Works Cited
Artist: Wenceslaus Hollar (Bohemian, Prague 1607–1677 London). Tower of London. 1625–77. Etching; second state of two, Sheet: 5 11/16 × 10 1/16 in. (14.5 × 25.5 cm). The Metropolitan Museum of Art. https://jstor.org/stable/community.18360544.
Author: Sir William Dugdale (British, 1605–1686), Artist: Wenceslaus Hollar (Bohemian, Prague 1607–1677 London), Printer: Thomas Warren (London), and Sitter: Frontispiece portrays Sir William Dugdale (British, 1605–1686). The History of St. Paul’s Cathedral in London, From Its Foundation until These Times. 1658. Illustrations: etching, 13 5/16 × 9 1/16 × 1 1/8 in. (33.8 × 23 × 2.8 cm). The History of St. Paul’s Cathedral in London, From Its Foundation until These
Brooke, W. H., Daniel, George, Schnebbelie, R. B., Smith, C. J., and Upcott, William, 1779-1845. David Garrick Scrapbook Pages 041 - 059. Honnold Mudd Library. Special Collections, n.d. https://jstor.org/stable/community.31048283.
Charles Le Brun. Chateau de Versailles. 1661-1678. https://jstor.org/stable/community.14642966.
Honourable Edward Lord Herbert of Cherbury. Documents. London : Printed by E.G. [Edward Griffin] for Thomas Whitaker, and are to be sold at his shop ; [Raworth, Ruth?] ; [Newcomb, Thomas?], 1649. https://jstor.org/stable/community.35016044.
JUDGE, H. G. “CHURCH AND STATE UNDER LOUIS XIV.” History 45, no. 155 (1960): 217–33. http://www.jstor.org/stable/24403720.
McGill University Library, and Lister, Martin, 1638?-1712. A Journey to Paris in the Year 1698 .. Documents. London, Jacob Tonson, 1699. https://jstor.org/stable/community.32850230.
Riley, Philip F. “Louis XIV: Watchdog of Parisian Morality.” The Historian 36, no. 1 (1973): 19–33. http://www.jstor.org/stable/24443894.
Roosen, William J. “The Functioning of Ambassadors under Louis XIV.” French Historical Studies 6, no. 3 (1970): 311–32. https://doi.org/10.2307/286062.
Smith, Karl Sidney. “Versailles: Scene of the World’s Peace Conference.” Fine Arts Journal 37, no. 1 (1919): 11–14. https://doi.org/10.2307/25587612.
[s.n.]. [View of the Stage of the Original Globe Playhouse, 1599--1613]. [19--]. Model, Watercolor painting, 1 watercolor model : Color , 51.0 x 76.0 cm. Kislak Center for Special Collections, Rare Books and Manuscripts, University of Pennsylvania: Furness, M/Gl350.8 L, Drawer. https://jstor.org/stable/community.18297280.
The George Peabody Library, The Johns Hopkins University Sheridan Libraries, Hall, Henry, active 1642-1680, printer, Davis, Richard, active 1646-1688, bookseller, George Peabody Library, Sheridan Libraries, and Foulis, Henry. The History of the Wicked Plots and Conspiracies
The Johns Hopkins University Sheridan Libraries, Herbert, Edward [Lord Herbert of Cherbury], and Cecill, Thomas (engr.). The Life and Raigne of King Henry the Eighth. Written By the Right Honourable Edward Lord Herbert of Cherbury. Documents. London : Printed by E.G. [Edward Griffin] for Thomas Whitaker, and are to be sold at his shop ; [Raworth, Ruth?] ; [Newcomb, Thomas?], 1649. https://jstor.org/stable/community.35016044.
Wolf, John B. “The Reign of Louis XIV: A Selected Bibliography of Writings since the War of 1914-1918.” The Journal of Modern History 36, no. 2 (1964): 127–44. http://www.jstor.org/stable/1874635.
Wren, Christopher, Sir, 1632-1723. London: St. Paul’s Cathedral Int.: Nave to East. 1675-1711. https://jstor.org/stable/community.13570172.
0 notes
Monday 16 September 1839 Travel Journal
5
11 35/..
fine morn[in]g and F[ahrenheit] 56° at 5 a.m. off at 6 –
at Lillpero at 7 38/.. – off at 7 58/..
just out of Wiborg [Vyborg] bouldery com[mo]n
i.e. aft[e]r pass[in]g thro’ the suburb w[i]th the
good ch[ur]ch – then fr[om] there for so[me] dist[an]ce
thinned young Scotch fir forest and
a few lit[tle] corn fields and aft[er]w[ar]ds young rocky bouldery young Scotch
fir forest and coarse sandy r[oa]d as yest[erday] – ver[y] few cot[tage]s
b[u]t I slept gr[ea]t p[ar]t of the way look[in]g out ev[er]y now and then –
Lillpero well en[ou]gh lit[tle] lone h[ou]se – Russ[ia]n – we ha[ve]
met sev[era]l lit[tle] waggons load[e]d w[i]th so[me]th[in]g cov[ere]d gen[erall]y
w[i]th matt[in]g – no [servant] ab[ou]t at Wiborg [Vyborg] so ga[ve]
noth[in]g – fr[om] Lillpero to the frontier 86 [w] at 12 k[opek]
=26/64 I shall ha[ve] en[ou]gh Finnish mon[ey] left -
Lillpero in the forest and forest forw[ar]ds b[u]t yest[erday]
gen[erall]y and today so far the forest less swampy than
Wiborg [Vyborg] 18 2/3
Hotoka [Kotka] 17
St. P- [Petersburg] 83 2/3
Heslingfors [Helsinki] 300.
Sept[embe]r Mon[day] 16
common – r[oa]d good – sandy soil as yest[erday]
b[u]t r[oa]d hard and good – the police declin[e]d search[in]g
carr[ia]ge at W- [Wiborg] [Vyborg] s[ai]d they c[oul]d n[o]t do it – now (9 10/60) 1st
view of sea or lake or wat[e]r s[in]ce leav[in]g Wiborg [Vyborg] – and now nice
woody open count[r]y and farms and cot[tage]s a lit[tle] [?] – pass[e]d a
farm or 2 ab[ov]e 1/2 h[ou]r ago in a break of the forest –
fields – no corn out – good flock of
sheep recently shorn in 1/2 h[ou]r ago saw a pl[an]t of cranberry in
flow[e]r – at the beyond stat[io]n at 9 13/.. h[a]d to turn b[a]ck - alight at our stat[io]n
at Hotoka [Kotka] comf[orta]ble rooms
at 9 1/4 br[eak]f[a]st – beaut[iful]
view fr[om] our br[eak]f[a]st r[oo]m wind[ow]
of the fine wood[e]d fjord – Russ[ia]n – our beard[e]d landlord
ver[y] civ[i]l and good look[in]g – the men m[u]ch bet[ter] look[in]g than the
wom[e]n – br[eak]f[a]st boil[e]d milk and 4 boil[e]d eggs and br[ea]d and butt[e]r
they br[ou]ght us butt[e]r b[u]t we h[a]d our own and br[ea]d spar[e]d of
yest[erday]s’ din[ner] – br[eak]f[a]st at 9 38/.. to 10 5/.. – sev[era]l nice
outbuild[in]gs – off at 10 19/..
thin bouldery young forest and sea
(right) coup[le] of hund[re]d y[ar]ds off
ver[y] beaut[iful] – and at 10 27/.. peep
of the sea n[o]t far off (left) – at 10 33/..
(in 14 min[ute]s) ha[ve] lost sight of sea exc[ept]
our lit[tle] glimpse or 2 soon aft[er]w[ar]ds – and a beaut[iful] peep ag[ai]n of sea (left) –
10 40/.. unpainted hamlet 1 st[ree]t of gable-ends to the r[oa]d perh[aps] 200 y[ar]ds
long – the 1st vil[lage] there ans[werin]g Handb[oo]ks’ descript[io]n p[age] 142 it is in [?]
break of the forest, w[i]th nice clean even lit[tle] corn fields
asleep – till at 11 1/2 ver[y] pict[uresque] vil[lage] irregul[a]r vil[lage] of
Kyröla [Kyrölä] and our good stat[io]n – large good one story wood h[ou]se
Stolpebod – stolpe, stoop
Baaum (beam) tree
Hotacka [Kotka]
Lillpero 17 v[ersts]
Kyröla [Kyrölä] 14 v[ersts]
St. P- [Petersburg] 100 2/3 v[ersts]
Viborg [Vyborg] 35 2/3
SH:7/ML/TR/14/0009
Sept[embe]r Mon[day] 16
yellow (b[u]t old paint[e]d) w[i]th whi[te] wind[ow] frames –
ver[y] nice lit[tle] neat new-look[in]g fresh paint[e]d (yellow w[i]th pea green roof)
ch[ur]ch – and 2 or 3
good h[ou]ses w[i]th red roofs
oldish yel[low] paint
I th[in]k – the rest of the vil[lage] hamlet-like
and unpaint[e]d – by irreg[ula]r I mean that
the mid[dle] of the vil[lage] street swell[e]d out into
a sort of large square cont[ainin]g the ch[ur]ch and good h[ou]ses
ver[y] pret[ty] ab[ou]t here – fine br[oa]d expanse of wood[e]d
islandy wat[e]d left – and extens[ive] view of open
wood[e]d count[r]y – woody birchy and firs along our r[oa]d
capit[a]l r[oa]d – and n[o]t hilly today – this last vil[lage] of
Kyröla [Kyrölä] or Krasnoje Selo [Krasnoe Selo] the prett[ies]t we ha[ve] seen
ver[y] nice drive this stage – open birchy Scotch fir forest –
freq[uen]t peeps of the wat[e]r left – nice dry upland forest –
sandy b[u]t r[oa]d good – and mo[re] hilly than bef[ore] – the wat[e]r
left m[u]st be part of the series of lakes fr[om] Viborg [Vyborg]
that join the Ladoga? – plenty of cranberries
al[on]g b[u]t the pret[ty] red birnes n[o]t larg[e]r than our bilberry –
at 1 3/4 at [Pampala] good sm[all] unpaint[e]d lone h[ou]se
in nice dry airy break in the forest
snow plough – a calèche drove up –
just aft[e]r us – off at 1 12/.. – at 1 22/..
(in 10 min[ute]s) nice peep ov[e]r the forest
up fine wood[e]d extens[ive] count[r]y all ar[ou]nd us [crossed word] –
sev[era]l lit[tle] s[u]ch peeps last stage fr[om] the tops of lit[tle] hills –
sandy b[u]t r[oa]d good – at 2 10/.. (right – near) large pict[uresque]
ch[ur]ch on hill – yel[low] w[i]th dark col[oure]d roof exc[ept] East
end cupola roof red – and unpaint[e]d hamlet at its f[ee]t
Krasnoje Selo [Krasnoe Selo] Hotacka [Kotka] 14
St. P- [Petersburg] 87 Pampala 15 1/2
V- [Vyborg] 49 2/3
Helsingfors [Helsinki] 326 2/3
Kyröla [Kyrölä] 15 2/3
Kivinebb 13
St. P- [Petersburg] 71
Sept[embe]r Mon[day] 16
and our stat[io]n (good unpaint[e]d h[ou]se at 2 12/.. might ha[ve] slept
here appar[entl]y ver[y] well) – 2 snow ploughs –
nice hilly wood[e]d op[e]n airy count[r]y all
r[ou]nd ab[ou]t – the vil[lage] nicely plac[e]d on highgr[ou]nd –
off ag[ai]n at 2 1/2 – on ris[in]g the hill, the
count[r]y ver[y] pret[ty] here – fine extens[ive]
view – hamlets and farms scatt[ere]d up and d[o]wn – yel[low] stub[ble] f[iel]ds and green
young rye and good green pasturage – the unpaint[e]d (drab) hamlets and dark pine
wood[e]d hills finely contrast[e]d – b[u]t the hills n[o]t high – mere
rising gr[ou]nds all ar[ou]nd us – all right and left a wide woody plain
pret[ty] well peopl[e]d – no over-flow[in]g populat[io]n anywhere –
in this cold nord – gr[ea]t deal of birch all today –
now at 2 50/.. the wide plain right seems one sheet
of dark pine forest we pass thro’ a lit[tle] unpaint[e]d
scatt[ere]d hamlet or 3 or 4 or a series of scatt[ere]d farms and the villages
num[erou]s hamlet-like appurt[enan]ces – here and ev[er]y where
the wood fences as in S. and N- [South and North] at 3 5/.. cross good
riv[e]r and wood br[idge] and 14 men w[i]th as many one horse
ploughs plough[in]g in one stubble f[iel]d – cattle –
3 lit[tle] corn stacks in a f[iel]d – nice farm[in]g here –
7 nar[row] lines (bet[ween] Stakes or rails or [how] of
so[me]th[in]g like peasholm – plenty of geese here –
abund[an]ce of them at Viborg [Vyborg] in the Baltic near the
2 steams, and on the ramparts and in the st[ree]ts and
ev[er]ywhere – one stage hill this ti[me] and r[oa]d sandy b[u]t good
at 3 23/.. unpaint[e]d scattered hamlet and pret[ty] lit[tle] lake near right
and a bit of sm[all] bould[e]r stone cobble wall fence
the 1st I ha[ve] seen in the north – S.N. [South and North] or here)
Kiviniebb
Pampala 13 v[ersts]
Raiaioki 12 1/2 v[ersts]
St. P- [Petersburg] 58 v[ersts]
Geese
1st cobble st[one]
wall.
SH:7/ML/TR/14/0010
Sept[embe]r Mon[day] 16
at the stat[io]n at 3 33/.. – on highgr[ou]nd – lone
h[ou]se unpaint[e]d body – red roof
good en[ou]gh look[in]g h[ou]se – m[i]ght sleep
appar[entl]y as well as at many of the
oth[e]r stat[io]ns – the hamlet scatt[ere]d ab[ou]t
at a lit[tle] dist[an]ce – the appurt[enan]ces of the
stat[io]n num[erou]s as us[ua]l and hamlet-like
wide wood[e]d plain right and left and surely it the sea we
just see in the extreme dist[an]ce before us (right) –
off at 3 47/.. ver[y] pret[ty] at 3 52/.. lit[tle] steep desc[en]t on to
wood[e]n br[idge] ov[e]r lit[tle] stream that is perh[aps] the boundary?
steep boulder stones pav[e]d asc[en]t – en[ou]gh for our horses to do to get
us up – and good largeish houses – good all the way fr[om]
Viborg [Vyborg] – pret[ty] and hilly and m[u]ch birch – thin
forest, and pasture and cows – yes! (now 4 3/4) it
is the sea, a long sweep, in the dist[an]ce (right) –
the pavé roughish beg[a]n on this side the bridge at 3 52/..
b[u]t we go on the sides (sandy b[u]t ver[y] fine) now and then
ver[y] m[u]ch – and aft[e]r all the pavé is n[o]t so bad
so far – I w[oul]d rath[e]r risk our carr[ia]ge here than
fr[om] Hamburg to Lubeck, or even in the st[ree]ts of
Stockholm where if the pavé is so[me]th[in]g between the
deep chan[nel]s are terrib[le] – now at 4 5/.. the aft[ernoo]n
is dullish – shall we ha[ve] r[ai]n? now at 4 1/4 fine
wood[e]d count[r]y – range of wood[e]d hill left,
closes in (at perh[aps] 7 or 8 inches Eng[lish]) our plain
at the left - low birch wood bushes and young Scotch
firs scatt[ere]d here and to the right (in the dist[an]ce)
Raiaioki
Kivinebb 12 1/2 v[ersts]
Walkiasari 12 1/2 v[ersts]
St. P- [Petersburg] 45 4/6 v[ersts]
Sept[embe]r Mon[day] 16
and to the right in the dist[an]ce the fine sweep of
sea w[i]th a dark line at the b[a]ck of it form[in]g the horizon
lookd[o]wn in front in the dist[an]ce up[on] dark plan
ris[in]g to the horizon – and now 4 25/.. a scatt[ere]d hamlet
unpaint[e]d as us[ua]l – the sea now sweeps 1/2 r[ou]nd us
in the dist[an]ce fr[om] right to en face – we look up[on]
one sheet of forest belt[e]d right and in front by sea –
now towns or vil[lage]s distinguishable – the r[oa]d now
sandy (at 4 1/2) and goodish – the pavé nowhere
prev[ente]d my writ[in]g – at 4 1/2 lose my pen – in tak[in]g
off bon[ne]t m[u]st ha[ve] kick[e]d it out – now at 4 1/2 ver[y]
sandy and heavy –
the birch gen[erall]y green shew[in]g merely a tinge of autumn
here and there – hilly stage – now at 4 55/.. a lit[tle]
town or vil[lage] in sight bef[ore] us (right) w[i]th handso[me]
white, blue-cupolaed, ch[ur]ch – now at 5 first
buckwheat that I ha[ve] obs[erve]d part stand[in]g ripe,
and part cut, ti[e]d up in lit[tle] sheaves, and in stock – and
our road now and for a lit[tle] whi[le] b[a]ck as broad as
3 r[oo]ds (perh[aps] 60 y[ar]ds wide) and we go on the grass or
as well as we can thro’ the sand – and now (5 5/..) a few scatt[ere]d
farmsteads – our r[oa]d this stage the worse we ha[ve] h[a]d in
Denm[ar]k Swed[e]n or Norway, b[u]t still the r[oa]d to Hazelunen
m[u]ch worse in point of sand, and the r[oa]d fr[om] Hamburg to
Lubeck m[u]ch worse in 1833 in point of pavé –
the pavé beg[i]ns ag[ai]n now at 5 10/.. (we h[a]d it fr[om] 3 52/.. to 4 1/2)
b[u]t we keep on the side – on the sand – sev[era]l lit[tle] long nar[row]
stacks w[i]th spruce fir branches laid on the thatch (as obs[erve]d
once before) steep pitch d[o]wn to wood br[idge] x [cross] stream – then ascend to the
town, and at the Station at 5 1/4 at Walkiasari
SH:7/ML/TR/14/0011
Sept[embe]r Mon[day] 16
John stopt at the stat[io]n h[ou]se and we h[a]d s[e]nt Gross to
the douane, and g[o]t the bask[e]ts and cloaks out bef[ore] they ca[me] to say the
carr[ia]ge and all m[u]st go to the place – there at 5 25/.. and A- [Ann] and I there 3/4 h[ou]r –
then ca[me] b[a]ck sided our r[oo]m and A- [Ann] made tea – sat ov[e]r it till 8 10/..
then prepared our bed – on[l]y one in the h[ou]se – h[a]d Grotza at
8 3/4, when we h[a]d g[o]t all ready – and then till now (10 p.m.)
ink[e]d ov[e]r the latt[e]r 2/3 of the last p[age] and so far of this –
Jean w[a]s in desp[ai]r at the th[ou]ght of our stay[in]g all night –
s[ai]d if we d[i]d we must sleep up[on] hay for there were
no beds – and in ca[me] a large bundle of nice soft
hay w[hi]ch now lies in the corn[e]r of our r[oo]m – we ha[ve]
spr[ea]d out the one scant[l]y fill[e]d bed (w[i]th flocks I suppo[se])
on sofa and chairs so as to be wide en[ou]gh for us both –
of the 2 pieces of linen each n[o]t qui[te] clean ab[ou]t 1 1/2 y[ar]d sq[uare] we ha[ve] made
[crossed word] an und[e]r sheet, and shall put our cloaks ov[e]r
us – we ha[ve] the luxury of 4 pillows, and shall do ver[y]
well – we ha[ve] our own br[ea]d and butt[e]r and tea and sug[a]r b[u]t they
br[ou]ght ver[y] fair br[ea]d (wheat) and good butt[e]r, and 4 boil[e]d
eggs and a lit[tle] bowl of milk w[i]th the cream on it for our tea –
the cream made our tea excell[en]t and we sat ov[e]r and enjoy[e]d
it, declar[in]g how well off we were – we h[a]d g[o]t well
thro’ the ordeal of the douane, and congrat[ulate]d ours[elves] on being
in Russia – our b[oo]ks I bel[ieve] were all tak[e]n out of the carr[ia]ge
and look[e]d at; b[u]t, as desir[e]d, I cop[ie]d the list I ha[ve] and the Stockholm [crossed word] date
dat[e]d it Stockholm as really dat[e]d there, and sign[e]d it
= A. [Anne] Lister [sign] and then enclos[e]d it an envelope,
‘de Shibden hall’ and as desir[e]d seal[e]d it w[i]th my own seal
my arms, wr[ote] on the back ‘List of the books belonging to Mrs. Lister’
Sept[embe]r Mon[day] 16
and s[e]nt this by Gross to the Douane to be forward[e]d
to St. Petersburg, I engaging to go w[i]thin six weeks to the
committee of censorship to claim the list – s[ai]d I sh[oul]d
go to Mrs. Wilsons’ – we are thus allow[e]d to ta[ke] all our
b[oo]ks and th[in]gs and go in comf[or]t – How m[u]ch bet[ter] than to the poth[e]r
we sh[oul]d ha[ve] h[a]d if we h[a]d arriv[e]d at St. P- [Petersburg] by the steamer! –
our journ[e]y thro’ Finland h[a]s really been a ver[y]
agreeab[le] and a ver[y] economic[a]l one; and we ha[ve] seen
the count[r]y and the peop[le] – the latt[e]r alw[a]ys civ[i]l and ready to do
their utm[o]st to please, and the form[e]r well-farm[e]d (made
the m[o]st of) and interest[in]g – the r[oa]ds ev[er]ywhere good till
this last stage – and the sand of this noth[in]g to that of Hazelunen
and the for post aft[ernoo]n post pavés of the s[ou]th of Fr[an]ce often qui[te] m[u]ch or more as jolt[in]g and try[in]g to
the springs of a carr[ia]ge then the 43 min[ute]s out 88 min[ute]s
(fr[om] 3 47/.. to 5 1/4) here – this is the 1st ti[me] we ha[ve] fail[e]d
to find good clean beds and sheets at the Stat[io]n houses
and on[l]y once or twice we ha[ve] the peop[le] been w[i]thout
whi[te] (wheat) bread – the lit[tle] steep pitches are too short
to be dang[erou]s – the horses rarely stumble; and a man m[u]st be
a ver[y] bad driv[e]r and totally unaccust[ome]d to this sort of r[oa]ds if
he can[no]t get on comf[ortabl]y ev[e]n w[i]th a heavy Eng[lish] carr[ia]ge like ours ab[ou]t
8 versts an h[ou]r – I nev[e]r obs[erve]d the man or boy (Holcar)
ask for anyth[in]g mo[re] than wh[a]t w[a]s due for the horses
6 kopeks each fr[om] country stat[io]ns and doub[le] that fr[om] towns –
Åbo is a good town – Heslingfors [Helsinki] ver[y] beaut[iful]
cheerful and comf[orta]ble (the Societys’ h[ou]se good hot[e]l) and one
might ha[ve] advantages fr[om] the univers[it]y prof[essor]s (all the
students away – vacance for a fortnight longer) –
Viborg [Vyborg] dull as all fortresses of such sort m[u]st be? b[u]t a good
town and its fjord and situat[io]n beaut[iful] – the cold
SH:7/ML/TR/14/0012
September Monday 16the cold weather is coming – I have had a little chilblain in my right little finger these 2 days or more and Jean has got a little lumbago since Saturday – fine day (tho’ dullish coldish in the morning and dampish in the afternoon) – F56 ¼° now at 10 ¾ pm our 2 rooms have been warmed by a stove; for they were quite comfortably warm on our arrival no pot ath [at] breakfast and we have a tureen for one tonight Raining now at 10 ¾ pm
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New Post has been published on All about business online
New Post has been published on http://yaroreviews.info/2020/03/softbank-plans-41-billion-of-asset-sales-to-expand-buyback-and-cut-debt
SoftBank plans $41 billion of asset sales to expand buyback and cut debt
TOKYO (Reuters) – SoftBank Group Corp (9984.T) plans to raise as much as $41 billion to buy back shares and reduce debt in an unprecedented move to restore investor confidence as a financial market rout pummels its shares and its portfolio companies.
The Japanese tech conglomerate’s plans come as it contends with a growing financial squeeze on the company and its $100 billion Vision Fund, which has recorded two consecutive quarters of losses after its tech bets fell short, compounded by the coronavirus pandemic’s impact on the global economy.
Its shares jumped 19% for their biggest daily gain in nearly 12 years after the pledge to sell or monetize up to 4.5 trillion yen ($41 billion) of assets to buy back 2 trillion yen of its shares in addition to a buyback of up to 500 billion yen announced earlier this month.
The buyback tops the $20 billion of purchases sought by activist investor Elliott Management, which has put pressure on SoftBank to improve shareholder returns, and will retire 45% of the group’s shares.
The asset sale will be executed over the next four quarters.
“This will allow us to strengthen our balance sheet while significantly reducing debt,” Chief Executive Masayoshi Son said in a company statement without specifying what will be sold.
SoftBank’s share price has been hammered by investor scepticism over the outlook for Son’s bets on start-ups such as WeWork and Uber (UBER.N).
Its plans to fund the initial 500 billion yen buyback with debt was received negatively by analysts and investors who were concerned by Son’s willingness to leverage the company.
Beyond the share buyback, proceeds will be used for repaying debt, buying back bonds and boosting cash reserves, reflecting Son’s “firm and unwavering confidence” in the business, the company said in the statement.
ASSET SALES
Given the current market fragility, SoftBank may look to monetize its stakes in the merged Sprint (S.N) and T-Mobile US (TMUS.O) or Chinese e-commerce giant Alibaba (BABA.N), said Redex Holdings analyst Kirk Boodry.
Son previously offloaded part of the stake in Alibaba, of which SoftBank owns 25%, in a complicated transaction ahead of the 2016 purchase of chip designer Arm.
Monday’s announcement comes after SoftBank’s conglomerate discount – the difference between its market capitalization and the value of its assets – yawned to a record 73% last week.
“That’s a wake-up call that investors are really worried,” Boodry said, overriding Son’s previous reticence to slim the portfolio.
High on the list of pressing problems is a fight brewing over a major soured bet on co-working start-up WeWork, with SoftBank considering pulling out of a $3 billion bid to buy additional shares.
REDUCED OPTIONS
SoftBank’s financing options are becoming increasingly constrained, however, as domestic banks hit internal limits for lending to the highly leveraged group.
Last month it pledged almost a third of its stake in domestic telecoms company SoftBank Corp (9434.T) to raise up to $4.5 billion from 16 financial institutions.
The telecoms business is viewed by analysts as another candidate for asset sales. [L4N2BG1PX])
The cost of insuring SoftBank against default SFTB5YJPAC=MG, which spiked to at least five-year highs last week, fell on the news.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
The group’s shares closed almost 19% up on Monday but remain down 33% this year.
($1 = 110.3900 yen)
Reporting by Sam Nussey; Editing by Muralikumar Anantharaman and David Goodman
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