State Throws Support Behind $700 Million South Shore Project

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York The breach on Fire Island at Old Inlet opened by Superstorm Sandy is blamed by some for Long Island flooding and credited by others with improving Great South Bay water quality (FINS).A large-scale $700 million project—first authorized a half-century ago—to upgrade storm protections along a vulnerable 83-mile stretch of Long Island coastal areas now has the full support of New York State, Gov. Andrew Cuomo announced Saturday.The U.S. Army Corp of Engineers project will install upgraded storm protections from Fire Island to Montauk Point and includes expedited repairs to restore dunes and beaches battered by Superstorm Sandy seven months ago.“We are taking steps to build it back stronger and better prepared to withstand future storms,” Cuomo said of badly damaged South Shore beaches.“This project will protect local communities and residents against future storms, including shoring up defenses in coastal areas,” he said, noting the area’s importance to local tourism.It’s unclear when construction will start, but the project promises to enhance dunes along the coast, install surge dampening natural infrastructure in and along the bays, and elevate some 4,000 flood-prone structures, officials said.The governor’s statement also noted that the project will take into account sea level rise and the “more intense storms projected under on-going climate change.”The state’s support now allows the projecting to officially move forward.Sen. Chuck Schumer said the plan was “long a dream of coastal communities on the South Shore,” adding that homeowners can “feel a little more secure knowing that vital protections, in the forms of dunes, berms, beaches and more will now be constructed.”The project is more than 50 years in the making. It was first authorized by the Rivers and Harbors Act in 1960.last_img read more

Pollard Equities exercises options in NYX as Scientific Games undertakes shareholding takeover

first_img Submit Share Issuing a market update, Canadian gambling investment firm Pollard Equities has moved to increase its stake in Toronto TSX-listed gaming/betting technology firm NYX Gaming Group.Pollard Equities the majority owner of lottery tickets supplier Pollard Banknote has executed the right to purchase 4 million fixed priced warrants/options of NYX Gaming’s ordinary shares.Detailing the transaction, Pollard will pay a fixed price CDN $0.03 per warrant, completing a total purchase price of CDN $120,000.At present, Pollard Equities owns 8,621,300 of ordinary shares in NYX Gaming, approximately 8% of the company’s shareholding. Should Pollard Equities convert its agreed warrant transaction the company would own 11.2% of outstanding NYX shares.NYX Gaming is a current takeover target of Nasdaq-listed gambling technology group Scientific Games Corporation (SGC). Last week, SGC governance executed an 11.6 million (10.6%) NYX share purchase at a target price of CAD$2.22-2.35 per share, representing a purchase price of circa CAD $27 million (£18 million).Seeking to unblock the agreed takeover NYX, negotiating governances have amended takeover proposals.Moving forward NYX governance has dropped deal provisions set on 20 September, requiring SGC to acquire ‘at least 75% of shares’ in the company to complete its acquisition.Under a new arrangement, SGC and NYX governances have “agreed that should the acquisition of NYX by Scientific Games not be approved by shareholders at pending vote in December or not move forward for other specified reasons, Scientific Games will commence a contractual takeover offer to NYX shareholders.” mkodo agrees £7.8m sale to Pollard Banknote Canada December 3, 2019 Related Articles StumbleUpon Perelman fund reviews majority shareholding in Scientific Games July 16, 2020 Scientific Games pursues further $1 billion debt note March 6, 2019 Sharelast_img read more