On Wednesday, Shares of Royal Dutch Shell plc (ADR) (NYSE:RDS.A), lost -0.04% to $44.66.
In advance of completion of its recommended combination with BG Group, Shell (RDS-A) (RDS-B), declared further details of the projected operational and administrative restructuring under consideration. Shell anticipates the restructuring will be required to achieve the predictable benefits of the recommended combination, counting formerly revealed and stated-on pre-tax synergies of $3.5 billion (subject to the bases of belief, principal assumptions and sources of information set out in the Appendix to the declaration made by Shell on 3 November 2015 providing investors with a planned update).
Shell’s expectation is that BG’s business would be integrated into Shell’s businesses. As part of that, Shell proposes that office consolidation will be undertaken where practical in certain locations around the world. With regards to office footprint rationalisation in the UK, Shell will, following deal completion, undertake a comprehensive review during the course of 2016.
Shell presently anticipates an overall potential reduction of about 2,800 roles globally across the combined group, or about 3% of the total combined group workforce. These reductions are in addition to the formerly declared plans to reduce Shell’s headcount and contractor positions by 7,500 globally.
The projected changes are subject to deal completion, engagement with affected employees and relevant employee representatives. Further detailed work will be undertaken on the details of the projected operational and administrative restructuring as part of ongoing integration planning. The deal remains on track for completion in early 2016.
Royal Dutch Shell plc operates as an independent oil and gas company worldwide. It operates through Upstream and Downstream segments. The company explores for and extracts crude oil, natural gas, and natural gas liquids. It also converts natural gas to liquids to provide fuels and other products; markets and trades natural gas; extracts bitumen from mined oil sands and converts it to synthetic crude oil; and generates electricity from wind energy.
Shares of Amedica Corporation (NASDAQ:AMDA), declined -11.46% to $0.115, during its last trading session.
Amedica Corporation (AMDA), a company that develops and commercializes silicon nitride ceramics as a biomaterial platform, declared that it has amended its Series A and Series C warrants with each of the warrant holders.
“We appreciate the cooperation from our investment partners and believe these amended warrant terms are mutually beneficial for the warrant holders, Amedica, and our shareholders,” said Ty Lombardi, Principal Accounting Officer. “These amendments should minimize the uncertainty of our capital structure associated with the prior terms of the Series A and Series C warrants.”
The amended agreement terms fix the exercise price of each of the Series A and Series C warrants at the current exercise prices, and caps the number of shares issuable by the Company upon exercise of the Series C warrants at 16.4 million, as outlined in the Form 8-K filed on December 14, 2015. As a result of the amended terms, the exercise price of Series A warrants is no longer subject to further downward adjustment following an automatic exercise of the Series C warrants.
Amedica Corporation, a commercial-stage biomaterial company, develops, manufactures, and sells a range of medical devices based on its silicon nitride technology platform in the United States, Europe, and South America. It offers Valeo silicon nitride interbody spinal fusion devices for use in the cervical and thoracolumbar areas of the spine; and a line of non-silicon nitride spinal fusion products.
Finally, Leucadia National Corp. (NYSE:LUK), ended its last trade with -2.77% loss, and closed at $16.49.
Jefferies Group, declared financial results for its fiscal fourth quarter 2015.
Highlights for the three months ended November 30, 2015, with adjusted amounts not taking into account the operating results and wind down costs of our Bache business:
- Investment Banking Net Revenues of $373 million
- Total Sales and Trading Net Revenues of $132 million
- Total Adjusted Net Revenues of $513 million (not taking into account Bache)
- Adjusted Net Earnings of $37 million (not taking into account Bache)
- Net Earnings of $25 million (counting Bache)
Highlights for the year ended November 30, 2015, with adjusted amounts not taking into account the operating results and wind down costs of our Bache business:
- Investment Banking Net Revenues of $1,439 million
- Total Sales and Trading Net Revenues of $1,028 million
- Total Adjusted Net Revenues of $2,395 million (not taking into account Bache)
- Adjusted Net Earnings of $189 million (not taking into account Bache)
- Net Earnings of $100 million (counting Bache)
Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, commented: “Our full year results did not meet our expectations and we have made noteworthy changes and are committed to improving our performance in 2016. On the positive side, our diversification and depth of capability came through in the form of solid full year results in Investment Banking and Equities, despite market challenges. We stated strong Investment Banking Net Revenues for the year of $1.4 billion that comprised record Net Revenue years in both Equity Capital Markets and Advisory of $408 million and $632 million, respectively, offsetting a market driven slowdown in our leveraged finance and energy investment banking businesses in both of which we have leading market positions. We continued to gain market share in our Equities sales and trading business. Despite the challenges practiced by most of our Fixed Income credit businesses, we saw solid Net Revenues recorded by our U.S. and International rates businesses, as well as our U.S. investment grade corporate credit business.”
Leucadia National Corporation, through its partner, Jefferies Group LLC, primarily operates in the investment banking and capital markets sector. Leucadia National Corporation also owns and holds investments in various other businesses, counting beef processing, manufacturing, energy projects, asset administration, and real estate.
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