Key Developments: Globe Specialty Metals Inc (GSM.O)
12.56USD
17 May 2013
$0.06 (+0.48%)
$12.50
$12.59
$12.73
$12.51
318,247
465,981
$17.23
$11.41
Latest Key Developments (Source: Significant Developments)
Globe Specialty Metals Inc Appoints Chief Financial Officer
Globe Specialty Metals Inc announced that Joseph Ragan has been appointed to Chief Financial Officer effective May 20, 2013. Full Article
Globe Specialty Metals Inc Authorization For Stock Repurchase Plan
Globe Specialty Metals Inc announced that Board of Directors has authorized the repurchase of up to $75 million of its common shares. The share repurchases are expected to be made over an eight-month period. The share repurchases are expected to be made through open market purchases, 10b5-1 programs, privately negotiated transactions or otherwise as market conditions warrant, and at prices the Company deems appropriate and subject to applicable legal requirements and other factors. Full Article
Globe Specialty Metals Inc's CFO to Depart in August 2013
Globe Specialty Metals Inc announced that it and Malcolm Appelbaum, Chief Financial Officer of the Company, reached an agreement with respect to Mr. Appelbaum's departing from and transitioning out, of his position as the Company's Chief Financial Officer. Mr. Appelbaum will continue to serve as Chief Financial Officer through the later of August 31, 2013 or the date that the Company's Annual Report on Form 10-K for the fiscal year ending June 30, 2013 is filed with the Securities and Exchange Commission and attendant investor calls are completed. The Company has retained Heidrick and Struggles and commenced a search for a successor Chief Financial Officer, with the goal of announcing a selection in the coming months. Full Article
Globe Specialty Metals Inc Declares Dividend
Globe Specialty Metals Inc announced that the Board of Director has declared a $0.0625 per share dividend to be paid on March 25 to shareholders of record on March 15. Full Article
Globe Specialty Metals Inc To Make Dividend Payments
Globe Specialty Metals Inc announced annual quarterly dividend. As a result, it shall pay to the holders of record as of December 17, 2012 in the amount of $.125 per share on December 28, 2012. Full Article
Globe Specialty Metals Inc Announces Dividend
Globe Specialty Metals Inc announced that it will pay a quarterly cash dividend of $0.0625 per common share on December 14, 2012 to shareholders of record at the close of business on November 20, 2012. Full Article
Globe Specialty Metals Inc Announces Dividend
Globe Specialty Metals Inc announced that its Board of Directors has approved an annual dividend of $0.25 per common share, a 25% increase over the prior year. The dividend will be payable quarterly in September, December, March and June. Pursuant to this action, the Board of Directors authorized a quarterly dividend of $0.0625 per share payable on September 19, 2012 to shareholders of record at the close of business on September 5, 2012. Full Article
Globe Specialty Metals Inc Increases Dividend By 25%
Globe Specialty Metals Inc announced that its Board of Directors approved an annual dividend of $0.25 per common share, a 25% increase over the prior year. The dividend will be payable quarterly in September, December, March and June. This dividend represents an aggregate cash payment of approximately $18.8 million to the Company's stockholders. The Company is increasing the dividend from last year's $0.20 per share annual dividend. Full Article
Globe Specialty Metals Inc Closes Acquisition of Becancour Silicon Metals Inc's 51% Equity Interest in Quebec Silicon Limited Partnership
Globe Specialty Metals Inc announced the closing of its acquisition of Becancour Silicon Metal Inc's. (BSI) 51% equity interest in Quebec Silicon Limited Partnership (QSLP) which owns a 47,000 MT silicon metal plant in Becancour, Quebec, Canada as well as certain leases of quartzite mines in Canada and other working capital assets. The total cash purchase price for this acquisition is approximately a net of $34 million. Globe previously provided BSI $4.2 million of debtor-in-possession financing which was applied against the purchase price. Globe will operate QSLP's silicon metal plant and will purchase approximately 51% of its finished goods output at a price approximately equal to the fully loaded cost of production and sell the material to third party customers. Dow Corning Inc. has the right to purchase the other 49% of the plant's output at a price approximately equal to the fully loaded cost of production. This arrangement is similar to the Company's existing joint venture with Dow Corning at its Alloy, West Virginia plant. The acquisition was financed using $31.8 million from the Company's new $300 million revolving credit facility. The facility includes 14 banks and is led by Fifth Third Bank and Bank of America Merrill Lynch and provides significant capital to finance acquisitions, growth initiatives, stock buy-backs, working capital and general corporate purposes. Full Article
Globe Specialty Metals Inc Completes $300 Million Syndicated Revolving Credit Facility With 14 Banks
Globe Specialty Metals Inc announced the closing of a new $300 million syndicated credit facility. The facility refinanced existing debt and closing costs of $96.5 million and provides an additional $203.5 million of borrowing availability. This availability, along with the Company's $140.7 million cash balance at March 31, 2012, will provide capital to finance acquisitions, growth initiatives, stock buy-backs, working capital and be used for general corporate purposes. The facility is a revolving loan and does not require a borrowing base. It has a five year term and, at the current leverage ratio, carries an interest rate of LIBOR plus 1.75%. The loan has certain financial covenants, negative covenants and restrictions. The credit facility was led by Fifth Third Bank as Joint Lead Arranger and Administrative Agent, Bank of America Merrill Lynch as Joint Lead Arranger and, Keybank National Association, Sovereign Bank, N.A. and Wells Fargo Bank, N.A. as Co-Syndication Agents The facility also includes as Co-Documentation Agents BBVA Compass Bank, Citibank, N.A., Citizens Bank of Pennsylvania, HSBC Bank USA N.A., and PNC Bank, National Association and, as Participants, First Niagara Bank, N.A., Capital One, National Association, Branch Banking and Trust Company and Comerica Bank. Full Article
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