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IRFU make €500,000 Available to Clubs Hit By Covid-19 Season Cancellation

first_imgTwitter RugbyIrelandNewsSportIRFU make €500,000 Available to Clubs Hit By Covid-19 Season CancellationBy Raffaele Rocca – March 25, 2020 74 Advertisement Facebook WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads TAGSCoronaviruscovid19IRFUIrish RugbyKeeping Limerick PostedlimerickLimerick PostRugby Print WhatsApp Previous articleSpeech of An Taoiseach, Leo Varadkar with stricter guidelinesNext articleEvery household in Ireland to receive COVID-19 information booklet Raffaele Rocca RELATED ARTICLESMORE FROM AUTHORcenter_img A general view of a rugby ball. Photo by Diarmuid Greene/SportsfileThe Irish Rugby Football Union has said it will make €500,000 available to clubs due to the cancellation of the season following the Covid-19 crisis.After reviewing it’s financial position and agreeing on a way forward, Domestic Games Director Colin McEntee will inform clubs of the application process.Sign up for the weekly Limerick Post newsletter Sign Up The union will also provide clubs with additional guidance and advice in relation to maintaining their clubs during what is very much unchartered waters.Irish Rugby will continually assess the financial implications and damage caused by the crisis across all strands of the game nationally with the duration of the corona crisis being a key factor in any recovery.The IRFU issued the following statement on their website.The 2019/20 domestic season concluded last week with a number of fixtures outstanding. Current government restrictions also prevent clubs from running important fundraising events.We know that this has placed many clubs in a difficult financial situation, particularly with regard to cashflow.The IRFU’s revenue stream has been severely curtailed, however we want to support clubs as much as we can.What are the IRFU doing for clubs?1. We have agreed to funding of €500,000 to be made available to clubs. We will come back to you with further detail as soon as is practicable.2. We will put in place a moratorium on all club loan repayments for four months from April 1st.Loans in excess of €4 million have been made available to clubs by the IRFU under its current Financial Assistance Scheme. A moratorium on all club loan repayments will be put in place for a period of four months, effective from April 1st, 2020. This will benefit the 56 clubs with payments outstanding to a value of over €150,000 during this period.What can clubs do?The IRFU encourages all of its clubs to draw on any government assistance available to them.There are a range of support schemes for organisations impacted financially from coronavirus.The Department of Business, Enterprise and Innovation has outlined a number of Government supports for COVID-19 impacted businesses including:• Credit Guarantee Scheme• Loans for microenterprises• €200m SBCI COVID-19 Working Capital Scheme• €200m Package for Enterprise Supports• Advice for engaging with revenue, checking insurance covert, talking to your bank and taking immediate steps to manage your cashflows.The IRFU are in ongoing contact with Sport Ireland and will provide updates with specific information on how this relates to rugby.Clubs are advised not to contact provincial branches in relation to funding until an update has been provided centrally from the IRFU.The post IRFU make €500,000 Available to Clubs Hit By Covid-19 Season Cancellation appeared first on Sporting Limerick. Linkedin Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Limerick’s National Camogie League double header to be streamed live Limerick Ladies National Football League opener to be streamed live Email Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash Donal Ryan names Limerick Ladies Football team for League openerlast_img read more

Dana Gas mulls demerging upstream operations into separate entity

first_imgShould the demerger be carried out, then existing shareholders of Dana Gas will hold shares in the two separate firms, which will be listed on the ADX Dana Gas launches feasibility study for possible demerger of upstream business. (Credit: Dana Gas PJSC) UAE-based Dana Gas has revealed plans to launch a feasibility study to explore a possible demerger of its upstream operations into a new company.The demerged company will also be listed on the Abu Dhabi Stock Exchange (ADX).Currently, the company’s upstream oil and gas producing assets include a subsidiary in Egypt and a 35% stake in an exploration and production focused business in Kurdistan called Pearl Petroleum.Dana Gas’ midstream business includes the UAE gas project, which is presently under arbitration, reported Khaleej Times. According to the publication, two separate damages claims are being made pertaining to the 2005-2014 and 2014-2030 periods.Should the demerger be carried out, then existing Dana Gas’ shareholders will hold shares in the two separate firms, which will be listed on the ADX.The company said that its upstream and the midstream units have quite distinguished investment prospects, which is why its board thinks that there are various benefits to be realised by shareholders from structuring them as separate listed businesses.Dana Gas chairman comments on the potential demerger of the upstream businessAs per Dana Gas chairman Hamid Jafar, the proposed demerger could deliver value to the company’s shareholders. Furthermore, the upstream business, which is said to have significantly grown in the last 13 years, is expected to generate growth in the coming years.Hamid Jafar said: “A pure-play upstream company may attract significant new investment both locally and internationally linked to future production growth. A pure-play midstream business would be more stable and have less exposure to commodity price changes.“The demerger would provide the option to shareholders to remain invested in either or both companies at their discretion, each company having its own business strategy and opportunities.”last_img read more