Friday, October 24, 2008

Pine kitchen cabinets

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Around 160,000 people struggling to pay energy bills could be left in the cold this winter if the Northern Ireland Executive fails to pass urgent relief measures, the Social Development minister has warned.

Margaret Ritchie said the stand-off between Sinn Fein and the DUP threatens to postpone payments under her department s fuel poverty scheme.
Vulnerable households would get 200 off their heating costs under the initiative.
The SDLP minister told her Stormont scrutiny committee that she had been unable to set up the scheme because the Executive has gone into cold storage.
The power sharing cabinet has not met for four months amid a stand-off between the two main parties on a range of issues.
The minister has attempted to trigger an urgent procedure mechanism to proceed without full Executive backing.
However, she informed committee members that almost two months since she wrote to First Minister Peter Robinson and Deputy First Minister Martin McGuinness requesting the emergency measure she has not received a response



Yet a third prospective bidder the Mowana consortium had proposed putting Globacom s Nigerian mobile business together with Telkom s 50% stake in Vodacom. But although there was some behind-the-scenes excitement about the prospect, it was outweighed by skepticism about whether the group would be able to access the necessary capital; and Telkom never indicated it had entered into formal discussions with the consortium.
The Vodafone deal apparently received Government s approval (it holds 38% and the Public Investment Corporate (PIC) has 15%) in the dying days of Thabo Mbeki s Cabinet. It s believed the current Mothlanthe Cabinet subsequently also gave it the thumbs up.
It was initially thought the deal would involved Vodafone possibly buying a 12,5% stake for R18,75bn but it finally offered to buy 15% for R22,5bn (the transaction is still subject to various conditions).
Dlamini says the price which values Vodacom at R150bn represents a massive premium in the current market and also a premium to its rating of the business.
Sanlam Investment Management s Andrew Kingston agrees the current implied market valuation of Vodacom is at a premium; but the control premium as represented by the offer Vodafone has proposed, is in line with what it and the market were expecting.
Market participants are unsure of exactly how long it will take before the deal is finalized or when Vodacom would come to market. However, the approval by both its board and Government represent two hurdles already cleared



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