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Cairn's $1.25-bn loan to Vedanta hits scrip

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Cairn India’s USD 1.25-bn loan to Vedanta Group hits scrip

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Last Updated:

July 25, 2014 | 00:00 IST

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Cairn, which has already disbursed $800 million out of the total loan of $1.25 billion, made the loan disclosure after analysts raised doubts on utilisation of the company’s cash reserves.

Anil Agarwal-led Cairn India has extended a $1.25-billion intra-corporate loan to the Vedanta Group raising eyebrows and leading to a sharp fall in the price of the company’s stock.

Cairn, which has already disbursed $800 million out of the total loan of $1.25 billion, made the loan disclosure after analysts raised doubts on utilisation of the company’s cash reserves. Analysts said that if Cairn did not have a better usage of its cash, it should have rewarded its shareholders buy way of bonus, etc.

However, Cairn’s spokesperson said that the loan has been extended for two years at floating rate of three per cent plus LIBOR after requisite approvals, which is significantly higher than comparable rates being received on fixed deposits of same tenor.

Cairn refused to disclose when the Board of directors decided to extend the loan or if shareholders’ nod was required for doing a related party transaction.

The Vedanta Group holds 59.90-per cent stake in Cairn India. Under the new Companies Act, which came into effect from April 1, companies need to take the approval of shareholders for related party transactions.

Cairn India had on Wednesday held its annual general meeting of shareholders in Mumbai but did not make any disclosures of the loan.

Cairn India shares slumped 6.67 per cent, the most since April 16, 2009, to close at Rs 322.65 on the Bombay Stock Exchange.

Goldman Sachs Global Investment Research said: “Such related party transaction typically raise market concerns about conflict of interest on the most shareholderfriendly way of deploying surplus cash.”

Cairn, which had on Wednesday stated that it had cash of Rs 13,561 crore in rupee funds and $922 million in dollar funds as on June 30, had in January announced a share buyback programme that would give Vedanta greater control of the firm.

Cairn bought 36.7 million shares for Rs 1,225 crore and extinguished them resulting in promoter shareholding rising from 58.76 per cent to 59.90 per cent. Vedanta Group shareholding would have gone up to 64.53 per cent had Cairn been able to buy all the 170.9 million share it had intended to buyback for up to Rs 5,725 crore.

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Payday Loans And Making Them Work For You

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Leveraged Loan Funds See $413M Cash Outflow

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Cash outflows from bank loan funds totaled $413 million for the week ended July 23, according to Lipper. The outflow is down slightly from last week’s $440 million outflow, and it’s essentially all related to mutual fund redemptions, as exchange-traded funds saw an outflow of barely $1 million.

There have now been 13 weeks of outflows over the past 15 weeks, for a combined negative $6.6 billion over that span, which follows a record-shattering 95-week inflow streak totaling $66.7 billion.

The trailing four-week average held relatively steady, at negative $315 million per week on average, from negative $419 million last week. However, this measure remains narrower than a peak at $858 million in the week ended June 11.

Year-to-date inflows now total just $352 million, with a net withdrawal of $409 million from mutual funds set against a net inflow of $761 million to ETFs. In the comparable year-ago period, inflows were $32.1 billion, with 12% tied to ETFs.

The change due to market conditions was negative $89 million this week compared to total assets of $107.9 billion at the end of the observation period, so the change is essentially nil. The ETF segment comprises $8.2 billion of the total, or approximately 8%. – Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.

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Cairn stock falls 6.6% over $1.25-bn loan to parent

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Monarch Financial Reports Financial Performance and Declares Cash Dividend

CHESAPEAKE, Va., July 24, 2014 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported second quarter profitability and continued strong financial performance. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014.

Second quarter 2014 highlights are:

2nd quarter net income of $3,183,574

Return on Equity of 12.63%

Return on Assets of 1.29%

Diluted earnings per share of $0.30

Equity Capital exceeds $100 million for first time

Non-performing assets at 0.36% of total assets

$447 million in mortgage loans closed with 85% purchase

Year to date 2014 highlights are:

Net income of $5,720,839, for a return on equity of 11.57%

Diluted earnings per share of $0.54

$718 million in mortgage loans closed with 84% purchase

“We are pleased to report our best quarter in the past year. Our efforts to structure the company for the future resulted in improved profitability for all of our business segments. Higher mortgage loan closings, non-existent credit costs, expense management, and a strong net interest margin continued to drive our bottom line results,” stated Brad E. Schwartz, Chief Executive Officer. “Our challenge going forward is growing our loan portfolio with our disciplined style for both credit quality and interest rate risk, in an otherwise undisciplined market. We are up to this challenge.”

Net income was $3,183,574 for the second quarter of 2014, a record for the past five quarters, and up 3.8% from the same period one year ago. The quarterly annualized return on average equity (ROE) was 12.63%, and the quarterly return on average assets (ROA) was 1.29%. Quarterly diluted earnings per share increased to $0.30, compared to $0.24 in the previous quarter and $0.29 for the same quarter in 2013.

Net income was $5,720,839 for the first six months of 2014. The annualized return on average equity (ROE) was 11.57%, and the quarterly return on average assets (ROA) was 1.18%. Diluted earnings per share were $0.54, compared to $0.62 for the same period in 2013.

Total assets at June 30, 2014 were $1.0 billion, with both loans held for investment and deposits slightly down since year-end 2013. The decline in our loans held for investment portfolio was due to several large payoffs, with $95 million in new loans booked in the first six months of the year. This decline was more than offset by growth in our mortgage loans held for sale portfolio driven by stronger mortgage loan closings. Funding continues to shift to a higher level of demand deposits and money market accounts, with 33% of our total deposit mix now in demand deposits. Demand deposit balances are at a record high. Our funding mix should enhance and protect the net interest margin when rates are predicted to rise in the next 12-24 months.

“Our loan pipeline remains robust and we continue to attract top quality clients for their commercial, construction, commercial real estate, and mortgage loan needs. Our cash management and retail deposit teams continue to perform at a high level, with almost a third of our deposits now in demand deposits — which also delivered positive growth in fee income,” stated Neal Crawford, President of Monarch Bank.

Non-performing assets to total assets were 0.36%, which remain significantly below that of our local, state, and national peer group. Non-performing assets were $3.7 million which was up slightly from the previous quarter and the same period in 2013. Non-performing assets were comprised of $3.0 million in non-accrual loans, $499 thousand in loans more than 90 days past due, and $144 thousand in one foreclosed property. Net recoveries for the year were $9 thousand and the allowance for loan losses represents 1.30% of loans held for investment and 257% of non-performing loans.

During the second quarter the Company’s equity capital exceeded $100 million for the first time in its 15 year history. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014. Even with two increases in the quarterly cash dividend in the past year, tangible book value per share has increased 8.2% to $9.59, with the stock now trading at 122% of book value. We consider our stock to be undervalued.

Capital strength continues to grow by every metric. Average equity to average assets improved to 10.18%, up from 8.88% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 14.29%, significantly higher than the level required to be rated “Well Capitalized” by federal banking regulators. Monarch was again awarded the highest 5-Star “Superior” rating by Bauer Financial, an independent third-party bank rating agency that rates banks on safety and soundness.

Net interest income, our number one driver of profitability, declined 2.1% or $211 thousand during the second quarter of 2014 compared to the same quarter in 2013 driven by reduced balances in mortgage loans held for sale. Mortgage loans held for sale interest income declined $499 thousand compared to the same quarter of 2013, which was partially offset by growth in loans held for investment, investment income and a reduction in funding costs. The net interest margin was 4.18% for the second quarter, which was down from the previous quarter of 4.25% but up from 4.11% in the same quarter in 2013.

Non-interest income declined 14.7% or $3.2 million from the previous year driven by reduced revenues from mortgage loans sold and related title insurance fees. Investment and insurance revenue increased 37% compared to the previous year due to the continued growth of Monarch Bank Private Wealth. Mortgage revenue continues to be the number one driver of non-interest income. We closed $447 million in mortgage loans (85% purchase) during the second quarter of 2014 compared to $271 million (81% purchase) in the first quarter of 2014, a significant increase.

“The month of June was the best month in our company’s history for purchase mortgage closings, and our realtor and builder focus drove our higher second quarter volume. We are a leaner and more nimble mortgage operation that never stopped investing in our training, technology, marketing or our people when volumes were low. This formula should continue to differentiate us in our markets and lead to continued market share growth,” stated William T. Morrison, CEO of Monarch Mortgage.

Total non-interest expense declined 12.1% or $3.2 million during the second quarter due to reduced commissions and loan expenses. Net overhead, the difference between non-interest income and non-interest expense, improved by $10 thousand. To further improve our efficiency we have decided to close one banking office and one mortgage office in July, and soon plan to announce the relocation of two banking offices to improve our footprint and growth opportunities. These initiatives and many others have allowed us to improve our technology delivery, meet growing compliance burdens, and meet our client service expectations all while keeping our expense structure in line with revenue growth.

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg, Virginia. Monarch Bank also has a loan production office in Newport News, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol “MNRK”.

This press release may contain “forward-looking statements,” within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Consolidated Balance Sheets

Monarch Financial Holdings, Inc. and Subsidiaries

(In thousands)

Unaudited

June 30,
2014

March 31,
2014

December 31,
2013

September 30,
2013

June 30,
2013

ASSETS:

Cash and due from banks

$ 19,661

$ 18,510

$ 18,971

$ 21,016

$ 19,050

Interest bearing bank balances

37,166

37,033

31,955

24,504

15,195

Federal funds sold

29,761

84,232

53,985

83,454

56,972

Investment securities, at fair value

23,773

23,197

48,822

16,973

16,573

Loans held for sale

156,584

92,839

99,718

120,435

166,586

Loans held for investment, net of unearned income

700,159

715,088

712,671

697,541

697,376

Less: allowance for loan losses

(9,070)

(9,213)

(9,061)

(11,228)

(11,320)

Net loans

691,089

705,875

703,610

686,313

686,056

Bank premises and equipment, net

31,407

29,902

28,882

28,454

28,101

Restricted equity securities, at cost

3,169

3,156

3,683

3,666

3,792

Bank owned life insurance

7,526

7,467

7,409

7,351

7,290

Goodwill

775

775

775

775

775

Intangible assets, net

15

60

104

149

194

Accrued interest receivable and other assets

22,973

19,673

18,786

18,857

20,815

Total assets

$ 1,023,899

$ 1,022,719

$ 1,016,700

$ 1,011,947

$ 1,021,399

LIABILITIES:

Demand deposits—non-interest bearing

$ 240,348

$ 221,357

$ 206,891

$ 222,079

$ 218,880

Demand deposits—interest bearing

51,563

55,949

55,528

48,244

52,101

Money market deposits

377,096

367,590

374,462

364,488

341,042

Savings deposits

24,539

24,327

22,137

22,665

22,172

Time deposits

197,747

224,947

234,100

228,652

264,491

Total deposits

891,293

894,170

893,118

886,128

898,686

FHLB borrowings

1,125

1,150

1,175

1,200

1,225

Short Term borrowings

Trust preferred subordinated debt

10,000

10,000

10,000

10,000

10,000

Accrued interest payable and other liabilities

18,650

17,422

14,661

17,855

16,733

Total liabilities

921,068

922,742

918,954

915,183

926,644

STOCKHOLDERS’ EQUITY:

Common stock

51,624

51,584

51,432

51,230

50,873

Capital in excess of par value

7,675

7,357

7,069

6,755

6,521

Retained earnings

43,566

41,232

39,437

38,014

36,233

Accumulated other comprehensive loss

(159)

(314)

(419)

(406)

(480)

Total Monarch Financial Holdings, Inc. stockholders’ equity

102,706

99,859

97,519

95,593

93,147

Noncontrolling interest

125

118

227

1,171

1,608

Total equity

102,831

99,977

97,746

96,764

94,755

Total liabilities and stockholders’ equity

$ 1,023,899

$ 1,022,719

$ 1,016,700

$ 1,011,947

$ 1,021,399

Common shares outstanding at period end

10,624,668

10,619,444

10,502,323

10,480,023

10,408,544

Nonvested shares of common stock included in commons shares outstanding

299,910

302,710

215,960

233,960

233,960

Book value per common share at period end (1)

$ 9.67

$ 9.40

$ 9.29

$ 9.12

$ 8.95

Tangible book value per common share at period end (2)

$ 9.59

$ 9.33

$ 9.20

$ 9.03

$ 8.86

Closing market price

$ 11.72

$ 12.26

$ 12.31

$ 11.72

$ 10.83

Total risk based capital – Consolidated company

14.29%

14.27%

13.91%

13.68%

13.46%

Total risk based capital – Bank

14.31%

14.30%

13.95%

13.83%

13.66%

(1) Book value per common share is defined as stockholders’ equity divided by common shares outstanding.

(2) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by commons shares outstanding.

Consolidated Statements of Income

Monarch Financial Holdings, Inc. and Subsidiaries

Unaudited

Three Months Ended
June 30,

Six Months Ended
June 30,

2014

2013

2014

2013

INTEREST INCOME:

Interest on federal funds sold

$ 24,179

$ 25,312

$ 64,557

$ 30,470

Interest on other bank accounts

54,905

9,952

90,937

18,094

Dividends on equity securities

22,410

69,225

52,410

143,660

Interest on investment securities

91,929

57,302

167,978

114,871

Interest on loans held for sale

1,274,498

1,773,692

2,047,230

4,507,264

Interest and fees on loans held for investment

9,089,071

9,040,004

18,567,963

18,014,998

Total interest income

10,556,992

10,975,487

20,991,075

22,829,357

INTEREST EXPENSE:

Interest on deposits

839,303

1,020,913

1,673,716

2,050,375

Interest on trust preferred subordinated debt

123,359

124,200

245,696

243,242

Interest on other borrowings

14,224

38,810

28,586

327,988

Total interest expense

976,886

1,183,923

1,947,998

2,621,605

NET INTEREST INCOME

9,580,106

9,791,564

19,043,077

20,207,752

PROVISION FOR LOAN LOSSES

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

9,580,106

9,791,564

19,043,077

20,207,752

NON-INTEREST INCOME:

Mortgage banking income

17,369,228

20,572,388

29,571,390

36,738,324

Service charges and fees

538,579

477,660

1,008,791

928,814

Title income

167,454

232,423

272,488

486,774

Investment and insurance income

335,887

245,524

781,359

452,460

Other income

87,725

146,276

173,496

248,917

Total non-interest income

18,498,873

21,674,271

31,807,524

38,855,289

NON-INTEREST EXPENSE:

Salaries and employee benefits

8,492,446

8,502,755

16,764,007

16,707,830

Commissions and incentives

6,770,022

9,703,820

10,780,986

16,769,296

Occupancy and equipment

2,395,088

2,130,445

4,671,791

3,996,963

Loan expense

2,060,570

2,630,295

3,423,711

4,460,732

Marketing expense

797,908

744,646

1,319,749

1,257,604

Data processing

476,806

435,771

956,084

836,729

Telephone

293,451

308,138

604,588

563,062

Other expenses

1,720,693

1,717,014

3,232,701

3,441,289

Total non-interest expense

23,006,984

26,172,884

41,753,617

48,033,505

INCOME BEFORE TAXES

5,071,995

5,292,951

9,096,984

11,029,536

Income tax provision

(1,767,500)

(1,797,773)

(3,238,740)

(3,791,326)

NET INCOME

3,304,495

3,495,178

5,858,244

7,238,210

Less: Net income attributable to noncontrolling interest

(120,921)

(428,540)

(137,405)

(713,443)

NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC.

$3,183,574

$3,066,638

$5,720,839

$ 6,524,767

NET INCOME PER COMMON SHARE:

Basic

$ 0.30

$ 0.29

$ 0.54

$ 0.66

Diluted

$ 0.30

$ 0.29

$ 0.54

$ 0.62

Weighted average basic shares outstanding

10,620,869

10,401,992

10,596,786

9,854,418

Weighted average diluted shares outstanding

10,660,217

10,483,420

10,636,968

10,467,707

Return on average assets

1.29%

1.19%

1.18%

1.23%

Return on average stockholders’ equity

12.63%

13.42%

11.57%

14.61%

Financial Highlights

Monarch Financial Holdings, Inc. and Subsidiaries

(Dollars in thousands,

For the Quarter Ended

except per share data)

June 30,

March 31,

December 31,

September 30,

June 30,

2014

2014

2013

2013

2013

EARNINGS

Interest income

$ 10,557

$ 10,434

$ 10,677

$ 10,842

$ 10,976

Interest expense

(977)

(971)

(1,044)

(1,121)

(1,184)

Net interest income

9,580

9,463

9,633

9,721

9,792

Provision for loan losses

Noninterest income – mortgage banking income

17,369

12,202

13,277

15,657

20,572

Noninterest income – other

1,130

1,106

1,075

1,018

1,102

Noninterest expense

(23,007)

(18,747)

(20,562)

(22,315)

(26,173)

Pre-tax net income

5,072

4,024

3,423

4,081

5,293

Minority interest in net income

(121)

(16)

(87)

(255)

(428)

Income taxes

(1,767)

(1,471)

(1,179)

(1,416)

(1,798)

Net income

$ 3,184

$ 2,537

$ 2,157

$ 2,410

$ 3,067

PER COMMON SHARE

Earnings per share – basic

$ 0.30

$ 0.24

$ 0.21

$ 0.23

$ 0.29

Earnings per share – diluted

0.30

0.24

0.20

0.23

0.29

Common stock – per share dividends

0.08

0.07

0.07

0.06

0.06

Average Basic Shares Outstanding

10,620,869

10,600,766

10,486,056

10,464,992

10,401,992

Average Diluted Shares Outstanding

10,660,217

10,641,782

10,535,313

10,519,472

10,483,420

ALLOWANCE FOR LOAN LOSSES

Beginning balance

$ 9,213

$ 9,061

$ 11,228

$ 11,320

$ 10,788

Provision for loan losses

Charge-offs

(184)

(12)

(2,252)

(137)

(279)

Recoveries

41

164

85

45

811

Net charge-offs

(143)

152

(2,167)

(92)

532

Ending balance

$ 9,070

$ 9,213

$ 9,061

$ 11,228

$ 11,320

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due

$ 499

$ 759

$ 472

$ 82

$ –

Nonaccrual loans

3,028

1,718

1,740

2,814

2,889

OREO

144

302

302

95

95

Nonperforming assets

3,671

2,779

2,514

2,991

2,984

ASSET QUALITY RATIOS

Nonperforming assets to total assets

0.36 %

0.27 %

0.25 %

0.30 %

0.29 %

Nonperforming loans to total loans

0.50

0.35

0.31

0.42

0.41

Allowance for loan losses to total loans held for investment

1.30

1.29

1.27

1.61

1.62

Allowance for loan losses to nonperforming loans

257.16

371.94

409.63

387.71

391.83

Annualized net charge-offs to average loans held for investment

0.08

-0.09

1.25

0.05

-0.31

FINANCIAL RATIOS

Return on average assets

1.29 %

1.06 %

0.86 %

0.94 %

1.19 %

Return on average stockholders’ equity

12.63

10.46

8.88

10.18

13.42

Net interest margin (FTE)

4.18

4.25

4.13

4.11

4.11

Non-interest revenue/Total revenue

63.7

56.1

57.3

60.4

66.4

Efficiency – Consolidated

81.8

82.1

85.5

84.8

83.0

Efficiency – Bank only

63.9

59.9

60.4

59.1

58.2

Average equity to average assets

10.18

10.13

9.73

9.27

8.88

PERIOD END BALANCES (Amounts in thousands)

Total loans held for sale

$ 156,584

$ 92,839

$ 99,718

$ 120,435

$ 166,586

Total loans held for investment

700,159

715,088

712,671

697,541

697,376

Interest-earning assets

949,872

956,160

952,981

950,760

960,481

Assets

1,023,899

1,022,719

1,016,700

1,011,947

1,021,399

Total deposits

891,293

894,170

893,118

886,128

898,686

Other borrowings

11,125

11,150

11,175

11,200

11,225

Stockholders’ equity

102,706

99,859

97,519

95,593

93,147

AVERAGE BALANCES (Amounts in thousands)

Total loans held for sale

$ 116,851

$ 70,856

$ 104,104

$ 136,660

$ 200,733

Total loans held for investment

698,851

704,917

695,074

692,731

680,037

Interest-earning assets

927,552

910,929

935,059

946,575

964,872

Assets

993,003

970,815

990,734

1,013,932

1,032,345

Total deposits

867,217

848,969

869,113

882,553

908,229

Other borrowings

11,150

11,174

11,199

11,257

11,250

Stockholders’ equity

101,092

98,374

96,415

93,958

91,638

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed

$ 446,863

$ 271,233

$ 349,695

$ 478,304

$ 607,189

Percentage of refinance based on dollar volume

15.0 %

19.1 %

20.3 %

22.6 %

39.2 %
Banking & BudgetingFinancials Industrymortgage loans
Contact:

Brad E. Schwartz - (757) 389-5111, www.monarchbank.com

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Monarch Financial Reports Financial Performance and Declares Cash Dividend

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Announcing a New, Flexible Repayment Term, Low Rate Merchant Cash Advance Option Specifically Designed for Retail …

From
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Low Rate Merchant Cash Advance at BusinessCashAdvanceGURU.com

Small Business Working Capital at Low Rates, Care of Business Cash Advance Guru

Nationwide (PRWEB) July 24, 2014

For small businesses needing working capital, there’s now a low rate merchant cash advance available without hassle. This fast retail business cash advance loan comes with a low cost and flexible repayment terms. It’s an unsecured business loan and is the best poor credit merchant cash advance available on the market today.

Big banks are not lending working capital to small businesses, according to several recent news reports. The reason given is the wave of new federal lending and banking regulations stymieing the commercial loan market. Traditional lending institutions are in a precarious situation. Banks saddled with huge loan default losses, the result of the Great Recession. During the years 2008 through 2010 and even today, the trend of mortgage, auto loan, credit card, and small business loans defaults put banks hundreds of millions of dollars in the red.

Pressured by congressional members to make risky loans to prop-up the economy from 2004 through 2007, banks complied, only to take the devastating financial hit. The introduction of new legislation sought to curtail future risk, but only after the damage was inflicted.

Small businesses are adversely impacted by such events, having to provide years worth of financial documentation and tax returns, along with substantial collateral. Nearly perfect personal and company credit no longer guarantees commercial funding approval. Qualification standards are now out of reach for the majority of small businesses. Business loan application denial rates are near historic highs though banks continue to hoard billions of dollars in their reserves to weather federally mandated stress tests.

Alternative lenders are now stepping up to fill the commercial financing void, offering great and affordable loan products without a credit file review. This low cost, flexible repayment loan options are available by applying online. There are no application fees or hidden costs associated with these products. Companies can apply for and receive between $5,000 and $500,000 and be approved in just 24 hours. Funds are directly deposited in three to five business days and may be used for any purpose.

Current approval rates stand at 98 percent and monthly payments are based on a percentage of the loan amount rather than a fixed sum.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.

fast retail business cash advance


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CORRECTION FROM SOURCE: Orvana Begins Accelerated Repayment of EVBC Debt

TORONTO, ONTARIO–(Marketwired – Jul 23, 2014) –

A Correction from Source is issued for the Orvana Minerals press release disseminated on July 17 2014 at 16:52 ET. The Debt Net of Cash, Cash Equivalents and Restricted Cash was erroneously reported as US$15.7 million. It has been corrected to read US$13.7 million.

Kinbauri España S.L.U. (“Kinbauri”), a wholly-owned Spanish subsidiary of Orvana Minerals Corp. (ORV.TO) (the “Company” or “Orvana”), has begun the accelerated repayment of its loan maturing November 30, 2014 (the “Restructured EVBC Loan”) relating to its El-Valle Boinás and Carlés Mines in Spain (the “EVBC Mines”) following the restructuring announced June 30, 2014. In July, month to date, Kinbauri has made repayments on its Restructured EVBC Loan from the proceeds of the sale of Copperwood in June, the release from restricted cash of certain monies and the closure of all derivatives instruments previously outstanding. Following a number of additional repayments to be made over the next five months, the balance payable at November 30, 2014, the maturity date, will be US$8.075 million. Please refer to the table below.

Restructured EVBC Loan (US$)
(thousands)

Principal balance outstanding – June 30, 2014
$37,461

Less:

Repayment July 2
($3,990
)

Repayment from restricted cash and Copperwood proceeds (1)
($8,759
)

Repayment from closure of derivatives (2)
($7,098
)

Principal balance outstanding – July 17, 2014
$17,614

Less:

Repayment for October 2 (in restricted cash at June 27)
($3,990
)

Repayment for August 31 (from working capital)
($1,000
)

Repayment on November 30 (from working capital – to be delivered as restricted cash Sept. 30)
($4,549
)
Balance payable on November 30, 2014
$8,075

Bolivian bank debt at July 17, 2014
$7,392

(1)
5.0 million, held as restricted cash in the event an additional environmental reclamation bond was required under Spanish mining regulations, converted into US dollars and US$2.0 million from Copperwood proceeds.

(2)
All gold, copper and US dollars/EUR derivative instruments outstanding at July 11, 2014 were closed with the proceeds applied as a repayment of principal under the Restructured EVBC Loan.

Under the Restructured EVBC Loan certain financial covenants and non-compliance matters have been waived until November 30, 2014.

Orvana’s debt net of cash, cash equivalents and restricted cash is now down to US$13.7 million from US$40.0 million at March 31, 2014.

Michael Winship, President and CEO of Orvana said, “Orvana’s management continues to focus on strengthening the Company’s balance sheet with debt repayment and is pleased to have achieved a number of milestones in July.”

About Orvana

Orvana Minerals is a multi-mine gold and copper producer. Orvana’s operating assets consist of El Valle-Boinás/Carlés gold-copper mines in northern Spain and the Don Mario copper-gold-silver mine in Bolivia. Additional information is available at Orvana’s website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects” “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements.

Forward-looking statements relate to, among other things, all aspects of the development of El Valle-Boinás/Carlés Mines in Spain (the “EVBC Mines”) and the Don Mario Mine in Bolivia and their operations and production; the timing and outcome of such development and production; estimates of future production, operating costs and capital expenditures; mineral resource and reserve estimates; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s most recently filed Management’s Discussion & Analysis and Annual Information Form in respect of the Company’s most recently completed fiscal year (the “Annual Disclosures”), or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the EVBC and Don Mario Mines being consistent with the Company’s current expectations; political developments in any jurisdiction in which the Company operates being consistent with its current expectations; certain price assumptions for gold, copper and silver; prices for key supplies being approximately consistent with current levels; production and cost of sales forecasts meeting expectations; the accuracy of the Company’s current mineral reserve and mineral resource estimates; and labour and materials costs increasing on a basis consistent with Orvana’s current expectations.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold, silver and copper; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to continue to operate the EVBC Mines and/or the Don Mario Mine; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company’s interests in its property and mineral rights; current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; general economic conditions worldwide; and the risks identified in the Annual Disclosures under the heading “Risks and Uncertainties”. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Annual Disclosures for a description of additional risk factors.

Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Commodity MarketsCanada International News
Contact:

Orvana Minerals Corp.

Michael Winship

President and Chief Executive Officer

(416) 369-1629

Orvana Minerals Corp.

Daniella Dimitrov

Chief Financial Officer

(416) 369-1629

Orvana Minerals Corp.

Ann Wilkinson

Investor Relations

(416) 369-6275

awilkinson@orvana.com

/

ask_us@orvana.com
www.orvana.com

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CORRECTION FROM SOURCE: Orvana Begins Accelerated Repayment of EVBC Debt

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Millennials Choose Cash — And Why That's Not So Great

Some two out of five Millennials—39%—prefer cash as the long-term investment for money they don’t need for at least 10 years, according to a new Bankrate.com report, roughly three times the number who chose the stock market. That’s a perilous pick, considering that cash will actually lose value over time due to inflation, while the S&P 500 has gained 17% in the last 12 months.

“What we are seeing is that Millennials actually get the importance of saving,” says Greg McBride, senior vice president and chief analyst at Bankrate. “They’re just not willing to take risks with it, particularly with regard to long-term savings.”

One thing that may explain the lean toward greenbacks is that Millennials came of age during tumultuous financial times. “When you look at the events of the last 10 to 15 years, with the financial crisis and the tech bust, young adults had a front row seat for one or both of those events,” McBride says. “Even if it didn’t impact them directly, they saw the impact it had on their parents and other family members and friends.”

Millenials prefer cash for long-term savings. (Photo credit: 401(K) 2013)

That’s certainly the case for Alisha Nicole Washington, 22, who recently graduated from Vanderbilt University and started work for an advertising firm in Atlanta. “I prefer to keep my savings in cash,” she says. “Growing up, it seemed like that was the forefront of every media outlet—how poorly the market was doing. The images and reports definitely left a lasting impression.”

Watching the stock market tank and their parents struggle has left many Millennials with a poor appetite for risk—which is ironic, since they’re the age group with the most ability to be risky. Since Millennials have decades to go until retirement, they have plenty of time to recover from market dips. “Even with something as severe as the financial crisis, if you just hung in there and continued contributing throughout, you not only recovered your losses, but you came out well ahead,” McBride says. “That’s not a perspective that someone who’s only been investing for a couple of years necessarily has.”

Among other things, student loan debt may be hampering Millennials’ ability to think long-term. The average student loan debt now tops $29,000 per student, according to the Project on Student Debt, and many are borrowing two and three times that amount. Jenna Kusmierek, 30, manages to fund her Roth IRA in full each year, but the rest of her cash goes to her student loans. “I plan to proceed this way for the next 10 years until my $140,000 student loan bill is paid off,” says Kusmierek, who lives in Denver.

Then there’s convenience. For Jason Fisher, the 27-year-old co-founder of Waterway Financial Group in Myrtle Beach, SC, having quick access to his funds trumps saving money in a retirement account. “The reduced accessibility to cash is not attractive,” says Fisher. “Often, an investment for our age group tends to be much shorter term anyway. I think children, first homes, and other bigger purchases make having cash on hand more feasible.”

Unfortunately, Millennials are the generation that most needs to get aggressive with savings. “Today’s young adults have the biggest retirement savings burden of all time,” McBride says. “Their life expectancies are longer, their healthcare costs are going to be higher, they don’t have the pensions their parents did, and the future of Social Security is more uncertain than it’s been for any of their predecessors.”

In other words, Millennials need a bigger nest egg, and they’re not going to get there with cash in a savings account. “A key part of this is getting people to think long term, getting them to see the power of compounding over those longer periods of time,” McBride says.

Thankfully, not all Millennials are sticking to cash-only savings. “I keep a small emergency fund in cash, but beyond that, I invest everything I can,” says Kali Hawlk, 24, who runs the blog Common Sense Millennial. “The only way I’m going to grow the value of my nest egg is to invest it where it can earn reasonable returns.”

Of course, cash—in an interest-earning savings account—is the best way to save for emergencies and shorter-term needs. But for the long haul, the stock market is the better bet.

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Cash America Chief Executive Officer, Daniel R. Feehan, to Retire in April 2015

FORT WORTH, Texas–(BUSINESS WIRE)–

Cash America International, Inc. (CSH) announced today that its
president and chief executive officer, Daniel R. Feehan, 63, has
informed the Board of Directors of his intent to retire as president and
chief executive officer of the Company when the current term of his
executive employment agreement expires on April 30, 2015. Mr. Feehan
will remain on the Company’s Board of Directors and will assume the role
of Chairman of the Board following his retirement. Jack Daugherty, the
Company’s founder and current Chairman of the Board, will step down as
Chairman at that time but will continue to serve on the Board. The
specific details of Mr. Feehan’s retirement, including the details of
any retirement package, are expected to be finalized early next year.

“I am extremely proud to have been a part of the Cash America family for
nearly 30 years. We have a wonderful team of dedicated coworkers who
exemplify our core values and work hard to provide valuable services to
our customers and value for our shareholders. Cash America has a very
bright future and I believe the timing for a change in leadership is
right for both me and the Company,” Feehan said.

“Dan Feehan has been a tremendous leader for Cash America. Under his
leadership, Cash America has grown from a small pawnshop company to an
international leader in the non-bank specialty financial services
industry. Dan’s compassion for our customers and coworkers, his strong
sense of values and ethics and his professional and sincere approach to
everything he does has solidified a strong foundation for the company
that shows deep respect and a commitment to excellence for our
shareholders, customers and coworkers,” said Mr. Daugherty. “We are
pleased that Dan will continue to provide his leadership for the Company
through next April and help the Company transition to a new CEO.”

The Board of Directors has appointed a special committee, chaired by
James H. Graves, the Chairman of the Management Development and
Compensation Committee, to lead a search for a successor CEO. Joining
Mr. Graves on the special committee will be Daniel E. Berce, the
Chairman of the Audit Committee, and Timothy J. McKibben, the Company’s
presiding outside director and Chairman of the Nominating and Corporate
Governance Committee. The special committee will engage a leading
executive recruiting firm to assist in the search. Both internal and
external candidates will be considered.

“The Board will conduct a thorough search to identify a new CEO who can
lead the Company to continued growth and success while maintaining the
culture of professionalism and integrity that Dan has instituted
throughout the organization,” said Mr. Graves.

About the Company

As of June 30, 2014, Cash America International, Inc. (the “Company”)
operated 1,004 total locations offering specialty financial services to
consumers, which included the following:

869 lending locations in 22 states in the United States primarily
under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday
Advance,” and “Cashland;”

47 pawn lending locations in central and southern Mexico under the
name “Cash America casa de empeño;” and

88 check cashing centers (all of which are unconsolidated franchised
check cashing centers) operating in 14 states in the United States
under the name “Mr. Payroll.”

Additionally, as of June 30, 2014, the Company offered consumer loans
over the Internet to customers:

in 33 states in the United States at http://www.cashnetusa.com
and http://www.netcredit.com;

in the United Kingdom at http://www.quickquid.co.uk,
http://www.quickquidflexcredit.co.uk,
http://www.poundstopocket.co.uk,
and http://onstride.co.uk;

in Australia at http://www.dollarsdirect.com.au;

in Canada at http://www.dollarsdirect.ca;
and

in Brazil at http://www.simplic.com.br.

For additional information regarding the Company and the services it
provides, visit the Company’s websites located at:

http://www.cashamerica.com

 

 

 

http://www.dollarsdirect.com.au

http://www.enova.com

http://www.dollarsdirect.ca

http://www.cashnetusa.com

http://www.quickquidflexcredit.co.uk

http://www.netcredit.com

http://www.onstride.co.uk

http://www.cashlandloans.com

http://www.simplic.com.br

http://www.quickquid.co.uk

http://www.mrpayroll.com

http://www.poundstopocket.co.uk

Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995

This release contains forward-looking statements about the business,
financial condition, operations and prospects of the Company. The actual
results of the Company could differ materially from those indicated by
the forward-looking statements because of various risks and
uncertainties including, without limitation: the effect of, compliance
with or changes in domestic and foreign pawn, consumer credit, tax and
other laws and governmental rules and regulations applicable to the
Company’s business or changes in the interpretation or enforcement
thereof; the regulatory and examination authority of the Consumer
Financial Protection Bureau in the U.S. and the UK Financial Conduct
Authority, including the effect of and compliance with a consent order
the Company entered into with the Consumer Financial Protection Bureau
in November 2013 and changes to the Company’s UK business practices as a
result of adapting the Company’s business in response to the
requirements of the Financial Conduct Authority; changes in the
political, regulatory or economic environment in foreign countries where
the Company operates or in the future may operate; risks related to the
potential separation of the Company’s online lending business that
comprises its e-commerce division, Enova International, Inc.; the
Company’s ability to process or collect consumer loans through the
Automated Clearing House system; the actions of third parties who
provide, acquire or offer products and services to, from or for the
Company; public and regulatory perception of the Company’s business,
including its consumer loan business and its business practices; the
effect of any current or future litigation proceedings or any judicial
decisions or rule-making that affect the Company, its products or its
arbitration agreements; fluctuations, including a sustained decrease, in
the price of gold or deterioration in economic conditions; a prolonged
interruption in the Company’s operations of its facilities, systems and
business functions, including its information technology and other
business systems; changes in demand for the Company’s services and
changes in competition; the Company’s ability to maintain an allowance
or liability for estimated losses on consumer loans that are adequate to
absorb credit losses; the Company’s ability to attract and retain
qualified executive officers; the ability of the Company to open new
locations in accordance with its plans or to successfully integrate
newly acquired businesses into the Company’s operations; interest rate
and foreign currency exchange rate fluctuations; changes in the capital
markets, including the debt and equity markets; changes in the Company’s
ability to satisfy its debt obligations or to refinance existing debt
obligations or obtain new capital to finance growth; security breaches,
cyber-attacks or fraudulent activity; acts of God, war or terrorism,
pandemics and other events; the effect of any of such changes on the
Company’s business or the markets in which it operates; and other risks
and uncertainties indicated in the Company’s filings with the Securities
and Exchange Commission. These risks and uncertainties are beyond the
ability of the Company to control, nor can the Company predict, in many
cases, all of the risks and uncertainties that could cause its actual
results to differ materially from those indicated by the forward-looking
statements. When used in this release, terms such as “believes,”
“estimates,” “should,” “could,” “would,” “plans,” “expects,”
“anticipates,” “may,” “forecasts,” “projects” and similar expressions
and variations as they relate to the Company or its management are
intended to identify forward-looking statements. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements to reflect events or circumstances occurring after the date
of this release.

FinanceInvestment & Company InformationCash America
Contact:

Cash America International, Inc.

Thomas A. Bessant, Jr., 817-335-1100

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Cash America Chief Executive Officer, Daniel R. Feehan, to Retire in April 2015

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