Monday Scramble: Rory’s Irish ail

first_imgSteven Bowditch won his second PGA Tour event, the Byron Nelson turned into a sloppy mess in the second round, Rory McIlroy missed a second consecutive cut, and I’m writing a second consecutive Monday Scramble: There is reason to be concerned following McIlroy’s 80-71 showcase at Royal County Down. Not necessarily for the U.S. Open, but for further down the road. Golf Digest’s Jaime Diaz said the same thing much more eloquently and intelligently than can I, so I encourage you to click here and read it. It’s good to hear a powerful and well-respected voice in the game question McIlroy’s willingness to grind. We’ll say in the future, “McIlroy turned a 75 into a 71 today.” But in the present, that 75 is an 80. And 71’s should be 68’s. This is disconcerting from a world No. 1. Even more so when you consider McIlroy should go down as one of the top 10 players of all time. He may win the U.S. Open by eight shots in a few weeks, and if so, some will say ‘Eat crow.’ (People still say that?) But that would be missing the point of this Takeaway. Rory will win many, many times. He will win majors and win by large margins. But, eventually, at some point, he will miss consecutive cuts again. He will get loose with the driver early and never straighten the wheel. One missed 4-footer will turn into four missed 4-footers. That’s just who is he for now – not necessarily forever. Big deal. It happens to everyone. But McIlroy is special. His game is brilliant, of legendary proportions. He’s good enough to win events by multiple shots without his best. He doesn’t need to sustain that brilliance for long periods of time. He just needs to add in a consistency of averageness (by his standards). If he does that, forget a top-10 all-time player. We’re talking a historical Big 3: Jack, Tiger and Rory. 1. Last week around these parts we exalted the PGA Tour for its bevy of fabulous finishes. Like during a no-hitter, perhaps we shouldn’t have made mention, because the AT&T Byron Nelson Championship went and did this. That’s not to disparge champion Steven Bowditch. The 31-year-old Australian earned his victory with a final-round, 5-under 64 that included six birdies and several impressive par saves over his final 13 holes. Bowditch got married on the 18th hole at TPC Four Seasons and this is his second triumph in the Lone Star State (2014 Texas Open). He overcame the multiple weather delays and the akward setup. He’s as worthy a winner as there’s been on Tour this season. I just wish I could stop staring at his eyebrows. He looks like Sam Eagle. Was he bitten by a werewolf? I. Just. Can’t. Stop. Staring. 2. And, just to be safe, because one reader believed me to be serious last week when I said Chris Kirk’s fourth PGA Tour win got him into the Hall of Fame conversation, I offer this: Yes, it’s low-brow humor (OK, puns are worse than sarcasm) but it’s all I got. 3. Jordan Spieth, competing in his hometown event, finished T-30 at the Byron Nelson. The highlight of his week came in a 5-under 64 on Friday while grouped with friend Justin Thomas and Brooks Koepka. Spieth, born in Dallas and still an area resident, is the Nelson’s saving grace. He’s 21, a major champion, a fan favorite and never likely to abandon this tournament. Tiger Woods stopped playing the Nelson in 2005. Mr. Nelson died in 2006. The event has struggled to stand out ever since. It’s still not on par with upper-echelon Tour stops, like this week’s Memorial Tournament, but Spieth’s involvement – along with his primary sponsor, AT&T, serving as title sponsor of the Nelson – adds enough weight to keep the event from floating into obscurity. 4. McIlroy stepped out Sunday with his new girlfriend, PGA of American employee Erica Stoll. Twitterverse and the tabloids were giddy. We created a photo gallery. Honestly, I just want to know who’s the sidler in the background? As far as his play in concerned – McIlroy has missed three consecutive cuts at the Irish Open, which his foundation hosts – here is a suggestion: the Dubai Duty Free Irish Open Hosted by the Rory Foundation and Contested in Jupiter, Florida. 5. Soren Kjeldsen won the Irish Open despite a final-round, 5-over 76 on “wind-swept and rain-batterd Royal County Down,” as the Associated Press described. Kjeldsen’s playoff victory, his fourth on the European Tour, got him into the British Open. The top three players inside the top 10 at the Irish, not otherwise exempt into the British, earned a spot at St. Andrews. That included Eddie Pepperall, who, along with Bernd Wiesberger, lost to Kjeldsen on the first extra hole Sunday, and Tyrell Hatten (T-4). Hatten edged out Rafa Cabrera-Bello, who also finished T-4, by virtue of his higher world ranking (142nd to 148th). Similar golden tickets will be available at the French and Scottish Opens, as well as the three PGA Tour events between the U.S. Open and Open Championship. 6. The Nelson nearly had a top-15 winner. World No. 10 Dustin Johnson and No. 12 Jimmy Walker were in contention on Sunday. Johnson chipped in twice and then made a quadruple bogey-8 at the par-4 sixth. Walker stumbled around the turn and wasn’t able to catch up late. We’ll have to wait to see if Walker can measure up to the Rickie Fowler post-victory-kiss standard.  7. Speaking of Fowler, he was in contention at the Irish Open until an 8-8 (quad-triple) finish on Saturday. His 76-73 weekend put him in a tie for 30th place. He was even par through two rounds, a notable accomplishment as his playing competitors, McIlroy (9 over) and Martin Kaymer (6 over), both missed the cut, with neither making a birdie in their first rounds. 8. The Stanford Cardinal won its first NCAA Women’s National Championship in golf, defeating the Baylor Bears in a compelling match-play final. You can nitpick the tournament all you want, but the new format (four days of stroke-play qualifying, followed by three rounds of knock-out match play) was a success. The semifinals and finals produced great theater, from the Lauren Whyte-Lisa Maguire Final-Four duel, to the Mariah Stackhouse-Haley Davis thriller to determine a champion. The men are competing now at Concession Golf Club, with Golf Channel airing the final round of stroke play and the entire match-play portion. 9. Switching to the professional ladies, Anna Nordqvist won for the third time in two years (fifth in her career) at the ShopRite LPGA Classic. Morgan Pressel missed another chance to end a seven-year winless drought, shooting 2-over 73 to drop from overnight leader to T-3. 10. Meanwhile, Michelle Wie returned from a hip injury to compete at the ShopRite. For two rounds. She missed the cut, shooting 74-72 (4 over). Following her breakout campaign last year, Wie doesn’t have a top-10 in 12 starts this season. Only two Americans have won this year: Cristie Kerr and Brittany Lincicome. How dare you? You cynical lot of people. Just because 12 players withdrew prior to the start of the Byron Nelson Championship, where the weather forecast resembled Picaso’s Blue Period, you go all Chuckie Sullivan (warning: profanity in video): Ian Poulter strained something in the gym. Jason Day was dizzy. Kevin Kisner, Louis Oosthuizen, Jason Kokrak, Scott Gardiner, Chris Stroud, Alex Cejka, George McNeill, Neal Lancaster, Fredrik Jacobson and Will Zalatoris had stuff. Al Czervick broke his arm. “There is no such thing as coincidence,” said a lot of people a lot of times. “Maybe some reasons are legitimate, but not all,” said the doubters. How can we unite as a society if we can’t believe the excuses and non-excuses our professional golfers give to us when they back out of tournaments? You say, these guys are spoiled and abhor inconvience. I say … well, you may be right: U.S. Open sectionals began this past week, with 36-hole qualifiers in Japan and England. Ten Stateside qualifiers will be contested on June 8. … Phil Mickelson was spotted practicing at Chambers Bay. … European Ryder Cup qualifying for the 2016 Matches begins in Russia, in Sepetember. It will still be more interesting than current Presidents Cup qualifying. … Rory McIlroy’s Northern Ireland home is for sale. It was on the market before this past week’s performance. … European Solheim Cup captain Carin Koch named Sophie Gustafson and Martina McBride Maria McBride (formerly Hjorth) her vice captains, along with previously announced Annika Sorenstam. … Alabama’s Emma Talley won the NCAA women’s individual title. … And, on the men’s side, the NCAA doled out four slow-play penalties during on Sunday. Hey, Finchem, you paying attention?last_img read more

Here’s who made bank in Compass’ IPO

first_img Message* Full Name* Email Address* UPDATE: This story was updated to include more details on the conversion of Class B, C and D shares. It also previously misstated Ori Allon and Kenneth Chenault’s titles.center_img Read moreCompass’ IPO means payday for these investorsCompass cuts valuation to $7B ahead of IPOThe definitive guide to the Compass C-Suite Clockwise from left: Ori Allon, Robert Citrone, Robert Reffkin and Masayoshi Son (Getty/Illustration by Kevin Rebong for The Real Deal)UPDATED, April 7, 2021, 6:05 p.m.: Compass’ initial public offering last week made its founders and top executives millions — or billions in the case of its largest investor, SoftBank Group, at least on paper.Though Compass priced its stock at $18 — more conservative than the $23 to $26 per share it initially targeted — it closed at $20.15 on its first day of trading. The IPO raised $450 million for the company, minus $22.5 million in underwriting fees, according to the company’s final prospectus filed Friday.Since Compass launched in 2012, it’s raised more than $1.5 billion from investors including Joshua Kushner’s Thrive Capital, Salesforce CEO Marc Benioff, former American Express CEO Kenneth Chenault and developers Miki Naftali and LeFrak. Many investors’ convertible preferred stock was converted into Class A shares on a one-for-one basis after the IPO. Series B and C investors’ shares were converted at a one-for-10 basis, according a source with direct knowledge. The prospectus shows that Series D were converted into 1.02427 shares of Class A common stock.Prior to the IPO, some shareholders, including Discovery and SoftBank, indicated interest in purchasing another $140 million in shares. It’s unclear if the investors followed through.For many of the tech and Wall Street veterans in Compass’ C-suite, the IPO isn’t their first rodeo.One big question is how its 19,000 agents fared in the IPO. The firm has used equity as a recruitment tool since its founding, but in 2018 introduced a program that allowed agents to convert commissions into stock options and, later, restricted stock. Over the next two years, Compass said agents invested $70 million in commissions to buy stock options. (The firm did not disclose the 2020 figure.)Compass also expected many of its agents to participate in the initial offering. The company set aside about 7 percent of its Class A shares, or about 1.75 million shares worth $31.5 million, for agents.Agents were given the chance to buy shares pre-IPO at the initial offering price of $18 per share through a directed share program run by one of the underwriters, Morgan Stanley, which committed to take 7.25 million shares as part of the offering. Compass declined to comment on the program and the investment bank did not respond.It’s unknown how many agents are shareholders, and whether they or Compass’ early investors held their stock.Here’s the value of key investors’ holdings in Compass, based on Thursday’s closing price and the owners of Class A shares listed in the company’s filings with the U.S. Securities and Exchange Commission.SoftBank Group | $2.55 billionBefore Compass began trading, its biggest investor owned close to 127 million shares worth $2.28 billion. Assuming SoftBank held its shares, they would be worth $2.55 billion.Discovery Capital Management | $675.5 millionThe hedge fund led by Robert Citrone held 33.5 million shares worth $603 million as trading began. If Discovery held its position, the fund would have ended the day with shares worth about $37 million less.Ori Allon | $384.8 millionThe brokerage’s co-founder and chief strategist held more than 19 million shares worth nearly $344 million at the start of trading. If his holdings remained unchanged, Allon’s shares are worth about $385 million.Robert Reffkin | $173.5 millionCompass’ CEO and co-founder owned 8.6 million shares of Class A stock before he rang the opening bell Thursday. At the initial share price of $18, his shares were worth $155 million. The CEO will receive more than 25.8 million Class A shares in coming years dependent on his tenure and the performance of the company stock, according to filings. Reffkin’s family also expressed interest in purchasing $18.5 million worth of shares ahead of the initial offering. It’s unclear if they followed through; Compass declined to comment.Joseph Sirosh | $84.6 millionAfter Reffkin, Compass’ chief technology officer is the largest shareholder in the brokerage’s C-suite. He owned 4.2 million shares as trading kicked off, though roughly 30 percent are stock options Sirosh has until the end of April to exercise. Not counted in the total is an additional 1.24 million shares that he will receive if he meets certain performance conditions.Greg Hart | $31 millionThe brokerage’s chief product officer holds stock options for 1.55 million shares that he has until the end of April to exercise. Hart joined Compass last April after 23 years at Amazon, where his last role was at the helm of Prime Video.Kristen Ankerbrandt | $16.9 millionCompass’ CFO has stock options for just over 843,370 shares, which she also has until the end of April to exercise. Ankerbrandt joined Compass in 2018 after 12 years at the Carlyle Group. Prior to that, she was at Goldman Sachs.Brad Serwin | $16.3 millionThe firm’s general counsel holds just over 810,000 shares, though 88 percent are stock options he has to exercise by the end of April. He joined the company last May after five years as general counsel at Glassdoor. He was previously the head of legal at eBay.Notable board members | $3.9 million apieceFour people who joined Compass’ board of directors last year hold options for 194,000 shares each, to be exercised by the end of April. The directors are Eileen Murray, co-CEO of Bridgewater Associates and previously an executive at Morgan Stanley and Credit Suisse; former Oracle president Charles Phillips; LinkedIn’s CFO Steven Sordello; and Pamela Thomas-Graham, who was previously Credit Suisse’s CMO and CEO of CNBC Television and CNBC.com.Contact Erin Hudsonlast_img read more

By 2020, Maistra will invest HRK 2 billion in the development of the tourism business

first_imgIn 2016, the Adris Group generated total revenue in the amount of HRK 5,55 billion, while operating income amounted to HRK 5,11 billion. Revenue from sales of goods and services amounted to HRK 3,97 billion. HRK 2,81 billion was generated on the domestic market and HRK 1,16 billion on foreign markets. Net profit amounts to HRK 501 million, which is an increase of 27 percent compared to the same period last year. If the one-off effects of the extraordinary net profit realized from the transaction of the tobacco part of the business are excluded, the net profit after minority interests amounts to HRK 446 million, which is 19 percent more than last year’s profit.Maistra continues the investment cycle with the growth of all key business indicatorsIn 2016, Maistra continued to grow all key business indicators, and the process of investing in the highest segments of the hotel offer continued. In 2016, almost HRK 500 million was invested. The largest investment, worth more than 300 million kuna, is the family hotel Amarin. It is an innovative hotel product and the largest investment in Istrian tourism in 2016. Also, the construction of the new Park Hotel is underway, a key product in the process of completing the top hotel offer in Rovinj. In addition to investing in raising the quality of its own content, Maistra is also focused on increasing the visibility and offer of the entire destination. So, for example, in May 2016, Maistra was the organizer of an attractive sporting event, the prestigious Beach Polo Cup tournament.Maistra generated 2016 million overnight stays in 3,13, an increase of three percent compared to last year. This year, too, the largest increase in overnight stays was recorded in the luxury hotel segment, averaging eleven percent. In the observed reporting period, the prices of overnight stays increased by six percent at the company level. Investment in the destination, investments in top products as well as further growth in the share of direct sales channels had a positive impact on the revenue side. In 2016, Maistra generated operating revenue of HRK 950 million, which is ten percent more than last year’s revenue. Operating profit amounted to HRK 221 million or nine percent more than in 2015. Net profit amounts to HRK 131 million, which is an increase of 28 percent. “The achieved results are the best confirmation that Adris has successfully completed the transformation of the company. We have created growing and long-term sustainable business and preserved a respectable investment potential. ” points out the President of the Management Board of Adris Group, mr. sc. Ante VlahovićThe Hilton Hotel in Dubrovnik, which was acquired in 2014, recorded an increase in all key indicators. Overnight stays in 2016 increased by four percent, prices by one, and accommodation revenues by five percent. Operating profit of HRK 16 million was achieved, which is an increase of 22 percent. Net profit amounts to HRK 12 million or 53 percent more than the profit realized in 2015.By 2020, Maistra will invest an additional two billion kuna, which will put 95 percent of hotel capacity at the highest level of supply. The current indebtedness at the level of debt and EBITDA ratio of 2,8 enables Maistra to independently finance the mentioned investment cycle.last_img read more

Ellis Brings Cabling Solution for Siemens

first_imgEllis, cable cleat manufacturer, has underlined the reason for its industry standing by designing an entirely new product in response to a cabling requirement from one of the biggest names in global business, Siemens.Triton is a two-in-one cable guide and clamp that was developed by Ellis following a call to assist in the installation, and subsequent restraining, of seven large diameter high voltage (HV) cables for an offshore electrical substation that forms part of the multi-million pound HelWin 2 project.“The requirement was to feed seven 117mm diameter cables along a specified route within a fabricated structure, which featured a significant number of twists and turns,” said Ellis’ managing director, Richard Shaw. The problem though was that there was no existing product that would enable the cables to be installed in an efficient, safe and cost-effective manner.”The Ellis team, which had previously developed a roller-system for installation of HV cables in power tunnels, took stock of the situation and set to work developing a solution that would secure the Siemens specification, and see them become the first company in the world to offer a two-in-one cable guide and clamp.“Within six weeks of the initial meeting, Siemens had approved our new product design, two weeks later five working prototypes successfully passed an installation trial in Germany and less than a month after that we’d received the order and had the tooling ready for mass production,” added Shaw.Ellis’ new Triton cable guide and clamp works in two stages. Firstly the cables are guided by it into their final location, while trumpeted entry and exit points ensure the cable is not damaged when fed through particularly sharp angled turns. Once the cable is laid correctly, the top half of Triton is removed, a fixing piece installed directly onto the cable and the top half re-secured, thus turning the guide into a fully-functioning HV cable clamp.“We have always taken great pride in our ability to innovate, but to be asked to do so in a live project situation was certainly a real test of our mettle,” continued Shaw. “To come through such a test with Siemens problem solved, the specification secured and an entirely new product range on the verge of being launched is the kind of result that even I, at my most optimistic, wouldn’t have predicted when we sat in that first meeting looking at the requirements of the project.”HelWin 2 is a 690MW offshore HVDC platform that provides low-loss transmission between the North Sea offshore wind farm, Amrumbank West and Germany’s onshore grid. It is due to be operational in 2015.Ellis’ new Triton range of two-in-one cable guides and clamps will be launched in spring 2014.Press Release, March 31, 2014last_img read more

Beermen ekes out 1st win; Kiefer-less NLEX nips Elite

first_imgTiongson finished with double-double 10 points and 10 assists to go along with five rebounds, while Mallari had 10 points, five boards and five assists. Ilonggo Emman Monfort also had a solid game of 5 points, seven rebounds and three steals.Balkman led Beermen – the defending champion – with double-double 35 points and 17 rebounds. Rookie Christian Standhardinger added 18 while Santos and Cabagnot had 13 points each.San Miguel Beermen rookie Christian Standhardinger rises for a layup against Phoenix Fuel Masters. PBA“We really need this victory badly. We’re trying our best na makuha namin iyong chemistry namin,” said Beermen head coach Leo Austria. “We’re in a situation na ’di kami kailangan magkamali.”Phelps finished with near triple-double (33 points, 17 rebounds and eight assists) while Matthew Wright chipped in 17 markers for Fuel Masters (3-3).It was import Arnett Moultrie who played a key role for Road Warriors down the stretch as he anchored the team’s 13-0 run to turn the 77-86 deficit to a 90-86 advantage.Moultrie finished the match with double-double 26 points and 16 rebounds for Road Warriors (2-4). Elite remained winless in six games./PN Henry Walker of Blackwater Elite goes up against Raoul Soyud of NLEX Road Warriors. PBA MANILA – San Miguel Beermen came up with huge plays down the stretch to score 106-94 over Phoenix Fuel Masters in the 2018 PBA Commissioner’s Cup last night at the Smart Araneta Coliseum.Scores were tied 88-all when Beermen came up with 8 straight points – a triple from Arwind Santos, a three-point play from June Mar Fajardo and a dunk by Renaldo Balkman – for a 96-88 lead.After a split free throw from Fuel Masters’ import Eugene Phelps, Beermen pulled away for good with baskets from Alex Cabagnot, Fajardo and Santos for its largest lead at 103-89.A game prior, NLEX Road Warriors banked on its reserve guards Juan Miguel Tiongson and Alex Mallari in lieu of suspended Kiefer Ravena as it cruised to a 93-89 victory over Blackwater Elite.last_img read more

Craig Sword cleared to play vs. St. Louis

first_imgMississippi State confirmed a report that Craig Sword is cleared to play tonight against St. Louis.CBS Sports first reported the story.Craig Sword led MSU averaging 13.7 points per game last year. Sword hasn’t played this season after recovering from back surgery.Mississippi State is 4-0 without the junior.Sword underwent surgery in October to repair a bulging disc in his back. He was expected to miss at least two games.The Bulldogs play St. Louis tonight at 8:30 p.m. on CBS Sports Network.last_img read more