Darwin Deason, Xerox's Third-Largest Shareholder, Seeks, for the Benefit of All Xerox Shareholders, to Enjoin Xerox/Fuji Transaction and Joint Venture on the Basis of Fraud and Breaches of Fiduciary Duties

NEW YORK, NY—(Marketwired – February 13, 2018) – Darwin Deason, a long–term and third–largest shareholder of Xerox Corp. (“Xerox”), has filed a lawsuit against Fujifilm Holdings Corp. (“Fuji”), Xerox, current Xerox board members and Ursula M. Burns, Xerox's former Chairman and CEO. The complaint was filed on February 13, 2018, in the Supreme Court of the State of New York, New York County.

In the complaint, Mr. Deason alleges the following:

  • The Xerox/Fuji transaction is the result of an improper and fraudulently concealed “crown jewel” lock–up agreement that Xerox entered into with Fuji 17 years ago, that was never disclosed to Xerox's shareholders before the signing of the Xerox/Fuji transaction;
  • The “crown jewel” lock–up agreement precludes a transparent and fair process for the potential sale of Xerox;
  • Despite its duty to do so, Xerox's board fraudulently never disclosed the “crown jewel” lock–up;
  • Fuji and Fuji Xerox participated in a “WorldCom”–like accounting scandal that was uncovered in 2017 and gave Xerox the right to terminate the crown jewel lock–up provision, but the Xerox Board failed to terminate the provision;
  • Xerox publicly admitted that the lock up “limit[ed] Xerox's strategic flexibility”, which caused the Xerox board to sell 50.1% of Xerox to Fuji;
  • Xerox/Fuji deal is extremely off–market:
  • —No control premium for Xerox shareholders
  • —50.1%/49.9% Fuji control
  • —Xerox CEO and board members retain jobs
  • —No Xerox market check or sale process
  • —Xerox share price has declined 2.4% since the unaffected date (1/10) to Friday's close (date prior to issuance of Icahn/Deason letter); and
  • Deason seeks to enjoin the transaction, terminate the Xerox/Fuji joint venture lock–up and joint venture agreements and pursue strategic alternatives for Xerox.

King & Spalding LLP is representing Mr. Deason in this matter.

SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY CARL ICAHN, DARWIN DEASON AND THEIR RESPECTIVE AFFILIATES FROM THE SHAREHOLDERS OF XEROX CORPORATION IN CONNECTION WITH THE PROPOSED TRANSACTIONS BETWEEN XEROX CORPORATION AND FUJIFILM HOLDINGS CORPORATION (THE “TRANSACTION”) AND/OR FOR USE AT THE 2018 ANNUAL MEETING OF SHAREHOLDERS OF XEROX CORPORATION (THE “ANNUAL MEETING”) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY RELATED TO THE TRANSACTION AND/OR THE ANNUAL MEETING WILL BE MAILED TO SHAREHOLDERS OF XEROX CORPORATION AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION IS CONTAINED IN THE SCHEDULE 14A FILED BY CARL ICAHN, DARWIN DEASON AND THEIR RESPECTIVE AFFILIATES WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 22, 2018.

ITA Expands Professional Development Offerings

CHICAGO, IL—(Marketwired – February 01, 2018) – The Illinois Technology Association (ITA) announced today it has expanded its professional development offerings in 2018. The expanded course offerings include quarterly New Manager Training classes, PMP certification, training for Emerging Leaders and an Industrial IoT workshop in partnership with Intel.

Less than two years ago professional development was not part of the ITA portfolio. In response to member need, ITA built a professional development offering that includes full and half day workshops, panel discussions, webinars and certification courses.

“Many of our members aren't able to yet invest in internal organizational development teams,” said Trisha Degg, VP Talent Programs at ITA. “However, that doesn't diminish their need or desire to provide professional development opportunities to their employees. Through programs like our New Manager training, our members can get their employees the training they need at a fraction of what it would cost on the open market.”

In addition to soft skills training, ITA has added certification courses to its portfolio through a partnership with CompTIA. Courses available in 2018 include PMP, Certified Ethical Hacker, Cloud+ and Security+.

Throughout 2018, ITA will continue to evolve and grow its professional development offerings based on feedback from the Chicago tech community. You can view all upcoming courses and programs on the ITA website. Upcoming professional development opportunities include:

About ITA

The Illinois Technology Association (ITA) scales Illinois tech companies. With innovative resources that allow members to collaborate with each other, build their talent networks and elevate their local and national presence, ITA is the region's strongest advocate for fostering innovation and growth. Founded in 2005 and supporting 500–plus growth–stage tech companies, ITA has a rich history of driving business forward. For more information, visit illinoistech.org, follow @ITAbuzz on Twitter or find us on LinkedIn.

Timbercreek 2018 Global Real Estate Securities Outlook Report: Global REITs Expected to Deliver 8-10 Percent Returns

TORONTO, ON—(Marketwired – January 11, 2018) –

  • Higher realizable rents, completion of development projects and new property acquisitions driving growth
  • Canada: Office and retail REITs capitalizing on urban growth
  • U.S.: The technology sector gaining momentum, driving up rent and demand for data centres

Timbercreek today released its 2018 Market Outlook which identifies key trends the firm anticipates for global real estate securities in the year ahead. Overall, the report predicts strong performance across many markets including Canada and the United States, with global Real Estate Investment Trusts (REITs) expected to deliver returns of between 8–10 percent.

“We anticipate that this year's market conditions will be favourable for global real estate securities as valuations remain attractive, both on an absolute and a relative basis, with global REITs trading below the 10–year global equities average — levels not seen since 2008–2009,” stated Corrado Russo, Senior Managing Director, Investments & Global Head of Securities, Timbercreek. “These factors, when combined with projected dividend growth should positively influence global REIT share prices in 2018.”

Within the Canadian real estate sector, the report notes the following:

  • The outlook for the sector remains positive, particularly for REITs that own office and retail assets with infill development opportunity in urban areas such as Toronto, Montreal and Vancouver.
  • REITs are expected to add value on existing properties by creating mixed–use assets where each use — retail, residential and office — virtuously support each other.
  • Timbercreek believes Canadian small cap REITs and REITs that own assets internationally (in Europe or the U.S.) are fundamentally mispriced and poised to deliver better than average returns in 2018.

“Large cities in Canada are currently experiencing a wave of gentrification driven by people's desire to live, work and play in walkable, urban environments,” said Mr. Russo. “This is creating a number of compelling opportunities for REITs to experience outsized growth and offer increasing value for investors.”

The report also predicts a positive overall outlook for the U.S., based on the following considerations:

  • The technology sector is a top investment opportunity for 2018 as data centres continue to gain momentum which should drive up market rents and increase the demand.
  • Survivors within bricks and mortar retail — specifically high quality retail centres in strong locations and non–discretionary grocery–anchored shopping centres that are trading at discounts — present opportunities to earn attractive dividend yields and generate outsized total returns.
  • The lodging sector represents a compelling source of upside for 2018 driven by improving U.S. GDP growth that is forecasted to accelerate to 2.7 percent and corporate tax reform that has the potential to loosen travel budgets which have been reined–in since the financial crisis.
  • The outlook for the single family rental sector is expected to experience strong cyclical growth opportunities to earn above average total returns in 2018, in part due to a tax reform plan that penalizes home ownership in high tax markets.

“In the U.S., home prices continue to rise, prompting growth in the rental market led by millennials,” said Mr. Russo. “Beyond this, secular growth opportunities exist in the world of technology, value plays in lodging and strong cyclical growth in single family rentals.”

Highlights – Other Markets:

  • U.K. & Continental Europe: Economic and property fundamentals continue to improve and broaden with GDP growth in Ireland, Spain, Germany and Sweden forecasted to be at around 3 percent in 2018. The underperformance of European retail REITs — in the bricks and mortar and residential sectors — is expected to offer investors the opportunity to generate higher than average dividend yields.
  • Japan: Recent underperformance of Japanese real estate companies have made valuations more compelling heading into 2018. Further, economic conditions are improving led by small and medium business growth, accelerating prices, higher industrial production and rising employment.
  • Hong Kong: Office companies with a strong presence in decentralized submarkets such as Admiralty and Island East are favourable and anticipated to benefit from growing demand for high quality international tenants coming out of Central.
  • Australia: Australia is expected to generate attractive income from smaller sized REITs that invest in niche–oriented sectors such as education, entertainment and self–storage. In the office sector, Sydney and Melbourne remain pillars of strength.

“We believe global real estate fundamentals remain strong, with global REITs priced to deliver another year of positive total returns as suggested by our bottom–up fundamental analysis,” Mr. Russo concluded.

To view the report, please visit: http://www.timbercreek.com/quick–links/white–papers

About Timbercreek

Timbercreek is an active investor, owner and manager of global real estate and related assets focused on delivering sustainable and growing returns to our investors. Through our various separately managed accounts, TSX–listed entities and private investments, Timbercreek (together with its affiliates) manages over $7.5 billion[1] (CAD) in assets on behalf of investors seeking quality alternative asset class investments. Timbercreek employs a value–oriented investment philosophy, which is combined with an active, hands–on asset management style, to identify opportunities that will generate predictable and sustainable investment returns for our investors.

The Timbercreek 2018 Global Real Estate Securities Outlook Report and the content of this press release are for informational purposes only and are not an offer or solicitation to deal in securities. Any opinion or estimate contained in these documents is made on a general basis and is not to be relied upon for the purpose of making investment decisions. The statements made herein may contain forecasts, projections or other forward–looking information regarding the likelihood of future events or outcomes in relation to financial markets or securities. These statements are only predictions. Actual events or results may differ materially, as past or projected performance is not indicative of future results. Readers must make their own assessment of the relevance, accuracy and adequacy of the information contained in these documents and such independent investigations as they consider necessary or appropriate for the purpose of such assessment. These documents do not constitute investment research. Consequently, these documents have not been prepared in line with the requirements of any jurisdiction in relation to the independence of investment research or any prohibition on dealing ahead of the dissemination of investment research. Any research or analysis used in the preparation of these documents has been procured by Timbercreek for its own use. The information is not guaranteed as to its accuracy.

[1] Includes syndicated debt under administration. As of November 30, 2017.

Survey of Mortgage Servicing Professionals Provides Insights on Growing Home Purchase Opportunities within the REO Market

LUXEMBOURG—(Marketwired – November 20, 2017) – Altisource Portfolio Solutions S.A. (“Altisource”) (NASDAQ: ASPS), a leading provider of real estate, mortgage and technology services, today issued additional results of its inaugural Default Servicing Survey, a survey of over 200 mortgage default servicing professionals. According to the study, the vast majority of servicing professionals surveyed (93 percent) said their organization is currently investing to improve the condition of REO properties under management; 62 percent said their organization is currently making a significant investment.

“For many home buyers, access to conventional financing and move–in ready condition are requirements to purchase their next home,” said Min Alexander, Senior Vice President, Real Estate Services, Altisource. “Distressed properties, including REO, have historically been marketed in as–is condition, at times limiting the potential buyer pool. Servicers are changing this by increasing investments to maintain or improve the condition of these properties, attracting more owner–occupant home buyers.”

With tight inventory and rising prices, the National Association of Realtors found that the median single–family home price grew nearly six percent from August 2016 to August 2017 while inventory was down 6.5 percent.1 The Default Servicing Survey results show servicers are increasingly working to meet demand – and divest assets – by making REO assets a more appealing and viable option for consumers. A majority of servicing professionals surveyed (82 percent) ranked their investment in improving the condition of their REO asset portfolio among their top three most effective ways for attracting traditionally minded consumers to the REO market. Servicing professionals also pointed to offering financing options for REO [such as FHA 203(k)] to make purchasing these assets more achievable (76 percent) and offering buyers the opportunity to work with a real estate agent (43 percent) as two other leading tactics for bringing consumers to the REO market.

Technology Facilitates Consumer Participation in REO Market

While focusing on property maintenance and accepting consumer–friendly financing options both play an important role in helping servicers make properties more appealing to the traditional market, servicers must also find ways to get available properties in front of prospective buyers. With technology increasingly driving consumer participation in the real estate market, there is power in leveraging online platforms to market real estate assets. The majority of servicing professionals surveyed (95 percent) said they believe consumer–friendly technology, such as easy–to–access online auctions, has had a positive impact on consumer participation in the default market. Sixty–one percent indicated that providing helpful property and neighborhood information on online auction display pages – such as virtual tours and school information – is among their top three methods to attract consumers to the REO market.

“The REO market offers both servicers and consumers a compelling opportunity to meet each other's needs and solve for today's supply–demand disconnect,” said Marcello Mastioni, President, Real Estate Marketplace, Altisource. “Technological innovation, such as online real estate marketing platforms like Hubzu, can help savvy buyers discover a new pool of properties. Servicers' investments in consumer–friendly features, along with improvements in property conditions, are broadening home buyers' horizons and encouraging them to consider the REO market.”

Survey Methodology

The Default Servicing Survey was completed online among 205 professionals in the U.S. mortgage default servicing industry. Fieldwork was conducted by independent research firm Ebiquity between June 22 and 29, 2017. The margin of error associated with the sample of n=205 is +/– 6.8 percent at a 95 percent confidence level.

About Altisource®

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever–changing market. Additional information is available at altisource.com.

1 http://realtormag.realtor.org/daily–news/2017/09/20/housing–shortages–constrain–existing–home–sales

NexOptic Completes Acquisition of Spectrum Optix and Appoints New Management Team Members

VANCOUVER, BC—(Marketwired – November 06, 2017) –

Joint News Release

For the audio version of today's news release please visit https://nexoptic.com/news/

NexOptic Technology Corp. (“NexOptic“) (OTCQX: NXOPF) (TSX VENTURE: NXO) (FRANKFURT: E301) (BERLIN: E301) and Spectrum Optix Inc. (“Spectrum“, and together with NexOptic, the “Companies) are pleased to announce that further to the Companies' joint news release dated September 20, 2017, NexOptic has completed its acquisition of Spectrum (the “Acquisition“).

The Companies are also pleased to report that effective November 7, 2017 NexOptic Director (and former CEO of Spectrum) Mr. John Daugela, will replace Mr. Paul McKenzie as CEO of NexOptic. Mr. McKenzie will subsequently be appointed as Chief Business Officer of NexOptic and will remain as NexOptic's President. Further, Mr. Darcy Daugela, an advisor to both NexOptic and Spectrum, will replace Mr. Arnold Armstrong as Chairman of NexOptic, while Mr. Armstrong will remain as a Director of NexOptic.

“This marks a major milestone for our growing company,” said John Daugela, incoming CEO of NexOptic. “With the completion of the acquisition, NexOptic has solidified 100% ownership of Spectrum and its disruptive technologies. Although I've long viewed Spectrum and NexOptic as one synergistic organization, this formally solidifies our talented teams as one cohesive creative optics firm.” He added: “I look forward to reporting back to our shareholders, in the near term, developments relating to our disruptive technologies.”

The Acquisition was completed on November 3, 2017 pursuant to the exercise of the third and final option (the “Option“) granted to NexOptic under the investment agreement among NexOptic, Spectrum and the initial Spectrum shareholders (the “Spectrum Shareholders“) and their principals dated October 22, 2015, as amended (the “Investment Agreement“). Pursuant to the Option, NexOptic acquired from the Spectrum Shareholders all of the remaining common shares of Spectrum (“Spectrum Shares“) which it did not own, constituting 72.58% of the issued and outstanding Spectrum Shares, in exchange for issuing to the Spectrum Shareholders an aggregate of 43,767,172 common shares in the capital of NexOptic (the “Acquisition Shares“) and an aggregate of 8,461,816 conditional warrants (the “Conditional Warrants“). Each Conditional Warrant is exercisable into a common share (“NexOptic Share“) or unit (“Unit“) of NexOptic, as set forth below. As a result, NexOptic now owns 100% of Spectrum.

Exercise of the Conditional Warrants is conditioned upon and subject to the exercise of corresponding classes of options and warrants of NexOptic outstanding prior to the Acquisition, such that for each 65 NexOptic Shares issued on the exercise of existing options and warrants, the holders of the Conditional Warrants may exercise in the aggregate only 35 corresponding Conditional Warrants.

Pursuant to the Investment Agreement, the Conditional Warrants were issued on substantially similar terms as the corresponding [options] and warrants of NexOptic outstanding immediately prior to their issuance, with the exercise prices being no less than the allowable exercise price under applicable rules of the TSX Venture Exchange (the “TSXV“).

The following table sets forth the exercise prices and expiry dates of the Conditional Warrants:

Number of Conditional Warrants   Exercise Price   Expiry Date
1,149,982   $1.12     June 21, 2018
118,354   $1.12     February 23, 2019 (1)
3,727,403   $1.50     February 23, 2019
1,136,154   $1.12     September 21, 2020
53,846   $1.12     February 22, 2021
404,923   $1.12     July 5, 2021
175,000   $1.12     September 14, 2021
296,154   $1.12     January 10, 2022
1,400,000   $1.75     June 7, 2022
  1. The 118,354 Conditional Warrants expiring on February 23, 2019 are exercisable into Units. Each Unit is comprised of one NexOptic Share and one warrant exercisable at a price of $1.50 per NexOptic Share until February 23, 2019.

The Acquisition Shares and Conditional Warrants issuable pursuant to the Acquisition are subject to a resale restriction under Canadian securities laws expiring on March 4, 2018. Additionally, and in accordance with the policies of the TSXV, the Acquisition Shares have been deposited into escrow pursuant to the terms of an escrow agreement dated November 3, 2017, and will be released from such escrow as follows:

  1. 5% as of the date of the TSXV bulletin approving NexOptic's acquisition of Spectrum (dated February 19, 2016) (the “Bulletin”);
  2. 5% as of August 19, 2016 (being the date which is 6 months following the issuance of the Bulletin);
  3. 10% as of February 19, 2017 (being the date which is 12 months following the Bulletin);
  4. 10% as of August 19, 2017 (being the date which is 18 months following the Bulletin);
  5. 15% as of February 19, 2018 (being the date which is 24 months following the Bulletin);
  6. 15% as of August 19, 2018 (being the date which is 30 months following the Bulletin; and
  7. The remaining 40% as of February 19, 2019 (being the date which is 36 months following the Bulletin).

The NexOptic Shares underlying the Conditional Warrants are subject to the same escrow restrictions.

Based on the release schedule detailed above, 13,130,152 of the Acquisition Shares will be immediately released from escrow.

In connection with the Acquisition, NexOptic will issue 254,237 NexOptic Shares and make a cash payment of $300,000 to an arm's length party (the “Finder“) in accordance with the terms of a finder's fee agreement dated November 16, 2014. The NexOptic Shares issuable to the Finder are subject to resale restrictions under Canadian securities laws expiring on March 4, 2018.

Following the Acquisition, NexOptic now has 125,303,299 NexOptic Shares issued and outstanding, and a further 24,176,616 NexOptic Shares reserved for issuance pursuant to the exercise of outstanding options and warrants, including the Conditional Warrants. NexOptic insiders hold an aggregate of 36.9% of the issued and outstanding NexOptic Shares.

As a result of the Acquisition 3DB Inc. (“3DB“), a private company owned and controlled by John Daugela and Darcy Daugela (the “Daugelas“), has acquired an aggregate of 40,265,798 NexOptic Shares, representing 32.13% of the issued and outstanding NexOptic Shares, and an aggregate of 7,784,871 Conditional Warrants, representing 92% of the issued and outstanding Conditional Warrants, collectively representing 36.1% of the issued and outstanding number of NexOptic Shares post–Acquisition on a partially diluted basis. Prior to completion of the Acquisition, 3DB owned no NexOptic Shares or Conditional Warrants, while John Daugela owned 120,000 options of NexOptic.

The NexOptic securities referred to above were acquired for investment purposes in accordance with the terms of the Investment Agreement. The Daugelas and 3DB may increase or decrease their respective ownership or control of securities of NexOptic, directly or indirectly, from time to time depending upon, among other factors, market conditions and other relevant factors.

Portions of this press release are being issued pursuant to National Instrument 62–103 — The Early Warning System and Related Take–Over Bid and Insider Reporting Issues which requires an early warning report to be filed in connection with the Acquisition under NexOptic's profile on SEDAR (www.sedar.com) containing additional information with respect to the foregoing acquisitions. A copy of the related early warning report in respect of the Acquisition will be available under NexOptic's profile on www.sedar.com or by contacting Darcy Daugela at NexOptic's offices at (604) 669–7330.

To properly accommodate recent additions to NexOptic's Board of Directors, Mr. Garry Clark and Ms. Kerry Suffolk have agreed to resign from NexOptic's Board of Directors effective November 7, 2017. NexOptic wishes to sincerely thank both Mr. Clark and Ms. Suffolk for the significant contributions, dedication and professionalism that they both offered NexOptic during their long tenures with the company.

About NexOptic Technology Corp.

NexOptic is developing technologies relating to imagery and light concentration applications. Utilizing Blade Optics™, NexOptic's suite of optical technologies, NexOptic aims to increase aperture sizes within given depth constraints of various imaging and non–imaging optical applications. Blade Optics™ refers to Spectrum's lens designs, algorithms and mechanics which vary from patented, patent pending and includes all of Spectrum's intellectual property and know how.

Earlier this year, Spectrum completed its proof–of–concept digital telescope prototype that utilizes a patented Blade Optics™ technology, other optical elements and electronic components. The prototype is intended to demonstrate the marketable features of Spectrum's Blade Optics™ technology and its potential to serve as a platform to be used in various optical applications.

Benefits of Blade Optics™ Technology

The Companies believe that Blade Optics™ has the potential to breakdown many of the limitations associated with conventional lens stacks:

  • Aperture size: Blade Optics™ may allow the aperture–to–depth ratio to be increased in depth–limited optical devices to permit increased resolution compared to conventional optical devices with similar depth.
  • Compactness: Decreasing the depth of the lens stack would create the possibility of more compact and practical imaging devices.

NexOptic trades on the OTCQX under the symbol “NXOPF,” on the TSX Venture as “NXO,” on Frankfurt as “E301″ and Berlin as “E301.” More information is available at www.nexoptic.com.

On behalf of the Boards of Directors

NexOptic Technology Corp.
Paul McKenzie, President & CEO

Spectrum Optix Inc.
John Daugela, President & CEO

OTCQX: NXOPF
TSX–V: NXO
Frankfurt: E301
Berlin: E301

Corporate Addresses

NexOptic Technology Corp.

1450–700 West Georgia Street

Vancouver, B.C. V7Y 1K8

3DB Inc. (Incorporated in Alberta)

19 Wentworth Manor S.W.

Calgary, AB T3H 5K5

Forward Looking Statements

This press release contains forward–looking information and forward–looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to expectations concerning the development of its technology, the development of the prototype, the potential applications of Spectrum's technologies and the technology's potential market impacts. The reader is cautioned that forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward–looking statements. Forward looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Companies operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others: risks commonly associated with the development of new technologies, including that the prototype development is at an early stage and additional work will be required to confirm potential applications and feasibility of Spectrum's technologies; the Companies may not be able complete the prototype as currently expected; the potential applications are based on limited studies and may not be representative of the broader market; the risk that the prototype may not achieve results expected by the Companies; the Companies may not be able to commercialize their technology even if the prototype is successful; NexOptic may not have access to necessary financing on acceptable terms or at all; and other risks inherent with the patent process, transactions of this type and the business of Spectrum and/or NexOptic. Such forward looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, NexOptic is not under any obligation and it expressly disclaims any intention or obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ATLAS Mara Limited: Notification of Major Interest in Shares

TORTOLA, BRITISH VIRGIN ISLANDS—(Marketwired – Sep 8, 2017) – ATLAS Mara Limited (LSE: ATMA)

LSE: ATMA

TR–1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGSi
 
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: ATLAS Mara 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  
An event changing the breakdown of voting rights X
Other (please specify)iii:  
3. Details of person subject to the notification obligationiv
Name Guggenheim Partners Investment Management, LLC
City and country of registered office (if applicable) New York, United States
4. Full name of shareholder(s) (if different from 3.)v
Name BNY (Nominees) Limited
City and country of registered office (if applicable) London, United Kingdom
5. Date on which the threshold was crossed or reachedvi: 29 August 2017
6. Date on which issuer notified (DD/MM/YYYY): 4 September 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 7.87   7.87 13,135,776
Position of previous notification (if applicable) 11.22   11.22  
         
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
ISIN code (if possible)
Number of voting rightsix % of voting rights
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)
VGG0697K1066   13,135,776   7.87
         
         
SUBTOTAL 8. A 13,135,776 7.87
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
         
         
         
    SUBTOTAL 8. B 1    
 
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
           
           
           
      SUBTOTAL 8.B.2    
 
           
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
Guggenheim Capital, LLC   7.87       7.87
Guggenheim Partners, LLC   7.87       7.87
GI Holdco II, LLC   7.87       7.87
GI Holdco, LLC   7.87       7.87
Guggenheim Partners Investment Management Holdings, LLC   7.87       7.87
             
 
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
 
             
Place of completion   New York, NY, United States
Date of completion   4 September 2017

Notes

i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer.

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1).

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned:

  • in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;
  • in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;
  • in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;
  • in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking;
  • in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;
  • in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights;
  • in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

ix In case of combined holdings of shares with voting rights attached “direct holding” and voting rights “indirect holding”, please split the voting rights number and percentage into the direct and indirect columns — if there is no combined holdings, please leave the relevant box blank.

x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

xi If the financial instrument has such a period — please specify this period — for example once every 3 months starting from [date].

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta–adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A).

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

xvi Example: Correction of a previous notification.

iAnthus Addresses Speculation Surrounding CSE Listing Policies and CDS Policy on Settlement of Securities

TORONTO, ON and NEW YORK, NY—(Marketwired – August 08, 2017) – iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), (CSE: IAN) (CSE: IAN.CN) (CNSX: IAN) (OTCQB: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, is providing the following statement with respect to Canadian Securities Exchange (“CSE”) listing policies as well as recent media reports suggesting that The Canadian Depository for Securities Limited (“CDS”) may be considering a policy change with respect to issuers with U.S. cannabis assets.

On September 7, 2016, iAnthus listed on the CSE under the ticker symbol IAN. iAnthus' listing remains active and in compliance with the CSE's policies. iAnthus is one of approximately 10 issuers listed on the CSE with exposure to the US cannabis sector. As detailed in the CSE's news release and subsequent notice dated August 4, 2017 (the “CSE Policy Guidance”), Richard Carleton, the CEO of the CSE, confirmed the CSE's position on U.S. cannabis listings. In the CSE Policy Guidance Mr. Carleton stated that:

“…[the CSE is] pleased to be receiving growing interest from entrepreneurs in the U.S. cannabis space, where a rapidly evolving legal framework has created significant investment opportunities. Provided that these companies offer appropriate risk disclosure and demonstrate that they are operating in accordance with applicable laws, we believe that they are valuable additions to our well–regulated exchange.”

The CSE Policy Guidance was in response to recent media reports indicating that CDS may be considering a policy change with respect to issuers with U.S. cannabis assets. As background, CDS, a wholly owned subsidiary of TMX Group Limited, is the principal clearing house in Canada responsible for the custody and movement of securities, the post–trade processing of securities transactions, and the collection and distribution of entitlements relating to securities deposited by participants. In other words, when a security is traded and clears through CDS, CDS is the party responsible for ensuring that the buyer receives the securities and the seller receives the payment.

iAnthus is aware of speculation surrounding CDS; specifically, media reports have suggested that CDS may be considering a policy change which, if implemented, could disqualify CDS settlement of securities of issuers with U.S. cannabis assets.

On the facts, CDS has not issued any policy statement indicating that it is formally considering a policy change to disqualify the settlement of securities of issuers with U.S. cannabis assets. Likewise, none of the securities regulators in Canada have issued a formal statement on settlement rules pertaining to issuers with U.S. cannabis assets. Simply put, at this time we are not aware of any formal decision by CDS, or any of the securities regulators in Canada, to disqualify or restrict settlement of securities of issuers with U.S. cannabis assets.

We are actively monitoring publicly announced developments at CDS but we do not believe that any decision on this matter is imminent. Further, CDS is highly regulated by various securities regulators in Canada including the Ontario Securities Commission, the Autorité des marchés financiers, and the British Columbia Securities Commission. Accordingly, even if CDS wanted to unilaterally implement a policy change it is not readily apparent that CDS has the authority to do so.

iAnthus recently obtained eligibility with The Depository Trust Company (“DTC”) in April 2017, allowing iAnthus to facilitate trading and settlement for iAnthus shareholders. DTC is the largest securities depository in the world and holds over US$35 trillion of securities on deposit. Many Canadian brokerages are fully equipped for and settle through both CDS and DTC, and in the event of any CDS policy changes, iAnthus expects to be able to clear trades through DTC. Additional information pertaining to iAnthus' DTC eligibility can be found in iAnthus' news release dated April 3, 2017 (a copy of which is available under the Company's SEDAR profile at www.sedar.com).

The total market capitalization of Canadian public companies with US cannabis exposure is over C$1.5 billion, representing significant interest from institutional investors, brokerages and other shareholders. We will continue to monitor developments at CDS and we expect to issue further news releases if any developments occur.

About iAnthus Capital Holdings, Inc.

iAnthus Capital Holdings, Inc. provides investors diversified exposure to best–in–class licensed cannabis cultivators, processors and dispensaries throughout the United States. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands–on operating and management expertise. The Company harnesses these skills to support operations across five states. For more information, visit www.iAnthuscapital.com.

Forward Looking Statements

Statements in this news release that are forward–looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should, aware” and similar expressions, are forward–looking statements.

Forward–looking statements may include, without limitation, statements including statements related to CDS stock–clearing policy for issuers with US cannabis assets, securities regulators stock–clearing policy for issuers with U.S. cannabis assets, clearing of the Company's securities through DTC, and future news releases.

Although iAnthus has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward–looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical–use and adult–use marijuana industry; and regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward–looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward–looking statements. The forward–looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

ATLAS Mara Limited: Notification of Major Interest in Shares

TORTOLA, BRITISH VIRGIN ISLANDS—(Marketwired – Jul 20, 2017) – ATLAS Mara Limited (LSE: ATMA)

LSE: ATMA

TR–1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGSi
 
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:   Atlas Mara Limited
VGG0697K1066
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   X
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   UBS Asset Management: O'Connor
City and country of registered office (if applicable)   London
United Kingdom
4. Full name of shareholder(s) (if different from 3.)v
Name   UBS O'Connor LLC
City and country of registered office (if applicable)   London, United Kingdom
5. Date on which the threshold was crossed or reachedvi:   14 July 2017
6. Date on which issuer notified (DD/MM/YYYY):   18 July 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   7.81%   0.29%   8.10%   77'816'675
Position of previous notification (if
applicable)
      5.62%   5.62%    
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
ISIN code (if possible)
  Number of voting rightsix   % of voting rights
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)
VGG0697K1066       6'078'328       7.81%
                 
                 
SUBTOTAL 8. A   6'078'328   7.81%
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
                 
                 
                 
        SUBTOTAL 8. B 1        
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
Equity Swaps       14.12.2017       226'362   0.29%
                     
                     
            SUBTOTAL 8.B.2   226'362   0.29%
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
UBS Group AG            
UBS AG            
UBS Americas Holding LLC            
UBS O'Connor LLC   7.81%       7.81%
             
UBS Group AG            
UBS AG            
UBS Asset Management AG            
UBS O'Connor 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
 
Place of completion   Opfikon, Switzerland
Date of completion   18.07.2017
     

Notes

i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer.

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1).

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned:

  • in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;
  • in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;
  • in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;
  • in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking;
  • in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;
  • in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights;
  • in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

ix In case of combined holdings of shares with voting rights attached “direct holding” and voting rights “indirect holding”, please split the voting rights number and percentage into the direct and indirect columns – if there is no combined holdings, please leave the relevant box blank.

x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting from [date].

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta–adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A).

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

xvi Example: Correction of a previous notification.

Jacksonville Outshines Southern Metros

RENO, NV—(Marketwired – June 14, 2017) – Florida metros Jacksonville, Orlando, and Tampa all experienced a boost in domestic migration from 2015 to 2016, which has contributed to double–digit year–over–year home price growth, as well as declining distressed saturation rates. With this leap, Jacksonville steps up to become the fastest growing major metropolitan housing market in the country, with its quarter–over–quarter (QoQ) home price growth jumping to 2%. [Reference: Graph 1]

  • Nationally, quarter–over–quarter home price growth has slowed slightly from 0.9% to 0.8%; however, this aggregate measure disguises a growing regional divide.
  • The West region continues to pace the nation with 1.2% QoQ growth, thanks to high levels of growth in the Pacific Northwest, the Sacramento Valley, and Arizona. Of the top 15 metros, 9 are in the West region. San Jose has begun to see growth accelerate, entering the top 15 with 1.3% QoQ growth, despite a meager 3.7% growth rate since this time last year.
  • The Northeast, despite not having any metros in the top 15 and being the only region to experience a significant increase in distressed saturation (up to 14.3% from 13.9% last month), is not far behind with 1% QoQ growth, an uptick from 0.9% since last month.
  • Despite the summer selling season beginning to heat up, growth in the South has begun to slow down, with QoQ gains of 0.6% (down from 0.8% last month). Memphis, which was the worst performing market in terms of QoQ growth last month, is showing signs of life, jumping into the top 15 with 1.5% QoQ growth (up from –0.3% last month) and 9.1% YoY growth (up from 6.7% a month ago). Despite this impressive turnaround and the contributions of the Florida markets, the South region's growth has been stalled by Virginia Beach, Baltimore, Houston, New Orleans, Louisville, and Birmingham, all of which have grown by less than 0.6% QoQ.
  • The Midwest remains the slowest growing region in the nation, with QoQ growth slowing from 0.6% to 0.5% last month. Nonetheless, Chicago has begun to heat up, jumping into the top 3 in terms of QoQ growth at 1.7% (up from 1.5%). Chicago, despite having a declining population in 2016 and 20% distressed saturation, is one of only 7 metros to achieve double–digit YoY growth. While Minneapolis has maintained its 1.3% QoQ growth from last month, Cleveland and Cincinnati have seen significant headwinds. Both of these metros had been experiencing strong QoQ growth last month at 1.2%, but have slowed considerably to 0.8% and 0.6%, respectively. In particular, Cincinnati is showing warning signs with distressed saturation increasing dramatically from 14.5% to 17.6% in the last month.

Data Effective Date: 05/24/2017

Want More Data?

For more Clear Capital HDI data, including the Top 30 MSAs, please access the Bloomberg Professional service by typing CLCA <GO>. If you are not a current Bloomberg subscriber, you can still access the Top 30 MSAs by sending a request to:

Tiffany Callaway
Marketing Program Manager
tiffany.callaway@clearcapital.com
Phone: 530.550.2500 x.1707

About the Clear Capital® Home Data Index (HDI) Market Report

The Clear Capital HDI Market Report provides insights into market trends and other leading indices for the real estate market at the national and local levels. A critical difference in the value of the HDI Market Report is the capability of Clear Capital to provide more timely and granular reporting than nearly any other home price index provider.

Clear Capital® HDI Methodology

  • Clear Capital's patent pending technology generates the timeliest indices in rolling quarter intervals that compare the most recent four months to the previous three months. The rolling quarters have no fixed start date and can be used to generate indices as data flows in, significantly reducing the multi–month lag time experienced with other indices.
  • Includes both fair market and institutional (real estate owned) transactions, giving equal weight to all market transactions and identifying price tiers at a market specific level. By giving equal weight to all transactions, the HDI is truly representative of each unique market.
  • Results from an address–level cascade create an index with the most granular, statistically significant market area available.
  • Provides weighted repeat sales and price–per–square–foot index models that use multiple sale types, including single–family homes, multi–family homes, and condominiums.

About Clear Capital®

Clear Capital is a nationwide provider of real estate valuations, data and analytics, quality assurance services and technology solutions. The Company's customers include mortgage lenders, servicers, investors, GSEs, and Ratings Agencies. Clear Capital products include appraisals, broker price opinions, property condition inspections, value reconciliations, appraisal review and risk scoring, automated valuation models, home data indices, and platform solutions. The Company's innovative technology, experienced valuation experts, and a well–trained network of more than 30,000 field experts sets a new standard for accurate, up–to–date, and well documented valuation data and assessments. Morningstar Credit Rating issued Clear Capital its highest Residential Vendor Ranking – MOR RV1. Clear Capital's home price data can be accessed on the Bloomberg Professional service by typing CLCA <GO>.

The information contained in this report is based on sources that are deemed to be reliable; however no representation or warranty is made as to the accuracy, completeness, or fitness for any particular purpose of any information contained herein. This report is not intended as investment advice, and should not be viewed as any guarantee of value, condition, or other attribute.

Image Available: http://www.marketwire.com/library/MwGo/2017/6/13/11G141099/Images/Scatter_–17171deacced8db9b7a5333d22ee1a15.jpg
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DAVID LEVY SAYS Q1 EARNINGS AND GROWTH LIKELY TO SURPRISE MARKETS ON UPSIDE

MOUNT KISCO, NY—(Marketwired – April 27, 2017) – Economist David Levy, writing in the April issue of The Levy Forecast®, said that “first–quarter company earnings are likely to surprise markets to the upside, with some strength carrying over into the current period.”

The chairman of the independent Jerome Levy Forecasting Center LLC (www.levyforecast.com) advised clients to watch for some softening of business activity from April to June, after which “exogenous influences” will dictate the fate of the U.S. expansion, either up or down.

If the U.S. expansion is either to rev up powerfully or break down, the reason will almost certainly be a major jolt or windfall from the U.S. government or from abroad,” he wrote in the nation's oldest publication devoted to economic analysis.

The economists at the Jerome Levy Forecasting Center also warned of an increasingly hawkish Fed, saying that data on “wage and salary inflation and economic performance in the next two or three months might be sufficient to drive bond yields higher and encourage faster Fed tightening.”

Persisting questions about U.S. government policy and a range of global issues continue to cloud the outlook. Levy wrote that large tax cuts along the lines of the president's campaign proposal “could shift the U.S. economy into high gear in the second half, making the economy more resistant to higher U.S. interest rates and to international problems.”

On the other hand, tax policy disappointments could mean major market shifts. Research director Srinivas Thiruvadanthai wrote in the same issue that, “[Treasury] yields cannot be sustained at current levels without a sizable fiscal stimulus. Treasury yields are likely to move significantly lower if fiscal policy results in only a moderate fiscal stimulus, especially as markets increasingly question the global reflation thesis.”

About The Jerome Levy Forecasting Center

The Jerome Levy Forecasting Center LLC – the world leader in applying the macroeconomic profits perspective to economic analysis and forecasting – conducts cutting edge economic research and offers consulting services to its clients. The goal of the Levy Forecasting Center is to improve its clients' business and investment performance by providing them with powerful insights into economic risks and opportunities – insights that are difficult or even impossible to achieve with conventional approaches to macroeconomic analysis. Additional information may be found at www.levyforecast.com.

Note: The full Levy Forecast is available to the press in PDF format by contacting Andrew Edson & Associates – Andrew@edsonpr.com or 516 850 3195.

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