Morrow Sodali Strengthens Its Market Leading Position With New Australian Acquisition

Acquisition of key Australian financial communications and investor relations player, Citadel-MAGNUS will drive rapid growth and significant expansion

NEW YORK, Nov. 04, 2022 (GLOBE NEWSWIRE) — Morrow Sodali, the world’s leading shareholder engagement and governance advisory firm, announced today the acquisition of Australian financial communications and investor relations agency, Citadel-MAGNUS, its first since TPG Growth secured a majority stake in April of this year.

The Australian based acquisition represents a significant expansion of Morrow Sodali’s service offering in the APAC region to meet the rapidly growing global demand from corporations for strategic communications and investor engagement services.

The combination of Morrow Sodali and Citadel-MAGNUS brings together two trusted market leading consultancies to provide best in class strategic counsel and support to our clients. Citadel-MAGNUS will be fully integrated into Morrow Sodali enabling the firm to provide a seamless offering and the most comprehensive suite of investor relations and communications solutions to listed and private entities with the intention of rolling out the expanded services to other markets.

The acquisition marks a significant step forward in Morrow Sodali’s strategy to accelerate its growth by investing in services that create value for its clients world-wide.

Alvise Recchi, CEO of Morrow Sodali, commented, “As part of Morrow Sodali’s strategic global growth strategy, the addition of Citadel-MAGNUS will expand our service offering to encompass a broader suite of Board, C-Suite and ESG advisory, Investor Relations and Financial Communications services. We can’t wait to see the potential of this exciting opportunity realised as we continue to grow in new markets around the world.”

Christian Sealey, CEO of Morrow Sodali’s International Business added, “More and more, our clients are coming to us seeking advice and assistance across a wide array of areas covering shareholder communication, stakeholder engagement, capital markets intelligence, corporate governance and ESG advisory. Acquiring Citadel-MAGNUS enables us to provide strategic solutions for our clients and uniquely positions us to become their ongoing trusted partner of choice.”

Peter Brookes, Joint Managing Director of Citadel-MAGNUS said, “Our team is thrilled to be joining forces with Morrow Sodali. We are seeing a growing need to provide clients with an end-to-end offering across the financial calendar and increasingly complex event driven activity where good communication is paramount. The combination of our firms brings together two leading and trusted advisory companies that are deeply embedded in corporate Australia and who share a strong focus on delivering exceptional client service.”

About Morrow Sodali

Morrow Sodali is a global corporate advisory firm that provides clients with comprehensive advice and services relating to corporate governance, ESG, sustainability, proxy solicitation, capital markets intelligence, shareholder and bondholder engagement, M&A, activism and contested situations.

From headquarters in New York and London and offices in global capital markets, Morrow Sodali serves over 1,000 clients in more than 80 countries, including many of the world’s largest multinational corporations. Clients include listed and private companies, mutual fund groups, stock exchanges and membership associations.

In 2022, Morrow Sodali is celebrating its 50th anniversary and also secured a majority investment from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. This partnership will significantly advance the firm’s mission of providing clients worldwide with unrivalled strategic advice and comprehensive support, enabling them to maximize value and expertly manage stakeholder relations.

For more information about Morrow Sodali, please visit www.morrowsodali.com.

About Citadel-MAGNUS

Citadel-MAGNUS is a leading corporate and financial communication firm with offices in Sydney and Perth, servicing clients across Australia and internationally.

We have established a reputation for delivering outstanding results for our clients through trusted relationships, integrity and professional excellence. Our priority is to support clients’ business objectives through effective communication and a superior level of service.

Citadel-MAGNUS brings an unrivalled depth of financial markets, corporate and media experience to help companies address the challenges of today’s highly competitive and changing business environment. We have worked with companies in all sectors and of all sizes, and our success has led to established, long-term partnerships with business leaders and companies.

For more information, visit www.citadelmagnus.com.

CONTACT:

Elena Cargnello

Corporate Director, Marketing

[email protected]

+44 (0)20 4513 6913

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PowerChina’s Sustainable development in Africa

BEIJING, Nov. 4, 2022 /PRNewswire/ — Power Construction Corporation of China (PowerChina) is actively participating in the “Belt and Road” initiative in Africa, responding to the planning and demand of African countries.

Promoting the localization 

At PowerChina, African staff plays a significant role. Employment is a key issue in African countries, especially women’s right to work. Two female Caterpillar drivers are able to earn a dignified living since their collaboration with the PowerChina at the rehabilitation site of Lot 2 of National Road 4 in Cameroon. Such examples are not uncommon. After finishing school in China in 2014, Kilenga Nelly managed to be recruited by the Zongo II hydroelectric power plant project once she returned to the Democratic Republic of Congo (DRC), allowing her to contribute to the development of her own country.

In April, the company organized the first job fair in the DRC, at the University of Kinshasa, during which more than 90 students submitted their CVs. It is worth noting that some local employees are now in management positions. Young Cameroonian Ngangoua Serge started at PowerChina as an intern in 2008. After his doctoral studies in China in 2010, he assisted in establishing an office in his country and five years later, he was appointed as PowerChina’s representative in Cameroon.

Gaston Eloundou Essomba, Cameroon's Minister of Water and Energy (second on the right), accompanied by Ngangoua Serge (first on the left), at the site of the construction of the new transmission line of the Memve'ele hydroelectric power plant on July 10, 2020.

Serving socio-economic development 

To achieve its Vision 2035 of becoming an emerging nation, Cameroon planned hydro power plants in 2009 to address the electricity shortage. PowerChina succeeded in taking charge of the construction of the Memve’ele hydroelectric power plant. PowerChina has also built roads here. The Mintom-Lélé section has changed the daily lives of the local population, facilitating the local transport of people and goods, and has greatly stimulated economic activity.

“Three Gorges Dam of West Africa”, the Soubré hydroelectric plant, whose annual power generation capacity represents 43% of the country. It helps meet the huge demand for electricity and increase electricity exports to neighboring countries, becoming a new engine for economic development in West Africa. In 2021, the Gribo Popoli hydroelectric plant started construction.

Taking social responsibility 

PowerChina has a tradition of volunteering at schools, orphanages and neighborhood hospitals near construction sites. On December 22, 2018, the company’s volunteers in Ivory Coast gave about 100 children Christmas gifts worth 1 million CFA francs ($1,557). Besides, PowerChina has joined the fight against the COVID-19 with the local community. Volunteers from the Zongo II hydropower project held an epidemic prevention presentation event at a school in the village of Zongo in the DRC in May 2020. The volunteers also used vehicles to spread messages to prevent the epidemic. They drove through more than 10 villages in the DRC, making more than 30 presentations, covering more than 30,000 people.

Photo – https://mma.prnewswire.com/media/1937951/Gaston_Eloundou_Essomba_Cameroon_s_Minister_Water_Energy__second_right__accompanied.jpg

Disrupting Harm in South Africa report launched

Government has launched the Disrupting Harm in South Africa report that presents the national data needed in the country’s quest to protect our children.

Speaking on occasion of the launch of the report on Friday, Social Development Minister Lindiwe Zulu said she welcomes the Disrupting Harm in South Africa report on behalf of the government of South Africa.

As one of the pathfinding member countries, she said, today South Africa is joining other countries who have already launched their country reports.

Together with UNICEF, the Department of Social Development conducted a nationally-representative study where 2 643 children who were aged between 9 and 17 years, as well as 1 393 parents or caregivers in all the nine provinces of the country participated in the study that explored children’s online behaviours and experiences.

Minister Zulu said that the community-grounded partnership is the basis for the inclusion of South Africa in this international initiative.

In 2020, UNICEF observed that one in three women were experiencing gender based-violence, and that one in five children under the age of 18 years were experiencing sexual abuse.

“The abuse, neglect and exploitation of children — girls and boys alike — are intentional conducts that make this an epidemic that is drowning the mental health, physical well-being and prospects of South Africa’s future: children. The astronomic increase in the number of child pregnancies is the regrettable indicator of the prevalence of this destructive menace,” Minister Zulu said.

The Minister said that the Disrupting Harm in South Africa report provides government with the baseline national data on the extent of online-facilitated child sexual abuse.

“On the grounds that these data will form the basis for the strengthening of the country’s technologically facilitated child sexual abuse research agenda, we are assured that responsive policies and programmes will flow from them.

“The Disrupting Harm in South Africa study is presenting us national data that we need in our quest to protect our children. The report’s findings are as clear, as its recommendations are unambiguous,” Zulu said.

To demonstrate South Africa’s commitment in caring for and protecting the children, the Department of Social Development has developed guidelines that are relevant to the prevention of child exploitation and how its regrettable eventuality must be responded to.

These guidelines specifically address subjects such as child trafficking, child labour and sexual exploitation. Working together with UNICEF South Africa, the Department of Social Development is designing a training manual on the prevention of and response to Online Child Sexual Abuse and Exploitation in South Africa.

“This manual will be particularly useful to frontline officials, including police, social workers, teachers, etc. Moreover, the Department is implementing a myriad of targeted social behavioural change programmes that are enabling young people to make the right choices and decisions which will have a lasting impact on their lives.

“In launching the Disrupting Harm in South Africa report, we do so urging for a targeted people-public-private-civic-academic-multilateral implementation partnership that will carry out the report’s recommendations in line with the mandate of ensuring that South Africa’s children are protected when they are tapping into the benefits of digital technologies,” Zulu said.

South Africa being a member of WeProtect Global Alliance, Minister Zulu said government is continuously and progressively developing its implementation capabilities with respect to the Model National Response to online child sexual exploitation.

She added that this is work-in-progress.

“Moreover, I call upon the Department and its entities to realise the recommendations of the Disrupting Harm in South Africa report by establishing alignments with the She Decides initiative, among others,” Minister Zulu said.

Source: South African Government News Agency

Treasury, Gauteng to enter into agreement over e-tolls debt repayment

National Treasury and the National Revenue Fund will enter into an agreement with the Gauteng provincial government on the province’s commitment to settle its portion of the South African National Roads Agency (SANRAL) debt.

The agreement is set to include implementation modalities on the settlement of the Gauteng Freeway Improvement Project (GFIP).

This comes after Finance Minister, Enoch Godongwana, in the 2022 Medium-Term Budget Policy Statement (2022 MTBPS) last week announced the roadmap on the SANRAL debt on Phase 1 of the GFIP.

Clarifying its stance, National Treasury in a statement on Friday reiterated that government would take over the existing debt and associated obligations of SANRAL.

These obligations will be shared between national and provincial government.

SANRAL’s total debt, as at 31 March 2022, was R45.936 billion. GFIP Phase 1 was funded as part of the Toll Portfolio and not as a ring-fenced project. The value of debt attributed to GFIP Phase 1 is R43.031 billion.

In the statement, Treasury said the Gauteng government will pay 30% of the debt and interest obligations of GFIP Phase 1, or R14.1 billion, as well as the maintenance costs related to the project’s Phase 1 network. National government will cover 70% of the debt and interest obligations, or R32.9 billion.

“The amount announced by the [Finance] Minister represents the majority of the national government obligation, and will ensure that SANRAL remains a going concern in the medium-term.

“National government will make arrangements for the rest of the funds related to its share of the debt obligation at the appropriate time, in line with the conditions and obligations related to the process, and in a manner that does not negatively affect the overall fiscal trajectory, as outlined in the 2022 MTBPS.”

The agreement, said Treasury, is also expected to set out how the province will pay for these commitments.

One of the conditions of the R23.7 billion proposed in the Special Appropriation Bill is that these modalities must be concluded by 31 December 2022.

It said decisions expected by the province will also include the treatment of legacy matters, such as revenue collected from users who have been paying their toll fees and/or those who have not paid.

The provincial government, reads the statement, must finalise a long-term revenue solution that makes funding available for the maintenance of the road network, with SANRAL continuing to execute the maintenance thereof.

“The option to utilise the existing toll mechanism remains open and would result in the toll network proclamation remaining in place. If the province’s provision for maintenance of the network is financed through other revenue streams within its area of responsibility, the processes on undeclaring the toll network, in terms of section 27 (1) of the South African National Roads Agency Limited and National Roads Act (Act 7 of 1998) will need to be undertaken.

“This notwithstanding, all necessary statutory and regulatory processes that must take place to give effect to the Minister of Finance’s announcement are underway including consultation with relevant stakeholders. Until a notice in the Government Gazette is issued, SANRAL has a statutory obligation to collect any toll fees due to them.”

Treasury said the functional assignment of roads, in terms of the Road Infrastructure Strategic Framework for South Africa, remains in place. As a result, the 201 kilometres of the national roads on the GFIP network will remain as national roads and can only be reassigned to other spheres of government by notice in a Government Gazette, with the concurrence of SANRAL debt holders.

“National government affirms that direct road user charges are the most effective, equitable and efficient way to finance road infrastructure. It is also a mechanism to manage transport demand, impacting on modal choice and spatial inequality,” Treasury said. 

Source: South African Government News Agency

Minister Senzo Mchunu on Matjhabeng sanitation challenges

Progress is being made in fixing Matjhabeng sanitation challenges – Minister Mchunu.

Water and Sanitation Minister Senzo Mchunu has applauded the progress made in attending to the sewer spillages in Matjhabeng Local Municipality in the Free State and committed to continuous monitoring of the work being done in the municipality.

The Minister said he was happy with the work done thus far, adding that it was important to rehabilitate the municipality back to an economically active municipality.

“We’ve been here a few times and made an undertaking that we will assist in resolving the sewer challenges faced by this municipality. Now, the purpose of this visit was to check on how far or not work has been done. 

“We wanted to make sure when we go to public platforms and talk about the work we are doing on the ground, we are sure of what we are talking about, and have seen it,” Minister Mchunu explained.

The Minister was invited by the Mayor of Matjhabeng, Councillor Thanduxolo Khalipha, to assess progress on sewer spillage rehabilitation work being done in the municipality since the last visit earlier this year.

Cllr Khalipha and Minister Mchunu were joined by the Bloemwater Board Chairperson, Tefetso Phitsane. The Water Board was appointed as the implementing agent after the municipality declared itself a disaster area due to the sewer problems and dysfunctional wastewater treatment plants.

The municipality’s sewer network comprises of 1534km with 25 929 manholes, 57 pump stations and 11 Wastewater Treatment Works (WWTW). A total of 51 of the pump stations and 9 WWTWs are currently not functional due to various challenges such theft, vandalism, illegal mining activities, misuse of sewer, ageing infrastructure, and illegal mining, etc.

The Department has committed R425 million to assist in resolving the Matjhabeng wastewater problems. Of the committed budget, R150 million has been allocated in this financial year to repair and refurbish some of the WWTWs, pump stations and repair of manholes.

Minister Mchunu says the department will be keeping a close eye to ensure that the money is used correctly for the benefit of the people of Matjhabeng.

“We are going to make sure that the money we allocated is going where it is meant to go, that the entire budget does what it is meant to do,” Minister Mchunu declared.

The Minister’s Matjhabeng infrastructure assessment kicked off at the Lakeview pump station, which was refurbished through a partnership with Sibanye Mine. The pump station currently pumps 6megalitres per day, feeding into Theronia WWTW which was the second stop for the day. The WWTW began operations on 2 November 2022 and progress on the operations will be monitored as more waste is pumped in.

After assessing the T8 pump station in Thabong Township, Minister Mchunu joined a cleaning campaign led by the municipality next to the station and cautioned residents from disposing waste on non-dumping sites as this may result in health and environmental hazards.

The day was concluded with a community engagement in Thabong township where the Mayor and the Minister updated community members and various stakeholders on the day’s activities and how far progress is in getting the municipality back to its former glory.

Addressing the attendees, Mayor Khalipha thanked the Minister for his swift response to his request for intervention.

“After informing Minister Mchunu, within 7 days, he acknowledged our letter and made a commitment to intervene in the Matjhabeng challenges,” said Khalipha.

Minister Mchunu reiterated the importance of partnership with the private sector, saying he is glad that Sibanye stepped in to help where the municipality was failing.

“We are very happy with these partnerships in that as we work and commit 50/50 with the private sector, we both watch each other on whether we are delivering on our commitments and agreements,” Minister emphasised.

Minister Mchunu then urged the community to use water sparingly. He highlighted that South Africa does not have a water crisis but is a water scarce country.

Source: Government of South Africa

Treasury gives clarity on next steps on Phase 1 of Gauteng freeway improvement programme

Following the 26 October 2022 Medium-Term Budget Policy Statement (“2022 MTBPS”) announcement by the Minister of Finance on phase 1 of the Gauteng Freeway Improvement Project (GFIP), further clarification is provided by the National Treasury how government will take over the existing debt and associated obligations of SANRAL. These obligations will be shared between national and provincial government. SANRAL’s total debt as at 31 March 2022 was R45.936 billion. GFIP phase 1 was funded as part of the Toll Portfolio and not as a ringfenced project, the value of debt attributed to GFIP Phase 1 is R43.031 billion.

The Gauteng Provincial Government’s commitments to this will be to national government, as follows:

30 per cent of the debt and interest obligations of GFIP phase 1

Paying for the maintenance costs of the GFIP phase 1 network

The amount announced by the Minister represents a majority of the national government obligation, and will ensure that SANRAL remains a going concern in the medium-term. National government will make arrangements for the rest of the funds related to its share of the debt obligation at the

appropriate time, in line with the conditions and obligations related to the process, and in a manner that does not negatively affect the overall fiscal trajectory as outlined in the 2022 MTBPS.

The implementation modalities of the province’s commitments will be set out in an agreement between national government and the provincial government, and the provincial obligations will be to the National Revenue Fund. The agreement is also expected to set out how the province will pay for these commitments. One of the conditions of the R23.7 billion proposed in the Special Appropriation  Bill is that these modalities must be concluded by 31 December 2022. Decisions expected by the province will also include the treatment of legacy matters such as revenue collected from users who have been paying their toll fees and/or those who have not paid.

Gauteng Provincial Government must finalise a long-term revenue solution that makes funding available for the maintenance of the road network, with SANRAL continuing to execute the maintenance thereof.

The option to utilise the existing toll mechanism remains open and would result in the toll network proclamation remaining in place. If the province’s provision for maintenance of the network is financed through other revenue streams within its area of responsibility, the processes on undeclaring the toll network, in terms of section 27 (1) of the South African National Roads Agency Limited and National Roads Act (Act 7 of 1998) will need to be undertaken. This notwithstanding, all necessary statutory and regulatory processes that must take place to give effect to the

Minister of Finance’s announcement are underway including consultation with relevant stakeholders.

Until a notice in the Government Gazette is issued, SANRAL has a statutory obligation to collect any toll fees due to them.

The functional assignment of roads, in terms of the Road Infrastructure Strategic Framework for South Africa remains in place. As a result, the 201 kilometres of the national roads on the GFIP network will remain as national roads and can only be reassigned to other spheres of government by

notice in a Government Gazette, with the concurrence of SANRAL debt holders.

National government affirms that direct road user charges are the most effective, equitable and efficient way to finance road infrastructure. It is also a mechanism to manage transport demand, impacting on modal choice and spatial inequality.

Source: Government of South Africa