Proven tobacco, pharmaceutical, and cannabis executive will lead the Company’s enterprise-wide strategic agenda Appointment underscores the Company’s commitment to disciplined global expansion and long-term value creation LAKE MARY, Fla., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF), today announced the appointment of Brian Stevenson to the role of Global Chief Strategy Officer. In this newly created role, Mr. Stevenson will lead the Co ...

CEO Letter to ShareholdersToronto, Ontario--(Newsfile Corp. - December 17, 2025) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) ("Cathedra", the "Company", "we" or "our") today released the following letter to shareholders from Chief Executive Officer Joel Block, outlining the Company's strategic progress, operational milestones, and outlook for 2026.Building the Foundation for Long-Term ValueA Letter from the Chief Executive OfficerTo Our Shareholders,As we close 2025, I want to reflect on the progre ...

Wendel's Strategic Transformation - Wendel operates two complementary value-creation engines: Wendel Investment Managers (WIM) and Wendel Principal Investments (WPI)[17] - WIM has >€46 billion in Assets under Management (AuM) and >€200 million in FRE (Fee Related Earnings) expected in 2026, with organic growth potential of approximately 15% per year[18] - WPI has €5.3 billion of Net Asset Value as of September 2025, targeting 12–16% annual Net Asset Value growth[19] - Wendel generated €3.6 billion through portfolio rotation over the past three years and reinvested €2.7 billion[21, 22] Capital Allocation and Shareholder Returns - Wendel plans to generate >€7 billion in cash by 2030 through active WPI portfolio rotation and WIM revenue and FRE growth[36, 39] - The company intends to return >€1.6 billion to shareholders by 2030, which is more than €35 per share[42, 45] - A share buyback program of approximately €300 million, representing up to 9% of the share capital, will be implemented[54, 55] - Approximately 90% of FRE (post tax) will be redistributed to shareholders, plus additional flows from PRE (Performance Related Earnings), along with 2.5% of WPI NAV distributed to shareholders[52] Scalian's Overview - Wendel invested €648 million in Scalian, holding an 81.5% equity stake[153, 154] - Scalian's pro forma revenue for FY25 is €523 million, with >20% CAGR from 2015 to 2025, including 12% organic growth[163] - Scalian aims to achieve >€0.7 billion in revenue organically by 2030, with 50% of revenue generated outside France[163, 195] Crisis Prevention Institute (CPI) - Wendel invested $569 million in CPI, holding a 97.6% equity stake[227] - CPI has distributed $134 million in dividends to Wendel since acquisition[227] - CPI's revenue for LTM June 2025 was $153 million, with an EBITDA margin of 50%[250, 252]

Group 1: Tourlite Capital Management Overview - Tourlite Fund, LP returned -2.0% in Q3 2025, underperforming the S&P 500 and Russell 2000 Indexes, which returned 8.1% and 12.4% respectively [1] - Since inception, the fund has achieved annualized returns of 8.6%, compared to 13.4% for the S&P 500 and 6.3% for the Russell 2000 [1] - The firm noted a rise in speculative, lower-quality stocks, reminiscent of trends observed in late 2021 [1] Group 2: FTAI Infrastructure Inc. Analysis - FTAI Infrastructure Inc. (NASDAQ:FIP) experienced a one-month return of -27.44% and a 52-week loss of 52.48%, closing at $4.02 per share with a market capitalization of $467.504 million on November 19, 2025 [2] - The company announced a transformative acquisition of Wheeling & Lake Erie Railway Company and a refinancing of its holding company debt in August, which initially led to negative market reactions due to high leverage and preferred equity warrants [3] - Despite initial market concerns, the long-term value creation potential of FTAI's infrastructure assets is believed to be substantial, with the CEO and Chairman exercising options to increase their exposure at attractive share price levels [3]

Core Insights - Nxera Pharma Co., Ltd. has released video interviews with major shareholders to provide insights into their investment views and confidence in the Company's strategy [1][2] - The interviews feature Mr. Yoshiharu Asai from JIC Venture Growth Investments and Mr. Daisuke Gomi, an individual shareholder, discussing Nxera's strategy and operations [3][4] Company Overview - Nxera Pharma is a technology-powered biopharma company focused on developing specialty medicines for unmet medical needs in Japan and globally [6] - The Company has established a new-generation commercial business in Japan, aiming to develop and commercialize innovative medicines [6] Investment Perspectives - The interviews aim to enhance understanding of Nxera's corporate strategy and business initiatives among stakeholders [4] - Key topics discussed include the background of investment in Nxera, valuation approaches, and notable pipeline programs [7][8] Pipeline and Focus Areas - Nxera is advancing over 30 active programs through its NxWave™ discovery platform, targeting major unmet needs in obesity, metabolic disorders, neurology, and immunology [9] - The Company employs approximately 400 people across key locations, including Tokyo, Osaka, London, Cambridge, Basel, and Seoul [10]

SKF Group Restructuring - SKF is separating into two standalone companies: SKF Industrial ("Fighting friction") and SKF Automotive ("Moving people further")[8, 10] - The Automotive business spin-off is expected to be operationally ready by mid-2026[17] - SKF Industrial rightsizing activities include a net reduction of approximately 1,200 positions, with about 500 re-hires related to strategic footprint shifts[202] SKF Industrial Financial Targets - SKF Industrial targets organic growth of 4%, which is 1 percentage point above market growth over a business cycle, excluding Automotive contract manufacturing[18, 193] - SKF Industrial aims for an adjusted operating margin of over 17% in the mid-term and over 19% in the long-term[18, 32] - SKF Industrial targets an adjusted ROCE of 20% and a cash conversion rate of 60%[18, 190] - SKF Industrial aims for net zero emissions by 2050 and decarbonized operations by 2030[190] SKF Automotive Financial Objectives - SKF Automotive's indicative long-term objectives include "high single digit" adjusted operating margin and "above market" organic growth over a business cycle[18, 25, 257] - SKF Automotive targets a net leverage of less than 1x (Net Debt (including Pensions) / Adjusted EBITDA)[25, 257] SKF Industrial Growth Strategies - SKF Industrial aims to leverage attractive high-growth industries and geographies, scale recurring service and intelligent solution business, and accelerate Specialized Industrial Solutions[32, 36] - SKF Industrial's Specialized Industrial Solutions account for approximately 25% of revenue[30, 89] - SKF Industrial has seen approximately 10% sales CAGR in Service & Intelligent solutions between 2022 and 2024[73]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported consolidated total revenue of $203 million, with an adjusted EBITDA of $174 million, resulting in an adjusted EBITDA margin of 85% [16][17] - Free cash flow increased by 15% year-over-year to $123 million [17] Business Line Data and Key Metrics Changes - Oil and gas royalty production reached a record of approximately 36,300 barrels of oil equivalent per day, marking a 9% sequential increase and a 28% year-over-year increase [4][17] - Water sales revenue hit a record of $45 million, representing a 74% sequential growth and a 23% year-over-year growth [4] - Produced water royalty revenues amounted to $32 million, reflecting a 5% sequential growth and a 16% year-over-year increase [4] Market Data and Key Metrics Changes - The company noted that despite weak benchmark oil and gas prices, production volumes benefited from robust activity in specific subregions [5] - The average lateral lengths for wells year-to-date in 2025 are approximately 7% longer than last year and 23% longer compared to 2019 [5] Company Strategy and Development Direction - The company is focused on consolidating high-quality Permian assets, taking advantage of the current low commodity price environment to acquire additional royalties and surface acreage [9][14] - Investments in water infrastructure have established the company as a competitive player in the Permian, allowing it to maintain and grow market share [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for oil, despite current low prices, citing structural declines in other shale basins [10][12] - The company believes it is well-positioned to capitalize on future price increases due to its strong cash flow margins and a robust balance sheet [13][16] Other Important Information - The company announced a three-for-one stock split of its common stock, expected to be completed in December 2025 [19] - The company closed on a $500 million credit facility, enhancing liquidity and providing flexibility for growth opportunities [12][20] Q&A Session Summary Question: What is a good run rate for the business, and how much of your water sales are recycled barrels versus water from source? - Management indicated that they are working to minimize volatility in water sales and are focused on maximizing recycled water usage [25][26] Question: Can you provide details on the royalty acquisition announced? - Management stated that the acquisition is expected to provide a strong growth outlook and is operated by well-capitalized operators [22][24] Question: How does the company view its position in the power and data center market? - Management expressed confidence in their position, noting that they have significant available land and are in discussions for potential opportunities [22][24] Question: What is the outlook for the water resources business? - Management acknowledged recent volatility but emphasized efforts to stabilize and maximize recycled water production [25][26] Question: How does the company characterize the competitive landscape in the Permian? - Management noted ongoing opportunities in the pipeline and expressed optimism about future acquisitions across various regions [30][31]

Core Viewpoint - Associated British Foods (ABF) is conducting a review of its structure, potentially leading to the separation of its Primark retail arm from its food operations to maximize long-term value [1][2][6] Company Structure and Review - The review aims to assess whether separating Primark and food businesses would create a better organizational structure for the future [6] - The review is being conducted in consultation with ABF's largest shareholder, Wittington Investments, which intends to maintain majority ownership of both businesses [2] Financial Performance - ABF reported a revenue decline of 3% to £19.46 billion ($25.43 billion) for the year ending 13 September, with a 1% decrease on a constant-currency basis, primarily due to falling sales in the sugar business [4] - Retail sales increased by 1% to £9.5 billion, indicating some resilience in the retail segment despite overall revenue decline [4] - Total operating profit fell by 23% to £1.5 billion, while adjusted operating profit dropped 13% in actual currency and 12% in constant-currency terms, attributed to lower earnings from the sugar segment [5] Business Segments - ABF's food businesses encompass grocery, ingredients, agriculture, and sugar, with notable brands including Blue Dragon, Mazola, and Twinings [2] - The grocery division experienced good sales growth in global brands, although this was offset by challenges in the Allied Bakeries arm in the UK and the US oils businesses [5] - The company announced plans to acquire the Hovis bread business from private-equity firm Endless in August, indicating strategic moves within its food operations [5] Leadership Insights - Chief Executive George Weston emphasized the potential of ABF's food business, which has historically been less understood by financial markets compared to Primark, highlighting its attractive portfolio and global expertise [3] - Chairman Michael McLintock noted the need for a better understanding of the food businesses given Primark's scale and the ongoing review of ABF's future structure [6]

Company Overview - Tiptree was founded in 2007 with a focus on long-term value creation for shareholders [24] - The company has a flexible capital allocation model and aligned management incentives [16] - Insider ownership is at 34% [24] Financial Performance - Tiptree has $24 billion of realized investments representing a 28x MOIC and 22% IRR since inception [24] - $177 million of capital has been returned to shareholders through share repurchases, tax-deferred distributions, and common dividends [17] - The company's realized investment IRR is 22% [30] Recent Transactions - Tiptree agreed to sell Fortegra in an all-cash transaction for $165 billion, with $112 billion in gross proceeds to Tiptree [13] - The Fortegra valuation is 23x book value (39x tangible book value) and 107x LTM net income [13] - The estimated gross return on the Fortegra sale is 141x MOIC and 227% IRR, with an anticipated closing in mid-2026 [13] - Tiptree agreed to sell Reliance First Capital for 935% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025 [13] - The estimated gross return on the Reliance sale is 29x MOIC and 135% IRR, with an anticipated closing in the first quarter of 2026 [13] - Pro-forma book value as of September 30, 2025, is estimated to be $930 million, net of estimated taxes and transaction expenses for both transactions [13]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The investment strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - The focus remains on long-term value creation while staying informed about the latest developments in the market [1]