16 Apr 09. IBM is no longer interested in buying smaller rival Sun Microsystems Inc at any price, CNBC reported on Thursday, although many investors appear to believe a deal was still possible. Citing sources close to Sun, CNBC said the high-end computer maker had approached International Business Machines Corp earlier this week to ask it to return to the negotiating table, indicating that Sun would be flexible about price. But IBM has decided it is not interested in any further negotiations with Sun, the cable news network reported, citing sources close to IBM. IBM and Sun declined to comment. IBM had withdrawn a $7bn offer for Sun earlier this month, after the smaller company rejected the bid of up to $9.40 per share as too low, sources with knowledge of the matter have said. (Source: Reuters)
16 Apr 09. Saabs AGM 2009. Saab’s shareholders took the following decisions at the Annual General Meeting in Stockholm on 16th April 2009:
The introduction of two forms of share-related saving programmes: a general share savings programme targeted at the majority of the employees, and a performance-related share programme aimed at managers and key personnel. In the general share savings programme, which is addressed to everyone except those included in the performance-related share programme, employees may acquire shares in Saab through a monthly deduction from their net salary up to a maximum of 5 percent of the fixed gross salary. After three years, the employee will be allocated the corresponding number of matching shares. This programme comprises up to 840,000 B series shares. The performance-related share programme is aimed at 286 key personnel, including the President. The employee can make a monthly deduction from net salary up to 7.5 percent of the fixed gross salary for the purchase of shares. Upon fully achieving the established financial targets after three years, a maximum of between 2 and 5 matching shares will be allocated for each share purchased. If the financial targets are not achieved, there will be no matching. The performance-related share programme is therefore tied to a risk and linked to performance. This programme comprises up to 500,000 B series shares. Saab’s AGM established the proposed dividend to shareholders of SEK 1.75 per share. 21 April 2009 has been set for the record date. The dividend is expected to be paid on Friday 24 April 2009. Saab’s AGM also authorised the Board to take decisions regarding the acquisition and transfer of own shares. Erik Belfrage, Sten Jakobsson, Lennart Johansson, Peter Nygårds, Michael O´Callaghan, George Rose, Per-Arne Sandström, Åke Svensson, Lena Treschow Torell and Marcus Wallenberg were re-elected to the Board of Directors. Marcus Wallenberg was re-elected as Chairman of Saab AB.
16 Apr 09. Hawker Beechcraft Acquisition Company, LLC (HBAC) reported lower net sales and an increased operating loss for the three months ending March 29, 2009, compared to the same period in 2008 as a result of fewer commercial aircraft deliveries and charges associated with work force reductions and used aircraft valuations. However, net income was higher during the first quarter of 2009 compared to the first quarter of 2008 as a result of gains realized on the previously disclosed repurchase of the Company’s debt securities. Net sales for the three months ending March 29, 2009, were $537.6m, a decrease of $38.9m compared to the same period in 2008. Business and general aviation aircraft deliveries were impacted by the deterioration in the overall economy and totaled 57 for the quarter, compared to 72 for the first quarter of 2008. The Company delivered 15 business jet, 29 turboprop and 13 piston aircraft during the three months ending March 29, 2009. Additional detail regarding aircraft deliveries is included in the Appendix. Operating loss for the three months ending March 29, 2009, was $41.2m, compared to a loss of $1.5m for the same period in 2008, and was impa