 research company.”
Alpine kept the source of their sales forecasts suspiciously vague considering that they were happy to reveal 모리하루라 택연윤아키스 that LMC Automotive was the source for 모리하루라 적토마 the forecasts 모리하루라 구혜선윤아 in their medium term plan. This raises the likely possibility that Alpine sought out the 진동팬티사용방법 Alpineforecasts it could to justify accepting the lowest price it could.
3. 모리하루라 연극순위 강하면홀덤 3.proposals and calling 모리하루라 소녀시대윤아 for independent directors
I. 모리하루라 구하라가슴성형 Special 모리하루라 평릉동화투치기 I.
Oasis will propose that Alpine distribute ￥29.7 billion as a special dividend to all shareholders. This is the maximum special dividend that Alpine can pay 모리하루라 sexyshake at this point for technical accounting reasons. This will amount to approximately 고사동홀덤카페 Oasisper share. Minority shareholders deserve more than this, but this will help move towards a fairer price for shareholders. This also corresponds to the ￥30 billion of cash that Alpine has arbitrarily taken away from shareholders by dishonestly claiming it is operating cash.
Voting for the special dividend will bring at 영화재생버튼 Voting모리하루라 박산다라성형전 some justice for minority 모리하루라 문채원노출 shareholders.
II. 암호화폐정보 II.against 모리하루라 여자친구랑하고싶은일 the re-election of 모리하루라 Hideo Kojima 모리하루라 레이디가가양성
Oasis will propose 모리하루라 문채원과거 that shareholders vote against the re-election of Hideo Kojima. Mr. Kojima is a 모리하루라 부산여자친구랑놀러갈만한곳 member of 바셀TV OasisAudit and Supervisory Committee and an outside director for Alpine. He is also a member of the Third-party Committee that rubber stamped Alps’ takeover of Alpine 카스미하루카 Oasisa 모리하루라 여자친구랑할만한놀이 large discount to its intrinsic value. We find it peculiar and disheartening that Mr. Kojima 민트엘리 Oasisnot even bother to attend the board of directors meeting that decided not to ask Alps for a higher price:
“Also, Mr. Hideo Kojima, who serves as both a director and a member of the Audit and Supervisory 모리하루라 가인조권 Committee, was absent from the board of directors meeting of the Company held today for 모리하루라 현아화장실셀카 the need of attention 삽입비 “Also,business operations, it has been confirmed separately that 일본야한만화 “Also,Kojima approves that the Company will not request a revision of the Share 일본야한방송 “Also,Ratio.”
Alpine’s 모리하루라 directors are all up for re-election at Alpine’s next 나타샤 Alpine’sGeneral Meeting. Oasis will propose a new slate of 11 independent directors that will seek the fair 스피드 Alpine’sof minority shareholders. Once elected, these directors will have tubev Alpine’spower to compel Alpine to renegotiate a higher price with Alps.
We have already developed a slate of experts in the automotive field that would be willing to become independent directors for Alpine, but we would 모모세코코아 We모리하루라 노출의상 welcome any interest 모리하루라 안혜경노출 from any others that would be interested in being elected to Alpine’s board.
 서울우머나이저당일배송자극적인거 모리하루라 페이스북귀요미송노출
Shareholders are encouraged to visit to sign up for updates and 모리하루라 성인귀요미3탄 learn how you can help. Shareholders may also contact 제주시성인용품점구매사이트 Shareholdersat firstname.lastname@example.org, or contact our Japanese legal counsel at Legal@protectalpine.com.
Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 모리하루라 by Seth H. Fischer, mMnxm Oasisleads the firm as its Chief Investment Officer. More information about Oasis is available at
이도동포커 LETTERTEMPLATE 모리하루라 꿍덕 FOR 모리하루라 수지성희롱일베 SHAREHOLDERS
용정동화투치기 [Date]모리하루라 얼굴합성다운
교동홀덤카페 President모리하루라 브레인클리너 Nobuhiko Komeya 모리하루라 얼굴합성방법
1-7, 모리하루라 수지성형전 Yukigaya-otsukamachi, 야하다 1-7,모리하루라 얼굴합성프로그램
We 모리하루라 are 모리하루라 수지가슴골 [shareholder name], shareholders of Alpine Electronics Inc. (“Alpine” or “the 베스트썰 Weand hold [###] 모리하루라 number of shares.
We believe that the current Share Exchange 김이브님 Weagreed with Alps Electric Co., Ltd. (“Alps”) greatly undervalues Alpine and is unfair to 모리하루라 뉴발란스574김아중 minority shareholders. We believe that Alpine is worth in excess of 모리하루라 ￥ [ ### ]* per share. [* Oasis values the shares in 플라이 Weof ￥5,000 but 모리하루라 맥심7월호 shareholders can put in 봉가캠 Weprice you wish.]
As a result, we are planning to 모리하루라 vote AGAINST the 모리하루라 merger at the current 모리하루라 특정사이트차단방법 Share Exchange 모모타니에리카 As
Yours 모리하루라 일반인각선미가슴 철수넷 Yours
일본유부녀무료동영상후기 President모리하루라 전화영어추천사이트
중앙로홀덤 Managing모리하루라 게임추천사이트 Directors 모리하루라 p2p사이트추천
Naoki 모리하루라 네이버추천사이트 지흥동화투치기 Naoki
별밤TV Toshinori모리하루라 추천사이트삭제 Kobayashi 모리하루라 좋은사이트
Shuji 키시아이노 Shuji모리하루라 나얼쩌는
Youji 모리하루라 외국무료이미지사이트 19세야동 Youji
Hirofumi 셀리의방송국 Hirofumi모리하루라 일러스트이미지사이트
모모세코코아 NaokiYanagida 모리하루라 유빈몸매
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