The trend of complication of Russian beer market is going on and in several directions at the same time. The range has got wider, the import and small segments are growing, namely craft beer, alcohol-free beer and special flavor beer. At the same time, all ex-mega brands and light lagers by Russian brewers are experiencing a decline of their shares. AB InBev Efes, Heineken, MBC and Pivzavod Trekhsosenskiy have exceeded the market, Carlsberg was developing slower than the market and Ochakovo as well as some other mid-sized breweries have been cutting down their volumes. To a big extent brewers’ performance was connected to their ability to reach agreement with networks, sacrifice their margin and enter new markets. Craft brewers are facing a serious danger of producers’ registration introduction – de facto licensing. ...
The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms.The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
Cerveceria Nacional Dominicana announces tender to improve debt profile
The Tender Offer is scheduled to expire at 5:00 P.M., New York City time, on May 5, 2011, unless extended by the Company. The total consideration for each US$1,000 principal amount of Notes properly tendered at or prior to the Early Tender Time (as defined below) and accepted pursuant to the Tender Offer will be an amount (in U.S. Dollars) equal to (i) the Dominican Peso Equivalent Price of $1,056.25 (which price corresponds to a Dominican Peso-equivalent yield of 9.1866%, such yield calculated as of the expected Settlement Date (as defined below) in accordance with standard market practice by the Dealer Manager (as defined below)) multiplied by (ii) a ratio equal to the Original FX Rate (as defined below) divided by the Final FX Rate (as defined below) (such ratio, the “FX Ratio”). The Total Consideration includes an early tender payment of US$30.00 per US$1,000 principal amount of Notes (the “Early Tender Payment”). The Early Tender Payment is payable only to Holders who validly tender their Notes at or prior to the Early Tender Time of 5:00 p.m., New York City time, on April 20, 2011, if such Notes are accepted pursuant to the Tender Offer. Holders who tender their Notes after the Early Tender Time and at or prior to the Expiration Time will be entitled to receive the Total Consideration minus the Early Tender Payment (the “Purchase Price”), if such Notes are accepted for purchase.
In addition, Holders whose Notes are accepted pursuant to the Tender Offer will receive accrued interest (“Accrued Interest”), which will be an amount (in U.S. Dollars) equal to the Nominal Accrued Interest multiplied by the FX Ratio. The “Nominal Accrued Interest” will equal the interest per US$1,000 principal amount of the Notes accrued on the Notes at the contractual interest rate of 16.000% (and not adjusted in any way for currency exchange rates), from and including the immediately preceding interest payment date to but excluding the Settlement Date (as defined below). The Company expects to accept the Notes for purchase promptly after the Expiration Time (the “Acceptance Date”). The Company will pay the Total Consideration or the Purchase Price for the Notes, as the case may be, on or promptly after the Acceptance Date (the “Settlement Date”).
The Original FX Rate is RD$32.7863 per US$1.00, such rate having been specified by the Company when the Notes were issued, as part of the terms of the Notes, to be used in calculating the actual amounts payable on the Notes.
The Final FX Rate will be the exchange rate for Dominican Pesos per U.S. Dollar for the date that is the FX Determination Date (as defined below), as published by the Central Bank of the Dominican Republic in accordance with its customary practice on the following business day in the Dominican Republic. The “FX Determination Date” shall be April 20, 2011, unless extended by the Company in its sole discretion, but in no event later than the tenth business day prior to the Expiration Time. ”Business day” for purposes of the Tender Offer means any day, other than Saturday, Sunday or a federal holiday in the United States, and consists of the time period from 12:01 a.m. through 12:00 midnight, New York City time.
A hypothetical calculation of the Total Consideration, Purchase Price and Accrued Interest is set forth on Schedule I to the Offer to Purchase.
The Tender Offer is conditioned upon the following events having occurred or been waived: (i) satisfaction of the Financing Condition, as described in the Offer to Purchase and (ii) satisfaction of other general conditions described in the Offer to Purchase. The Tender Offer is not conditioned upon any minimum number of Notes being tendered.
Tenders of Notes may be validly withdrawn at any time prior to the withdrawal deadline which is 5:00 p.m., New York City time, on April 20, 2011, unless extended (such time and date, as the same may be extended, the “Withdrawal Deadline”). Tendered Notes may not be withdrawn after the Withdrawal Deadline unless the Company (i) makes a material change in the terms of the Tender Offer that is, in the Company’s determination, adverse to the interests of tendering holders of the Notes or (ii) is otherwise required by law to permit withdrawal.
The Company is not soliciting consents to modify any of the covenants in the indenture governing the Notes. Any Notes that remain outstanding after the termination of the Tender Offer will continue to be the Company’s obligations. Holders of those outstanding Notes will continue to have all the rights associated with the Notes and the indenture governing the Notes.
The complete terms and conditions of the Tender Offer are described in the Offer to Purchase, dated April 7, 2011, of the Company (the “Offer to Purchase”) and the related letter of transmittal (the “Letter of Transmittal”). The Company has engaged Citigroup Global Markets Inc. to act as dealer manager (the “Dealer Manager”) in connection with the tender offer. Questions regarding the Tender Offer may be directed to Citigroup Global Markets Inc. at (212) 723-6108 (collect) or (800) 558-3745 (U.S. toll-free). Requests for documentation may be directed to D. F. King & Co., Inc., the information and tender agent for the Tender Offer, at (212) 269-5550 or (44) 20 7920 9700 (for banks and brokers) or (888) 644-5854 (U.S. toll-free) or as otherwise provided on the back cover of the Offer to Purchase.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Tender Offer is being made solely by the Offer to Purchase.
The Tender Offer is not being made in the Republic of Italy.
The communication of the Offer to Purchase and the Letter of Transmittal and any other documents or materials relating to the Tender Offer are not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of Section 21 of the United Kingdom’s Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom.
The Offer to Purchase and the Letter of Transmittal are only being distributed to and are only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (iii) high net worth entities falling within Article 49(2)(a) to (d) of the Order or (iv) any other person to whom the Offer to Purchase and the Letter of Transmittal and such other documents or materials may otherwise lawfully be made in accordance with the Order (all such persons together being referred to as “relevant persons”). Any investment or investment activity to which the Offer to Purchase and the Letter of Transmittal relate is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Purchase and the Letter of Transmittal or any of their contents.
SOURCE Cerveceria Nacional Dominicana, S.A.
12 Апр. 2011