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News Article | April 28, 2017
Site: www.PR.com

Stromtank - two new Stromtank models for audio requirements will be shown at the coming High-End show in Munich, May 18th – 21st 2017. Berlin, Germany, April 28, 2017 --( Since launch of Stromtank S5000 last year the demand of various models increased according to chief engineer Wolfgang Meletzky: "With the expansion of 2 more models audiophiles can flexibly and individually add Stromtank to their own, existing audio components: S2500 designed for using in hifi-racks for low power requirements, S5000HP equipped with 2 inverters for setups with high power consumption." Depending on the model Stromtank has a storage capacity up to 5.000Wh and is contained in lithium-iron-phosphate-cells. These LiFe-PO4 cells are intrinsically safe, environmentally friendly, very cycle-resistant and lightweight. The excellent load capacity and a long service life speak for the future of this technology. The development of the intelligent and unique battery management system is carried out in cooperation with the Frauenhofer-Institution (IIS) Nuremberg. It is possible to listen to music up to 8 hours before recharging processes start. Its innovative high-tech features also improve the quality of premium home theatre equipment, visually and sonically, enormously. Creator of this audio-declaration of independence is Wolfgang Meletzky – designer of high-end reference components and founder of MBL. Check out at High End Audio Show 2017, Munich, Germany: room 4, booth R10 Further details are available at www.stromtank.com Berlin, Germany, April 28, 2017 --( PR.com )-- 2 new Stromtank models from the manufacturer WinBat Technology will be presented at the High-end audio show in Munich: additional to Stromtank S5000 will be introduced the compact S2500 model and the powerful S5000 HP (=high power). Stromtank is a high power battery pack with integrated pure-sign wave converter. The Stromtank totally disconnects audio systems from the grid to avoid DC voltage, high level, frequencies and other interferences that reduce audio quality. The Stromtank offers the possibility to get a pure and stable grid signal at any time of the day.Since launch of Stromtank S5000 last year the demand of various models increased according to chief engineer Wolfgang Meletzky: "With the expansion of 2 more models audiophiles can flexibly and individually add Stromtank to their own, existing audio components: S2500 designed for using in hifi-racks for low power requirements, S5000HP equipped with 2 inverters for setups with high power consumption."Depending on the model Stromtank has a storage capacity up to 5.000Wh and is contained in lithium-iron-phosphate-cells. These LiFe-PO4 cells are intrinsically safe, environmentally friendly, very cycle-resistant and lightweight. The excellent load capacity and a long service life speak for the future of this technology. The development of the intelligent and unique battery management system is carried out in cooperation with the Frauenhofer-Institution (IIS) Nuremberg.It is possible to listen to music up to 8 hours before recharging processes start. Its innovative high-tech features also improve the quality of premium home theatre equipment, visually and sonically, enormously.Creator of this audio-declaration of independence is Wolfgang Meletzky – designer of high-end reference components and founder of MBL.Check out at High End Audio Show 2017, Munich, Germany: room 4, booth R10Further details are available at www.stromtank.com Click here to view the list of recent Press Releases from Winbat Technology GmbH


News Article | May 8, 2017
Site: www.prnewswire.com

A link to a live audio webcast of Mr. Davis' presentation will be available via the MIC website, www.macquarie.com/mic. The webcast will be available for replay for 90 days through August 8, 2017. About MIC MIC owns and operates a diversified group of businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, entities comprising an energy services, production and distribution segment, MIC Hawaii, and entities comprising a Contracted Power segment. For additional information, please visit the MIC website at www.macquarie.com/mic. MIC-G MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mic-to-present-at-oppenheimer-industrial-growth-conference-300453062.html


PHILADELPHIA--(BUSINESS WIRE)--Delaware Investments Dividend and Income Fund, Inc. (NYSE: DDF) (the “Fund”) announced today that its Board of Directors has authorized an issuer tender offer to purchase for cash up to 404,640 shares of its common stock, representing 5 percent of its issued and outstanding shares of common stock, each of which has a par value of $0.01 per share. The tender offer will commence on Thursday, June 1, 2017, and will expire, unless extended, at 11:59 p.m., New York City time, on Thursday, June 29, 2017. Subject to various terms and conditions described in offering materials to be distributed to shareholders: (1) purchases will be made at a price per share equal to 98% of the Fund’s net asset value per share as of the close of trading on the first business day after the expiration of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the offer amount on a prorated basis. The shares of common stock of the Fund have recently traded at a discount to their net asset value per share. During the pendency of the tender offer, the current net asset value per share will be available by telephone at 888 605-8334 or on the Fund’s website at delawarefunds.com/closed-end. The Fund is a diversified closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities, which may include up to 25% in real estate investment trusts (REITs) and real estate industry operating companies. Up to 35% of the Fund's total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives. The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted and, if necessary, a return of capital. Shareholders are advised to read the offer to purchase when it is available as it contains important information. The offer to purchase and other documents filed by the Fund with the Securities and Exchange Commission, including the Fund’s annual report for the fiscal year ended November 30, 2016, will be available without cost at the Commission’s web site (sec.gov) or by calling the Fund’s Information Agent at 888 605-8334. Macquarie Investment Management, a member of Macquarie Group, includes the former Delaware Investments and is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services. Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information about Delaware FundsSM by Macquarie, visit delawarefunds.com or call 800 523-1918. Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.


News Article | May 15, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--MIC (Macquarie Infrastructure Corporation) (NYSE:MIC) announced that Jay Davis, Managing Director, will address attendees at the East Coast IDEAS Investor Conference in Boston on Thursday, May 18, 2017. Mr. Davis will deliver prepared remarks and address audience questions regarding the performance and prospects of the Company. Mr. Davis’ presentation is scheduled to commence at 1:50 pm Eastern Time. A link to a live audio webcast of Mr. Davis’ presentation will be available via the MIC website, www.macquarie.com/mic. The webcast will be available for replay for two weeks days following the event. MIC owns and operates a diversified group of businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, entities comprising an energy services, production and distribution segment, MIC Hawaii, and entities comprising a Contracted Power segment. For additional information, please visit the MIC website at www.macquarie.com/mic. MIC-G MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.


News Article | May 5, 2017
Site: scienceblogs.com

I was reading this account of an encounter between three cuttlefish — a consort male escorting a female, who is challenged by an intruder — and the story was weirdly familiar. The intruder’s pupil dilation and arm extension began the first of three brief bouts over the course of about four minutes, each with escalating levels of aggression. The consort male met the initial insult with his own arm extension and — as only color-changing animals like cuttlefish can do — a darkening of his face. Then both males flashed brightly contrasting zebra-like bands on their skin, heightening the war of displays further. Bout number one would go to the intruder as the consort became alarmed, darkened his whole body, squirted a cloud of ink in the intruder’s face and jetted away. For more than a minute, the intruder male tried to guard and cozy up to the female, but the consort male returned to try to reclaim his position with a newly darkened face and zebra banding. He inked and jetted around the pair to find an angle to intervene, but the intruder fended him off with more aggressive gestures including swiping at him with that fourth arm. Bout number two again went to the intruder. He grabbed the female and tried to position her body to engage in head-to-head mating, but she didn’t exhibit much interest, Allen said. The intruder’s act brought the consort male charging back into the fray with the greatest aggression yet. He grabbed the intruder and twisted him around in a barrel roll three times, the most aggressive gesture in the cuttlefish arsenal. He also bit the other male. The female, meanwhile, swam out of the fracas. The intruder fled, chased off by the victorious consort male. Study co-author Roger Hanlon, Brown University professor of ecology and evolutionary biology and senior scientist at the Marine Biological Laboratory in Woods Hole, Mass., moments later observed and filmed the consort swimming with the female. Allen was affiliated with the Brown-MBL Joint Program in Biological and Environmental Sciences while Akkaynak was studying in a joint Massachusetts Institute of Technology-Woods Hole Oceanagraphic Institute graduate program. “Male 1 wins the whole thing because we saw him with the female later, and that’s really what matters,” Allen said. “It’s who ends up with her in the end.”


News Article | May 2, 2017
Site: www.chromatographytechniques.com

On a research dive in 2011 off the Aegean Sea coast of the fishing village Çeşmealtı, Turkey, a lucky pair of graduate students bore accidental witness to a phenomenon scientists have otherwise only ever seen in the lab: the theater and violence of male cuttlefish competing for a mate. Equipped with video cameras to record data for a study of camouflage, the team captured the combat, analyzed it and have now published the results in the American Naturalist to share the science and the spectacle with the world. “This male just kind of appeared right next to my left side and rested next to a clump of algae on the sea floor,” recalled Justine Allen, who went on to earn her Ph.D. in neuroscience at Brown and is now an adjunct instructor in the University’s Department of Ecology and Evolutionary Biology. “The female was a few meters in front. Out of nowhere he just swam up, grabbed her, and they mated in the head-to-head position.” The video she shot with co-author Derya Akkaynak, now at the University of Haifa in Israel, shows a dramatic sequence of events. The female and her newfound male consort finished mating and started to swim off together — a male common European cuttlefish, Sepia officinalis, will “guard” his mate to make it more likely that it’s his sperm that she’ll use to fertilize her eggs when she lays them. But a little more than three minutes later, a second male disrupted the new couple’s harmony. To announce his intrusive intentions, he brandished two of the many peculiar gestures cuttlefish employ to show aggression: He extended his fourth arm toward the consort male and dilated the pupil of the eye that faced his foe. “They have a whole repertoire of behaviors that they use to signal to each other, and we’re just barely starting to understand some of them,” said Allen, who is also the training grant manager in Brown’s Office of Graduate and Postdoctoral Studies. “A lot of their fighting is done through visual signals. Most of these battles are actually these beautiful, stunning skin displays. It’s a vicious war of colors.” But sometimes, as the study documents, they’ll attack physically. In the paper, the authors analyze the emergence and progression of these behaviors, recorded for the first time ever in the wild, in the context of game theory. Scientists since Aristotle have been curious about the courtship and sexual selection behaviors of cuttlefish. In any species, Allen points out, the way mating takes place has everything to do with their survival as a species. The height of those stakes are why things then proceeded to get nasty. The intruder’s pupil dilation and arm extension began the first of three brief bouts over the course of about four minutes, each with escalating levels of aggression. The consort male met the initial insult with his own arm extension and — as only color-changing animals like cuttlefish can do — a darkening of his face. Then both males flashed brightly contrasting zebra-like bands on their skin, heightening the war of displays further. Bout number one would go to the intruder as the consort became alarmed, darkened his whole body, squirted a cloud of ink in the intruder's face and jetted away. For more than a minute, the intruder male tried to guard and cozy up to the female, but the consort male returned to try to reclaim his position with a newly darkened face and zebra banding. He inked and jetted around the pair to find an angle to intervene, but the intruder fended him off with more aggressive gestures including swiping at him with that fourth arm. Bout number two again went to the intruder. He grabbed the female and tried to position her body to engage in head-to-head mating, but she didn't exhibit much interest, Allen said. The intruder’s act brought the consort male charging back into the fray with the greatest aggression yet. He grabbed the intruder and twisted him around in a barrel roll three times, the most aggressive gesture in the cuttlefish arsenal. He also bit the other male. The female, meanwhile, swam out of the fracas. The intruder fled, chased off by the victorious consort male. Study co-author Roger Hanlon, Brown University professor of ecology and evolutionary biology and senior scientist at the Marine Biological Laboratory in Woods Hole, Mass., moments later observed and filmed the consort swimming with the female. Allen was affiliated with the Brown-MBL Joint Program in Biological and Environmental Sciences while Akkaynak was studying in a joint Massachusetts Institute of Technology-Woods Hole Oceanagraphic Institute graduate program. “Male 1 wins the whole thing because we saw him with the female later, and that’s really what matters,” Allen said. “It’s who ends up with her in the end.” Though more violent than most of the interactions scientists have documented in lab tanks, the field observation appears to back up the scientific community’s working hypothesis of male cuttlefish rivalry: It suggests a “mutual assessment” model of game theory in which the combatants base their actions on how they judge their ability to prevail relative to their opponent’s ability. That model predicts, for example, that the cuttlefish will escalate the fight at the same rate, as if to feel each other out. It also predicts that the fight will end when one has gained a clear upper hand over the other. Both of these predictions appeared to play out in the three escalating bouts and their conclusion. The alternative models, where the combatants don’t factor in their opponent’s strength, make different predictions that were not as evident in the way this particular fight proceeded. Study co-author Alexandra Schnell of Normandie University in France led this analysis. Of course, exciting as it was, the episode amounts to only one observation, Allen acknowledged. Many more observations and carefully designed experiments are needed to truly understand cuttlefish reproductive behavior. That speaks to the value of getting out of the lab and away from the computer. “A lot of science, especially animal behavior, needs to be done outside, in the field, with wild animals,” Allen said. “You have to be lucky enough to catch them on film to analyze what they are doing, but science is happening outside all around us, all the time.”


News Article | May 2, 2017
Site: www.chromatographytechniques.com

On a research dive in 2011 off the Aegean Sea coast of the fishing village Çeşmealtı, Turkey, a lucky pair of graduate students bore accidental witness to a phenomenon scientists have otherwise only ever seen in the lab: the theater and violence of male cuttlefish competing for a mate. Equipped with video cameras to record data for a study of camouflage, the team captured the combat, analyzed it and have now published the results in the American Naturalist to share the science and the spectacle with the world. “This male just kind of appeared right next to my left side and rested next to a clump of algae on the sea floor,” recalled Justine Allen, who went on to earn her Ph.D. in neuroscience at Brown and is now an adjunct instructor in the University’s Department of Ecology and Evolutionary Biology. “The female was a few meters in front. Out of nowhere he just swam up, grabbed her, and they mated in the head-to-head position.” The video she shot with co-author Derya Akkaynak, now at the University of Haifa in Israel, shows a dramatic sequence of events. The female and her newfound male consort finished mating and started to swim off together — a male common European cuttlefish, Sepia officinalis, will “guard” his mate to make it more likely that it’s his sperm that she’ll use to fertilize her eggs when she lays them. But a little more than three minutes later, a second male disrupted the new couple’s harmony. To announce his intrusive intentions, he brandished two of the many peculiar gestures cuttlefish employ to show aggression: He extended his fourth arm toward the consort male and dilated the pupil of the eye that faced his foe. “They have a whole repertoire of behaviors that they use to signal to each other, and we’re just barely starting to understand some of them,” said Allen, who is also the training grant manager in Brown’s Office of Graduate and Postdoctoral Studies. “A lot of their fighting is done through visual signals. Most of these battles are actually these beautiful, stunning skin displays. It’s a vicious war of colors.” But sometimes, as the study documents, they’ll attack physically. In the paper, the authors analyze the emergence and progression of these behaviors, recorded for the first time ever in the wild, in the context of game theory. Scientists since Aristotle have been curious about the courtship and sexual selection behaviors of cuttlefish. In any species, Allen points out, the way mating takes place has everything to do with their survival as a species. The height of those stakes are why things then proceeded to get nasty. The intruder’s pupil dilation and arm extension began the first of three brief bouts over the course of about four minutes, each with escalating levels of aggression. The consort male met the initial insult with his own arm extension and — as only color-changing animals like cuttlefish can do — a darkening of his face. Then both males flashed brightly contrasting zebra-like bands on their skin, heightening the war of displays further. Bout number one would go to the intruder as the consort became alarmed, darkened his whole body, squirted a cloud of ink in the intruder's face and jetted away. For more than a minute, the intruder male tried to guard and cozy up to the female, but the consort male returned to try to reclaim his position with a newly darkened face and zebra banding. He inked and jetted around the pair to find an angle to intervene, but the intruder fended him off with more aggressive gestures including swiping at him with that fourth arm. Bout number two again went to the intruder. He grabbed the female and tried to position her body to engage in head-to-head mating, but she didn't exhibit much interest, Allen said. The intruder’s act brought the consort male charging back into the fray with the greatest aggression yet. He grabbed the intruder and twisted him around in a barrel roll three times, the most aggressive gesture in the cuttlefish arsenal. He also bit the other male. The female, meanwhile, swam out of the fracas. The intruder fled, chased off by the victorious consort male. Study co-author Roger Hanlon, Brown University professor of ecology and evolutionary biology and senior scientist at the Marine Biological Laboratory in Woods Hole, Mass., moments later observed and filmed the consort swimming with the female. Allen was affiliated with the Brown-MBL Joint Program in Biological and Environmental Sciences while Akkaynak was studying in a joint Massachusetts Institute of Technology-Woods Hole Oceanagraphic Institute graduate program. “Male 1 wins the whole thing because we saw him with the female later, and that’s really what matters,” Allen said. “It’s who ends up with her in the end.” Though more violent than most of the interactions scientists have documented in lab tanks, the field observation appears to back up the scientific community’s working hypothesis of male cuttlefish rivalry: It suggests a “mutual assessment” model of game theory in which the combatants base their actions on how they judge their ability to prevail relative to their opponent’s ability. That model predicts, for example, that the cuttlefish will escalate the fight at the same rate, as if to feel each other out. It also predicts that the fight will end when one has gained a clear upper hand over the other. Both of these predictions appeared to play out in the three escalating bouts and their conclusion. The alternative models, where the combatants don’t factor in their opponent’s strength, make different predictions that were not as evident in the way this particular fight proceeded. Study co-author Alexandra Schnell of Normandie University in France led this analysis. Of course, exciting as it was, the episode amounts to only one observation, Allen acknowledged. Many more observations and carefully designed experiments are needed to truly understand cuttlefish reproductive behavior. That speaks to the value of getting out of the lab and away from the computer. “A lot of science, especially animal behavior, needs to be done outside, in the field, with wild animals,” Allen said. “You have to be lucky enough to catch them on film to analyze what they are doing, but science is happening outside all around us, all the time.”


Equipped with video cameras to record data for a study of camouflage, the team captured the combat, analyzed it and have now published the results in the American Naturalist to share the science and the spectacle with the world. "This male just kind of appeared right next to my left side and rested next to a clump of algae on the sea floor," recalled Justine Allen, who went on to earn her Ph.D. in neuroscience at Brown and is now an adjunct instructor in the University's Department of Ecology and Evolutionary Biology. "The female was a few meters in front. Out of nowhere he just swam up, grabbed her, and they mated in the head-to-head position." The video she shot with co-author Derya Akkaynak, now at the University of Haifa in Israel, shows a dramatic sequence of events. The female and her newfound male consort finished mating and started to swim off together—a male common European cuttlefish, Sepia officinalis, will "guard" his mate to make it more likely that it's his sperm that she'll use to fertilize her eggs when she lays them. But a little more than three minutes later, a second male disrupted the new couple's harmony. To announce his intrusive intentions, he brandished two of the many peculiar gestures cuttlefish employ to show aggression: He extended his fourth arm toward the consort male and dilated the pupil of the eye that faced his foe. "They have a whole repertoire of behaviors that they use to signal to each other, and we're just barely starting to understand some of them," said Allen, who is also the training grant manager in Brown's Office of Graduate and Postdoctoral Studies. "A lot of their fighting is done through visual signals. Most of these battles are actually these beautiful, stunning skin displays. It's a vicious war of colors." But sometimes, as the study documents, they'll attack physically. In the paper, the authors analyze the emergence and progression of these behaviors, recorded for the first time ever in the wild, in the context of game theory. Scientists since Aristotle have been curious about the courtship and sexual selection behaviors of cuttlefish. In any species, Allen points out, the way mating takes place has everything to do with their survival as a species. The height of those stakes are why things then proceeded to get nasty. The intruder's pupil dilation and arm extension began the first of three brief bouts over the course of about four minutes, each with escalating levels of aggression. The consort male met the initial insult with his own arm extension and—as only color-changing animals like cuttlefish can do—a darkening of his face. Then both males flashed brightly contrasting zebra-like bands on their skin, heightening the war of displays further. Bout number one would go to the intruder as the consort became alarmed, darkened his whole body, squirted a cloud of ink in the intruder's face and jetted away. For more than a minute, the intruder male tried to guard and cozy up to the female, but the consort male returned to try to reclaim his position with a newly darkened face and zebra banding. He inked and jetted around the pair to find an angle to intervene, but the intruder fended him off with more aggressive gestures including swiping at him with that fourth arm. Bout number two again went to the intruder. He grabbed the female and tried to position her body to engage in head-to-head mating, but she didn't exhibit much interest, Allen said. The intruder's act brought the consort male charging back into the fray with the greatest aggression yet. He grabbed the intruder and twisted him around in a barrel roll three times, the most aggressive gesture in the cuttlefish arsenal. He also bit the other male. The female, meanwhile, swam out of the fracas. The intruder fled, chased off by the victorious consort male. Study co-author Roger Hanlon, Brown University professor of ecology and evolutionary biology and senior scientist at the Marine Biological Laboratory in Woods Hole, Mass., moments later observed and filmed the consort swimming with the female. Allen was affiliated with the Brown-MBL Joint Program in Biological and Environmental Sciences while Akkaynak was studying in a joint Massachusetts Institute of Technology-Woods Hole Oceanagraphic Institute graduate program. "Male 1 wins the whole thing because we saw him with the female later, and that's really what matters," Allen said. "It's who ends up with her in the end." Though more violent than most of the interactions scientists have documented in lab tanks, the field observation appears to back up the scientific community's working hypothesis of male cuttlefish rivalry: It suggests a "mutual assessment" model of game theory in which the combatants base their actions on how they judge their ability to prevail relative to their opponent's ability. That model predicts, for example, that the cuttlefish will escalate the fight at the same rate, as if to feel each other out. It also predicts that the fight will end when one has gained a clear upper hand over the other. Both of these predictions appeared to play out in the three escalating bouts and their conclusion. The alternative models, where the combatants don't factor in their opponent's strength, make different predictions that were not as evident in the way this particular fight proceeded. Study co-author Alexandra Schnell of Normandie University in France led this analysis. Of course, exciting as it was, the episode amounts to only one observation, Allen acknowledged. Many more observations and carefully designed experiments are needed to truly understand cuttlefish reproductive behavior. That speaks to the value of getting out of the lab and away from the computer. "A lot of science, especially animal behavior, needs to be done outside, in the field, with wild animals," Allen said. "You have to be lucky enough to catch them on film to analyze what they are doing, but science is happening outside all around us, all the time." More information: Justine J. Allen et al, Dramatic Fighting by Male Cuttlefish for a Female Mate, The American Naturalist (2017). DOI: 10.1086/692009


News Article | February 23, 2017
Site: www.businesswire.com

MEXICO CITY--(BUSINESS WIRE)--FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced its financial and operating results for the quarter and twelve months ended December 31, 2016. “ In 2016 we delivered positive results across our operations, including a record level of leasing activity, which contributed to strong AFFO and NOI growth for the year. We also completed a refinancing program, which further enhanced our balance sheet and liquidity profile,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “ We remain focused on delivering the value, service and quality that our customers expect from FIBRA Macquarie. With an experienced team of local real estate professionals, and a dedication to our “Customer First” philosophy, we maintain close relationships with our customers and are confident in our ability to continue to fulfill their needs. Furthermore, we have a stable outlook and manageable 2017 lease expirations, allowing us to focus on incremental growth and value-add expansion and redevelopment opportunities across our industrial and retail/office portfolios.” FIBRAMQ’s total proportionally combined portfolio results were as follows: FIBRAMQ’s proportionally combined same store portfolio results were as follows: Note: GLA in FIBRAMQ’s same store portfolio includes completed expansions, and excludes GLA under redevelopment or subject to binding sale agreements, in respect of GLA in existence at 31 December 2015 and 2016. LTM is last twelve months. The following table summarizes the operational results for FIBRAMQ’s industrial portfolio during the quarter and year ended December 31, 2016 and the respective prior comparable periods. FIBRAMQ’s industrial portfolio’s occupancy rate at the end of the 2016 was 92.7%, up 90 basis points over the prior comparable period and up 10 basis points sequentially. Rental rates improved in the fourth quarter, with an average of US$4.48 per leased square meter per month, a 1.4% increase from the prior year. FIBRAMQ signed 35 leases in the fourth quarter comprising 2.3 million square feet of new and renewal leases during the quarter compared with 1.1 million square feet of new and renewal leases signed in the prior comparable period. Signed leases included 10 new leases totaling 733 thousand square feet, and 25 renewal leases totaling 1.5 million square feet. Notable new leases included a 226 thousand square foot lease to an existing customer, an automotive parts manufacturer that expanded its operations in Nuevo Laredo; an 85 thousand square foot lease with a plastic injection molding company in Chihuahua; and an 84 thousand square foot lease with an international soft drink and snack manufacturer in Guadalajara. Additionally, with its experienced team of local real estate professionals, FIBRAMQ continues to implement its “Customer First” strategy which is focused on deepening relationships with customers to encourage retention and to uncover additional opportunities. This includes seeking expansion opportunities to accommodate customers’ growing needs and create value in its portfolio. During the quarter, FIBRAMQ delivered a 215 thousand square foot expansion for Belden de Sonora’s industrial facility in Nogales. Renewal leases consisted of a broad representation of FIBRAMQ customers located across its geographic footprint. Customers included automotive parts suppliers, electronics and electrical equipment manufacturers and a paper processor, amongst others. During the fourth quarter, FIBRAMQ experienced a relatively high level of lease expirations. While there was an anticipated high level of customer move-outs arising from a range of customer-specific circumstances, retention improved to 74% in the quarter, which was 68% on a rolling twelve-month basis, a 300 basis points improvement from the prior quarter rolling twelve-month average. During the quarter, ten customers representing 527 thousand square feet of space vacated properties as planned lease terminations. In 2017, FIBRAMQ is well positioned with 14.1% of leased GLA scheduled to expire during the year, compared to 24.3% of leased GLA that expired or were opportunistic early renewals in 2016. The following table summarizes the proportionally combined results of operations for FIBRAMQ’s retail/office portfolio during the quarter and year ended December 31, 2016 and the respective prior comparable periods. FIBRAMQ increased its GLA, occupancy and average monthly rents versus the prior comparable period. At December 31, 2016, the retail/office portfolio’s occupancy increased by 30 basis points to 95.2% versus the prior comparable period and was up 50 basis points sequentially. FIBRAMQ signed 35 leases representing 20 thousand square meters, which is the retail/office portfolio’s strongest leasing quarter in the past two and half years. This activity included 31 new leases and 4 renewals. Notable new leases include two leases with Fábricas de Francia, a leading Mexican retailer, consisting of 6,800 square meters and 6,300 square meters at Tecámac Power Center and Tuxtepec shopping center, respectively. Both of these spaces required expansions, and FIBRAMQ added 10,600 square meters to accommodate these two new stores, which opened during the fourth quarter. At Magnocentro, FIBRAMQ signed two notable new leases including a 1,300 square meter lease with a leading, global fashion retailer, and a 600 square meter lease with a high traffic restaurant. The change in NOI year over the year was due primarily to an increase in the provision for doubtful debts in 2016 compared to 2015. The increase in provision for doubtful debts was as a result of taking a more conservative approach, rather than a higher bad debt experience, and was done in conjunction with taking a more diligent and systematic approach to collections. FIBRAMQ continues to evaluate property recycling opportunities to enhance the quality, operating efficiency and growth profile of its overall portfolio. FIBRAMQ also maintains an active pipeline of opportunities focusing on expansions and redevelopment of existing properties and selective development in core markets. During the fourth quarter, FIBRAMQ continued the construction of two such projects, both of which are expected to be completed during the second quarter of 2017. The first is the redevelopment and expansion of a 54 thousand square foot industrial facility in Ciudad Juárez. Additionally, FIBRAMQ continued construction of a new 145 thousand square foot industrial building in Reynosa where occupancy of its existing buildings was an average of 95% in 2016. Reynosa is an attractive industrial market with high demand and a solid level of leasing activity. FIBRAMQ completed the previously announced sale of two vacant properties in Matamoros totaling 205 thousand square feet during the quarter. These were vacant buildings and are not representative of the broader portfolio. As of December 31, 2016, FIBRAMQ had approximately Ps 18.9 billion of debt outstanding, Ps 2,896.3 million available on its undrawn revolving credit facility and Ps 637.7 million of unrestricted cash on hand. FIBRAMQ’s CNBV regulatory debt to total asset ratio was 39.2% and the regulatory DSCR ratio was 1.1x. During the fourth quarter, FIBRAMQ closed on a new Ps 1.2 billion, seven-year secured loan facility to opportunistically prepay another secured loan facility that was scheduled to mature in April 2017. The loan is secured with eight retail/office properties which are owned through a 50/50 joint venture with Grupo Frisa. In 2016, FIBRAMQ was active in repositioning its balance sheet. In total, these activities reduced FIBRAMQ’s weighted average cost of debt to 5.0% per annum, extended its weighted average tenor of debt outstanding to 4.7 years and increased the proportion of fixed rate debt as a percentage of total debt to 87.6%. FIBRAMQ also enhanced its liquidity with the upsizing of its revolving credit facility to US$254 million. FIBRAMQ’s debt capital is sourced through a diversified base of 13 local and foreign counterparties, including increased commitments from existing lenders. On February 22, 2017, FIBRAMQ declared a cash distribution for the quarter ended December 31, 2016, of Ps. 0.4400 per certificate. The distribution is expected to be paid on March 10, 2017 to holders of record on March 9, 2017. FIBRAMQ’s certificates will commence trading ex-distribution on March 7, 2017. The distribution of Ps.0.4400 per certificate reflects an AFFO payout ratio of 80.1% for the fourth quarter and 84.8% for the full year. The payment of cash distributions is subject to the approval of the board of directors of the Manager, the continued stable performance of the properties in the portfolio, and market conditions. FIBRA Macquarie is introducing its outlook for 2017. FIBRAMQ estimates total AFFO of between Ps. 2.13 and Ps. 2.18 per certificate in 2017. This 2017 AFFO guidance is based on the cash-generating capacity of its existing portfolio and assumes no new acquisitions or divestments, an average exchange rate of Ps. 20.5 per US dollar and no change to the 811,363,500 total certificates on issue. We maintain confidence in our core operations and expect the underlying fundamentals of both the industrial and retail/office segments to remain steady. FIBRAMQ will provide 2017 distribution guidance on or before the announcement of first quarter 2017 results in late April 2017. The board of directors of the Manager and management are assessing accretive investment opportunities, including expansions and redevelopments. This assessment is being made in the context of current market conditions and FIBRAMQ’s carry-forward tax loss position of Ps. 6.1 billion, which allows flexibility to be able to execute on pipeline opportunities using our most efficient source of capital, operating cash flow, over the medium term. “ Our key priority is to be good stewards of capital and focus on what is best for the enterprise and our certificate holders over the long-term to drive Net Asset Value growth,” said Mr. Monroy. With the recent change in FIBRA regulations to permit buy-backs of certificates, FIBRAMQ intends to complete all relevant approvals, including certificate holder approval at the 2017 AGM, to have the ability to launch a buy-back program. FIBRAMQ considers it to be prudent and in the best long term interests of investors to have in place maximum flexibility relating to all possible value-accretion opportunities, including an approved buy-back program. If such approvals are obtained, there is no current intent to re-purchase certificates given attractive investment alternatives. FIBRAMQ will host an earnings conference call and webcast presentation on Thursday, February 23, 2017 at 7:30 a.m. CT / 8:30 a.m. ET. The conference call, which will also be audio webcast, can be accessed online at www.fibramacquarie.com or by dialing toll free +1 (877) 304 8957. Callers from outside the United States may dial +1 (973) 638 3235. Please ask for the FIBRA Macquarie Fourth Quarter 2016 Earnings Call. An audio replay will be available by dialing +1-855-859-2056 or +1-404-537-3406 for callers outside the United States. The passcode for the replay is 66061563. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the fourth quarter 2016 will also be available on FIBRAMQ’s website, http://www.fibramacquarie.com. For detailed charts, tables and definitions, please refer to the Fourth Quarter 2016 Supplementary Information materials located at http://www.fibramacquarie.com/investors/bolsa-mexicana-de-valoresfilings. FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 275 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of December 31, 2016. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com. Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$104.1 billion of total assets under management as of September 30, 2016. Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in over 27 countries. Macquarie employs over 13,800 people and has assets under management of more than $377 billion (as of September 30, 2016). For more information, please visit www.macquarie.com. This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements. None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities. THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.


NEW YORK--(BUSINESS WIRE)--The Board of Directors of Macquarie Global Infrastructure Total Return Fund Inc. (NYSE:MGU) (the “Fund”) declared on March 2, 2017, a regular distribution for the quarter ending February 28, 2017 of $0.37 per share. Based on the Fund’s net asset value (“NAV”) of $25.18 and New York Stock Exchange closing market price of $21.97 on February 24, 2017, the $0.37 per share distribution is equal to an annualized distribution rate of 5.9% at NAV and 6.7% at market price, respectively. A portion of the distributions may be treated as paid from sources other than net income, including, but not limited to, short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions in 2017, including the percentage of qualified dividend income, will be made by the Fund after December 31, 2017. This distribution will be payable on March 31, 2017 to shareholders of record on March 16, 2017, with an ex-dividend date of March 14, 2017. About the Macquarie Global Infrastructure Total Return Fund Inc. Macquarie Global Infrastructure Total Return Fund Inc., a diversified closed-end fund, is listed on the NYSE. The Fund’s investment adviser is Macquarie Capital Investment Management LLC, which is a part of Macquarie Asset Management and a wholly-owned, indirect subsidiary of Macquarie Group Limited. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original costs. An investor should consider investment objectives, risks, charges and expenses carefully before investing. Forward-looking statements are based on information that is available on the date hereof, and neither the Investment Adviser nor any other person affiliated with the Investment Adviser has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio. Investments in the Fund are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (“MBL”) nor any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither MBL nor any other member company of the Macquarie Group guarantees the performance of the Fund or the repayment of capital from the Fund or any particular rate of return.

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