Rona board adopts new corporate policies
Boucherville, Quebec-based RONA announced its Board of Directors has adopted a new policy designed to facilitate continuous improvement in its governance and compensation practices as well as enhanced communication with stakeholders.
In accordance with the new policy, RONA now publishes an overview of its governance and compensation policies on the Company’s website www.rona.ca/content/governance_investorrelations and will proactively communicate to stakeholders any significant changes.
“We adopted the new policy with the goal of continuously improving our governance and
compensation practices and meeting the expectations of RONA shareholders,” said Jean Gaulin, Chairman of the Board of Directors. “This pro-active approach reflects the Board’s commitment to maintaining high standards of corporate governance and transparency in line with evolving best practices."
Stakeholders will also be able to submit any recommendations or suggestions for improvements to RONA’s governance and compensation practices through the Corporate Secretary’s office.
BMC amends credit facility
BMC, the Boise, Idaho-based pro dealer, has announced an amendment to its senior secured credit facility with Wells Fargo Capital Finance, the company’s working capital lender. The new agreement lowers the rates and fees payable under the facility and increases the company’s borrowing capacity to the full $50 million amount available.
BMC has had no cash borrowings under the facility since it was put in place on Jan. 4, 2010, and anticipates none in the coming year.
In a prepared statement, Peter Alexander, the company’s CEO, said: “Provisions of the amendment will provide the company increased flexibility to make investments to profitably grow its business despite continued challenging market conditions.”
BMC serves 18 major markets in nine states with 76 business units and has nearly 4,000 employees.
NAHB on starts: ‘A degree of optimism’
The National Association of Home Builders (NAHB) described the 3.9% increase in nationwide housing starts as consistent with low inventory of unsold new homes.
"Builders are very cautiously adding to their diminished inventories in preparation for the spring buying season and an anticipated modest revival in buyer demand when the economy shows more signs of improvement," said Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. "That said, we are still looking at a very low level of housing production, due largely to builders’ inability to obtain construction financing."
On Thursday morning, the Commerce Department reported November starts at a pace of 555,000, and single-family starts at a pace of 465,000.
"The modest increase in single-family starts and permits in November is consistent with a very low inventory of unsold new homes, and our member surveys that have shown a degree of optimism among builders with regard to sales expectations in the next six months," said NAHB chief economist David Crowe. "However, builders continue to find it extremely difficult to obtain credit for acquisition, development and construction activities, and this is weighing on their ability to initiate viable new projects that could generate much-needed job growth."
The 3.9% gain in overall housing starts this November was due entirely to a 6.9% increase to a 465,000 unit seasonally adjusted annual rate of new-home production on the single-family side. Meanwhile, multi-family housing starts declined 9.1% to a 90,000-unit rate.