Share Tweet Share Share Email Lighting can transform a space from ordinary to extraordinary and modern rustic chandeliers have become the ultimate design statement for homeowners seeking a perfect blend of contemporary elegance and warm traditional charm. These stunning fixtures bridge the gap between sleek minimalist design and cozy countryside aesthetics creating a unique visual experience that captivates and inspires. I’ve watched the modern rustic chandelier trend evolve rapidly in interior design circles transforming living spaces with their versatile and eye-catching appeal. Whether you’re designing a farmhouse-inspired kitchen or a sophisticated urban loft these lighting pieces offer an exceptional way to introduce texture warmth and visual interest to any room. Their ability to merge industrial elements with natural materials makes them a go-to choice for design enthusiasts looking to create spaces that feel both current and timeless. What Is a Modern Rustic Chandelier A modern rustic chandelier light represents a sophisticated fusion of contemporary design principles and traditional rustic elements. These lighting fixtures bridge the gap between sleek modern aesthetics and warm, organic materials that evoke a sense of natural comfort. Design Characteristics Modern rustic chandeliers incorporate multiple design elements that distinguish them from traditional lighting fixtures. These pieces typically feature: Metal frames with clean geometric lines Natural wood or reclaimed timber components Industrial-inspired hardware like exposed bolts or raw metal finishes Minimalist structural configurations Balanced proportions that create visual interest Key Aesthetic Elements The aesthetic of modern rustic chandeliers centers on strategic material combinations and textural contrasts. Primary aesthetic elements include: Exposed metal framework with matte or brushed finishes Natural wood accents that provide warmth and organic texture Mixed material construction combining glass, metal, and wood Neutral color palettes emphasizing earth tones Streamlined silhouettes that maintain visual simplicity Lighting technologies integrated into these chandeliers often feature LED bulbs with warm color temperatures ranging from 2700K to 3000K. These soft illumination options enhance the inviting atmosphere characteristic of modern rustic design principles. Top Styles of Modern Rustic Chandeliers Modern rustic chandeliers represent a diverse range of design aesthetics that cater to different interior preferences. These distinctive lighting fixtures blend contemporary sophistication with traditional charm across multiple style categories. Industrial Inspired Designs Industrial-inspired modern rustic chandeliers feature bold structural elements that emphasize raw materials and mechanical aesthetics. These designs incorporate: Exposed metal frameworks with angular geometries Iron or steel structural components Edison bulb configurations Blackened or brushed metal finishes Mechanical joint connections Key characteristics include open-cage structures that showcase internal lighting mechanisms and utilize materials like cast iron, steel, and reclaimed metal. Designers often integrate distressed textures that highlight manufacturing processes and mechanical origins. Farmhouse Chic Options Farmhouse chic modern rustic chandeliers emphasize warm wooden elements and soft lighting approaches. Typical design features include: Weathered wood frame structures Wrought iron accent details Antique-inspired hardware elements Neutral color palettes Organic shape configurations These fixtures prioritize soft illumination and natural material integration, combining wooden beams with delicate metalwork to create inviting lighting solutions that evoke rural elegance. Minimalist Rustic Fixtures Minimalist rustic chandeliers represent a refined approach to lighting design that simplifies traditional rustic elements. Characteristic attributes include: Clean geometric lines Reduced material complexity Neutral color schemes Strategic negative space utilization Streamlined structural components These designs eliminate ornate details while maintaining rustic material authenticity through carefully selected wood and metal combinations. The focus remains on essential forms and purposeful lighting configurations. Choosing the Right Modern Rustic Chandelier Selecting the perfect modern rustic chandelier requires careful consideration of multiple design elements and spatial dynamics. The right fixture transforms a room’s aesthetic while providing functional illumination that complements your existing interior design. Size Considerations Chandelier dimensions directly impact room balance and visual harmony. I recommend calculating the ideal size using a simple formula: add room length and width in feet, then convert that total to inches for chandelier diameter. For example, a 12 x 14 foot room calls for a 26-inch diameter chandelier. Room Size Recommended Chandelier Diameter 10-12 ft 20-24 inches 12-14 ft 24-30 inches 14-16 ft 30-36 inches Ceiling height also determines proportional appropriateness. Rooms with 8-foot ceilings benefit from chandeliers hanging 7-8 inches below the ceiling, while spaces with higher ceilings allow for more dramatic drop lengths. Room Placement Tips Strategic chandelier placement maximizes visual impact and functional lighting. Dining areas require centered positioning above table surfaces, maintaining 30-36 inches between chandelier bottom and tabletop. Living rooms demand central placement that creates focal points without obstructing traffic flow. Key placement considerations include: Avoiding direct pathway interruptions Ensuring balanced light distribution Creating visual symmetry with room architecture Maintaining proportional scale with furniture Matching With Existing Decor Harmonizing modern rustic chandeliers with existing interior design requires analyzing color palettes, material textures, and architectural elements. I focus on identifying complementary metal finishes and wood tones that integrate seamlessly with current room aesthetics. Coordinating metal finishes with existing hardware Selecting wood tones similar to furniture materials Balancing industrial and organic design elements Considering neutral color schemes for versatile integration Installation and Maintenance Installing and maintaining a modern rustic chandelier requires precision and careful attention to detail. These lighting fixtures demand specific techniques to ensure both aesthetic appeal and long-term functionality. Hanging Techniques Precise hanging techniques guarantee optimal chandelier performance and visual impact. Professional installation involves several critical steps: 1. Structural Assessment Verify ceiling joist strength Determine maximum weight load Identify appropriate mounting hardware Use specialized electrical junction boxes rated for chandelier weight 2. Mounting Process Center the chandelier precisely over intended space Maintain recommended clearance (minimum 30-36 inches from surface) Utilize adjustable mounting brackets Ensure level positioning with professional-grade laser levels 3. Height Considerations Calculate ideal hanging height using room dimensions Allow 7 feet clearance in high-traffic areas Adjust chain or cable length for perfect positioning Use adjustable hanging mechanisms for flexible configuration Cleaning and Care Maintenance preserves the chandelier’s aesthetic and functional integrity through systematic approaches: 1. Routine Cleaning Dust weekly using microfiber cloths Remove delicate components before deep cleaning Avoid abrasive cleaning materials Use specialized metal and wood cleaning solutions 2. Material-Specific Care Wooden elements: Apply protective sealants Metal components: Use non-corrosive polishing agents Glass shades: Clean with streak-free glass cleaners Avoid moisture exposure on wooden or untreated metal surfaces 3. Preservation Techniques Rotate cleaning cloths to prevent scratching Inspect mounting hardware annually Check electrical connections for potential wear Schedule professional maintenance every 2-3 years 4. Electrical Specifications Verify compatible voltage requirements Use dedicated circuit for large chandeliers Install appropriate amperage circuit breakers Confirm wire gauge matches chandelier specifications 5. Safety Protocols Engage licensed electricians for installation Use GFCI-protected circuits Install surge protection devices Implement proper grounding techniques 6. Lighting Technology Select compatible LED or traditional bulb configurations Match wattage to fixture specifications Use dimmable bulb technologies Consider energy-efficient lighting options Conclusion Modern rustic chandeliers represent far more than just lighting fixtures—they’re transformative design elements that breathe life into interior spaces. By seamlessly blending contemporary aesthetics with timeless charm these statement pieces can elevate any room’s visual narrative. Whether you’re drawn to industrial-inspired designs or prefer softer farmhouse chic styles there’s a modern rustic chandelier waiting to become the centerpiece of your space. Their versatility ensures they can complement virtually any interior design approach making them an incredibly smart investment for homeowners and design enthusiasts alike. As lighting technology continues evolving I’m excited to see how these fixtures will further transform our living environments. Embrace the opportunity to turn your space into a stunning showcase of design innovation and personal style. Visit at https://modernchandelier.com/ Read More From Techbullion Related Items: Elements , Rustic Share Tweet Share Share Email Recommended for you The Ultimate Guide to Storm Doors: Protecting Your Home from the Elements Attracting and Retaining Top Talent: A Comprehensive Guide for Companies CommentsThe US president-elect transferred all his shares into a revocable trust, according to a regulatory filing. Shares of Trump Media and Technology Group slid in midday trading on Friday after US President-elect Donald Trump transferred all his shares into a revocable trust, according to a regulatory filing. Mr Trump transferred all of his nearly 115 million shares — worth around four billion dollars (£3.2 billion) on paper — in the parent company of social networking site Truth Social as a “bona fide gift” to the Donald J Trump Revocable Trust, the Securities and Exchange Commission filing on on Thursday said. Mr Trump’s shares amount to more than half of the company’s stock. It is not clear why Mr Trump transferred the stock. Donald Trump Jr is the sole trustee and has sole voting and investment power over all securities owned by the trust. Trump Media shares were down about 2% at midday, to 34.68 dollars each. At one point on Friday, they were down around 6%. Trump Media shares have been volatile since the company began trading in March. They reached intraday highs close to 80 dollars (£63.70) on the first day of trading, then slumped to all-time lows in September when Mr Trump and other insiders were finally allowed to sell shares after standard lock-up agreements expired. Mr Trump has not sold any shares in the company. The company’s stock price has fluctuated wildly on news — good and bad — related to Mr Trump. They tumbled after Mr Trump’s conviction in a hush money trial in May, then surged after the first assassination attempt on him in July. They surged again after he won re-election in November, even as the company reported a 19.2 million-dollar (£15.29 million) third-quarter loss. Mr Trump created Trump Media after he was banned from Twitter and Facebook following the January 6 2021 Capitol riot.
The Hunter's first recorded shark attack occurred in November 1874 when a wobbegong nipped a man's foot during an evening dip at Redhead Beach. Login or signup to continue reading Two years later, a swimmer was lucky to survive a bull shark mauling in the Paterson River. The incidents mark the start of the 59 recorded shark attacks, 11 of which were fatal, that have occurred in the Hunter over the past 150 years. The Australian Shark Incident Database , maintained by the Taronga Conservation Society, shows hardly any part of the Hunter coast or its vast estuary system has not recorded a close encounter between humans and the apex predators. They range from scratches left by annoyed wobbegongs (carpet sharks) to horrific great white and tiger shark attacks on helpless swimmers. The Bar Beach to Merewether stretch has recorded more attacks than any other part of the region's coastline with 10 attacks, including three fatal, occurring between 1907 and 2015. The common area for shark attacks is Port Stephens coast and estuary system, with 18 occurring between 1898 and 2020. Despite the large number, no fatal attacks have been recorded in the blue water wonderland. Lake Macquarie has recorded six shark attacks, including one fatal. After more than half a century of no recorded attacks, a bull shark latched onto a man's arm while he was swimming at Yarrawonga Park in January 2021. Of the 11 fatal shark attacks recorded in the Hunter, two have occurred in the relatively shallow waters of Newcastle's Throsby Creek. Twelve-year-old Herbert Miller died from horrific leg injuries suffered during a bull shark attack near the Carrington Bridge in 1920. Fifteen-year-old George Lundberg was also taken in the same area in 1936 and died from his injuries. There were also reports of dogs and horses being taken in the creek up until the 1960s. The Hunter's last fatal attack occurred on December 6, 1951, when a great white took Frank Okulich, who was swimming at Merewether Beach at about 4pm. Shark nets were installed off Hunter's swimming beaches in 1949. Today they protect swimmers from Stockton to Shelly Beach between September and March. While shark attacks have declined since the 150-metre-long by 6-metre-deep nets were introduced, they kill significant numbers of harmless marine creatures each year. A humpback whale, dolphins, turtles and rays are among the non-target marine creatures routinely caught in shark nets off Hunter beaches. NSW Department of Primary Industries data shows that of the 79 animals caught off Hunter beaches between September 2022 and April 2023, only eight, or 10 per cent, were great white or tiger sharks. Conservation groups have been increasing pressure on the government over the past decade to replace shark nets with non-lethal technologies such as smart drumlines and drones. Hunter advocates cited the use of a drone as critical in spotting two sharks off Nobby's beach in January 2024. The government's scientific committee also slammed shark nets this year, noting they represented a "key threatening process" due to their adverse impact on marine creatures. In response, the government agreed to remove the nets a month earlier, potentially paving the way for their complete removal if local councils can guarantee alternative shark deterrents will protect swimmers. A suite of new measures which are being trialled this summer include: Premier Chris Minns said in January that he was not confident emerging shark protection technology was a good enough replacement for nets. "It's a good ambition to remove shark nets ... but we've got a ways to go when it comes to that shark detection technology," he said. Shark scientist Leonardo Guida said modern alternatives to nets were already working and in place after more than a decade of development. "Public sentiment and the science are in alignment-let's keep the nets out and the drones up," he said. "Every beach where a net is installed already has alternative shark safety measures in place such as SMART drumlines, alert systems and drone surveillance. These technologies have been in use on our beaches and thoroughly tested for the last decade. Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues. Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? 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NoneDALLAS -- The Hilton Anatole has become Major League Baseball's top destination this week as teams converge for the winter meetings with writers, agents and even some fans circling the vast lobby floors. The biggest offseason news came down Sunday night, when the New York Mets and star free agent slugger Juan Soto reportedly agreed on a 15-year, $765 million deal, which would be the largest contract ever given to a professional athlete. That was a key talking point when managers started meeting with the media on Monday. Nationals manager Dave Martinez reflected on when he was Soto's first manager in the big leagues back in 2018. "This kid, he was different," Martinez said. "The ball comes off his bat differently. The way he approaches the hitting was way different than a lot of kids I've seen. But the one thing that I always remember about him, the first conversation I had, the first thing that came out of his mouth when I asked him what motivates him, what drives him, and he just came out and said, 'I love baseball.' Truly you can see it in him. He loves playing the game." The Red Sox were among the clubs in the mix for Soto. Boston manager Alex Cora didn't get into specific details, but he enjoyed the organization's pursuit of the four-time All Star. "It was fun in a way, you know, to get to know people and players of that status," Cora said. "It's amazing. The kid, he gets it. He gets it. Let me put it that way." Royals manager Matt Quatraro, meanwhile, spoke about the impact such a monumental contract may have on smaller market teams in order to compete in today's market. "We have to be creative. We have to put the best 26 guys on a roster or the best 40 guys on a roster, not the best one or two," Quatraro said. "At the end of the day, you have a chance to compete against those guys. Soto is going to hit four to five times a night. Those are impactful at-bats, but there's other ways to combat that with a full 26-man roster." Sasaki Posted Outside of the Soto reaction, Monday's other main storyline - at least going into the afternoon hours - centered on Japanese ace right-hander Roki Sasaki officially being posted. The 23-year-old phenom is available to sign as a free agent from Tuesday through 5 p.m. ET on Jan. 23. The rumor mill was churning with plenty of speculation and talk about where Sasaki might sign. He was just one of many big-name players being discussed on Monday. The list of top free agents behind Soto includes pitchers Corbin Burnes and Max Fried and infielders Alex Bregman, Pete Alonso and Christian Walker. On the trade front, much attention is being placed on White Sox left-handed starter Garrett Crochet. It was a relatively quiet Day 1 through the standard working hours, although things are always subject to change at meetings of this nature. Tito is Back Terry Francona joked that his desire to manage again resurfaced when his daughters went on a 10-day trip to Europe. "I watched the grandkids. That was the one day I thought maybe I'll go back to baseball," Francona said, laughing. All joking aside, Francona said it simply happened that when the Reds reached out, the timing felt right. He's healthy and refreshed as he's set to enter his 24th season as a manager. "I had a really good year and maybe I just needed that," Francona, 65, said. "Then, when these guys called, it just felt right." Honoring Mays The winter meetings kicked off with MLB announcing that its annual charity auction during the event would help revitalize Willie Mays Park in the late Hall of Famer's hometown of Fairfield, Ala. At a news conference, April Brown, MLB's senior vice president of social responsibility and diversity, said the vision for the project includes access for all levels of players, from youth leagues to advanced levels. "This effort will not just be MLB alone," Brown said. "We have the blessing of so many connected to his legacy and that have the mission to instill the love of our game that Willie had to all of the youth in the area growing up in the neighborhood where he grew up." The auction, which features items from every major league club, runs through Thursday. --Drew Davison, Field Level MediaThe increase is an addition to the $64 million awarded to X-Bow in 2023 to expand production capacity of the solid rocket motor industrial base. LULING, Texas , Dec. 20, 2024 /PRNewswire/ -- X-Bow Systems Inc. (X-Bow), a leading non-traditional producer of advanced solid rocket motors (SRMs) and defense technologies, today announced the expansion of its contract to provide large solid rocket motors (SRM) to the U.S. Navy and the U.S. Army. This increase reinforces X-Bow as a new supplier of SRMs and strengthens the Defense Department supply chain in a critical period for the United States . Following the increase, X-Bow hosted Ms. Adele Ratcliff , Director of the DoD's Innovation Capability and Modernization (ICAM) Office, at our expanding Texas campus on December 3, 2024 . Ms. Ratcliff leads the Industrial Base Analysis and Sustainment (IBAS) Program, crucial for fortifying the U.S. defense industry and fostering emerging sectors like advanced manufacturing to ensure rapid response to national security needs. Ms. Ratcliff stated, "It is a national imperative that DoD seek new and rapid alternative sources of solid rocket motor production that provide the Department's decisions makers options that not only meet DoD's operational needs but bring capabilities and capacity to bear that grow the defense industrial base (DIB). X-Bow is a critical partner in the DIB ecosystem that aims to provide technical overmatch in the Hypersonics domain." "This contract expansion underscores the critical role X-Bow is playing in modernizing the U.S. defense industrial base," said Max Vozoff , CTO, X-Bow Systems. "Our innovative manufacturing techniques and focus on advanced materials will enable us to deliver high-performance solid rocket motors more efficiently and cost-effectively, strengthening our national security posture." Ms. Ratcliff witnessed X-Bow's new methods for manufacturing SRMs and energetics that will lead to a significant increase in SRM production capacity and decrease in cost for production of SRMs. X-Bow is nearing completion of its Texas campus which, when finished will be the second-largest solid rocket motor production facility in the United States . This facility will significantly enhance our nation's defense readiness. Ms. Ratcliff's visit highlighted the vital role X-Bow plays in strengthening the U.S. Defense Industrial Base through our advanced manufacturing approach to solid rocket motor technology. About X-Bow Systems X-Bow Systems is disrupting the aerospace industry with innovative and cost-effective advanced manufactured energetics for the solid rocket motor and launch vehicle market. X-Bow is also designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow is led by CEO Jason Hundley , Chairman Mark Kaufman , CTO Max Vozoff , CRO Maureen Gannon, General Counsel John Leary , COO Mike Bender and a growing team of seasoned industry veterans and new space entrepreneurs. X-Bow is a dual-use technology company with investment from Crosslink Capital, Razor's Edge Ventures, Balerion Space Ventures, Boeing, and Lockheed Martin Ventures. Headquartered in Albuquerque, New Mexico , X-Bow has additional presence in California , Alabama , Colorado , Texas , Utah , Maryland and Washington, DC . For more information visit www.xbowsystems.com . About DoD's Innovation Capability and Modernization (ICAM) Office: The Innovation Capability and Modernization (ICAM) Office manages and executes the DoD's Industrial Base Analysis and Sustainment (IBAS) Program Element, which aims to improve the readiness and competitiveness of the U.S. industrial base by investing in, and establishing high priority domestic capabilities for new supply chains needed for national security and mitigating exposure to global supply chain risks. The appearance of U.S. Department of Defense visual information does not imply or constitute DoD endorsement. View original content to download multimedia: https://www.prnewswire.com/news-releases/x-bow-to-receive-additional-funding-for-expansion-of-dod-contract-for-hypersonic-solid-rocket-motor-development-302337560.html SOURCE X-Bow Systems
Rico Carty, who won the 1970 NL batting title with the Atlanta Braves, has died
Suspect in UnitedHealthcare CEO killing charged with murder in New York, court records showCompoSecure COO Gregoire Maes sells $904,246 in stockUAlbany Creates Scholarship to Draw Students to Nanotechnology
California Attorney General Rob Bonta and Assemblymember Rebecca Bauer-Kahan have proposed a new bill, AB 56 , that would require social media companies to put a warning label on their platforms to disclose their mental health risks. Citing social media platforms’ “harnessing of addictive features and harmful content for the sake of profits,” Attorney General Bonta says that consumers should have access to information about platforms that could impact their mental health. The current bill lacks detail on how much information these warning labels should have or how they should appear, but mentions the Cyberbullying Protection Act and the Online Violence Prevention Act as possible precedent for such a requirement. Those bills required social media platforms to disclose their cyberbullying reporting features in the terms of service, and clearly state whether they have a way of reporting violent posts for users and nonusers on the platform, respectively. Bonta and Bauer-Kahan’s new bill follows an open letter signed by 42 attorneys general (Bonta included) that called for Congress to require a surgeon general’s warning label on social media. The US Surgeon General Vivek Murthy proposed the idea himself in an essay for The New York Times Opinion section in June. A surgeon general’s warning label requires congressional action to actually be put in place, but could prove effective in changing behavior in the same way it has for tobacco products , according to Murthy. You can trace a lot of the recent commotion around children and social media to an advisory on Social Media and Youth Mental Health that the US Surgeon General published in 2023. The advisory claimed that social media could “have a profound risk of harm to the mental health and well-being of children and adolescents” and that “children and adolescents who spend more than three hours a day on social media face double the risk of mental health problems.” A warning label is unlikely to completely fix things and social media isn’t the sole cause of all children’s problems, but labels are another level that can be pulled to change things. A wider reaching Texas bill that required social media companies block teens from seeing “harmful content” was struck down a few months ago in 2024, but requiring social media warning labels, especially given California’s legal history , seems much more feasible. Mental health impacts are just one of the risks children face online, though. According to the Federal Trade Commission , there’s still mass surveillance to deal with, too.Trump says he can't guarantee tariffs won't raise prices, won't rule out revenge prosecutions
The Rising Demand For Furniture To Play A Pivotal Role In Furniture Logistics Market In The Forecast PeriodSPOILER ALERT: This interview contains major spoilers from “ Interior Chinatown ,” now streaming on Hulu. Chloe Bennet knows what it is like to straddle two worlds — both in life and on television. For seven seasons, the Chinese American actor starred as Daisy Johnson/Quake in ABC’s “Marvel’s Agents of S.H.I.E.L.D.,” a long-running, procedural-esque show that followed the lives of special agents in a world of superheroes. Having spent the majority of her 20s working on “S.H.I.E.L.D.,” Bennet learned to define parts of her own life through playing a character — so much so that she feels like she was essentially raised in the procedural genre. So, when she first read Charles Yu’s National Book Award-winning novel “Interior Chinatown” — which follows the life of a Chinese American actor who has always felt like a background player in his own life until his being witness to a crime in Chinatown reveals that he is actually a bit player in a much larger story — Bennet, whose father is Chinese and whose mother is white, began to recognize parts of her own experience in Hollywood. “Charlie is such a brilliant writer — and this is how he is in real life as well — but he is so able to capture these very specific and nuanced feelings about racial identity, even for me being a woman on a TV show,” Bennet tells Variety of “Interior Chinatown,” which explores tropes and archetypes that often relegate Asian characters to the background. “There’s so many ways that he was able to express these nuanced emotions and feelings that I’ve had in my whole life, and it felt like he was able to just string them all together in this book. I just felt really seen by that, like, ‘Oh my God, this guy is reading my half-baked thoughts and then putting them into this book, in a script format, in a procedural TV show format.’ It felt like there was nothing I didn’t understand or didn’t feel connected to.” But after Yu’s novel introduced Karen, the half-Asian detective who was renamed Lana in Hulu’s new adaptation, Bennet had to stop reading. Knowing that “Interior Chinatown” would inevitably be adapted for the screen, she says she could not bear the thought of anyone else playing the part. “I reached out to anyone I knew that was attached to the project, or who I knew that knew someone attached to the project,” Bennet says, describing her “insane” reaction to learning that Yu would be adapting his own novel. “I played it like I was dating. I was like, OK, I’m going to be cool, but not too cool. I’m going to try, but not try too hard.’ And then eventually I did get it, which was a big relief because I think I would’ve probably quit acting otherwise.” In the new 10-part series, Bennet plays Lana Lee, a newly transferred detective who is brought into the police department for “cultural considerations,” as another detective snidely puts it, amid a growing spike in crime in Chinatown — despite the fact that she knows very little about the community. As it turns out, Lana is the only character in “Interior Chinatown” who seems to realize that she is playing a new detective on a satirical “Law & Order” show called “Black & White.” Acting as a bridge between those two worlds, Lana, who is herself relegated to a stereotypical role as a side character in “Black & White,” agrees to team up with Willis Wu (Jimmy O’Yang) — the Chinese American man who doesn’t realize that he is the protagonist of his own show-set-within-a-show — to uncover the truth about why his older brother, Jonathan (Chris Pang), mysteriously disappeared after being given a starring role as the stereotypical Kung Fu Guy. (Bennet admits she is still attempting to process the meta nature of the storytelling.) In a wide-ranging interview, Bennet opens up about her character’s arc in “Interior Chinatown,” how she has dealt with inevitable scrutiny over her racial identity in real life — and why, following her experience on the show, she’s more determined than ever to tell her own stories. We’re introduced to her through this postured male gaze. Immediately, she’s put on this pedestal. It’s a dissection of what race she is. It’s a dissection of, “Oh, who is that ?”here’s something very relatable for me as a female actress that is utilized in that way often. I think that she at that point is proud of her ability to be anything she wants. She has a privilege of being able to slip in and out of these worlds, and I don’t know if that is the privilege I think it is. I don’t know if that’s something that I’d want. There’s an exhaustion that she realizes, because for Willis, he’s introducing her to this part of herself, to this [Chinese] community that she’s actually never been a part of. Episode 5 is an important episode for her in discovering and getting to see this world, and getting to see the benefits of being in one place at one time and not having all these secrets. Throughout this show, we start to see that she’s realizing, “Oh, I can be a part of all of these worlds, but I’m actually not a part of it.” She’s not accepted in either world. The metaphor is rich, in that a lot of it is about being mixed. We’ve barely scratched the surface on Lana as a standalone character, and her journey with her identity on what she actually wants and what really motivates her. Because I think that changes throughout the show. But I think Lana, as a piece of the puzzle of telling Willis’ story, is a different conversation. I’m interested to hear other people’s fresh takes on it, because we’ve been sitting with this for two years, and I’m not quite sure if I can be completely objective about what I think happens in the ending. But I think that they discovered that they are pieces of a much larger puzzle. I think at the beginning of the show, no characters are entirely aware of that. I think Lana might be the most aware of it and it’s still deeply embedded. I don’t want to say anything on the record that’s going to be totally wrong, because I have my own personal theories, and I don’t know if they’re right. There’s various pathways I could go to dissect it. I think that there was a lot going on while we were finishing the end of the show. We were navigating strikes, and there was a lot of stuff that was happening. I only recently saw what we did because there was a lot more that we shot, and I think what was carved out was strategic. So I can’t speak for the creators of the show, but my takeaway was I can only apply it to my experience as an actor. To me, it’s like Lana and Willis almost got off this show where they were being pigeonholed, but they’re now on another one. There’s a very simple that might be easier for the sake of the interview. And then, there’s a lot of other, way bigger things that we talked about at length on set, and it gets very heady. Was Jimmy looking at the camera at the end? We did various takes. So I actually have not talked with Charlie or [executive producer/director] Taika [Waititi] about this, and you are asking good questions. I don’t want to publicly say fully what I think, because I think that there might be some surprises. I also think it depends whether we go another season. If that’s the end of it, I think I’ll have an opinion about what the whole thing was and what it all means. But if there’s more, I don’t want to give anything away. I think that it’s something that we actually have so much more work to do, and it’s not just around me. The industry took a big pendulum swing in the other direction. Now, I would say I’m not Asian enough. Even within the last few years, I’ve not gotten things because I don’t look “Asian enough,” [but] I’ve been told that they want to see the diversity onscreen. This press tour in and of itself has been really eye-opening. I feel like [there’s] an elementary understanding of racial diversity and what real progress is. I believe that real progress is not having to speak about it all the time. Even in the promotion of the show, a lot of it is reduced down to just an Asian American story. That’s certainly what this is, but also it is a lot of other things. So I think we have a lot of work to do. They’re running away from something else. I’m not quite sure what exactly it is. Race is still very much at play. I think it’s definitely not OK to be like, “You can’t be the lead if you’re not white,” anymore, by any means. There are definitely limitations, but they are presenting themselves in a different way at this point. I have really always struggled with that decision. I was 18, 19, and needed to pay my rent. It really did feel like Willis in Episode 2 or 3 when he is trying to walk into [the police station and keeps getting locked out]. I was, in a really naive way, shocked by the way that I was not able to [get work]. I actually wasn’t being given any opportunity. Simply being able to delete Wang and type Bennet was a very cinematic moment for me. I can still see the way the light hit my computer screen — all of it is still very ingrained in my memory. But I’m very aware of the front-facing privilege to be able to do that because then I did get work. I understand that for a lot of people, they don’t get to just delete their last name and then become white-passing. But I think that the most damning thing of that experience is that you think that it’s a privilege to be white-passing. And obviously, there are logistical privileges to being white-passing in the society that we live in at this point. But you take the outside elements of that away, and what does that do to you psychologically? And I paid a lot of psychological repercussions about who I was the whole time, and really have struggled with that. Both sides of the coin have opinions about it, especially the Asian community, and there’s no negating people’s feelings about that. But the reality is, I never changed my last name. I’m not Chloe Bennet. My name is Chloe Wang. I changed the way people perceive me, but nothing about me has ever changed. There’s a point when you’re like, “Oh, they let me in. I’m in the club.” You’re in the club, and then people don’t think you’re one thing. So I guess when you’re white-passing, people don’t know that you’re Asian, and you’re along for a lot of fucking racist comments. And when you defend it, it’s like, “Well, you’re not really [Asian].” So a lot of that has happened, and it’s a really complicated mixed bag, but it’s something that I still struggle with. I don’t know. It’s hard because I am still Chloe Wang all the time. When I go to a dinner or when I give my name for something, I’m not saying Chloe Bennet; I’m saying Chloe Wang. I made an effort to never shy away from talking about it or opening myself up to these conversations. It’s definitely something that is not black and white. I understand that there was a privilege involved in that, but it’s not as glamorous on this side of it as I think people think it might be. But I understand that it gave me a lot of opportunities. It was incredible. I don’t think you realize the absence of something until you see the presence of it and you’re walking on set. I always thought of my Asian part of me as this kind of domestic part of me, in a weird way, and I always thought of my white part as the professional part because that’s how I was forced to view myself for a long time. I didn’t realize the level of comfort, the deep breath I took — and I welled up — when I first walked on the set, and I really saw diversity off-camera. Across the production, there were department heads that were Asian women, and the show meant something to everyone. And not only were people hired just because they were Asian — they’re the best at what they do, and they’re really fucking good. It was actually very inspiring for me, as a creative, and as someone who had been toying with wanting to branch out of acting for a really long time and honestly just never felt the confidence to do so. Seeing so many people like me behind the camera was extremely motivating. I was like, “Oh, this is what straight white men get. They have always gotten to see themselves the whole time creating the thing.” So that power of representation for me worked immediately off-camera, and it was extremely motivating. I don’t think that we should just hire people for the sake of hiring people; I think that we need to be really good. I have been writing, and I actually have always written, which is something that I was very, very shy and not confident about. So much of it has to do with those weird conversations about identity, and where you do or do not fit in. I was raised in a very specific house. I had seven brothers. My dad is Chinese — a lot of people that I know are mixed don’t have that experience. I have two Black brothers, a Mexican Filipino brother, three half-Chinese brothers and a half-Indian brother. I have an Indian stepdad. Growing up and having a seat at the table, literally, at dinner, I had a safe space [to discuss] these big topics — race, sexuality, gender and politics — and was able to speak about that very openly with people who are different, who do not have the same skin color as me. I grew up in this bubble of equality within my family, and I watched the world take in my family members differently based on the way they look. That gave me an immense amount of perspective. The reason I got into acting was because I really think the power of having an intimate proximity to those conversations where you’re not going to get canceled, where you can speak about stuff and leave room for nuance — that is the only kind of content I’m interested in. It’s also not a sad story. It doesn’t need to be this, “Woe is us. We are Asian.” I really want to celebrate the complexities. I grew up in this microcosm of America, and it certainly wasn’t chill, but man, was it fulfilling. When I was 17, I actually got signed to CAA by talking about my family, and it was ultimately about developing a show about the stories that I was telling about growing up. So this experience on “Interior” has catapulted the creative juices inside of me — and that’s a huge inspiration from Taika and Charlie. Charlie’s been extremely supportive; he’s been a mentor for me, as a creative behind the camera. So the big takeaway from the show has been really inspiring for me: No one’s going to tell my story, and certainly not a bunch of white executives, so I’ve just got to do it. This interview has been edited and condensed.
CALGARY, AB / ACCESSWIRE / December 20, 2024 / FLYHT Aerospace Solutions Ltd. ("FLYHT" or the "Company") (TSX-V:FLY)(OTCQX:FLYLF) is pleased to announce the closing of its previously announced court-approved plan of arrangement (the "Arrangement") under the Canada Business Corporations Act wherein FLYHT has been acquired by Firan Technology Group Corporation (TSX:FTG)(OTCQX:FTGFF) ("FTG"), a global corporation providing solutions for aerospace and defense electronic products and sub-systems. "We are thrilled to complete this transaction with FTG, which marks an exciting new chapter for FLYHT." said Mary McMillan, Interim CEO and Executive Chairman of FLYHT. "By joining forces with one of the world's leading suppliers of aerospace and defense electronic products, we are well-positioned to accelerate our growth initiatives and better serve our customers. This union will benefit airlines and national weather agencies worldwide by ensuring that they have the right solutions to meet the communications and environmental challenges they are facing today."
Def min inks ₹7.6k cr deal with L&T for Vajra gunsFORESIGHT VENTURES VCT PLC (FORMERLY THAMES VENTURES VCT 1 PLC) Unaudited Half-Yearly Financial Report 30 September 2024 FINANCIAL HIGHLIGHTS £72.7m Total net assets as at 30 September 2024 1.1p Dividend paid 26 July 2024 42.1p NAV per share as at 30 September 2024 CHAIR'S STATEMENT "I present the Company's unaudited Half-Yearly Financial Report for the six months ended 30 September 2024.” Post-period activity Before discussing the period to 30 September 2024, I would like to welcome our new Shareholders who have been issued shares in the Company as part of the merger with Thames Ventures VCT 2 plc ("TV2”). The merger completed on 15 November following a General Meeting held on 8 November. As part of the merger, the Company has been renamed Foresight Ventures VCT plc, and TV2 has been placed into members' voluntary liquidation. I am also pleased to welcome Andrew Mackintosh, previously a director of TV2, who has now been appointed to the Board of the Company following completion of the merger. The Company's Net Asset Value ("NAV”) per share has been reset to 100.0p and the merger has resulted in an enlarged company with net assets of £110 million. The Board believes this will bring a number of benefits to the Company, such as greater scale to raise and deploy capital into new and existing portfolio companies, as well as improved liquidity for dividends and buybacks. On 15 November, the Company launched an offer for subscription to raise £5 million (with an over-allotment facility of a further £5 million). The promoter's fee will be waived for applications made by existing shareholders of any Foresight VCT. New investors, who do not benefit as existing investors but who make an application by 20 December 2024, will, however, benefit from the offer costs being reduced by 1.0% of the amount subscribed. Net Asset Value and dividends As at 30 September 2024, the Company's NAV per share stood at 42.1p, a decrease of 4.0p (or 8.7%) over the period. After adding back the dividend paid in the period of 1.1p per share, the decrease was 6.3%. The Company's policy is to seek to pay annual dividends of at least 4% of net assets per annum. During the period, on 26 July 2024, the Company paid an interim dividend of 1.1p, taking total dividends paid in respect of the year ended 31 March 2024 up to 2.1p per share, equivalent to 4.1% of the opening net assets of the previous financial year. This took the total dividends paid since the merger with Downing Absolute Income VCT 1 plc, Downing Absolute Income VCT 2 plc, Downing Income VCT plc, Downing Income VCT 3 plc and Downing Income VCT 4 plc in November 2013 to 47.6p per share. The Company offers its Shareholders the opportunity to participate in a Dividend Reinvestment Scheme, whereby they may elect to receive shares, credited as fully paid, instead of receiving dividends in cash. If you wish to participate, please contact the registrar, City Partnership, at the details provided on page 30 of the Unaudited Half-Yearly Financial Report. Investment performance and portfolio activity A detailed analysis of the investment portfolio performance over the period is given in the Investment Adviser's Review. In brief, during the six months under review, the whole portfolio showed investment valuation losses of £9.4 million. Despite this disappointing overall performance, there were some highlights; a total of £2.9 million of proceeds were received from the sale of Data Centre Response Limited, as well as deferred consideration totalling £0.6 million, producing realised gains of £2.2 million. The Investment Adviser also completed two follow-on investments totalling £1.1 million. Responsible investing The Board notes the commitment of the Investment Adviser, Foresight Group, to being a "Responsible Investor”. Foresight places environmental, social and governance ("ESG”) criteria at the forefront of its business and investment activities in line with best practice and in order to enhance returns for their investors. Further detail can be found on page 17 of the Unaudited Half-Yearly Financial Report. Special administration of the Company's custodian of quoted assets As previously reported, since September 2020 the Company has used IBP Capital Markets Limited ("IBP”) as custodian for its quoted investments. Appointing a custodian is a requirement of the FCA, and IBP is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company). On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed. As noted in the Annual Report, on 19 July 2024, around 80% of the quoted investment portfolio was returned to the Company, meaning normal management and trading of these positions was resumed. The remaining 20% will be returned following the conclusion of court proceedings, the timing of which is currently anticipated to take place in the second half of 2025, unless additional claims are submitted or the outcome of the court proceedings in terms of a final distribution is any different. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report. Share buybacks The Company continues to operate a policy of buying in its own shares that become available in the market at a 5% discount to NAV (subject to liquidity and regulatory restrictions). Subsequent to the merger, the Board intends to reduce this target discount to 2.5% in future. During the period the Company purchased 5,522,581 shares for cancellation at an average discount of 5.0%, which represented 3.1% of shares in issue at the date of the last Annual Report. Share buybacks are timed to avoid the Company's closed periods. Buybacks will generally take place, subject to demand, during the following times of the year: Management charges and performance incentive The annual management fee is an amount equal to 2.0% of net assets. There is no change to the management fee or secretarial fee post-merger. From 1 October 2024, the Investment Adviser took over responsibility for management of the Quoted Growth portfolio from Downing LLP. The team at Downing LLP continues to advise the Company on the Yield Focused portfolio under a subcontract agreement with Foresight Group LLP. A new performance incentive scheme was formally approved by Shareholders as part of the merger on 15 November 2024. This scheme, in brief, means a performance fee would be payable to the Investment Adviser at the end of each performance period, subject to a total return hurdle. The fee would be equal to the lesser of: (i) 20% of distributions attributable to the relevant performance period; or (ii) 20% of the increase in the total return which is higher than the hurdle. The Board believes this new scheme will provide additional motivation for the Investment Adviser to drive enhanced shareholder value. Board composition As noted in the Annual Report, Chris Kay resigned as a Director of the Company on 6 June 2024. Post period end, Andrew Mackintosh has joined the Board from TV2 subsequent to the merger. Andrew is chair of UKI2S, a government-backed venture capital fund supporting companies from the UK's scientific research base. He is a Fellow of the Royal Academy of Engineering and was awarded a CBE in the 2024 New Year Honours for services to Science and Technology, and to Enterprise Development, and we are delighted to have him on board. The Board now comprises four Non-Executive Directors, which the Board considers to be an appropriate number for the current size of the VCT. All of the Directors are independent of the Investment Adviser, with the exception of Chris Allner who is considered non-independent by virtue of being a partner at Downing LLP, the previous investment adviser to the Company, which still provides some services to our new Investment Adviser. VCT sunset clause I am pleased to report that new regulations have been made to extend the UK's VCT scheme by ten years to April 2035, following the European Commission's confirmation that they would not oppose the continuation of the scheme. This now removes any recent uncertainty and will help support further investment by the VCT sector in early-stage companies. Outlook At the date of the merger the Company's NAV per share had increased to 42.6p, as a result of valuation uplifts in the Quoted Growth portfolio, as well as favourable exchange rates on our US investments. With an offer for subscription now out to raise further funds, in addition to the cash boost on acquiring the assets of TV2, and a refreshed performance incentive scheme to greater motivate the Investment Adviser, we look forward to seeing an increase in deployment to enhance the portfolio and returns to Shareholders. Whilst the macroeconomic environment has been challenging for the last two years, the Investment Adviser is cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market. Atul Devani Chair 20 December 2024 INVESTMENT ADVISER'S REVIEW "We present our Investment Adviser's Review for the six ‐ month period ended 30 September 2024.” Unquoted Growth Portfolio summary At 30 September 2024, the Company held total unquoted investments of £44.4 million, split £34.5 million Unquoted Growth and £9.9 million Unquoted Yield Focused. Details of the Unquoted Yield Focused portfolio performance are set out on page 8 of the Unaudited Half-Yearly Financial Report. The Unquoted Growth portfolio comprises 29 companies, across a range of sectors. Following a challenging period for the year ended 31 March 2024, with the portfolio unfavourably impacted by the downturn of the UK economy, the six months ended 30 September 2024 has been similarly disappointing, resulting in an overall unrealised investment valuation loss of £2.2 million in the portfolio. Investment activity There were no new investments made during the period ended 30 September 2024. The Company made follow-on investments in two Unquoted Growth companies during the period, totalling £1.1 million: FundingXchange Limited (£750,000), a fintech platform delivering SME lenders insights into their portfolios. This investment was made concurrently with a £5.0 million investment from Barclays as part of a £6.0 million round. This transformational investment will allow the company to build on early commercial success and deepen the strategic and commercial relationship with Barclays. Rated People Limited (£375,000), an online marketplace connecting homeowners and local tradespeople. This investment allows the strengthened management team to implement the necessary product and operational changes to enable a return to growth and a cash-generative business model. There was one realisation during the period ended 30 September 2024: DSTBTD Limited (trading as Distributed ) was sold for £1 to ILX Group. No proceeds were returned to the Company, which was a disappointing result for the team, but a favourable outcome to an administration process, which was a real possibility after a proposed funding failed to come together. Key portfolio developments There were some material write downs in the Unquoted Growth portfolio during the period, and some companies have continued to struggle in the challenging macroeconomic environment. However, there have also been some positive movements in valuation. This has resulted in a net total realised and unrealised investment valuation loss of £3.0 million in the period, including £0.7 million in unrealised foreign exchange losses. Of the total investment loss, total losses of £6.5 million were offset by gains of £3.5 million. The most significant movements are noted below. The largest gain in value was in Ayar Labs, Inc , a silicon photonic chiplet developer used in next-generation AI data centers of the major hyperscalers and cloud-service providers. The valuation increased by £1.9 million, including foreign exchange losses, as a result of a new funding round. Other unrealised valuation gains included: Rated People Limited , an online marketplace connecting homeowners and local tradespeople, increased in value by £596,000. This was due to a follow-on funding round enhancing the Company's share of proceeds on any liquidity event. It is also worth noting that the company is now trading profitably and under new leadership. Carbice Corporation, Inc has developed a suite of products based on its carbon material, used primarily as thermal management solutions to enable greater thermal conductivity. The valuation increased by £401,000, including foreign exchange losses, as a result of the recent closure of a funding round that increases the prospect of growth and, ultimately, a positive realisation for investors. Four other companies in the Unquoted Growth portfolio made up investment valuation gains of £603,000. There were also a number of valuation losses reported in the period. The greatest loss was in Cambridge Touch Technologies Ltd , a company developing pressure sensitive multi-touch technology, which reduced in value by £1.9 million as a result of a challenging funding environment for deep tech companies. As noted above , DSTBTD Limited (trading as Distributed) was sold for £1 to ILX Group during the period. No proceeds were returned to the Company, resulting in a realised loss of £775,000. Other investment valuation losses included: Vivacity Labs Limited , a provider of Artificial Intelligence sensors to monitor and control traffic flows, was written down to nil value in the period, a decrease in value of £960,000, following a new funding round. The investment round (that we chose not to participate in) generated penal terms for shareholders not participating in the funding round and resulted in the write down. Masters of Pie Limited , developer of "Radical”, a software solution that enables remote sharing and collaboration on large data sets, was reduced by £700,000 as a result of a challenging period for the company from a trading perspective. It is hoped that this situation will improve in Q4 2024, albeit the position remains challenging. Virtual Class Ltd (trading as Third Space Learning) , a platform offering personalised online lessons from specialist tutors, decreased in carrying value by £466,000, driven by significant budgetary pressure experienced by UK schools, a key customer group. It is hoped that early international sales (in the US) will somewhat offset challenges in the UK market. Parsable, Inc. , a provider of software to improve operational efficiencies in the industrial and manufacturing sectors, has seen a valuation decrease of £460,000, including foreign exchange losses. During the period, an offer to acquire Parsable was received that, whilst at a valuation lower than we expected, was accepted by the Board, and the valuation has been aligned with anticipated proceeds. Bulbshare Limited , a company that enables brands to build communities from their existing customers to gather consumer insights, was exited post period end. The valuation was reduced by £371,000 in line with the exit proceeds received. Trinny London Limited , a multi-channel female beauty and skincare brand, was reduced in value by £354,000 due to a decline in comparable market valuation multiples. Despite this, the business increased revenue during the period and remains profitable. CommerceIQ , Inc. , the pioneer in helping brands win on retail e-commerce channels, decreased by £221,000 in the period, including foreign exchange losses. Whilst CommerceIQ's revenues increased during the period, market valuations for similar businesses declined and, consequently, the valuation fall is a reflection of wider market conditions. Four other companies in the Unquoted Growth portfolio made up valuation losses of £340,000. Aside from Vivacity Labs Limited, no other investments were written down to nil during the period. Post period end activity After the period end, the Company completed two new investments totalling £1.6 million into Dragonfly Technology Solutions Ltd (£600,000), a predictive analytics business, and Alison Technologies Ltd (£978,000), a developer of an innovative AI marketing insights tool. The Company also completed two follow-on investments totalling £1.1 million into Maestro Media Limited (£750,000) and Virtual Class Ltd (£300,000). The Company received £1.1 million in proceeds from the exit of Bulbshare Limited in October. At the date of the merger, the Unquoted Growth portfolio had seen positive foreign exchange movements totalling £421,000. Outlook Whilst the macroeconomic environment has been challenging for the last two years, we are cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market. From an exit perspective, the IPO market is unlikely to open up in the short term, but we are seeing signs that PE and trade buyers will be more active in 2025, offering potential liquidity opportunities for portfolio companies. In addition to the anticipated improved macro environment, we believe the merger with Thames Ventures VCT 2 plc has created a company well placed for success, with a very clear investment mandate (exclusively investing in private technology businesses) and benefiting from more streamlined company reporting and administration. Foresight Group LLP 20 December 2024 Yield Focused portfolio Downing LLP continues to advise the Company on the Unquoted Yield Focused portfolio under a subcontract from Foresight Group LLP. Downing presents a review of the Yield Focused portfolio for the six months ended 30 September 2024. At the period end, the Yield Focused portfolio consisted of seven active investments, all of which are unquoted, with a total value of £9.9 million. Divestment activity During the period, the focus was on investment realisations from the Yield Focused portfolio, which resulted in proceeds of £2.9 million from the exit of Data Centre Response Limited, a provider of power solutions and maintenance services to data centres. There were no new or follow-on investments. Realisations in the period ended 30 September 2024 The Yield Focused portfolio reduced in value by £113,000 during the period, with one company, Data Centre Response Limited, recognising a gain of £494,000 on exit, as noted above, and four companies recognising unrealised losses of £607,000: Pilgrim Trading Limited , an operator and owner of two children's nurseries in West London, decreased in value by £437,000 after two periods of unsuccessful marketing proved the last independent valuation of the business to be unachievable in current market conditions. Consequently, the independent valuation has now been heavily discounted. Kimbolton Lodge Limited , a nursing and care home in Bedfordshire, decreased in value by £67,000 to bring the valuation in line with the anticipated proceeds from a sale process that is currently underway. Doneloans Limited , which holds a portfolio of secured loans, decreased in value by £67,000 driven by the cost of its own funding marginally exceeding interest receivable from its borrowers. SF Renewables (Solar) Limited , which built and operates a solar plant in India, was reduced by £36,000 in line with the exit proceeds received post period end. Outlook With one exit during the period and another shortly after period end, there were six investments remaining in the Yield Focused portfolio at the time of writing. Downing is actively seeking to progress exits from both Kimbolton Lodge and Pilgrim Trading, though the latter is currently looking less likely to materialise. Given current market conditions, sales of the higher value, hotel-related investments, Baron House Developments and Cadbury House Holdings, are expected to take some time to complete. The recovery of value from Doneloans is linked largely to the sale of Pilgrim Trading, which is the lender's largest loan, but additional recoveries are anticipated from other borrowers over the next 12 months. Downing LLP and Foresight Group LLP 20 December 2024 Quoted Growth portfolio For the six months to 30 September 2024, Downing LLP continued to advise the Company on the Quoted Growth portfolio under a subcontract from Foresight Group LLP. From 1 October 2024, Foresight Group LLP took on full responsibility for management of the Quoted Growth portfolio. Investment activity Markets continued to be volatile through the reporting period. The impending Budget dominated market behaviours, particularly the FTSE AIM Index, where fears over an abolition of IHT reliefs on AIM shares adversely affected the market. In the end, this fear was overcooked, and the FTSE AIM All Share rallied 4% on the day of the Budget, as it was announced that reliefs on AIM shares would remain, albeit at half the relief previously enjoyed. Since the Budget, the new concern has been focused on the impact of National Insurance increases, which have weighed heavily on UK Small and Mid-Cap companies. There is a general acceptance that inflation will still be a looming threat and hence interest rates will remain higher for longer. There were no investments or realisations made during the six months to 30 September 2024. Key portfolio developments At 30 September 2024, the Quoted Growth portfolio was valued at £13.4 million, comprising 36 active investments. Over the six-month period, the portfolio produced net valuation losses of £4.7 million, offset by £3.8 million received in dividends from the portfolio. Two companies, valued at £78,000 at year end, have been written down to nil during the period. The most significant loss was incurred in Tracsis plc , a provider of transport technology, which saw valuation losses of £2.4 million during the period due to a profit warning, citing delays on rail infrastructure spend incurred due to the early election. This was exacerbated by contract delays in their US business. This was offset by valuation gains elsewhere in the portfolio, where Anpario plc , a specialist manufacturer and distributor of natural sustainable feed additives for animal health, nutrition and biosecurity, increased by £680,000 net of £46,000 dividends received, reflecting an improvement in trading post supply chain issues experienced during the inflationary period post covid. A net gain of £615,000 was made in Downing Strategic Micro ‐ Cap Investment Trust plc , where special dividends of £3.7 million were made during the period, as part of the managed wind-down of the Trust. Since the period end, a further special dividend of 2.2p, equating to £133,000, has been received by the Company. Meanwhile Cohort plc, the parent company of six businesses providing a wide range of services and products for British, Portuguese and other international customers in defence and security markets, booked an unrealised gain of £558,000. This mirrored profit upgrades, contract renewals and strong financial results. This momentum has continued post period end. As at 17 December 2024, the valuation of the Quoted Growth portfolio had decreased by £226,000 (-1.7%). IBP Capital Markets Limited As noted in the Annual Report, the Company recovered c.80% of its total Quoted Growth portfolio on 19 July 2024, with the remaining c.20% to be recovered following court proceedings, currently anticipated to take place in the second half of 2025. Up until July, the ability to trade the portfolio continued to be restricted and hence there has been limited ability to manage exposures within the portfolio. The Company is now able to trade its positions, having been unable to do so since October 2023. Post-period end activity Post period end, ahead of the Budget, shares were sold in 14 of the Company's Quoted Growth portfolio holdings. Notably, holdings in Anpario plc and Craneware plc were reduced, as well as in Impact Healthcare REIT plc, a non-qualifying holding. As previously communicated to Shareholders, the strategy going forward is to realise the Quoted Growth portfolio over time, which will free up funds to be redeployed into Unquoted Growth holdings. Outlook A number of the Quoted Growth companies in the portfolio have been consistently overoptimistic about hitting milestones for product development, revenues and ultimately profits. Given competition for capital amongst the wider portfolio of venture capital holdings, Foresight took the difficult decision to reduce a number of these positions. Achieving a total sale of individual holdings has not been possible, given that 20% of the Company's Quoted Growth assets are still tied up in the custodian IBP Capital Markets Limited ("IBP”), which remains in special measures. While this is frustrating, as it does not allow portfolio management to be conducted across the entire portfolio should changes need to be made, we are able to make them to substantially all of the holdings. The Quoted Growth holdings have reduced as a percentage of the Company's total assets, but we firmly believe that by making these changes we have increased the overall quality and see an encouraging future, despite an uncertain macroeconomic background. Downing LLP and Foresight Group LLP 20 December 2024 UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES STATEMENTS Principal risks and uncertainties The principal risks faced by the Company are as follows: In the view of the Board, there have been no changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review. Directors' responsibility statement The Disclosure and Transparency Rules ("DTR”) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Half-Yearly Financial Report. The Directors confirm to the best of their knowledge that: a) The summarised set of financial statements has been prepared in accordance with FRS 104 b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year) c) The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R d) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein) Going concern The Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report of the Annual Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Chair's Statement, Strategic Report and Notes to the Accounts of the 31 March 2024 Annual Report. In addition, the Annual Report includes the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. The Company has adequate financial resources at the period end and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully. The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the half-yearly financial statements. The Half-Yearly Financial Report has not been audited nor reviewed by the auditors. On behalf of the Board Atul Devani Chair 20 December 2024 UNAUDITED INCOME STATEMENT For the six months ended 30 September 2024 30 September 2024 (Unaudited) 30 September 2023 (Unaudited) 31 March 2024 (Audited) All revenue and capital items in the above Income Statement are derived from continuing operations. No operations were acquired or discontinued in the period. The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total recognised gains and losses has been presented. The Company has only one class of business and one reportable segment, the results of which are set out in the Income Statement and Balance Sheet. There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical. UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the six months ended 30 September 2024 premium
In a race filled with drama and historic milestones, Lando Norris delivered a stunning performance at the Abu Dhabi Grand Prix, leading from start to finish to clinch McLaren’s first Constructors’ Championship in 26 years. The Briton’s victory, his fourth of the season, capped off a stellar year for the team and ended Ferrari’s hopes of a last-minute upset. “You all deserve this. Thank you so much. It’s been a special year,” Norris said over the team radio as he crossed the line. “Next year is going to be my year too.” The 25 points from Norris’s victory, combined with teammate Oscar Piastri’s single point from a 10th-place finish, gave McLaren a 14-point lead over Ferrari in the final standings. It marked the first time since 1998 that McLaren lifted the Constructors’ trophy, cementing their resurgence as a force in Formula One. The race, however, didn’t come without challenges. Piastri’s hopes of a strong finish were dashed after a first-corner collision with Red Bull’s Max Verstappen, dropping him to the back of the pack. Ferrari drivers Carlos Sainz and Charles Leclerc secured second and third places, respectively, but their efforts fell short of toppling McLaren. Leclerc made an incredible charge through the field, starting 19th and finishing on the podium, a feat that showcased his skill and determination. “Unfortunately, we were starting too far back to do anything better than what we did,” Leclerc said. “It hurts when a season is so close until the end.” Lewis Hamilton’s final race for Mercedes was another highlight. Starting 16th, the seven-time world champion clawed his way to fourth, overtaking teammate George Russell on the final lap. Mercedes team principal Toto Wolff praised the performance: “Lewis, that was the drive of a world champion.” Hamilton, who joins Ferrari next season, ended his Mercedes tenure with a celebratory tyre-smoking spin, saluting the crowd in Abu Dhabi. Max Verstappen, already crowned a four-time Drivers’ Champion, endured a frustrating race. A collision with Piastri earned him a 10-second penalty, and his frustration was evident over the team radio: “Could we ask for 20 seconds, stupid idiots,” he quipped. The Dutch driver finished sixth, far from the dominant form he displayed throughout the season. Alpine’s Pierre Gasly claimed seventh, helping his team secure sixth in the Constructors’ standings, while Haas’s Nico Hulkenberg and Aston Martin’s Fernando Alonso rounded out the top 10. For McLaren, the win marked a new chapter. CEO Zak Brown reflected on the tense race: “That was the worst two hours of my life, by far. That race, he (Norris) carried us. He drove flawlessly.” As teams begin preparations for the 2025 season, McLaren’s resurgence and Norris’s declaration of intent signal that they’ll be a team to watch. Meanwhile, Ferrari welcomes the powerhouse pairing of Hamilton and Leclerc, setting the stage for another thrilling chapter in Formula One.
Kobe Sanders tied a season high with 27 points as Nevada claimed fifth place in the Charleston Classic with a 90-78 victory over Oklahoma State Sunday afternoon in South Carolina. Sanders helped the Wolfpack (6-1) earn a second win following one-possession games against Vanderbilt and VCU. After hitting the decisive 3-pointer with five seconds left in Friday's 64-61 win over VCU, Sanders made 7 of 10 shots, hit three 3s and sank 10 of 13 free throws Sunday. Nick Davidson added 223 points as Nevada led by as many as 19 and shot 58.9 percent. Brandon Love contributed 11 on 5-of-5 shooting as the Wolfpack scored 46 points in the paint and scored at least 85 for the fourth time this season. Marchelus Avery led the Cowboys (4-2) with 15 points and Arturo Dean added 13. Robert Jennings and Abou Ousmane added 11 apiece but leading scorer Bryce Thompson was held to seven points on 1-of-9 shooting as Oklahoma State shot 42 percent and 73.2 percent (30-of-41) at the line. After Avery's 3 forged a 12-12 tie with 13:41 remaining, Nevada gradually gained separation. The Wolfpack took a 24-15 lead on Chuck Bailey's jumper in the paint with 8:28 left but the Cowboys inched back, getting within 33-31 on a dunk by Avery with 4:11 left. Another Bailey jumper staked Nevada to a 40-33 lead by halftime. Nevada began pulling away early in the second half as it scored eight in a row for a 52-40 lead on a basket by Love with 16:44 left. A 3 by Sanders opened a 62-43 lead with 14:06 remaining before Oklahoma State charged back. After Nevada made eight straight shots, the Cowboys countered with 11 straight points and trailed 62-54 with 11:19 left on a 3-pointer by Avery. Thompson made his first basket by sinking a jumper with 10:37 left to get Oklahoma State within 64-56 left, and Keller's triple cut the margin to 70-64 nearly three minutes later. The Cowboys were within 78-72 on a basket by Avery with 3:56 remaining, but he fouled out about a minute later and the Wolfpack outscored Oklahoma State 12-6 the rest of the way as Sanders sank five free throws. --Field Level Media
