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Church is “attacked from the outside and rocked from within” – Bishop Boyce

first_img Main Evening News, Sport and Obituaries Tuesday May 25th Facebook By News Highland – August 24, 2011 Google+ Church is “attacked from the outside and rocked from within” – Bishop Boyce Twitter WhatsApp Pinterest Previous articleLoganair awarded Donegal – Dublin air contractNext articleDonegal Airport promises continuity of service on Dublin route News Highland 75 positive cases of Covid confirmed in North Twitter Facebookcenter_img The Bishop of Raphoe has said the catholic church is under pressure from the outside and the inside, but it will survive.Dr Philip Boyce made his comments druing a novena at the basillica in Knock.His comments come as the Abused Catholic Children Association of Ireland confirm it’s weekly protest in Dublin this week will be directed on Raphoe ahead of the expected publication of a key audit of how abuse complaints were handled.In a sermon at the Basillica in Knock on Saturday last, Bishop Boyce said the church is being attacked from the outside by the arrows of a secular and godless culture, and rocked from the inside by the sins and crimes of priests and consecrated people.He said the church in Ireland is engulfed in a spiritual dark night,  because some of those anointed to preach the word of God and to sanctify, were found to have betrayed the trust placed in them by innocent souls.Bishop Boyce’s comments come ahead of the expected publication of the National Board for the Safeguarding of Children’s audit into how abuse complaints were handled in the Diocese of Raphoe.Meanwhile, the weekly protest by abuse victims outside the Pro-Cathedral in Dublin his weekend will focus on Raphoe, to reflect the fact that many Donegal people will be in the capital for Sunday’s All-Ireland Semi Final. News Further drop in people receiving PUP in Donegal RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Gardai continue to investigate Kilmacrennan fire Pinterest WhatsApp Google+last_img read more

Connells now ‘ready to buy Countrywide’ after completing due diligence

first_imgHome » News » Agencies & People » Connells now ‘ready to buy Countrywide’ after completing due diligence previous nextAgencies & PeopleConnells now ‘ready to buy Countrywide’ after completing due diligenceConnells once more says Alchemy deal to finance Countrywide will not sort out its financial and operational problems.Nigel Lewis23rd November 202002,209 Views Connells has completed its due diligence on Countrywide and says that its recent £2.50 per share offer stands, valuing Countrywide at £82 million.This means the making of a ‘firm offer’ by Connells for the failing estate agency giant now only requires the approval of Countrywide’s board to proceed.But Connells says its due diligence revealed that Countrywide will need more money to keep it in business than the original Alchemy deal envisaged.“An acquisition by Connells would enhance the security and stability of Countrywide’s business, benefitting employees and customers, as well as its lenders, who would be repaid in full,” a statement published this morning says.“No alternative proposal to address Countrywide’s urgent need for a recapitalisation has been announced, with the exception of the discredited proposal from Alchemy.”If Countrywide is allowed to operate as stand-alone business then Connells has re-iterated its earlier claim that the Alchemy deal would not solve its medium to long-term problems and that this could lead eventually to administration.Jam tomorrow“Countrywide shareholders have repeatedly been promised jam tomorrow and it has never been delivered,” says David Livesey, Connells Group’s Chief Executive (pictured, above).“There is no quick and easy fix for Countrywide. Turning the business around, especially in unpredictable market conditions, will be a difficult, expensive and lengthy process.“Countrywide needs new ownership, not yet another speculative scheme that is based on hope rather than experience.“Our proposal gives Countrywide shareholders significant immediate upside in cash, at a 72% premium to the undisturbed price, with none of the downside risks of remaining independent.”Asset strippingConnells has also downplayed suggestions that Countrywide could dispose of key estate agency brands such as it surveying or mortgage business to reduce its bank debt.“The Connells Board believes that a strategy of piecemeal disposals aimed at delivering an estate-agency-only business would damage value and be fraught with risk,” the company says.“Conveyancing, financial services and surveying are essential to Countrywide’s estate agency operation and enable it to offer customers a complete proposition.  Disposing of profitable non estate-agency divisions would deprive Countrywide of complementary defensive units which are important to supporting the entire business, especially during challenging market conditions. “We do not believe an asset stripping strategy would create value for shareholders or be good for Countrywide’s employees, customers or other stakeholders.  Nor is it straightforward to achieve, as demonstrated by Countrywide’s failure to sell Lambert Smith Hampton.  Furthermore, Countrywide’s current lenders have indicated that they would not be supportive of a disposal strategy as a means by which to de-leverage Countrywide’s balance sheet.”Read more about the Countrywide/Connells deal.  connells Countrywide David Livesey November 23, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Sokratis Kokkalis calls on Intralot operating review following ‘year of declines’

first_img Related Articles Intralot strengthens U*BET offering with virtual sports addition August 6, 2020 Intralot accelerates Nederlandse Loterij retail transformation July 29, 2020 Share Intralot SPA Group Chairman & CEO Sokratis Kokkalis has confirmed that the Athens-listed gambling technology firm will undertake a full-scale operating review and cost reduction plan, following a year of corporate declines witnessed across all Intralot business verticals. Publishing its full-year 2018 results, Intralot records a -6.4% decline in group revenues to €870 million (FY2017: €930m), as governance reports diminishing growth across its core business segments of Licensed Operations (-3.5%), Game Management (-9%) and Technology Contracts (-12%). Adding further woes to the Greek gambling group’s 2018 performance, Intralot earnings would be impacted by severe FX declines against the € recorded across its Argentine and Turkish units, resulting in a 23% EBITDA decline to  €116 million (FY2017: €151m). Further operating concerns see Intralot governance report slowdowns in revenue performance across the jurisdictions of Greece, USA, Australia and Argentina. Despite the operating declines, Intralot governance was able to narrow 2018 net losses to  -€25 million (FY2017: -€58m). Nevertheless, closing a turbulent 2018, Intralot records further corporate declines in key metrics with regards to operating cashflow reduced to  €88 million (€118m), and corporate net-debt increased to €615 million (FY2017: €510m). Retaking day-to-day leadership of Intralot this March, majority shareholder and company founder Sokratis Kokkalis has begun to implement a corporate restructure,  following Intralot’s costly loss of exclusive Turkish tender servicing betting monopoly IDDAA.Updating the market, CEO Sokratis Kokkalis detailed –  “The reported revenue and earnings contraction during 2018 points to the need for a wide reorganisation of our production and operational capabilities towards significant cost reductions and operational efficiencies. This is why we recently conducted a management reshuffle in order to design and implement a new cost-reduction plan through better synergies between divisions and between headquarters and subsidiaries. I am personally committed and focused on our mission to best address the needs of our clients and to improve the cash flow generation of our business through a combination of new business and organic growth opportunities, coupled with cost optimisation, while continuing divestment from non-core assets when market conditions are favourable.” Share Intralot enhances Malta games offering with E*SOCCER launch July 13, 2020 Submit StumbleUponlast_img read more