Latest news with #RCPS
The Star
09-06-2025
- Business
- The Star
Yinson Holdings breaks silence on buyout rumour
PETALING JAYA: Amid rumours of a corporate buyout, Yinson Holdings Bhd confirmed that its single-largest shareholder and chairman is in talks with several parties for a 'potential corporate proposal'. The leading operator of floating production, storage and offloading (FPSO) vessels, however, stopped short of disclosing whether the proposal entails taking Yinson private. 'The company wishes to clarify that it is not in discussion with any third parties in respect of any buyout exercise. 'After consultation with its major shareholders, the company was advised by (chairman) Lim Han Weng that they are in exploratory discussions with various parties with reference to potential corporate proposal(s) concerning their shareholding in Yinson. 'However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson,' it said in a filing with Bursa Malaysia. Yinson also reminded shareholders to exercise caution and seek appropriate advice when dealing in its shares. In yesterday's early trade, the Yinson stock continued to rise following news that New York-based infrastructure investment firm Stonepeak Partners is in exclusive talks to acquire the oil and gas services firm. Yinson shares had climbed to an intra-day high of RM2.44 before profit-taking saw the price settling at RM2.33 at market close. A total of 19.08 million shares were traded. In the past five trading days, Yinson shares are up 16.50% although it is still down about 11% year-to-date. Last Friday, Bloomberg reported that the founding Lim family of Yinson is working together with Stonepeak to privatise the company at RM2.76 or up to RM3.11 per share. CGS International (CGSI) Research said this valued Yinson at about RM9bil, assuming RM3.11 per share. At yesterday's closing, Yinson's market cap stood at RM7.27bil. According to CGSI Research, it is not surprised by the news because when Yinson announced earlier this year that its subsidiary Yinson Production would issue US$1bil in redeemable convertible preference shares (RCPS) to three funds, the company's share price fell 35% from RM2.70 to a low of RM1.75 on April 9, 2025. This came as investors were worried about the high interest cost of the RCPS issue at 12.95% per year or higher. 'We understand from Yinson that the first US$300mil tranche of the RCPS will likely be issued in mid-June 2025 with US$200mil to be issued in mid-December 2025, US$300mil in mid-June 2026 and the final US$200mil in mid-December 2026,' said the research house in a report yesterday. Recall that the Lim family, which owns 27% of Yinson, plans to list Yinson Production on the US equity markets in five years' time. One possible scenario CGSI Research saw was for the Lim family to take a loan from Stonepeak with a view to repay it in five years upon the initial public offering of Yinson Production. This would mean that the Lim family may ultimately hold 100% of Yinson, assuming the privatisation happens. 'But we think that the Lim family would likely at least maintain its about 27% equity stake in Yinson if Stonepeak comes in as an equity partner.' The research house said it would be unlikely that the three funds would block the privatisation of Yinson, as the ultimate beneficial ownership of the group will likely remain in the hands of the Lim family, whichever the scenario. It said the listing of Yinson Production would be the key exit plan for those funds as well as yield significant capital gains for Yinson. This is probably the rationale for the potential privatisation of Yinson, added CGSI Research.
Yahoo
23-04-2025
- Business
- Yahoo
Roanoke City School Board considers using rainy day fund to help with budget shortfall
ROANOKE, Va. (WFXR) — Roanoke City School Board discussed using their fund balance, or 'rainy day fund,' to help with their budget shortfall. The schools are looking to make up nearly $7 million of their budget after the city announced plans to give them the same funds as last year. 'This is not a good fiscal use of funds,' said board chair Dr. Eli Jamison at the school board workshop Tuesday. 'This is not what we would've done if we had more than a month to prepare.' She said she was furious about the situation. 'Never in eight years have we put recurring costs on the fund balance use. It is what defines us as fiscal stewards,' she said. Other school board members noted the financial team has worked overtime to come up with a solution. The district is looking at three routes for its budget. The funding they want from the city, level funding and a budget shortfall, or level funding plus the rainy day fund. RCPS's chief financial officer explained potential cuts, even with the rainy day fund, like eliminating seven student support specialists and repurposing elementary Spanish teachers to teach English Learning. RCPS considering possible solutions to high school overcrowding The rainy day fund, or fund balance, is left over money that's been built up at the end of every fiscal year. Right now, there's about $28 million, roughly half of which has to be kept in a reserve. The schools want to use the nearly $13 million remaining to cover its shortfall this year. At Monday night's public hearing in front of City Council, Jamison brought up rumors the city was looking to reclaim the fund balance. Tuesday, several board members echoed concerns saying they hoped it was only a rumor. Mayor Joe Cobb was at Tuesday's school board meeting in addition to councilmember Nick Hagen. WFXR asked Mayor Cobb for a response to the hearsay about the city reappropriating the rainy day fund. He responded 'I have no comment at this time.' The city is faced with a difficult budget of its own. It plans to cut the planned overtime pay increase and won't fund additional requests from social services. The city plans to finalize its budget in May. The school board needs to adopt its final budget in June. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-03-2025
- Business
- Yahoo
Budget recommendations made to Roanoke City Council
ROANOKE, Va. (WFXR) — The goal, Roanoke City Manager Valmarie Turner said to council Monday, is to stabilize the budget while also providing cost of living adjustments to city workers. Turner previously told council the city's spending was outpacing revenues. Before presenting budget recommendations, she reiterated the fact that 2025-26 budget is a tight one and tough choices are ahead. 'We're operating in an environment where local, state, and federal uncertainties continue to shape the decisions we need to make,' said Turner. 'These external factors, such as fluctuating funding levels, shifting policies, and potential changes in regulation present ongoing challenges that require us to be adaptable and strategic in our planning.' The city's own base budget is being reduced by a little more than $3.5 million. 'Challenges and choices' was the often-repeated motto of the budget presentation. One proposal to increase revenue is raising the meals tax. Currently, it sits at 5.5%, and early suggestions would have raised it to 6.5%. At Monday's meeting, Turner mentioned that raising it to 7% would help fill funding gaps. Evelyn Powers selected to Roanoke City Council However, Turner's presentation did specify she is not recommending any hikes to Real Estate and Property tax. Still included in the city's expenditures are cost of living adjustments and livable wages for city workers, alongside moving forward with the Step Pay Plan for public safety. The recommended budget is still assigning schools level funding, the same $106 million given to RCPS last year. In early March, the district warned that their elementary Spanish program might face cuts if they don't get their expected increase. Both the schools and the city are facing uncertain Federal and State funding, contributing to the tight purse strings. The city will hold two community meetings in April. Thursday April 10, 7-9 p.m. at Unitarian Universalist Church of RoanokeThursday April 17, 7-9 p.m. at Pilgrim Baptist Church A public hearing is scheduled for April 21 and Council won't approve a final budget until May 12. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17-03-2025
- Business
- Yahoo
Roanoke City Public Schools to Save $46.5 Million through Solar Energy and Roof Restoration
11 Solar Power Systems and 7 Restored Roofs from Secure Solar Futures Will Cut Power Bills and Avoid Costs to Replace Roofs Roanoke City, VA Public Schools logo Staunton, VA, March 17, 2025 (GLOBE NEWSWIRE) -- Secure Solar Futures, a provider of on-site solar energy to schools, hospitals, and businesses, has signed a 25-year Solar Power Purchase Agreement (PPA) with Roanoke City Public Schools (RCPS) to develop 5.7 megawatts of solar power systems at eleven locations while restoring roofs at seven of those locations. The agreement will provide the school division with on-site solar power for the next three decades while providing schools with restored roofs under 25-year warranties, both at no upfront capital cost to RCPS. Over the next 35 years, the program will generate a total net savings of $46.5 million including avoided utility costs and roof replacement expenses. This agreement builds on a prior 1.6-megawatt solar project completed in 2024, which installed solar arrays at six schools. Together, the two phases of solar development will total 7.3 megawatts across 17 locations and deliver substantial financial and environmental benefits. Major Cost Savings and Financial Impact Over the lifetime of the solar power systems and roof restorations, RCPS will benefit from: $14 million in avoided roof replacement costs (assuming $20 per square foot) $46.5 million in total net savings 'Our first round of solar schools has already started saving money on energy,' said Jeff Shawver, Senior Director of Physical Plants for RCPS. For instance, a single solar-powered location, Fallon Park Elementary School, realized a 10% net savings on electricity costs from September through November 2024, a trend seen across the initial six campuses with solar installations. 'After the quick success of our first round of solar schools, we decided to expand the program to additional campuses. The second round of solar will also help us save money on energy. But it will add roof restoration that will save even more money by avoiding millions of dollars in costs to remove and replace older roofs,' Shawver said. Secure Solar Futures will provide roof restoration at no capital cost to the schools as part of its Solar PPA-R³™ offering. The company estimates that by restoring roofs at seven locations, RCPS will avoid more than $14 million in roof replacement costs over the next 35 years, as well as avoided landfill costs of roof replacement. High-Efficiency Solar Technology Secure Solar Futures will install 9,766 bifacial (two-sided) solar panels, which generate power on both sides—directly from sunlight on top and on the bottom from light reflected from the roof below—increasing efficiency by 6% or more compared to traditional panels. Construction will begin in spring 2025 and is expected to be completed by the end of the year. Once installed, Secure Solar Futures will own, operate, and maintain the solar equipment, selling the clean energy to RCPS at a rate lower than the cost of conventional utility power for the 25-year PPA term. At the end of the PPA term, RCPS will have the option to take ownership of the solar power systems at a nominal cost, enabling continued savings for the following decade or more. The combined program for all 17 locations will generate 335,100,000 kilowatt-hours of electricity over their 35-year productive lifespan, an amount of energy that is equivalent to: Powering 46,918 average American homes for a year Avoiding 225,137 metric tons of CO₂ emissions Preventing the burning of 250,085,712 pounds of coal Eliminating the use of 25,333,314 gallons of gasoline Educational and Workforce Development Benefits 'Going solar helps Roanoke City Public Schools protect their budgets against volatility in utility costs,' said Anthony Smith, CEO and Founder of Secure Solar Futures. 'With new power-hungry data centers driving up electricity demand across Virginia, locking in predictable energy costs is a smart move. At the same time, these solar installations make RCPS a leader in sustainability, giving students hands-on experience with renewable energy and career pathways in the 21st-century energy economy.' Beyond solar installation, Secure Solar Futures will provide workforce development programs to train high school students as solar power technicians, as well as educational resources, including: Standards-based curricula and teacher training for all grade levels The Throwing Solar Shade® project-based learning program, offering high school students hands-on research experience in citizen science 'With 46.5 million reasons to celebrate, Roanoke City Public Schools' investment in solar power and roof restoration sets a model for sustainable and cost-saving energy solutions for schools across Virginia,' said Secure Futures's CEO Smith. About Roanoke City Schools Roanoke City Public Schools (RCPS) is an urban school division in Roanoke, Virginia, serving a pre-K through 12th grade population of approximately 14,000 students. RCPS provides an inclusive and equitable, student-centered culture that empowers lifelong learning. Through meaningful, relevant, and engaging learning opportunities, we will empower all students to dream, excel, and meet their full potential to benefit our city and its citizens. The division has 17 elementary schools, five middle schools, two high schools, and five program locations, including the Roanoke Valley Governor's School for Science & Technology and two Career & Technical Education centers. Visit for additional information. About Secure Solar Futures As a market and policy leader, Secure Solar Futures builds, owns, manages, and funds affordable Resilient Solar Solutions® for schools, hospitals, and businesses. The company combines state-of–the-art solar technology with an innovative business model to make commercial-scale solar readily affordable in the Mid-Atlantic and Southeast, helping customers to realize the economic, environmental, and community benefits of solar energy. In 2017, Secure Solar Futures became a Certified B Corporation®. Find the company online at ### Roanoke City Public Schools Media Contact: Claire Mitzel, Director, Communications & Public Relations O: (540) 853-6164 C: (540) 355-9035 | cmitzel@ Secure Solar Futures Media Contact: Erik Curren (540) 466-6128 | erik@ Attachment Roanoke City, VA Public Schools logo CONTACT: Erik Curren Secure Solar Futures (540) 466-6128 erik@ in to access your portfolio
