March 2017 March 31 2017 issue | Page 13
)ULGD\0DUFK7KH&ROHEURRN&KURQLFOH3DJH
1RUWKHUQ3DVV
&RQWLQXHGIURPSDJH
7KH&RQVHUYDWLRQ/DZ)RXQ
GDWLRQ VDLG RI GLVPLVVLQJ (YHU
VRXUFHªV SURSRVDO §7KH 38&
IRXQGWKDWWKLVSURSRVDOYLRODWHV
VWDWHODZJRYHUQLQJWKHUROHDQG
VFRSHRIXWLOLW\FRPSDQLHV¨
,WZDVWKHVHFRQGWLPHLQVL[
PRQWKV WKDW WKH 38& KDV VKRW
GRZQ DQ (YHUVRXUFH §VFKHPH
WKDWZRXOGSXW1HZ+DPSVKLUH
EXVLQHVVHVDQGIDPLOLHVDWULVN¨
VDLG&/)1HZ+DPSVKLUH'LUHF
WRU7RP,UZLQ
)URPILQDQFLQJJDVSLSHOLQHV
WRWLSSLQJWKHVFDOHVIRU1RUWKHUQ
3DVV (YHUVRXUFH NHHSV WU\LQJ¥
DQGIDLOLQJ¥WRJDPEOHLWVFXVWRP
HUVª KDUGHDUQHG PRQH\ RQ
XQQHFHVVDU\ DQG XQZDQWHG
LQIUDVWUXFWXUH
§$V WKH LOOXVLRQ RI 1RUWKHUQ
3DVVªVSXEOLFYDOXHFRQWLQXHVWR
EHVKDWWHUHGLWªVRQO\DPDWWHURI
WLPH EHIRUH WKH ZKROH WKLQJ
FRPHV WXPEOLQJ GRZQ¨ ,UZLQ
VDLG
1HZ +DPSVKLUHªV &RQVXPHU
$GYRFDWH 'RQ .UHLV VDLG WKH
38&ªV GHFLVLRQ ZDV FRQVLVWHQW
ZLWK D VLPLODU UXOLQJ ODVW \HDU
DERXWSXWWLQJWKH$FFHVV1RUWK
HDVW QDWXUDO JDV SLSHOLQH LQWR
HOHFWULFUDWHV
§,Q WKLV LQVWDQFH LQ D VHQVH
(YHUVRXUFH ZLQV E\ ORVLQJ
EHFDXVH QRZ LW FDQ VD\ WKDW LW
WULHGWRUHVHUYHVRPHEHQHILWVRI
1RUWKHUQ 3DVV IRU 1HZ +DPS
VKLUHUDWHSD\HUVEXWJRVKGDUQ
LWWKDWPHDQ38&WROGWKHPWKH\
FRXOGQªW¨.UHLVVDLG
7KH$FFHVV1RUWKHDVWGHFLVLRQ
LVRQDSSHDOWRWKHVWDWH6XSUHPH
&RXUWDQGLI(YHUVRXUFHZLQVWKH
GHFLVLRQ LW ZRXOG OLNHO\ DOVR
DSSO\WRWKH+\GUR4XHEHF33$
WKDWMXVWJRWUHMHFWHG.UHLVVDLG
§,I6%SDVVHVWKDWZRXOG
KDYHWKHHIIHFWRIRYHUUXOLQJWKH
38&RQWKH+\GUR4XHEHFDJUHH
PHQW%XW6%KDVXQFHUWDLQ
SURVSHFWVDVD6HQDWHIORRUYRWH
ORRPV WKLV ZHHN DQG WKHQ RI
FRXUVH DFWLRQ E\ WKH +RXVH LI
QHFHVVDU\¨.UHLVVDLG
7KH PRWLRQ IRU FRQILGHQWLDO
WUHDWPHQWRIWKH33$ªVHVVHQWLDO
WHUPV UHPDLQV SHQGLQJ .UHLV
VDLG§7KH38&VKRXOGGHQ\WKH
PRWLRQ EHFDXVH QRZ WKDW WKH
FRQWUDFWKDVEHHQUHMHFWHGWKHUH
LVQRORQJHUDUHDVRQWRNHHSLWV
WHUPV D VHFUHW ,WªV QRW OLNH
DQ\RQHHOVHKDVDVLPLODUGHDOWR
FXWZLWK(YHUVRXUFH1HZ+DPS
VKLUH¨
7KH 38& RUGHU FRQFOXGHG
§7KHSURSRVDOZRXOGKDYH(YHU
VRXUFHSXUFKDVHHOHFWULFDOHQHUJ\
IRU D \HDU WHUP RYHU D QHZ
WUDQVPLVVLRQ OLQH UHVHOO WKDW
HOHFWULFLW\ LQWR WKH ZKROHVDOH
PDUNHWDQGLQFOXGHWKHQHWFRVWV
RU EHQHILWV RI LWV SXUFKDVHV DQG
VDOHV LQ LWV HOHFWULF GLVWULEXWLRQ
UDWHVWKURXJKWKHPHFKDQLVPRI
WKH 6WUDQGHG &RVW 5HFRYHU\
&KDUJH
§7KDWSURSRVDOKRZHYHUJRHV
DJDLQVWWKHRYHUULGLQJSULQFLSOH
RI UHVWUXFWXULQJ ZKLFK LV WR
KDUQHVVWKHSRZHURIFRPSHWLWLYH
PDUNHWV WR UHGXFH FRVWV WR FRQ
VXPHUV E\ VHSDUDWLQJ WKH IXQF
WLRQV
RI
JHQHUDWLRQ
WUDQVPLVVLRQDQGGLVWULEXWLRQ¨
WKHRUGHUVWDWHV
§$OORZLQJ (YHUVRXUFH WR XVH
WKH6&5&PHFKDQLVPDVDUDWH
SD\HUILQDQFHG©EDFNVWRSªIRULWV
SURSRVHG \HDU 33$ ZRXOG
VHUYHDVDQLPSHUPLVVLEOHLQWHU
PLQJOLQJRIDJHQHUDWLRQDFWLYLW\
ZLWK GLVWULEXWLRQ UDWHV¨ WKH
RUGHUVWDWHV
7KH WULDOOLNH DGMXGLFDWLYH
SURFHHGLQJV DUH VFKHGXOHG WR
EHJLQQH[WPRQWKLQ&RQFRUGDQG
UXQ DERXW GD\V RYHU WKH IRO
ORZLQJPRQWKVEHIRUHDVXEFRP
PLWWHH RI WKH 6LWH (YDOXDWLRQ
&RPPLWWHHPXVWDSSURYHRUGHQ\
1RUWKHUQ 3DVVª DSSOLFDWLRQ E\
6HSW
7KHVXEFRPPLWWHHZLOOZHLJK
D QXPEHU RI IDFWRUV LQFOXGLQJ
ZKHWKHU WKH SURMHFW SURYLGHV D
§SXEOLF EHQHILW¨ 1RUWKHUQ 3DVV
PXVWDOVRZLQIHGHUDODSSURYDO