Ernst Russ Wants More Say at Marenave

first_imgzoom German asset and investment management company Ernst Russ seems to be on the path of seizing more control of compatriot Marenave Schiffahrts AG.Namely, the asset manager, which holds a minority stake in Marenave, has sought removal of Klaus Meyer as a member of the company’s supervisory board with effect on September 15, 2017, when an annual general meeting is scheduled to take place.Ernst Russ has further asked for the election of Jens Mahnke, a member of the management board and Spokesman of the executive board of Ernst Russ AG, to replace Meyer.The asset manager also wants the company’s supervisory board to be enlarged to four members, and the additional spot to be given to Hans Michael Schmidt-Dencker, a Stuttgart-based attorney, and corporate consultant.What is more, it has also proposed for the cancellation of the authorization to issue bonds with warrants and/or convertible bonds, the exclusion of the subscription right and the creation of conditional capital, approved at the annual meeting in 2015.In addition, Ernst Russ announced that it intends to vote against the ordinary capital reduction proposed by the company.The latest move from Ernst Russ is likely to disrupt Marenave’s restructuring process.To remind, in April this year, German shipping trust Marenave agreed with its financing banks on the trust’s restructuring terms, which required the sale of the entire Marenave fleet.On March 31, the company entered into an agreement on restructuring and release of liability, and a waiver and liquidation agreement with its financing banks.The shipping trust started its negotiations with the financing banks in late 2016 in order to avoid insolvency after it received notice from two banks financing the Marenave-fleet denying support to Marenave’s restructuring plan.World Maritime News Stafflast_img read more

Wiggles pay surprise visit to NL school choir then invite them on

first_imgST. JOHN’S, N.L. – A star-struck high school choir dissolved into screams of joy when children’s musical super group the Wiggles stopped by their rehearsal — and then invited the teens to join them on stage.The Holy Heart of Mary high school choir in St. John’s had recorded a video performing a Wiggles song, inviting the Australian icons to visit their rehearsal before their performance Tuesday at the Holy Heart Theatre.The Wiggles members commented on the Instagram post, and choral director Robert Colbourne reached out to management formally inviting the group, but hadn’t heard back by the time Tuesday rolled around.“I was starting to lose out hope that our little goal of getting the Wiggles to come to our rehearsal wasn’t going to happen,” Colbourne said Thursday.Colbourne told the kids to wear the group’s signature block colours to rehearsal, just in case.The students and their teacher were floored when the Wiggles trotted in unannounced and listened to the teens perform Newfoundland songs.After posing for a photo with the excited students, blue Wiggle Anthony Field asked Colbourne if the kids would like to perform on stage with them.“I was shocked. Are you serious? These kids are going to lose their minds,” Colbourne recalled.Colbourne captured the heartwarming moment he told the students about the Wiggles’ invitation in a 21-second video posted to Facebook.“It was almost like the Beatles were here, it was huge for them,” Colbourne said with a laugh.Colbourne said he never imagined the outcome, but was happy to see his students have the unforgettable experience of performing with their childhood musical icons.The proud teacher was also impressed to see his teenage students’ enthusiasm for performing in costumes to the Wiggles’ music, which is geared at a younger audience.“Even though these are 16- and 17-year-old teenagers, they’re still children at heart and they really enjoyed getting to meet people that they’d watched on TV when they were very little — kind of their musical mentors, in a way,” Colbourne said.“It created a memory they’ll never forget. I’ll never forget it either.”By one estimate, the Wiggles had sold more than 23 million DVDs and videos, 7 million CDs and 8 million books as of 2013. Their TV show has been broadcast in more than 100 countries and they have performed more concerts than the Rolling Stones.On the web:https://www.facebook.com/robertcolbourne/videos/pcb.10156336736935932/10156336728965932.last_img read more