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Avon Focuses On Overlooked Demographic

Cerberus Capital Management, which took over Avon Products Inc. last year and rebranded it as New Avon LLC, is trying to reverse the brand’s downward spiral with a new focus on lower-income aging women.

Avon lost significant customer growth as the ranks of its door-to-door saleswomen have dwindled, and as the company has failed to leverage growing social media popularity, The Wall Street Journal reports . Cerberus says its new strategy aims to cut costs while targeting an often-overlooked demographic in the beauty industry in less affluent older women. (See also: Avon, Nu Skin Struggle with Revenue .)

Avon is revamping its catalog to focus more on cosmetic sector products . Much to the chagrin of some longtime Avon representatives, it’s axing items like its crockpots, Mickey Mouse bedding and measuring cups.

“Avon is like a boat that’s been in the water for 130 years,” Cerberus executive Steven Mayer, who is driving the changes, told the Wall Street Journal. “You have to take it out and scrape all the barnacles off.”

While Avon has been in business for many decades, the company has lost significant market share to more tech-savvy competitors like Revlon Inc. in recent years. Revlon has been devoted to online shoppers, even marketing itself on shipping boxes. (See also: Revlon Embarks on New Digital Transformation .)

Cerberus said it will try to cut annual costs by $90 million while ramping up its advertising budget by $75 million. Meanwhile, it’s also increasing pay for its some-200,000 North American representatives, who work as independent contractors.

“The plan that Avon and Cerberus put on paper, there’s nothing wrong with that plan,” UBS analyst Stephen Powers told the Wall Street Journal. “But they waited a long time to make these moves, and the question is, ‘Is it enough?’”

Read more: Avon Focuses On Overlooked Demographic (REV) | Investopedia http://www.investopedia.com/news/avon-focuses-overlooked-demographic-rev

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22 implicated with U Fund Ponzi scheme sentenced to 20-50 years

Twenty-two executives and officials of U Fund pyramid scheme were sentenced to jailterms ranging from 20 to 50 years after they were convicted with a string of charges ranging from public fraud, violations against Computer Crime Act and Transnational Crime Act.

Twenty-one other defendants were acquitted, including former Chart Thai Pattana Sirichoke Siriwattana.

94 people implicated in operating the Ponzi scheme have been arrested and the first group of 44 of them were indicated in the court while the case of the remaining is still pending investigation. Altogether 164 arrest warrants were issued.

Altogether 2,451 people who were duped into investing in the U Fund pyramid scheme were cheated.

Originally the Criminal Court imposed sentences of over 12,000 years to the convicts based on the counts of offences they committed. But since the law sets the maximum jailterm at 50 years, the actual jailterms handed down on the 22 convicts range from 20 to 50 years.

Pol Gen Suvira Songmetta, an advisor to the Royal Thai Police Office, who is in charge of the case said that victims would be refunded from the convicts who do not appeal their conviction. In case of an appeal, they will have to wait until the case is finalized, he added.

Article Source: http://englishnews.thaipbs.or.th

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Immunotec Enters Into Agreement to Be Acquired

VAUDREUIL-DORION, QUEBEC–(Marketwired – Mar 22, 2017) – Immunotec Inc. (“Immunotec” or the “Company”) announced today that it has entered into a definitive agreement (the “Arrangement Agreement”) with 1111267 B.C. Ltd., a subsidiary of Immuno Holding S.A. de C.V. (“Immuno Holding”), pursuant to which Immuno Holding is expected to acquire all of the issued and outstanding common shares of the Company (“Shares”) for a cash consideration of $0.485 per Share (the “Transaction”). The consideration represents a premium of 22.8% to the closing price of the Shares on the TSX Venture Exchange (the “Exchange”) on March 21, 2017 and of 22.4% to the volume weighted average trading price of the Shares on the Exchange for the 20-day period ending on March 21, 2017.

Shareholders holding in excess of 66 2/3% of the outstanding Shares have expressed their support of the Transaction, including the founding shareholders and other shareholders, directors and officers of the Company who have entered into voting support agreements in respect of 60.28% of the outstanding Shares pursuant to which they have undertaken to vote in favour of the Transaction at the special meeting of shareholders to be called in order to approve the Transaction, and, in the case of the founding shareholders, regardless of whether a superior proposal emerges.

The agreement reached with Immuno Holding concludes a strategic review process that was initiated by Immunotec in response to the desire expressed by Charles Roberts and Dieter Beer, two of its founding shareholders, to monetize their interests in the Company as part their personal estate planning while ensuring that the new owners possess the resources and experience required to drive the Company’s continued growth in the future. Mr. Roberts will remain as Chairman Emeritus of Immunotec and Mr. John Molson, who is also a founding shareholder, will continue as a key member of the executive team, helping ensure the continuity of the R&D culture originally established by Dr. Gustavo Bounous and Dr. Patricia Kongshavn. These founding shareholders, who created Immunotec in 1996, own or control an aggregate of 58.5% of the outstanding Shares.

Immuno Holding is a company led by Mauricio Domenzain in partnership with Nexxus Capital, one of the leading alternative asset managers in Mexico with a track record of almost 20 years of investing in and supporting successful growth companies.

Mr. Domenzain is a former top executive of a prominent global direct selling company, with relevant expertise in the Mexican and US markets and a passion for the network marketing industry.

“We are very excited about this transaction, as we believe that Immunotec, with its strong management team, its network of over 100,000 independent consultants, and its culture rooted in Quebec-based research and development, is uniquely positioned to continue to generate growth and prosperity for the benefit of its customers, independent consultants and employees in Quebec, the U.S. and Mexico,” said Mauricio Domenzain. “We have great respect for Immunotec’s leadership team guided by Charlie Orr, CEO, as well as the independent consultants and look forward to working collaboratively to fuel such growth and to support the current momentum Immunotec has been experiencing over these past years.”

Charlie Orr added: “We are most excited about moving our aspirations forward together with Immuno Holding to unleash the Company’s growth potential.”

Rod Budd, Chairman of the Board of Directors of Immunotec, added: “We believe the time is right to take this next step in the evolution of Immunotec. After undertaking a robust strategic review effort, led by Threadstone Advisors LLC, we are excited by the value to be delivered to Immunotec’s shareholders. The Board was also very impressed by Immuno Holding’s understanding of our relevant markets as well as their excellent plan to maintain, and accelerate, the Company’s growth. This transaction presents the ideal opportunity for all stakeholders.”

Charles Roberts, one of the Company’s founders, added: “I believe Immuno Holding will bring great experience, dynamism and support to Immunotec’s employees and network of independent consultants in order to foster the Company’s continued path of growth and success”. Dieter Beer, another founder, added: “I have confidence that with Immuno Holding’s support, the Company will continue the vision that I shared with Dr. Bounous to position Immunocal® as a global nutritional choice, and to improve many more lives with this incredible product.”

Transaction Terms

The Transaction is expected to be completed by way of a statutory plan of arrangement under the Canada Business Corporations Act and is subject to court approval, the approval of the holders of Shares representing, in the aggregate, not less than 66 2/3% of the votes cast in respect of the Transaction, the approval of the holders of Shares representing, in the aggregate, a majority of the votes cast in respect of the Transaction by holders other than those who have an interest in the Transaction and the satisfaction of customary conditions.

The Transaction has been unanimously approved by the board of directors of Immunotec (with Messrs. Roberts and Beer abstaining due to their interests as significant shareholders of Immunotec) following the unanimous recommendation of a special committee of independent directors. Ernst & Young LLP, as fairness advisor to the board of directors of Immunotec, has provided an opinion (the “Fairness Opinion”) that, as of March 22, 2017, subject to the assumptions, qualifications and limitations provided therein, the consideration to be received by the shareholders pursuant to the Transaction is fair, from a financial point of view, to the shareholders.

A special meeting of the shareholders of Immunotec (the “Special Meeting”) is expected to be held in May, 2017, at which shareholders of the Company will be asked to approve the Transaction. Further information regarding the Transaction, including the Fairness Opinion, will be included in the information circular that will be mailed by Immunotec to its shareholders in advance of the Special Meeting and will be available under the profile of Immunotec at www.sedar.com . It is expected that the Transaction will close in June, 2017.

The Arrangement Agreement contains customary clauses for transactions of this nature, including a prohibition against the Company soliciting or initiating any inquiries or discussion regarding any other business combination or sale of assets, subject to the fiduciary duty of the board of directors of Immunotec in the event that an unsolicited superior proposal is received by the Company and the right in favour of Immuno Holding to match any superior proposal. Subject to certain limited exceptions, the Arrangement Agreement may not be terminated by Immunotec in the event of a superior proposal, such that the vote in respect of the Transaction will nonetheless be required to take place at the Special Meeting in such a situation. A termination fee of $2,000,000 is payable to Immuno Holding in certain circumstances, including if Immuno Holding fails to exercise its right to match in the context of a superior proposal and elects to terminate the Arrangement Agreement.

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Bitcoin Instant Payment System Review: Eight-level unilevel gifting

Bitcoin Instant Payment System provide no information on their website about who owns or runs the business. The Bitcoin Instant Payment System website domain (“bitcoininstantpayment.com”) was privately registered on March 11th, 2017. Further research reveals there are two admins in the official Bitcoin Instant Payment System Facebook group; Sükür Hassan and Andie Vincze. The Sükür Hassan account appears [Continue reading…]

Source: Bitcoin Instant Payment System Review: Eight-level unilevel gifting

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