Stock Research

Channel Islands Stock exchange (CISX/Exchange) has begun the activity in 1998 and renders services under the admission of securities to the trades (listing), and also on over-the-counter trading of securities. CISX/Exchange developed the accelerated rates, and for December, 31st, 2004 its market capitalization has made 28 billion US dollars.
For May, 31st, 2005 800 companies have passed procedure of listing. CISX/Exchange offers an individual approach and fast process of processing of applications on the admission of securities on the innovative and highly controllable market. CISX/Exchange specializes on following services:
- services of experts on carrying out of operations with securities (including the Eurobonds, the structured duty and guarantees);
- investment funds;
- primary and secondary listing of securities and the actions emitted by the companies of Channel Islands and the foreign companies;
- depositary receipts which are given out by Channel Islands.
CISX/Exchange has the site in the Internet where the detailed review of sponsors of listing and the securities quoted at a stock exchange is given. The market information and quotations of the prices, is published worldwide on the pages of agency Reuters devoted to the CISX/Exchange.
CISX/Exchange has a favorable mode of listing of those securities in which the limited number of the investors (well understanding questions of investments) trades.
With the introduction in July of the Instruction of EU on Market Frauds, heightened interest to the securities which are quoted on CISX/Exchange as Channel Islands are not a part of EU so, CISX/Exchange is not the market adjustable by the given Instruction is observed.
CISX/Exchange has competitive prices, an effective turn of documents with the purpose of consideration of applications within 48 hours, and also keeps work with emitters and sponsors of listing on a flexible and commercial basis. The similar attitude is reflected in all aspects of listing from requirements about disclosing the information before accommodation of methods of introduction of innovative structures.
Though CISX/Exchange is situated at the territory of the Europe, and time of carrying out of its trades coincides with London time, it is not adjusted EU.
CISX/Exchange has a plenty of official international recognitions, for example:
• It is adjusted by the Commission on granting Financial Services of Guernsey which is the participant of the International Organization of the Commissions under securities;
• Is the recognized stock exchange according to section 841 of the Law on the income and corporate tax of the United Kingdom from 1988, hence, the debt securities quoted on CISX/Exchange, can be considered as quoted Eurobonds for the purposes of the taxation in the United Kingdom, percent on which are paid up to a deduction of taxes;
• Management of Financial Services of the United Kingdom has approved activity CISX/Exchange as an investment stock exchange within the limits of the Law on Financial Services and the Markets from 2000;
• CISX/Exchange is a related member of the International Organization of the Commissions under securities;
• The stock exchange is recognized by the Commission under securities and stock exchanges of the USA as an offshore securities market according to the Rule 902 (c) of the Law on securities of 1933;
• It is officially recognized by the Australian Stock exchange;
• CISX/Exchange is registered in the World Federation on Stock exchanges as “the market which is meeting the requirements”;
• The stock exchange is a member of the European Forum on maintenance and financing of securities.
Applications on reception of the quotation on CISX/Exchange move through the sponsor who is the member of CISX. The given stock exchange provides accelerated “the equivalent approach” to process of applications on reception of the quotation of securities. It means that by consideration of the similar application documents on reception of the listing, prepared for jurisdiction or the stock exchange recognized CISX/Exchange provided that the information containing in documents of a similar sort, essentially did not change can be used. Process of applications on reception of the quotation has four stages.
1. The sponsor and the emitter prepare and hand over the initial application, including the project of the document on reception of the quotation. CISX/Exchange usually loyally approaches to consideration of documents if requirements about disclosing a special sort of the information are not observed owing to presence of circumstances from the emitter. For submission of applications on secondary listing already available documents on reception of the quotation in the primary market can be used. At the given stage all corresponding projects of powers of attorney on management of the property and other financial tools serving by maintenance of debt securities, or components of those also are a subject to check.
2. Check of applications (usually within 48 hours) is spent, and then the sponsor at the coordination with the emitter gives answers on emerged questions.
3. The sponsor submits a final variant of the application which considers Management of the Share Market.
4. After reception of approval of Management of the Share Market documents on reception of listing are registered, and securities are brought in the official list of quotations of a stock exchange. The official information of listing are published in the form of the official application, and process of fulfillment of the trades and commercial transactions begins.
To pass all four stages from the initial application before reception of listing it is possible for 10 days, though CISX/Exchange can accelerate this process, proceeding from commercial reasons.
The sponsor of listing promotes the emitter in preparation of all documents, submits them in CISX/Exchange and keeps in contact with CISX/Exchange concerning any inquiries which can act in connection with process of reception of the quotation.
A necessary condition for reception of listing is that the emitter carries out the obligations according to Rules of listing and other duties concerning given procedure. Besides observance of special Rules of listing, the emitter is obliged to inform the public, CISX/Exchange and holders of securities of the company on occurrence of any important data concerning the emitter, allowing the public and owners of securities correctly define a financial position of the emitter, to avoid creation of a false securities market, and also possible negative influence on activity of the market and cost of securities.
The further requirements include granting CISX/Exchange of spears of annual reports, audit or other financial reports of the emitter, and also disclosing CISX/Exchange of the information on any changes of the rights provided by debt securities of the emitter, quoted on a stock exchange. Emitters should hand over copies of the announcements containing the information on debt securities, included in listing, for check by Channel Islands Stock exchange before their publication.

Company Royal Philips Electronics undertakes to return to shareholders nearby 4 billion euro by the end of 2007 at sale of 80.1% of stocks of operation Philips Semiconductors which are letting out semiconductors. As it is marked in the message of the company, shareholders will receive money by means of payments of dividends and the return repayment of stocks, including already announced repayment of stocks on July, 17th 2006 for the sum of 1.5 billion euro.
As it was informed earlier, Royal Philips Electronics has agreed to sell 80.1% of stocks of the operation on manufacture of semiconductors to a consortium of private investors for 6.4 billion euro (8.2 billion dollars). The consortium included American joint-stock companies Kohlberg Kravis Roberts both Co. and Silver Lake Partners, and also Dutch AlpInvest Partners NV. According to conditions of the transaction, 19.9% of stocks of division will remain in property Philips.
As it is marked in press release of Philips, the company follows strategy on reinvestment of the capital for reception of additional profit, including through favorable purchases. For last 12 months Philips has declared 8 purchases in sphere of medical systems, illumination and public health services for which it has been spent 3.5 billion euro. The given investments have already been repaid at a rate of almost 1 billion euro. Philips also has confirmed intention to leave structure of concerns LG.Philips and TSMC. “With this transaction we have actually finished begun still in 2002 reorganization of the company with the purpose of creation of business steadier and bringing the stable income”, - was emphasized by the president of company Philips Gerard Kleisterlee. As he said, in this connection the name of the company will be changed on Royal Philips.
Gerard Kleisterlee has specified that resources Philips will be concentrated to public health services, needs in effective energy-saving decisions and increasing desire of consumers to improve style of a life. In opinion of the president of the company, all this will allow to redefine Philips in the company generating values, unlike historically developed image of the manufacturer of electronics.
Royal Philips Electronics of the Netherlands - one of the largest manufacturers of electronics in the world and the largest in the Europe. A sales volume in 2005 has made 30.4 billion euro. The basic line of activity of the company is care of health, style of a life and technology. The company is presented more than in 60 countries of the world and has 158 thousand of employees.

American motor-car construction corporation General Motors Corp. has reduced the size of obligations on payment of pensions to the employees by 3.9 billion dollars that makes 4,4% from a total sum. In the end of 2005 it was planned, that as pensions GM will pay 89 billion dollars. Reduction of sum GM explains as aspiration to cut down expenses in a kind of a growing competition from foreign competitors who use work of younger employees and consequently are to a lesser degree burdened by expenditure for pensions and public health services, informs Associated Press.

Net profit of American company Cisco Systems Inc., the world’s largest manufacturer of the network equipment, in 2006 financial year, that come to the end on July, 29th 2006, has decreased on 2.8% - up to 5.580 billion dollars in comparison to 5.741 billion dollars in the past financial year. Such data contain in the report of the company published today.
The operational profit of the company for the specified period has decreased on 5.7% - from 7.416 billion dollars up to 6,996 billion dollars. The Proceeds for the accounting period have grown on 14.9% - from 24.801 billion dollars up to 28.484 billion dollars. The Net profit of the company in 4th quarter of 2006 has grown on 0.3% - up to 1.544 billion dollars in comparison to 1.540 billion dollars for the similar period of the last year. The operational profit of the company for the specified period has decreased on 0.4% - from 1.990 billion dollars up to 1.997 billion dollars. The Proceeds for the accounting period have grown on 21.3% from 6.581 billion dollars up to 7.984 billion dollars.

Universal Computer Systems Inc buys American company Reynolds and Reynolds Co. which is engaged in development of computer maintenance for the companies, selling cars, for 2.5 billion dollars. Such data contain in press release of Reynolds and Reynolds published today.
According to the signed agreement, Universal Computer Systems which also is engaged in development of computer maintenance will pay on 40 dollars for each stock of Reynolds and Reynolds, that on 14 % above cost of securities Reynolds and Reynolds on results of closing of the New York stock exchange on the eve. Besides it, Universal Computer Systems will incur obligations on repayment of duty of Reynolds and Reynolds for the sum of 300 million dollars the Transaction will be carried out in securities.
For financing purchase Universal Computer Systems will apply for the credit in banks Deutsche Bank and Credit Suisse. After end of the transaction the company will continue to conduct the activity under trademark Reynolds and Reynolds. Voting of shareholders under the transaction will pass in 4th quarter of this year. The transaction still should be considered by adjusting bodies of the USA. The termination of transaction is expected in the beginning of 2007.

The American court on affairs of bankruptcies has approved the plan of refinancing of a duty of airline Northwest Airlines. Judge Alan Gopper has approved intention of the company to refinance an existing duty at a rate of 1.13 billion dollars and to receive an additional loan in 250 million dollars owing to what the airline becomes more liquid. Refinancing will help Northwest Airlines to save nearby 34 million dollars a year from payments on percent and 900 million dollars more for repayment of debts to 2010. The fifth on size airline of USA Northwest Airlines has declared the bankruptcy on September, 14th 2005. Its pure losses on results of 2nd quarter of 2006 have increased for 22% - up to 285 million dollars in comparison with losses at the rate of 234 million dollars fixed for the similar period on year earlier.

Net profit of one of the largest air carriers in Southeast Asia Cathay Pacific Airways Ltd. for the first half of 2006 has decreased on 0,1% - up to 1,668 billion Hong Kong dollars (214.5 million dollars) in comparison to 1.67 billion Hong Kong dollars (214.8 million dollars), received for the similar period year earlier. Such data contain in the financial report of the company published today.
A turnover of the company for the first half-year 2006 has increased for 13.4% and has made 27.09 billion Hong Kong dollars (3.48 billion dollars) against 23.88 billion Hong Kong dollars (3.1 billion dollars) year earlier. The operational profit for the accounting period has made 2.12 billion Hong Kong dollars (273 million dollars) that on 0.9% below a similar showing for first half of 2005, fixed on a level 2.14 billion Hong Kong dollars (275 million dollars). As the company marks, on financial activities for the accounting period has affected growth of demand for aviatransportations costs of fuel.

State company Petroleos de Venezuela S.A. (PDVSA) has suggested private concerns to begin investigation and development of four new gas fields in the east of Venezuela. To participation in the transaction 36 companies, among which Chevron Corp., Exxon Mobil, Indian Oil and Natural Gas Corp., Chinese Sinochem, and also Russian Open Societies “LUKOIL” and Open Society “Gazprom” are invited.
Field reserves are estimated in 311.5 billion cubic meters. According to minister of oil of Venezuela Rafael Ramirez, PDVSA plans to 2010 enclose in prospecting project Delta Caribe 172 million dollars. PDVSA will belong from 30 up to 35% of stocks of each of gas fields. Licenses for investigation and development will be given by the end of November of 2006, and industrial production of gas will begin to 2012. In total PDVSA it is ready to invest more than 16 billion dollars, informs Associated Press.
In 2005 five licenses have been given out to the foreign companies, including Chevron and Brazilian Petrobras. PDVSA is measured to increase manufacture of natural gas in Venezuela. In territory of this South American country is located the largest fields on continent of “blue fuel”, however its manufacture does not satisfy its internal needs. It is planned to double gas recovery, which to 2012 should make 326 million cubic meters a day.

Net profit of the largest Hungarian oil-and-gas company MOL Hungarian Oil and Gas Plc. (MOL Group) in 2nd quarter of 2006 has grown on 19% - up to 76,7 billion forint (284.34 million euro) in comparison to 64.3 billion forint (238.37 million euro) for the similar period of the last year. The operational profit for the specified period has grown on 32% - from 77.4 billion forint (286.93 million euro) up to 102.3 billion forint (379.25 million euro). The proceeds of the company for the accounting period have grown on 29% - up to 702.2 billion forint (2.6 billion euro). Such data contain in the report of the company published today.
Results of financial activity of the company have appeared above forecasts of analysts. MOL explains growth of financial parameters by a rise in prices on energy carriers and increase of margin at processing crude oil on a background of the increased demand for mineral oil.

Group of investors buys the company on delivery of food stuffs Aramark Corp. for 6.3 billion dollars. There is a chairman of board of directors and executive director of Aramark Joseph Njubauer in charge of group of investors that buy Aramark. The group includes also private investment companies GS Capital Partners, CCMP Capital Advisors, JPMorgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC. Investors will incur also obligations on payment of duty Aramark for the sum 2 billion dollars.
On conditions of the transaction, shareholders of Aramark will receive 33.80 dollars for each stock Aramark that on 2.3 % exceeds cost of stocks of the company on results of closing of the New York stock exchange on the eve. The transaction will be carried out in carry-over funds.
For financing purchase investors will apply for reception of the loan. Board of directors of Aramark has approved the transaction and is ready to recommend accepting to shareholders Aramark conditions of the agreement. In case of approval of the transaction by shareholders and adjusting bodies of the USA, the transaction will come to the end in the end of 2006, or in the beginning of 2007.
Aramark conducts the activity in 20 countries of the world. In the company work 240 thousand persons. Aramark carries out deliveries of food stuffs in hospitals, schools and on stadiums, informs Associated Press.