This excerpt taken from the VLKAY 10-K filed Mar 19, 2010.
Marketable securities, at January 2, 2010 and December 27, 2008, primarily consist of short-term United States Treasury bills and tax-exempt municipal bonds. The Company classifies its short-term
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
investments as held-to-maturity. Held-to-maturity securities are those securities in which the Company has the ability and intent to hold the securities until maturity. Because the Company's held-to-maturity securities mature within one year of the purchase date, the securities are classified as short-term marketable securities. Held-to-maturity debt securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts and such carrying values approximate fair value. A decline in the market value of any held-to-maturity security below cost that is deemed to be other than temporary results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. No impairment has occurred for the fiscal periods presented herein. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity investments, as an adjustment to yield using the effective interest method. Interest income is recognized when earned. The fair value of our marketable securities totaled approximately $30.0 million and $25.2 million, as of January 2, 2010 and December 27, 2008, respectively.
This excerpt taken from the VLKAY 10-K filed Mar 19, 2010.
5. Marketable Securities
At December 28, 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). At January 3, 2010, there were no short-term marketable securities. Gross unrealized holding gains at December 28, 2008 are due to fluctuations in interest rates.
During 2009 and 2008, the Company sold available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. Realized gains and losses are determined on the specific identification method. As of January 3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect.
This excerpt taken from the VLKAY 6-K filed Dec 9, 2009.
Marketable securities are recorded at market value as they are considered available-for-sale. Included in marketable securities are 1,007,406 common shares of a company with directors in common. The portfolio of marketable securities consists of short term notes with a yield of 0.21%, corporate bonds with a yield range of 0.87% - 3.88%, pool fund bonds with a yield of 4.17%, and preferred equities with a yield range of 4.49% - 5.95%. An unrealized gain of $244,410 was recorded in other comprehensive income for the nine month period ended September 30, 2009.
This excerpt taken from the VLKAY 6-K filed Dec 8, 2009.
During the nine months ended September 30, 2009, the Company acquired 2,800,000 common shares of Ona Power Corp. (CNSX: OPO), plus common share purchase warrants to purchase up to an additional 2,800,000 common shares at a price of $0.20 until August 20, 2011, at a gross cost of $420,000. As a result of this acquisition, the Company held approximately 14.9% of the issued and outstanding common shares of OPO as at August 20, 2009. Assuming the exercise of the 2,800,000 warrants, the Company would then hold approximately 29.8% of the then issued common shares of OPO (assuming no other warrant or option exercise). Management determined that the value of the warrants to be nil. OPO is considered to be a related party as a result of certain common directors.
As at September 30, 2009, the quoted market value of OPO common shares was $0.36 per share, or a total market value for the Companys share of $1,008,000.
During the nine months ended September 30, 2009, the Company acquired 440,000 common shares of Maxtech Ventures Inc (TSXV: MVT) at a gross cost of $220,515.
As at September 30, 2009, the quoted market value of MVT common shares was $0.40 per share, or a total market value for the Companys share of $176,000.
The carrying values of the investments were increased or decreased to their fair value at September 30, 2009, with the corresponding increase or decreased reflected in the adjustments to other comprehensive income. Fair value adjustments for the nine months ended September 30, 3009 amounted to $543,485 recorded as comprehensive income.
This excerpt taken from the VLKAY 8-K filed Dec 3, 2009.
Note 4 Marketable Securities
F - 23
This excerpt taken from the VLKAY 6-K filed Dec 3, 2009.
The following marketable securities were held by the Company:
During 2008, the Company sold 7,564,000 shares of Las Vegas, a publicly traded related party for total proceeds of $431,371, which had a total acquisition cost of $2,483,113. Of the realized loss on disposition, $1,058,892 has been reflected in 2006 and the remainder has been reflected in 2008.
The Company owns 6 shares or 0.0% of the total outstanding shares in the capital of Las Vegas, as of December 31, 2008 (2007 7,564,006 shares or 7.4%). Of these shares, 6,670,000 were acquired through the sale of the three card games software (note 9 (c)).
During 2006, the Company owned 2,500,000 shares of Colt Resources Inc. (formerly Colt Capital Corp.) (Colt), which represented 9.3% of the then total issued and outstanding shares of Colt. Colt is related to the Company by one common director. During 2007, the Company sold all its Colt shares for a net gain of $99,011.
Pursuant to a Property Purchase Agreement dated July 31, 2008 with an arms length third party in respect to the sale of the Companys Lithium Properties (Mineral Leases) located in Ontario, as part of the consideration, the arms length party has issued to the Company 25,000 fully paid non-assessable common shares of Coniagas Resources Ltd. (Coniagas), a publicly listed company (Note 7). Subsequent to December 31, 2008, the Company sold all of the 25,000 common shares of Coniagas and received net proceeds of $2,400.
This excerpt taken from the VLKAY 6-K filed Dec 2, 2009.
The unrealized loss on marketable securities, recorded in accumulated other comprehensive income, has not been recognized as an impairment loss due to the high volatility of the Sierra Geothermal share price.
8 Marketable securities
The securities, classified as long-term, are composed as follows:
The Series B National Treasury Notes (NTN-B) were given as a guarantee to Petros, on October 23, 2008, after signing the financial commitment agreement entered into between Petrobras and subsidiaries that are sponsors of the Petros Plan, unions and Petros, for settling of obligations with the pension plan. The face value of the NTN-B is indexed to the variation of the Amplified Consumer Price Index (IPCA). The coupon interest will be paid half-yearly at the rate of 6% p.a. on the updated nominal value of these papers and their maturities are in 2024 and 2035. At September 30, 2009, the balances of the National Treasury Notes - Series B (NTN-B) are updated according to their market value, based on the average price published by the National Association of Open Market Institutions - ANBIMA.
The B certificates were received by Brasoil on account of the sale of platforms in 2000 and 2001, with half-yearly maturities until 2011 and yielding interest equivalent to Libor plus 0,70% p.a. to 4.25% p.a.
At September 30, 2009, the Parent company had resources invested in a non standard credit assignment investment fund (FIDC-NP), related to non-performing credit rights of its operating activities in the amount of R$ 4.357.190 thousand and R$ 18.885.093 thousand at June 30, 2009. (Item 1.01.04.05 of current liabilities)
4. Marketable Securities
[i] Marketable securities
Marketable securities that have been in an unrealized loss position for less than twelve months are presented below:
None of the marketable securities held as at December 31, 2008 or 2007 have been in an unrealized loss position for more than twelve months.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2008 and 2007
[thousands of Canadian dollars or other currencies, except where noted and for share and per share amounts]
This excerpt taken from the VLKAY 6-K filed Nov 25, 2009.
4. MARKETABLE SECURITIES
The following table summarizes the components of available-for-sale financial instruments reported as marketable securities at each balance sheet date:
Note: African Consolidated Resources was sold during the first quarter of 2009 for gross proceeds of $90,099.
This excerpt taken from the VLKAY 6-K filed Nov 24, 2009.
NOTE 4 - MARKETABLE SECURITIES
ELETROBRÁS and its subsidiaries classify securities as held to maturity, based on the management strategies for these assets.
The securities held to maturity are recorded at the acquisition cost, plus interest and monetary adjustments, with a contra-entry to income.
In addition, CFT-E1 notes and investment certificates deriving from FINOR (Northeast Investment Fund) and FINAM (Amazon Investment Fund) tax incentives reported in line "other" are adjusted by provisions for losses upon their realization, and therefore, are shown net:
a) PARTNERSHIP INCOME - This refers to income deriving from partnership investments (see Note 16), corresponding to an average remuneration equivalent to the IGP-M variation plus interest of 12% to 13% per annum (p.a.) on the capital invested, as shown below:
b) FOUNDERS' SHARES - shares acquired as a result of the restructuring of ELETROBRÁS' investment in INVESTCO S.A. These assets assure annual income equivalent to 10% of the companies' profit (mentioned below), paid together with the dividends, and will be redeemed on maturity expected for October 2032, by converting them into preferred shares of these companies, as follows:
According to Law 11638/2007, these shares are now valued at their present value, in compliance with CVM Resolution 564/2008 which approved the accounting pronouncement CPC-12.
EXCERPTS ON THIS PAGE:
RELATED TOPICS for VLKAY: