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ALL Atlantic Lithium Limited

21.45
-0.10 (-0.46%)
Last Updated: 08:42:09
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Atlantic Lithium Limited LSE:ALL London Ordinary Share AU0000237554 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -0.46% 21.45 21.00 21.45 21.65 20.90 21.65 250,550 08:42:09
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Iron Ores 0 -12.19M -0.0200 -10.73 130.68M

CORRECT: Principal Financial Declines Investment From US Government

11/06/2009 11:57pm

Dow Jones News


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(The story "Principal Financial Declines Investment From U.S. Govt," published at 5:32 p.m. EDT, incorrectly stated the company issued a statement regarding TARP last week. A corrected version follows.)

Principal Financial Group Inc. (PFG) said it wouldn't participate in the U.S. Treasury Department's Capital Purchase Program, saying it wouldn't need the funds as capital markets have improved since the insurance company's initial application last year.

"We're seeing the capital markets in the U.S. returning to more normal functioning," said Chief Executive Larry Zimpleman.

Principal Financial became the fourth of six approved life insurance applicants to reject the funds. Prudential Financial Inc. (PRU), Ameriprise Financial Inc. (AMP) and Allstate Corp. (ALL) have already said no to the government's investment.

Last month, Principal issued a non-committal statement regarding its potential TARP award, saying its decision whether to participate depended on a review of all the terms and conditions, both economic and non-economic.

The company applied for the program in November when credit markets were inactive and the CPP, which is part of the Troubled Asset Relief Program, was intended to boost capital among banks and insurance companies to encourage lending.

But Principal Financial, which announced last month that its application to participate in the plan had received preliminary approval, has since launched a $1.15 billion secondary equity offering and $750 million debt offering to improve its capital base.

Principal Financial's units offer a variety of insurance and financial services, including its insurance unit which offers life, health and disability coverage.

Shares were inactive in after-hours trading at $21.33. The stock has lost 61% of its value from its 52-week high in September, but has rebounded from its all-time low of $5.41 in March.

- By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com

 
 

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