Aberdeen Names Marc Osofsky as CEO

WALTHAM, MA—(Marketwired – November 01, 2017) – The Aberdeen Group (“Aberdeen”), a portfolio company of Halyard Capital, today announced that its Board of Managers has appointed Marc Osofsky as chief executive officer and member of the Board of Managers effective October 30, 2017. Gary Skidmore assumes the role of chairman.

“We are very fortunate to have Marc join our company. His experience is a perfect fit to be the leader of Aberdeen,” Gary Skidmore said. “He knows how to create growth through innovative products supported by results–oriented sales and marketing.”

According to the company, Osofsky has a proven track record of creating market–leading SaaS [software–as–a–service] solutions and enabling high–performance teams to deliver outsized results for clients, employees and investors. Most recently, Osofsky served as chief operating officer of all SaaS and BPaaS businesses for Lionbridge Technologies where he created Lionbridge onDemand and drove dramatic organic revenue growth across the businesses. Prior to Lionbridge, Osofsky was chief marketing officer at three venture–backed companies that led to strategic acquisitions by SAP, Checkpoint and MRM McCann. Osofsky began his career at McKinsey and is a graduate of MIT Sloan School of Management and Brown University.

“Aberdeen has a unique set of capabilities to lead the next stage of B2B [business–to–business] marketing performance improvement, and I am thrilled to work with our clients and team to fully realize this potential,” Osofsky said. “Gary and the Halyard team are wonderful partners to help guide the company.”

Jonathan Barnes, partner of Halyard Capital, added, “We are thrilled to have Marc join Aberdeen and lead the company in its next stage of growth. Marc's impressive track record of launching and scaling SaaS products suits Aberdeen perfectly and we know that Aberdeen's customers and team members are going to benefit greatly from his insights and expertise.”

About Aberdeen

Aberdeen currently enables more than 500 technology companies to achieve improved sales and marketing results through Engagement Science — a powerful combination of marketplace data, best practices focused content, and data science — delivered via Lead Essentials, the leading SaaS platform for tech marketers and sellers. Visit www.aberdeen.com.

About Halyard Capital

Halyard Capital is a private equity firm focused on leveraged buyout and growth equity investments in Technology, Information and Business Services companies. The firm has extensive experience and a proven track record within these industries, having invested in businesses that include Presidio, TRANZACT, Datamyx, Engauge and Practice Insight. Additional information regarding Halyard's strategy, principals and investments can be found at www.halyard.com.

Melcor REIT announces third quarter 2017 results

EDMONTON, AB—(Marketwired – November 01, 2017) – Melcor REIT (TSX: MR.UN)

Highlights

  • Overall portfolio performance remained steady in Q3–2017 and year to date
  • Rental Revenue of $16.79 million in Q3–2017; $50.35 million year to date
  • Net operating income of $10.56 million in Q2–2017; $31.86 million year to date
  • Adjusted funds from operations (AFFO) of $5.16 million or $0.20 per unit in Q3–2017; $15.63 million or $0.61 per unit year to date
  • Debt to Gross Book Value (GBV) ratio of 54%, well below our maximum threshold of 65%
  • Distributions of $0.05625 per trust unit were paid in July, August and September for a payout ratio of 84%

Melcor REIT (TSX: MR.UN) today announced results for the third quarter ended September 30, 2017. Rental revenue in the quarter and year to date periods remained steady over the prior year at $16.79 million and $50.35 million respectively. Net operating income also remained consistent at $10.56 million and $31.86 million respectively.

Andrew Melton, President & CEO of Melcor REIT commented: “It is my pleasure to report on another successful quarter for the REIT. Our portfolio performance remains on track as we continue to execute on our business strategy of taking care of our tenants and buildings.

We have a strong foundation for future growth through our development pipeline. As Melcor Development continues its development program with properties nearing completion we continue to seek out and pursue 3rd party opportunities to add to our portfolio.”

Q3–2017 Activity:

Our portfolio performance remained steady through the third quarter and year to date. The stability and diversity of our portfolio with respect to both tenant profile and asset class position the REIT well for managing through economic cycles. We are focused on the real estate fundamentals of asset enhancement and property management while conservatively managing our debt. At 84%, our payout ratio is a strong indicator of our overall health and our ability to sustain distributions at current rates. In Q2–2017, we adopted REALpac's new guidance on AFFO retroactive to January 1, 2017 and for the comparative period, which resulted in a change from our previously reported payout ratios. We believe this is an improved disclosure and does not represent a fundamental change in our underlying results or strategy.

Highlights of our performance in the third quarter include:

  • Same–asset net rental income, excluding the impact of non–cash items, was steady in the quarter, with 92.5% occupancy at September 30, 2017. Our retail and office assets within our Southern Alberta, British Columbia and Regina portfolios generated same–asset income and occupancy growth over 2016; offsetting downward trends within our Northern Alberta assets.
  • The net loss of $10.99 million year to date is a result of the non–cash fair value losses on investment properties recorded in the period due to an increase in capitalization rates. Management believes adjusted funds from operations (AFFO) is a better reflection of our true operating performance.
  • AFFO was relatively stable at $5.16 million in Q3–2017 and $15.63 million year to date.
  • We continued to execute on our proactive leasing strategy to both retain existing and attract new tenants. Through the first nine months of 2017 we completed 294,628 sf in new and renewed leasing (including holdovers) with a retention rate of 84.1% year to date.
  • We responded to 99% of services requests within 30 minutes via our signature care program in Q3–2017. We view this metric as an important indication of our commitment to ongoing client care, which contributes to tenant satisfaction and ultimately retention.
  • We took advantage of favourable lending conditions and early re–financed $19.77 million in mortgages at an average interest rate of 3.31% in the quarter. Early re–financing was a strategy employed to mitigate and re–balance our risk in 2018, reducing our percentage of mortgage maturing from 21% to 10%.
  • We continue to experience negative market pressure on Edmonton downtown office space as approximately 1.8 million sf in new inventory comes online. Edmonton downtown office spaces makes up 12% of the REIT's GLA.
  • We paid distributions of $0.05625 per trust unit in July, August and September for a quarterly payout ratio of 84%.
  • As at September 30, 2017 we have $1.87 million in cash. The REIT also has additional capacity under our revolving credit facility. Our working capital position remains healthy and we continue to collect receivables in a timely manner to ensure near–term liquidity.

Selected Highlights

Financial Highlights
    Three months ended       Nine months ended    
    September 30       September 30    
($000s)   2017   2016   Change%   2017   2016   Change%
Non–Standard KPIs                                    
Net operating income (NOI)   10,557     10,692     (1 )%   31,864     32,078     (1 )%
Funds from operations (FFO)   7,029     6,843     3 %   20,679     20,362     2 %
Adjusted funds from operations (AFFO)(6)   5,158     5,174     %   15,627     15,316     2 %
Adjusted Cash Flow from Operations (ACFO)   5,102     5,117     %   15,458     15,145     2 %
   
Rental revenue   16,791     16,439     2 %   50,350     49,872     1 %
Income before fair value adjustments   3,853     3,558     8 %   10,999     10,534     4 %
Fair value adjustment on investment properties(7)   79     (947 )   nm     (16,629 )   (2,946 )   nm  
Distributions to unitholders   1,881     1,882     %   5,645     5,646     %
Cash flows from operations   4,751     3,688     29 %   10,279     9,234     11 %
Same–asset net rental income   10,353     9,933     4 %   30,324     30,038     1 %
   
Per unit metrics                                    
Income (loss) – diluted   $0.25     $0.01           ($0.99 )   ($1.25 )      
FFO   $0.27     $0.27           $0.80     $0.79        
AFFO(6)   $0.20     $0.20           $0.61     $0.59        
Distributions   $0.17     $0.17           $0.51     $0.51        
Payout ratio(6)   84 %   84 %         83 %   85 %      
                                     
    30–Sept–17   31–Dec–16   Change%
Total assets ($000s)   644,090   663,724   (3 )%
Equity ($000s)(1)   260,600   260,600   %
Debt ($000s)(2)   342,349   351,947   (3 )%
Weighted average interest rate on debt   3.58%   3.63%   (1 %)
Debt to GBV ratio(3)   54%   55%   (1 %)
Finance costs coverage ratio(4)   3.01   2.88   5 %
Debt service coverage ratio(5)   2.70   2.65   2 %

(1) Calculated as the sum of trust units and Class B LP Units at their book value. Class B LP Units are presented as a financial liability in the condensed interim consolidated financial statements.
(2) Calculated as the sum of total amount drawn on revolving credit facility, mortgages payable, Class C LP Units, excluding unamortized fair value adjustment on Class C LP Units and convertible debenture, excluding unamortized discount and transaction costs.
(3) Excluding convertible debentures, Debt to GBV ratio is 49% (December 31, 2016 – 50%).
(4) Calculated as the sum of FFO and finance costs; divided by finance costs, excluding distributions on Class B LP Units and fair value adjustments on derivative financial instruments.
(5) Calculated as FFO divided by sum of contractual principal repayments on mortgages payable and distributions of Class C LP Units, excluding amortization of fair value adjustment on Class C LP Units.
(6) We adopted REALpac's new guidance on AFFO in Q2–2017 retroactive to January 1, 2017 and for the comparative periods. See Adjusted Funds from Operations on page 10 for detail.
(7) The abbreviation nm is shorthand for not meaningful and is used through this MD&A where appropriate.

Operational Highlights
    30–Sept–17   31–Dec–16   Change%
Number of properties   37   38   (3 )%
Gross leasable area (GLA) (sf)   2,711,521   2,775,782   (2 )%
Occupancy (weighted by GLA)   92.5%   92.4%   %
Retention (weighted by GLA)   84.1%   71.0%   18 %
Weighted average remaining lease term (years)   4.60   4.85   (5 )%
Weighted average base rent (per sf)   $15.72   $15.73   %

MD&A and Financial Statements

Information included in this press release is a summary of results. This press release should be read in conjunction with the REIT's Q3–2017 quarterly report to unitholders. The REIT's consolidated financial statements and management's discussion and analysis for the three and nine–months ended September 30, 2017 can be found on the REIT's website at www.MelcorREIT.ca or on SEDAR (www.sedar.com).

Conference Call & Webcast

Unitholders and interested parties are invited to join management on a conference call to be held Thursday, November 2, 2017 at 11:00 AM ET (9:00 AM MT). Call 416–340–8527 in the Toronto area; 1–800–355–4959 toll free.

The call will also be webcast (listen only) at http://www.gowebcasting.com/8984. A replay of the call will be available at the same URL shortly after the call is concluded.

About Melcor REIT

Melcor REIT is an unincorporated, open–ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income–generating properties in western Canadian markets. Its portfolio is currently made up of interests in 37 properties representing approximately 2.71 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan; and Kelowna, British Columbia. For more information, please visit www.MelcorREIT.ca.

Non–standard Measures

NOI, FFO, AFFO and ACFO are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards (IFRS), do not have standard meanings and may not be comparable with other industries or income trusts. These non–IFRS measures are defined and discussed in the REIT's MD&A for the quarter ended September 30, 2017, which is available on SEDAR at www.sedar.com.

Forward–looking Statements:

This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT's ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT's objectives and forward–looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward–looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward–looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators.

Agrium to present at the Morgan Stanley Global Chemicals and Agriculture Conference

CALGARY, AB—(Marketwired – November 01, 2017) – Agrium Inc. (TSX: AGU) (NYSE: AGU) announced today that Mr. Steve Douglas, Agrium's CFO, will be presenting at the Morgan Stanley Global Chemicals and Agriculture Conference in Boston, MA, on Wednesday, November 15, 2017 at 9:30 a.m. EDT.

The presentation will be audio cast and available on the Company's website at www.agrium.com.

About Agrium

Agrium Inc. is a major global producer and distributor of agricultural products, services and solutions. Agrium produces nitrogen, potash and phosphate fertilizers, with a combined wholesale nutrient capacity of approximately eleven million tonnes and with significant competitive advantages across our product lines. Agrium supplies key products and services directly to growers, including crop nutrients, crop protection, seed, as well as agronomic and application services, thereby helping growers to meet the ever growing global demand for food and fibre. Agrium retail–distribution has an unmatched network of approximately 1,500 facilities and over 3,300 crop consultants who provide advice and products to our grower customers to help them increase their yields and returns on hundreds of different crops. With a focus on sustainability, the company strives to improve the communities in which it operates through safety, education, environmental improvement and new technologies such as the development of precision agriculture and controlled release nutrient products. Agrium is focused on driving operational excellence across our businesses, pursuing value–enhancing growth opportunities and returning capital to shareholders. For more information visit: www.agrium.com.

NMI Holdings, Inc. Reports Record Third Quarter 2017 Financial Results

EMERYVILLE, CA—(Marketwired – November 01, 2017) – NMI Holdings, Inc. (NASDAQ: NMIH) today reported net income of $12.3 million, or $0.21 per share, for the third quarter ended September 30, 2017. This compares with net income of $6.0 million, or $0.10 per share, in the prior quarter, and net income of $6.2 million, or $0.10 per share, in the third quarter of 2016.

Bradley Shuster, Chairman and CEO of National MI, said, “In the third quarter, National MI delivered record financial results, including record new insurance written of $6.1 billion, record net premiums earned of $44.5 million, and record pre–tax income of $19.5 million. We were also pleased to deliver annualized return–on–average equity of 9.8%. National MI continued to build its portfolio of high–quality insurance in force at a rate that leads our industry, and we continued to make significant strides in customer development, activating 25 new customers in the third quarter and 98 new customers for the year–to–date.”

  • As of September 30, 2017, the company had primary insurance–in–force of $43.3 billion, up 12% from $38.6 billion at the prior quarter end and up 53% over $28.2 billion as of September 30, 2016.
  • Premiums earned for the quarter were $44.5 million, including $4.3 million attributable to cancellation of single premium policies, which compares with $37.9 million, including $3.8 million related to cancellations, in the prior quarter. Premiums earned in the third quarter of 2017 were up 40% over premium revenue of $31.8 million in the same quarter a year ago, which included $5.8 million related to cancellations.
  • NIW mix was 79% monthly premium product, which compares with 81% in the prior quarter and 71% in the third quarter of 2016.
  • Total underwriting and operating expenses in the third quarter were $24.6 million. This compares with total underwriting and operating expenses of $28.0 million, including approximately $3.1 million of fees and expenses associated with the issuance of Insurance–Linked Notes in the prior quarter and $24.0 million in the same quarter a year ago.
  • Claims expense for the quarter was $1.0 million, resulting in a loss ratio of 2.1%.
  • At quarter–end, cash and investments were $713 million, including $62 million at the holding company, and book equity was $511 million, equal to $8.53 per share.
  • At quarter–end, the company had total PMIERs available assets of $495 million, which compares with risk– based required assets under PMIERs of $356 million.
           
  Quarter Quarter Quarter    
  Ended Ended Ended Change Change
  9/30/2017 6/30/2017 9/30/2016 Q/Q Y/Y
Primary Insurance–in–Force ($billions) 43.26 38.63 28.22 12% 53%
New Insurance Written – NIW ($billions)          
    Monthly premium 4.83 4.10 4.16 18% 16%
    Single premium 1.28 0.94 1.70 36% –25%
    Total 6.11 5.04 5.86 21% 4%
 
Premiums Earned ($millions) 44.52 37.92 31.81 17% 40%
Underwriting & Operating Expense ($millions) 24.65 28.05 24.04 –12% 3%
Loss Expense ($millions) 0.96 1.37 0.66 –30% 45%
Loss Ratio 2.1% 3.6% 2.1%    
Cash & Investments ($millions) 713 694 686 3% 4%
Book Equity ($millions) 511 495 430 3% 19%
Book Value per Share 8.53 8.27 7.28 3% 17%
           

Conference Call and Webcast Details

The company will hold a conference call and live webcast at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the “Investor Relations” section. The call also can be accessed by dialing (888) 734–0328 in the U.S., or (914) 495–8578 for international callers using Conference ID: 1906690, or by referencing NMI Holdings, Inc.

About National MI

National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.–based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.

Cautionary Note Regarding Forward–Looking Statements

Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995 (PSLRA). The PSLRA provides a “safe harbor” for any forward–looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward–looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward–looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in the business practices of the GSEs that may impact the use of private mortgage insurance as credit enhancement; our ability to remain an eligible mortgage insurer under the PMIERs, including the financial requirements, and other requirements of the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (D.C.) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including governmental agencies like the Federal Housing Administration (FHA) and the Veterans Administration (VA), and potential market entry by new competitors or consolidation of existing competitors; developments in the world's financial and capital markets and our access to such markets, including reinsurance; adoption of new or changes to existing laws and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators; changes to the GSEs' role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance in particular; potential future lawsuits, investigations or inquiries or resolution of current lawsuits or inquiries; changes in general economic, market and political conditions and policies, interest rates, inflation and investment results or other conditions that affect the housing market or the markets for home mortgages or mortgage insurance; our ability to successfully execute and implement our capital plans, including our ability to access the reinsurance market and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; emergence of unexpected claims and coverage issues, including claims exceeding our reserves or amounts we expected to experience; potential adverse impacts arising from recent natural disasters, including, with respect to the affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; the inability of our counter–parties, including third party reinsurers, to meet their obligations to us; our ability to utilize our net operating loss carryforwards, which could be limited or eliminated in various ways, including if we experience an ownership change as defined in Section 382 of the Internal Revenue Code; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; and, our ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10–K for the year ended December 31, 2016, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward–looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward–looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward–looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
(510) 788–8417

Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203) 513–2721
MaryMcGarity@StrategicVantage.com

             
Consolidated statements of operations and comprehensive income   For the three months ended     For the nine months ended  
  September 30,     September 30,  
    2017     2016     2017     2016  
Revenues   (In Thousands, except for share data)  
  Net premiums earned   $ 44,519     $ 31,808     $ 115,661     $ 77,656  
  Net investment income     4,170       3,544       11,885       10,117  
  Net realized investment gains (losses)     69       66       198       (758 )
  Other revenues     195       102       461       172  
Total revenues     48,953       35,520       128,205       87,187  
Expenses                                
  Insurance claims and claims expenses     957       664       2,965       1,592  
  Underwriting and operating expenses     24,645       24,037       78,682       69,943  
Total expenses     25,602       24,701       81,647       71,535  
Other expense                                
                                 
  Loss from change in fair value of warrant liability     (502 )     (797 )     (679 )     (187 )
  Interest expense     (3,352 )     (3,733 )     (10,146 )     (11,072 )
Total other expense     (3,854 )     (4,530 )     (10,825 )     (11,259 )
                                 
Income before income taxes     19,497       6,289       35,733       4,393  
  Income tax expense     7,185       114       11,917       114  
Net income   $ 12,312     $ 6,175     $ 23,816     $ 4,279  
                                 
Earnings per share                                
  Basic   $ 0.21     $ 0.10     $ 0.40     $ 0.07  
  Diluted   $ 0.20     $ 0.10     $ 0.38     $ 0.07  
                                 
Weighted average common shares outstanding                                
Basic     59,883,629       59,130,401       59,680,166       59,047,758  
Diluted     63,088,958       60,284,746       62,773,333       59,861,916  
                                 
Loss Ratio(1)     2.1 %     2.1 %     2.6 %     2.1 %
Expense Ratio(2)     55.4       75.6       68.0       90.1  
Combined ratio     57.5 %     77.7 %     70.6 %     92.2 %
                                 
Net income   $ 12,312     $ 6,175     $ 23,816     $ 4,279  
Other comprehensive income, net of tax:                                
  Net unrealized gain (loss) in accumulated other comprehensive income, net of tax expense of $366 and $0 for the three months ended September 30, 2017 and 2016, respectively, and $2,439 and $0 for the nine months ended September 30, 2017 and 2016  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
768
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(82
 
 
 
 
 
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,786
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17,690
 
 
 
 
 
 
  Reclassification adjustment for realized losses (gains) included in net income, net of tax expense of $24 and $0 for the three months ended September 30, 2017 and 2016, respectively, and $69 and $0 for the nine months ended September 30, 2017 and 2016  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(45
 
 
 
 
 
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(66
 
 
 
 
 
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(129
 
 
 
 
 
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
758
 
 
 
 
 
 
Other comprehensive income, net of tax     723       (148 )     4,657       18,448  
Comprehensive income   $ 13,035     $ 6,027     $ 28,473     $ 22,727  
(1) Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.
(2) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.
 
             
Consolidated balance sheets   September 30, 2017     December 31, 2016 (1)  
Assets   (In Thousands, except for share data)  
  Fixed maturities, available–for–sale, at fair value (amortized cost of $687,284 and $630,688 as of September 30, 2017 and December 31, 2016, respectively)   $ 692,729     $ 628,969  
  Cash and cash equivalents     20,698       47,746  
  Premiums receivable     21,056       13,728  
  Accrued investment income     4,598       3,421  
  Prepaid expenses     2,651       1,991  
  Deferred policy acquisition costs, net     36,101       30,109  
  Software and equipment, net     21,767       20,402  
  Intangible assets and goodwill     3,634       3,634  
  Prepaid reinsurance premiums     39,915       37,921  
  Deferred tax asset, net     38,490       51,434  
  Other assets     4,973       542  
Total assets   $ 886,612     $ 839,897  
                 
Liabilities                
  Term loan   $ 143,969     $ 144,353  
  Unearned premiums     161,345       152,906  
  Accounts payable and accrued expenses     22,028       25,297  
  Reserve for insurance claims and claim expenses     6,123       3,001  
  Reinsurance funds withheld     33,105       30,633  
  Deferred ceding commission     4,971       4,831  
  Warrant liability, at fair value     4,046       3,367  
Total liabilities     375,587       364,388  
Commitments and contingencies                
                 
Shareholders' equity                
  Common stock – class A shares, $0.01 par value;59,928,092 and 59,145,161 shares issued and outstanding as of September 30,2017 and December 31, 2016, respectively (250,000,000 shares authorized)    

599

     

591

 
  Additional paid–in capital     583,447       576,927  
  Accumulated other comprehensive loss, net of tax     (630 )     (5,287 )
  Accumulated deficit     (72,391 )     (96,722 )
Total shareholders' equity     511,025       475,509  
Total liabilities and shareholders' equity   $ 886,612     $ 839,897  
(1)The 2016 prior period balance sheet has been revised. Please refer to our Form 10–Q for the quarter ended September 30, 2017 for further details.
 
   
Historical Quarterly Data   2017     2016  
    September
30
    June 30     March 31     December
31(4)
    September
30
    June 30  
Revenues     (In Thousands, except for share data)    
  Net premiums earned   $ 44,519     $ 37,917     $ 33,225     $ 32,825     $ 31,808     $ 26,041  
  Net investment income     4,170       3,908       3,807       3,634       3,544       3,342  
  Net realized investment gains (losses)     69       188       (58 )     65       66       61  
  Other revenues     195       185       80       105       102       37  
Total revenues     48,953       42,198       37,054       36,629       35,520       29,481  
Expenses                                                
  Insurance claims and claims expenses     957       1,373       635       800       664       470  
  Underwriting and operating expenses     24,645       28,048       25,989       23,281       24,037       23,234  
Total expenses     25,602       29,421       26,624       24,081       24,701       23,704  
                                                 
Other expense (1)     (3,854 )     (3,281 )     (3,690 )     (5,490 )     (4,530 )     (3,766 )
                                                 
Income before income taxes     19,497       9,496       6,740       7,058       6,289       2,011  
  Income tax expense (benefit)     7,185       3,484       1,248       (52,664 )     114        
Net income   $ 12,312     $ 6,012     $ 5,492     $ 59,722     $ 6,175     $ 2,011  
                                                 
Earnings per share                                                
  Basic   $ 0.21     $ 0.10     $ 0.09     $ 1.01     $ 0.10     $ 0.03  
  Diluted   $ 0.20     $ 0.10     $ 0.09     $ 0.98     $ 0.10     $ 0.03  
                                                 
Weighted average common shares outstanding                                                
Basic     59,883,629       59,823,396       59,183,973       59,140,011       59,130,401       59,105,613  
Diluted     63,088,958       63,010,362       62,338,856       61,229,338       60,284,746       59,830,899  
                                                 
Other data                                                
Loss Ratio (2)     2.1 %     3.6 %     1.9 %     2.4 %     2.1 %     1.8 %
Expense Ratio (3)     55.4 %     74.0 %     78.2 %     70.9 %     75.6 %     89.2 %
Combined ratio     57.5 %     77.6 %     80.1 %     73.3 %     77.7 %     91.0 %
(1) Other expense includes the gain from change in fair value of warrant liability, gain from settlement of warrants, and interest expense.
(2) Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.
(3) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.
(4) The Q4 2016 quarterly data has been revised. Please refer to our Form 10–Q for the quarter ended September 30, 2017 for further details.
 
   
New Insurance Written (NIW), Insurance in Force (IIF) and Premiums  
The tables below present primary and pool NIW and IIF, as of the dates and for the periods indicated.  
   
Primary NIW   Three months ended  
    September 30,
2017
  June 30, 2017   March 31,
2017
    December 31,
2016
    September 30,
2016
    June 30, 2016  
      (In Millions)
Monthly   $ 4,833   $ 4,099   $ 2,892     $ 3,904     $ 4,162     $ 3,700  
Single     1,282     938     667       1,336       1,695       2,138  
Primary   $ 6,115   $ 5,037   $ 3,559     $ 5,240     $ 5,857     $ 5,838  
   
Primary and pool IIF     As of  
      September 30,
2017
    June 30, 2017     March 31,
2017
      December 31,
2016
      September 30,
2016
      June 30, 2016  
      (In Millions)
Monthly   $ 28,707   $ 24,865   $ 21,511     $ 19,205     $ 16,038     $ 12,529  
Single     14,552     13,764     13,268       12,963       12,190       11,095  
Primary     43,259     38,629     34,779       32,168       28,228       23,624  
                                             
Pool     3,330     3,447     3,545       3,650       3,826       3,999  
Total   $ 46,589   $ 42,076   $ 38,324     $ 35,818     $ 32,054     $ 27,623  
   
The following table presents the amounts related to the 2016 QSR transaction, for the last five quarters.  
   
      September 30,
2017
    June 30, 2017       March 31, 2017       December 31,
2016
      September 30,
2016
 
      (In Thousands)
Ceded risk–in–force   $ 2,682,982   $ 2,403,027     $ 2,167,745     $ 2,008,385     $ 1,778,235  
Ceded premiums written     (14,389)     (12,034 )     (10,292 )     (11,576 )     (38,977 )
Ceded premiums earned     (13,393)     (11,463 )     (9,865 )     (9,746 )     (2,885 )
Ceded claims and claims expenses     277     342       268       206       90  
Ceding commission written     2,878     2,407       2,058       2,316       7,795  
Ceding commission earned     2,581     2,275       2,065       1,752       551  
Profit commission     7,758     6,536       5,651       5,642       1,641  
                                       
   
Portfolio Statistics  
The table below highlights trends in our primary portfolio as of the date and for the periods indicated.  
   
   
Primary portfolio trends   As of and for the three months ended  
    September 30,
2017
    June 30, 2017     March 31,
2017
    December 31,
2016
    September 30,
2016
    June 30, 2016  
    ($ Values In Millions)  
  New insurance written   $ 6,115     $ 5,037     $ 3,559     $ 5,240     $ 5,857     $ 5,838  
  New risk written     1,496       1,242       868       1,244       1,415       1,411  
  Insurance in force (1)     43,259       38,629       34,779       32,168       28,228       23,624  
  Risk in force (1)     10,572       9,417       8,444       7,790       6,847       5,721  
  Policies in force (count) (1)     180,089       161,195       145,632       134,662       119,002       100,547  
  Average loan size (1)   $ 0.240       0.240       0.239       0.239       0.237       0.235  
  Weighted–average coverage (2)     24.4 %     24.4 %     24.3 %     24.2 %     24.3 %     24.2 %
  Loans in default (count)     350       249       207       179       115       79  
  Percentage of loans in default     0.2 %     0.2 %     0.1 %     0.1 %     0.1 %     0.1 %
  Risk in force on defaulted loans   $ 19     $ 14     $ 12     $ 10     $ 6     $ 4  
  Average premium yield (3)     0.43 %     0.41 %     0.40 %     0.44 %     0.48 %     0.47 %
  Earnings from cancellations   $ 4.3     $ 3.8     $ 2.5     $ 5.1     $ 5.8     $ 3.5  
  Annual persistency (4)     85.1 %     83.1 %     81.3 %     80.7 %     81.8 %     83.3 %
  Quarterly run–off (5)     3.8 %     3.4 %     2.9 %     4.6 %     5.3 %     4.2 %
(1) Reported as of the end of the period.
(2) Calculated as end of period risk in force (RIF) divided by IIF.
(3) Calculated as net primary and pool premiums earned, net of reinsurance, divided by average gross IIF for the period, annualized.
(4) Defined as the percentage of IIF that remains on our books after any 12–month period.
(5) Defined as the percentage of IIF that are no longer on our books after any 3–month period
 
     
Primary NIW by FICO   For the three months ended
    September 30, 2017   June 30, 2017   September 30, 2016
    ($ In Millions)
  >= 760   $ 2,806   $ 2,376   $ 2,975
  740–759     934     793     934
  720–739     807     626     725
  700–719     697     568     588
  680–699     456     368     387
  <=679     415     306     248
Total   $ 6,115   $ 5,037   $ 5,857
Weighted average FICO     747     749     753
                   
       
Primary NIW by LTV   For the three months ended  
    September 30, 2017     June 20, 2017     September 30, 2016  
    (In Millions)  
  95.01% and above   $ 722     $ 474     $ 347  
  90.01% to 95.00%     2,714       2,297       2,557  
  85.01% to 90.00%     1,765       1,506       1,844  
  85.00% and below     914       760       1,109  
Total   $ 6,115     $ 5,037     $ 5,857  
Weighted average LTV     92.3 %     92.2 %     91.7 %
   
   
Primary NIW by purchase/refinance mix   For the three months ended  
    September 30, 2017     June 30, 2017     September 30, 2016  
    (In Millions)  
  Purchase   $ 5,387     $ 4,518     $ 4,400  
  Refinance     728       519       1,457  
Total   $ 6,115     $ 5,037     $ 5,857  
   
The table below presents a summary of our primary IIF and RIF by book year as of the dates indicated.  
   
Primary IIF and RIF         As of September 30, 2017  
          IIF     RIF  
          (In Millions)  
September 30, 2017           $ 14,315     $ 3,508  
2016             18,684       4,520  
2015             8,742       2,167  
2014             1,479       368  
2013             39       9  
Total           $ 43,259     $ 10,572  
   
The tables below present our total primary IIF and RIF by FICO and LTV and total primary RIF by loan type as of the dates indicated.  
   
Primary IIF by FICO   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
    (In Millions)  
  >= 760   $ 21,329     $ 19,224     $ 14,258  
  740–759     6,983       6,269       4,612  
  720–739     5,547       4,927       3,648  
  700–719     4,505       3,973       2,813  
  680–699     2,942       2,615       1,863  
  <=679     1,953       1,621       1,034  
Total   $ 43,259     $ 38,629     $ 28,228  
                         
   
Primary RIF by FICO   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
    (In Millions)  
  >= 760   $ 5,251     $ 4,720       3,470  
  740–759     1,713       1,535       1,130  
  720–739     1,349       1,198       887  
  700–719     1,092       960       680  
  680–699     707       627       443  
  <=679     460       377       237  
Total   $ 10,572     $ 9,417     $ 6,847  
   
   
Primary IIF by LTV   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
    (In Millions)  
  95.01% and above   $ 3,038     $ 2,367     $ 1,363  
  90.01% to 95.00%     19,562       17,441       12,644  
  85.01% to 90.00%     13,437       12,157       9,157  
  85.00% and below     7,222       6,664       5,064  
Total   $ 43,259     $ 38,629     $ 28,228  
   
   
Primary RIF by LTV   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
    (In Millions)  
  95.01% and above   $ 822     $ 648     $ 380  
  90.01% to 95.00%     5,722       5,120       3,725  
  85.01% to 90.00%     3,205       2,893       2,174  
  85.00% and below     823       756       568  
Total   $ 10,572     $ 9,417     $ 6,847  
   
   
Primary RIF by Loan Type   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
                         
  Fixed     98 %     98 %     98 %
  Adjustable rate mortgages:                        
    Five years and longer     2       2       2  
Total     100 %     100 %     100 %
   
The table below presents a summary of the change in total primary IIF during the periods indicated.  
   
   
Primary IIF   For the three months ended  
    September 30, 2017     June 30, 2017     September 30, 2016  
          (In Millions)        
IIF, beginning of period   $ 38,629     $ 34,779     $ 23,624  
  NIW     6,115       5,037       5,857  
  Cancellations and other reductions     (1,485 )     (1,187 )     (1,253 )
IIF, end of period   $ 43,259     $ 38,629     $ 28,228  
                         
   
Geographic Dispersion                  
         
The following table shows the distribution by state of our primary RIF as of the periods indicated.        
   
Top 10 primary RIF by state   As of  
    September 30, 2017     June 30, 2017     September 30, 2016  
California   13.6 %   13.8 %   13.2 %
Texas   7.6     7.5     6.8  
Virginia   5.6     6.0     6.6  
Arizona   4.4     4.2     3.8  
Florida   4.3     4.4     4.7  
Colorado   3.8     3.9     4.0  
Michigan   3.7     3.6     3.9  
Pennsylvania   3.6     3.6     3.6  
Utah   3.6     3.7     3.6  
Maryland   3.6     3.7     3.6  
Total   53.8 %   54.4 %   53.8 %
                   

The following table shows portfolio data by book year, as of September 30, 2017.

 
As of September 30, 2017
Book year   Original
Insurance
Written
  Remaining
Insurance in
Force
  %
Remaining
of Original
Insurance
  Policies
Ever in
Force
  Number of
Policies in
Force
  Number
of Loans
in Default
  # of
Claims
Paid
  Incurred
Loss Ratio
(Inception to
Date) (1)
  Cumulative
default rate (2)
    ($ Values in Millions)                   
2013   $ 162   $ 39   24%   655   201     1   0.2%   0.2%
2014     3,451     1,479   43%   14,786   7,451   54   9   3.8%   0.4%
2015     12,422     8,742   70%   52,548   39,727   164   14   2.9%   0.3%
2016     21,187     18,684   88%   83,626   76,095   119   3   1.6%   0.1%
2017   $ 14,711   $ 14,315   97%   57,800   56,615   13     0.5%  
Total   $ 51,933   $ 43,259       209,415   180,089   350   27        
(1) The ratio of claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
(2) The sum of claims paid ever to date and notices of default as of the end of the period divided by policies ever in force.
 

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:

             
    For the three months ended     For the nine months ended  
    September 30,
2017
    September 30,
2016
    September 30,
2017
    September 30,
2016
 
                         
    (In Thousands)  
Beginning balance   $ 5,048     $ 1,475     $ 3,001     $ 679  
Less reinsurance recoverables (1)     (899 )           (297 )      
Beginning balance, net of reinsurance recoverables     4,149       1,475       2,704       679  
                                 
Add claims incurred:                                
  Claims and claim expenses incurred:                                
    Current year (2)     1,215       690       3,546       1,803  
    Prior years (3)     (258 )     (29 )     (581 )     (214 )
Total claims and claims expenses incurred     957       661       2,965       1,589  
                                 
Less claims paid:                                
  Claims and claim expenses paid:                                
    Current year (2)                        
    Prior years (3)     157       93       720       225  
Total claims and claim expenses paid     157       93       720       225  
                                 
Reserve at end of period, net of reinsurance recoverables     4,949       2,043       4,949       2,043  
Add reinsurance recoverables (1)     1,174       90       1,174       90  
Ending balance   $ 6,123     $ 2,133     $ 6,123     $ 2,133  
(1) Related to ceded losses recoverable on our 2016 quota–share reinsurance transaction, included in “Other Assets” on the Condensed Consolidated Balance Sheet.
(2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan had defaulted in a prior year and subsequently cured and later re–defaulted in the current year, that default would be included in the current year.
(3) Related to insured loans with defaults occurring in prior years, which have been continuously in default since that time.
 

The following table provides a reconciliation of the beginning and ending count of loans in default for the periods indicated.

             
    For the three months ended     For the nine months ended  
    September 30,     September 30,     September 30,     September 30,  
    2017     2016     2017     2016  
Beginning default inventory   249     79     179     36  
Plus: new defaults   208     69     479     158  
Less: cures   (103 )   (30 )   (292 )   (73 )
Less: claims paid   (4 )   (3 )   (16 )   (6 )
Ending default inventory   350     115     350     115  
                         

The following tables provide details of our claims and reserves for the periods indicated, before claims paid covered under the 2016 QSR Transaction.

               
      For the three months ended     For the nine months ended  
      September 30,   September 30,     September 30,   September 30,  
      2017   2016     2017   2016  
      ($ Values In Thousands)  
Number of claims paid       4     3       16     6  
Total amount paid for claims     $ 160   $ 93     $ 731   $ 225  
Average amount paid per claim     $ 40   $ 31     $ 46   $ 32  
Severity(1)       73%     53 %     83%     62 %
   
(1) Severity represents the total amount of claims paid divided by the related RIF on the loan at the time the claim is perfected.  
   
 
Average reserve per default:   As of September 30, 2017   As of September 30, 2016
    (In Thousands)
Case (1)   $ 16   $ 17
IBNR     1     1
Total   $ 17   $ 18
(1)Defined as the gross reserve per insured loan in default.
 

The following table provides a comparison of the PMIERs financial requirements as reported by National MI as of the dates indicated.

     
    As of
    September 30, 2017   June 30, 2017   September 30, 2016
    (In thousands)
Available assets   $ 495,182   $ 485,019   $ 488,635
Risk–based required assets     356,207     298,091     320,609
                   

Holiday Decorating Professionals Offer Convenience, Value, and the Latest in Holiday Lighting

LUBBOCK, TX—(Marketwired – November 01, 2017) – While many property owners choose to manage their outdoor holiday decorations on their own, Brandon Stephens, president of Christmas Decor® franchise network, the premier holiday lighting and decorating company in North America, offers some insight into why a growing number of budget–conscious property owners are turning this task over to professional holiday decorators.

Do–it–yourself decorators who make a substantial investment in their own decorating supplies may feel “locked in” to using the same lights and decorative accessories year–after–year, even though innovations in holiday lighting offer consumers new choices each holiday season, says Stephens. “In contrast, we offer our customers a wide choice of this season's hottest décor ideas, including twinkling, sparkling, cascading lights; shimmering landscape effects; weather–proof décor accents; and eye–catching lawn and entry accessories that range from the traditional to the whimsical. Our holiday decorating specialists are knowledgeable about the latest decorating trends and know how to incorporate subtle accents to keep your décor fresh and on–trend each year, without exceeding your budget.”

Property owners who decide to work with a holiday lighting specialist discover that their outdoor decorating chores begin and end with an appointment to plan their “look” and schedule their installation. Lighting and décor professionals then design and install the client's holiday display, producing results that are always on trend and on budget. Those same professionals return throughout the season to maintain the installation, and then move in to store, refurbish and replace the holiday decorations in preparation for the next year. The key, says Stephens, is to schedule your holiday display now. The optimum window for holiday display installations is a small one – beginning in October and wrapping up in early December – and the demand for these services is growing as more and more property owners understand the value of using a decorator.

For more information on having Christmas Decor decorate your home or business, or to schedule an appointment for a consultation or installation, please visit www.christmasdecor.net.

About Christmas Decor

Since its inception in 1986, Christmas Decor has risen to become the premier holiday lighting and decorating company in North America. The Texas–based company was founded by Blake Smith as an off–season supplement to his landscape business and as a method to provide year–round work for employees. Christmas Decor quickly emerged as a viable business opportunity and today, operates in more than 350 markets in 49 states and Canada. Plans are underway to open locations in more than 100 new markets through franchise expansion in select communities around the country. Christmas Decor is highly revered in its field and has received consistent recognition for its efforts; some highlights include having been named one of a Top Ten Home Improvement Franchises for 2008 by Entrepreneur Magazine and AOL Small Business. Christmas Decor's parent company, The Decor Group, also offers the Nite Time Decor, which offers a complete line of high–quality low–voltage landscape lighting products, training, business systems, and support. For more information, visit www.christmasdecor.net.

Shriners Hospitals for Children and PGA Tour Players Partner to Launch PGA TOUR Professionals Fundraise FORE Love Campaign

LAS VEGAS, NV—(Marketwired – Nov 1, 2017) –  Shriners Hospitals for Children Open –

Tweet it: Support @shrinershosp by donating to the PGA TOUR Professionals Fundraise FORE Love Campaign now through 12/31: https://donate.lovetotherescue.org/pga–tour #SHCO17

Shriners Hospitals for Children® and a group of PGA TOUR professionals have launched a Fundraise FORE Love Campaign to provide a way for professionals participating in the field this week to support the mission of the organization. The professional golfers will also be raising awareness of the work the hospitals do via their social media platforms as they serve as brand ambassadors. After years of being exposed to and inspired by the patients attending the Shriners Hospitals for Children Open held annually in Las Vegas the players sought ways that they could build awareness and give back. 

The launch of the Fundraise FORE Love Campaign highlights the efforts by the organization to grow the Classy online fundraising program launched earlier this year in an effort to create simple, engaging ways for supporters to raise funds for the hospital network.

“What I find really exciting about the group of players who have chosen to participate in the program is how diverse their connections to the event and the cause are. Young players who are just getting their careers started have already decided that supporting worthy charitable causes is important to them, while veterans who have been exposed to so many causes throughout their years on the PGA TOUR have decided that the Shriner mission is worthy of their support. We also have past champions looking to give back to an organization that was a part of one of their career highlights, as well as some who have personally been touched by not only the medical care provided, but also the fraternal side of the organization. We are truly grateful for all of their support,” said Adam Sperling, executive director of the Shriners Hospitals for Children Open. 

The public is invited to visit https://donate.lovetotherescue.org/pga–tour where they can choose to support the program, or select their favorite player's page to help them reach their individual fundraising goal. Each player has also selected a hospital location to receive credit for the funds they have raised. The 19 players participating in the program are:

  • Sam Burns – Shriners Hospitals for Children ® – Shreveport
  • Ben Crane – Shriners Hospitals for Children ® – Portland
  • Bryson DeChambeau – Shriners Hospitals for Children ® – Northern California
  • Charley Hoffman – Shriners for Children Medical Center ™
  • Beau Hossler – Shriners Hospitals for Children ® – Galveston
  • Matt Jones – Shriners Hospitals for Children ® – Galveston
  • Smylie Kaufman – Shriners Hospitals for Children ® – Shreveport
  • Alex Kang – Shriners for Children Medical Center ™
  • Martin Laird – Shriners Hospitals for Children ® – Spokane
  • Hunter Mahan – Shriners Hospitals for Children ® – Houston
  • William McGirt – Shriners Hospitals for Children ® – Greenville
  • AJ McInerney – Shriners Hospitals for Children ® – Salt Lake City
  • Maverick McNealy – Shriners Hospitals for Children ® – Northern California
  • Troy Merritt – Shriners Hospitals for Children ® – Twin Cities
  • Taylor Moore – Shriners Hospitals for Children ® – Houston
  • Kevin Na – Shriners for Children Medical Center ™
  • Ryan Palmer – Shriners Hospitals for Children ® – Houston
  • Jimmy Stanger – Shriners Hospitals for Children ® – Tampa
  • Daniel Summerhays – Shriners Hospitals for Children ® – Salt Lake City

#FundraiseFORELove donations for individual PGA TOUR professionals can be made online now at https://donate.lovetotherescue.org/pga–tour through Dec. 31, 2017.

Shriners Hospitals for Children Open is now through Nov. 5, 2017 at TPC Summerlin in Las Vegas. For more information, visit www.shrinershospitalsopen.com

About the 2017 Shriners Hospitals for Children Open:
The 2017 Shriners Hospitals for Children Open brings the FedExCup to Las Vegas as the PGA TOUR returns to the Las Vegas valley for the 35th consecutive year. Many of the top golfers in the world will participate in the competition and help support the mission of Shriners Hospitals for Children® from Oct. 30 – Nov. 5 at TPC Summerlin. For more information, visit shrinershospitalsopen.com.

Follow the Shriners Hospitals for Children Open on Facebook, Twitter and Instagram.

About Shriners Hospitals for Children®:
Shriners Hospitals for Children is changing lives every day through innovative pediatric specialty care, world–class research and outstanding medical education. Our 22 locations in the United States, Canada and Mexico provide advanced care for children with orthopaedic conditions, burns, spinal cord injuries, and cleft lip and palate. Shriners Hospitals for Children is a 501(c)(3) nonprofit organization and relies on the generosity of donors. All donations are tax deductible to the fullest extent permitted by law.

About PGA TOUR:
 
The PGA TOUR is the world's premier membership organization for touring professional golfers, co–sanctioning more than 130 tournaments on the PGA TOUR, PGA TOUR Champions, Web.com Tour, PGA TOUR Latinoamérica, Mackenzie Tour–PGA TOUR Canada and PGA TOUR China.

The PGA TOUR's mission is to entertain and inspire its fans, deliver substantial value to its partners, create outlets for volunteers to give back, generate significant charitable and economic impact in the communities in which it plays, and provide financial opportunities for TOUR players.

Worldwide, PGA TOUR tournaments are broadcast to more than 1 billion households in 227 countries and territories in 30 languages. Virtually all tournaments are organized as non–profit organizations in order to maximize charitable giving. In 2015, tournaments across all Tours generated a record $160 million for local and national charitable organizations, bringing the all–time total to $2.3 billion. 

The PGA TOUR's web site is PGATOUR.COM, the No. 1 site in golf, and the organization is headquartered in Ponte Vedra Beach, FL. 

Randgold Resources: Holding(s) in Company

JERSEY, CHANNEL ISLANDS—(Marketwired – Nov 1, 2017) – Randgold Resources (NASDAQ: GOLD)

RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
(“Randgold Resources” or the “Company”)

Jersey, Channel Islands, 1 November 2017

TR–1: NOTIFICATION OF MAJOR INTEREST IN SHARES
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: Randgold Resources Limited
1b. Please indicate if the issuer is a non–UK issuer (please mark with an “X” if appropriate)  
Non–UK issuer   X
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)  
An acquisition or disposal of voting rights    
An acquisition or disposal of financial instruments   X
An event changing the breakdown of voting rights    
Other (please specify)iii:    
3. Details of person subject to the notification obligationiv
Name BlackRock, Inc.
City and country of registered office (if applicable) Wilmington, DE, USA
4. Full name of shareholder(s) (if different from 3.)v
Name  
City and country of registered office (if applicable)  
5. Date on which the threshold was crossed or reachedvi: 31/10/2017
6. Date on which issuer notified (DD/MM/YYYY): 01/11/2017
7. Total positions of person(s) subject to the notification obligation
  % of voting rights attached to shares (total of 8. A)   % of voting rights through
financial instruments
(total of 8.B 1 + 8.B 2)
  Total of both in % (8.A + 8.B)   Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 7.25%   9.74%   16.99%   94,073,286
Position of previous notification (if applicable) 7.33%   10.02%   17.36%    
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares
  Number of voting rightsix   % of voting rights
ISIN code (if possible)   Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
  Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
  Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
  Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00B01C3S32       6,821,218       7.25%
                 
                 
SUBTOTAL 8. A   6,821,218   7.25%
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument   Expiration
date
x
  Exercise/
Conversion Period
xi
  Number of voting rights that may be acquired if the instrument is
exercised/converted.
  % of voting rights
Securities Lending           44,259   0.04%
American Depository Receipt           9,050,754   9.62%
                 
        SUBTOTAL 8. B 1   9,095,013   9.66%
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument   Expiration
date
x
  Exercise/
Conversion Period
xi
  Physical or cash
settlement
xii
  Number of voting rights   % of voting rights
CFD           Cash   71,932   0.07%
                     
                     
            SUBTOTAL 8.B.2   71,932   0.07%
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii  
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary) X
Namexv   % of voting rights if it equals or is higher than the notifiable threshold   % of voting rights through financial instruments if it equals or is higher than the notifiable threshold   Total of both if it equals or is higher than the notifiable
threshold
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock Holdco 4, LLC            
BlackRock Holdco 6, LLC            
BlackRock Delaware Holdings Inc.            
BlackRock Fund Advisors            
BlackRock Institutional Trust Company, National Association            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Holdco 3, LLC            
BlackRock Canada Holdings LP            
BlackRock Canada Holdings ULC            
BlackRock Asset Management Canada Limited            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Group Limited            
BlackRock Investment Management (UK) Limited   1.88%   8.76%   10.65%
             
BlackRock, Inc.            
Trident Merger, LLC            
BlackRock Investment Management, LLC            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock Holdco 4, LLC            
BlackRock Holdco 6, LLC            
BlackRock Delaware Holdings Inc.            
BlackRock Fund Advisors            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Australia Holdco Pty. Ltd.            
BlackRock Investment Management (Australia) Limited            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock (Singapore) Holdco Pte. Ltd.            
BlackRock Asia–Pac Holdco, LLC            
BlackRock HK Holdco Limited            
BlackRock Cayco Limited            
BlackRock Trident Holding Company Limited            
BlackRock Japan Holdings GK            
BlackRock Japan Co., Ltd.            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Group Limited            
BlackRock Advisors (UK) Limited            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock (Singapore) Holdco Pte. Ltd.            
BlackRock Asia–Pac Holdco, LLC            
BlackRock HK Holdco Limited            
BlackRock Asset Management North Asia Limited            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock (Singapore) Holdco Pte. Ltd.            
BlackRock (Singapore) Limited            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Group Limited            
BlackRock Investment Management (UK) Limited            
BlackRock Asset Management Deutschland AG            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Group Limited            
BlackRock (Netherlands) B.V.            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock Capital Holdings, Inc.            
BlackRock Advisors, LLC            
             
BlackRock, Inc.            
BlackRock Holdco 2, Inc.            
BlackRock Financial Management, Inc.            
BlackRock International Holdings, Inc.            
BR Jersey International Holdings L.P.            
BlackRock Group Limited            
BlackRock International Limited            
             
10. In case of proxy voting, please identify:
Name of the proxy holder  
The number and % of voting rights held  
The date until which the voting rights will be held  
11. Additional informationxvi
BlackRock Regulatory Threshold Reporting Team
Jana Blumenstein
020 7743 3650
Place of completion 12 Throgmorton Avenue, London, EC2N 2DL, U.K.
Date of completion 1 November, 2017

RANDGOLD RESOURCES ENQUIRIES:

Chief Executive
Mark Bristow
+44 788 071 1386
+44 779 775 2288
  Financial Director
Graham Shuttleworth
+44 1534 735 333
+44 779 771 1338
  Investor & Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: randgold@dpapr.com