Committed to helping veterans move forward, Penske was recently named a 2022 Military-Friendly Employer. This honor recognizes companies that have remained steadfast in creating employment opportunities for veterans.
The list was established by VIQTORY nearly two decades ago. VIQTORY, which publishes G.I. Jobs and Military Spouses magazines, links the military community to civilian opportunities.
Penske is proud to be among 308 employers to earn the Military-Friendly Employer designation. In the past year, veterans represented nearly 9% of all Penske new hires – a testament to Penske's robust support to veterans and veteran organizations.
Since 2003, the Military-Friendly lists have set the standard for organizations to provide the best opportunities for veterans and military spouses.
"Penske is proud and honored to have earned the silver Military-Friendly Designation for 2022," said Nikita Rhodes, vice president for diversity and inclusion at Penske. "This designation is important because it highlights to associates, customers and suppliers that Penske is committed to the military community."
Rhodes continued, "We recognize the hard work, dedication and perseverance that veterans bring to Penske. While these characteristics are important to our organization year-round, they are especially important on Veterans Day. That's why we take time to recognize and thank our veterans for their service and sacrifice. We couldn't be more proud and grateful for the more than 1,700 veterans that we currently employ as part of our Penske family."
Penske Truck Rental, a division of Penske Truck Leasing, joined with Paralyzed Veterans eight years ago to create the #OneWay4PVA campaign, which encourages rental customers to donate $1 to Paralyzed Veterans Mission: ABLE campaign.
The generosity of one-way customers and Penske donations on all one-way moves have resulted in more than $3 million for Paralyzed Veterans.
Penske associates regularly volunteer for organizations that support and honor our troops and veterans, like the Paul R. Gordon Veteran Social Center of Berks County in Reading, Pennsylvania.
In addition, Penske offers discounts on truck rentals for active military members and veterans when reserving one-way truck rentals online.
Both Penske Truck Leasing and Penske Logistics offer a wide range of career opportunities, including truck fleet maintenance technicians, truck drivers, fleet maintenance supervisors, operations management roles, as well as logistics and supply chain operations roles and many others.
(This is an executive summary. The full report can
be found on AutoTechInsight. See links below.)
As the automotive sector struggles to sustain production in
light of semiconductor shortages, new concerns emerge around the
stability of the supply for magnesium, which is key to aluminum
production and is heavily sourced from Mainland China. The price of
the raw material has recorded a three-fold increase when compared
to pre-pandemic levels, further corroborating shortage concerns in
The issue has been raised at the governmental level at a recent
EU Council held one week ago as it could have "far-reaching
ramifications on entire European Union value chains". There is
little doubt that a prolonged shortage of magnesium could have a
devastating impact on vehicle and components production. This
article analyzes why this has become an issue and whether it will
trickle down to vehicle and component production.
Magnesium in automotive
Magnesium is considered the lightest material among all commonly
used ones for structural applications. It is roughly one-third
lighter than aluminum. It has also the property of bonding with
other elements easily, which makes it difficult to find magnesium
in its pure form. Automotive applications of magnesium started from
racing cars, adopting the material in some components as early as
the 1920s. The adoption of the material in light vehicles started
with commercial vehicles.
The majority of this material is produced from natural minerals
such as dolomite and magnesite and it is extracted typically
through two processes, both needing high energy levels and
producing high emissions levels: pidgeon process and electrolysis
process (mainly used in the United States), one respectively
starting from the dolomite mineral, the latter from magnesium
It must be noted that the vast majority of automotive
applications comes from alloys in which magnesium is present with
different levels, mainly aluminum alloys. The following aluminum
series commonly used in automotive components are impacted by
magnesium or silicon usage (and thus potential shortages): 5xxx,
6xxx, 7xxx, and 3xx.x.
Aluminum alloys are highly recycled within the automotive value
chain, so specific attention should be paid to market demand
increases for wrought alloys, which burden the minerals supply
chain with additional raw materials. For the automotive value
chain, an extensive amount of wrought alloy demand comes from
aluminum sheets used in body construction.
Is there a shortage?
The origins of the concerns are to be found in Mainland China,
which in 2020, accounted for 85% of global output of magnesium
metal, in particular in the Shaanxi Province, which accounted for
63.5% of total production output with its 0.61 million metric tons.
Magnesium producers in Shaanxi Province are dealing with high coal
and electricity prices, and stricter "dual control" of energy
To further cut 2% of energy consumption in per capita GDP growth
in the third quarter, and 3.2% in the whole year 2021, Shaanxi's
Yulin city urged industrial facilities, including magnesium plants,
which are categorized as high-emission units, to either completely
shut down or run at 50% of production capacity in the last two
weeks of the third quarter. Most magnesium plants have resumed
operations since early October, but they are being asked to run at
about 40% of capacity until the end of this calendar year.
This has sparked concerns, particularly in the automotive
industry about an imminent shortage of material. John Mothersole,
economics director at IHS Markit in the Price and Purchasing
division, clarified that there is no certainty about the imminent
shortage, but markets are reacting to the scale of production cuts
in Mainland China and comparatively low inventory coming into the
fall. "The fear that if this lasts for a few months will result
into a material shortage is well placed," Mothersole explained.
There are indications that the mandated cuts in production
imposed in China may soon be relaxed, perhaps as early as November.
Chinese authorities have intervened in both coal and electricity
markets in an attempt to alleviate the crisis. If the electricity
supply begins to improve, it is likely that those mandated
production cuts will be relaxed.
To date, no shortages of aluminum have been reported.
Possible long-term implications
The current energy market within Shaanxi Province and guidance
provided by Yulin city officials is the determining factor for both
the near-term and long-term direction of the magnesium market. The
duration of production limits, as constrained by province-level
grid energy demand, will become a key metric to monitor to
understand pricing and supply availability of magnesium. Most
plants within this province will run at 40% production capacity
until the end of 2021.
Beyond the immediate next quarter of magnesium production,
energy capacity investments within Shaanxi Province, relaxations in
energy cuts, or changes in prioritization of energy restrictions
will establish market direction for both the availability of
magnesium as well as the cost basis of production. While
relaxations in policy may alleviate the supply chain bottleneck of
this material, the energy-intensive nature of magnesium production
will not be impacted within a mid to long-term period. Substantial
research and development is required for any material production to
reduce energy requirements. Beyond this, there is not a clear
pathway to adjust for the fact that Shaanxi Province is responsible
for producing nearly 54% of the global magnesium supply.
In a worst-case scenario, extended production cuts will lead
inevitably to a material shortage, as capacity outside of Greater
China will not be able to make up for the shortfall in global
supply. In this situation, we could see a cascade effect on the
aluminum sector, although aluminum prices seem stable so far. IHS
Markit, to date, does not have any confirmations about this
happening, nor that the aluminum producers are concerned about this
The automotive industry remains concerned about this situation,
with the immediate impact of substantial input cost increases as an
ominous signal that shortage is imminent. The next two months will
be crucial to understand whether this will result in a journey
similar to what was observed with the semiconductor shortage or is
an overreaction in the metals market. In the meantime, long-term
risks about supply should also be in focus.
A recent study by the US Department of Defense identified
magnesium as one of the key strategic minerals for the country.
Such over-reliance on China might not bode well in the context of
the economic decoupling the United States is pursuing or Europe's "strategic autonomy" policy. In this context, it would be wise for
OEMs and suppliers to explore some pathways to alleviate their
exposure to magnesium-intensive alloys in the longer run.
In October, I cannot help but think wistfully of what is one of the best days of the year for a kid – Halloween of course! Do you remember progressing through the trick or treat lifecycle? Regardless of what age you were, what was the first thing you did when you got home? You poured […]
Crowdfunding is one of the best ways of raising funds for a business, startup, or content creator. Due to the flexibility and customizability crowdfunding offers, these platforms have become very popular recently, and both investors and fundraisers are being benefitted from these platforms. Even though crowdfunding platforms offer a ton of benefits, they aren’t perfect. They offer a ton of benefits as well as some drawbacks, and it’s important to know both before you decide to invest in crowdfunding. In this article, we’ll discuss both the benefits and drawbacks of crowdfunding programs. Let’s get right to it. Drawbacks of Crowdfunding […]
Crowdfunding platforms are booming now that the concept of crowdfunding is becoming increasingly popular. A lot of businesses and entrepreneurs are trying to bite a chunk out of this profit pie, and we can’t really blame them. If you’re planning on creating a sustainable crowdfunding business, now’s probably the best time for you. “How to start a crowdfunding site?” is one of the most commonly asked questions by people who’re willing to start a crowdfunding business. In this article, we’ve decided to discuss this in detail. Read this till the end if you want to learn about building crowdfunding websites. […]
Under pressure from shareholder groups, investors and customers, you might already have “green initiatives” in your business plan, and you probably have already identified risks related to climate change and other social and environmental factors. Is there a way to cash in on what you are already doing by accessing the growing market for sustainability-linked loans (sometimes referred to as ESG-linked loans)? Here we will refer to these loans as sustainability-linked loans or SLLs.… More
CS:GO and VALORANT tournament organizer, B-site has announced the return of FLASHPOINT with Season 2 in November. Twelve teams will compete in the online tournament for a share of the $1 million prize pool.
Sienna Cancer Diagnostics are seeking to raise 6 million dollars, with an indicative market capitalization based on full subscription of just under 37.5 million. Shares are being offered at 20 cents each.
Sienna was originally founded in 2002. The company’s focus is the development of diagnostic tools for cancer, and more specifically using tests that look at levels of Telomarese in the body to aid in diagnosis. I spent around 10 minutes clicking on links on Wikipedia trying to understand what exactly Telomarese is, but I quickly realised it goes well beyond whatever I can remember from year 10 science. Instead, as usual I will do my best to evaluate the Sienna IPO using the tools available to an average investor.
IPO’s in the biotechnology space can be broadly broken down into two categories: Pre-revenue, where all the company has is an idea and maybe some patents, and post-revenue, where the company has a proven method of generating revenue, and is now looking to ramp things up. Sienna Cancer Diagnostics falls awkwardly somewhere in the middle. While technically Sienna has been receiving revenue from product sales since 2015, if you exclude research and development expenses, revenue for the first six months of FY2017 was $291,588. There are small café’s that turn over more money than that. It’s an unusual time to list, as the immediate question is why Sienna didn’t hold off until the listing until they had demonstrated their growth potential.
Like many companies, Sienna’s past does not seem to be as straightforward and linear as the Prospectus would like you to believe.
In January 2015, Sienna Cancer Diagnostics announced their first sales agreements with a Major American pathology company. Kerry Hegarty, the CEO at the time gave an interview to The Age, where she explained that “ …Sienna has succeeded where other cancer diagnostic ventures have failed because it has been able to stay an unlisted company so far.” Hegarty goes on to talk about the flexibility of being an unlisted company when you are still in a pre-revenue stage.
4 months after giving this interview Hegarty left Sienna Cancer Diagnostics. Later that same year in September, Street Talk reported the company was planning a 10 million-dollar IPO with Pac Partners as lead manager. Did Hegarty leave because she felt that the company’s decision to list was premature? I have no idea.
For whatever reason, the 10 million-dollar IPO with Pac Partners did not eventuate, and the company is now listing 18 months later raising only 6 million with the much smaller lead manager Sequoia Corporate Finance. A CEO leaving a company and an IPO being delayed aren’t exactly unusual occurences, but it would be interesting to get some background on why both these events happened.
As mentioned earlier, Sienna has largely relied on government rebates and Australia’s very generous research and development tax incentive program for revenue. I take the view that if the company is going to achieve long term success, it will need to eventually stop relying on government handouts and therefore these revenue streams should be excluded from any analysis.
The worrying thing is though, once you take this money out revenue has gone backwards from 2016 to 2017. In 2016, Sienna’s first full year of receiving product revenue, the company had annual revenue of $640,664 excluding government rebates, or $320,332 every six months. The first six months of FY17 saw revenue of only $291,588, a pretty sizeable decrease at a time you would naturally expect revenue to grow.
While there may be legitimate reasons for the decline in revenue, it is not addressed anywhere in the Prospectus that I could find. The decline in revenue also puts into question Sienna’s chosen listing date. August is an interesting time to list, as it means the prospectus does not include the full FY17 numbers, even though the financial year is over by the time the offer closes. The cynic in me says that if the FY17 numbers were any good the IPO would be delayed a couple of months, as strong FY17 numbers would make the IPO a much more straightforward process.
To further illustrate the odd timing of the listing, the balance sheet as of January 2017 showed over 1.5 million dollars in cash, vs annual expenses of around $570,000. Whatever was behind the decision to list before FY17 numbers were available, it wasn’t because the company was about to run out of money.
Sienna have not put any voluntary escrow arrangements in place, so a key question for any potential investor is who the existing shareholders are, and how likely they would be to dump their shares as soon as the company lists.
Earlier articles about Sienna mention the ex-CEO of Macquarie Allan Moss as one of the main shareholders and backers. Interestingly enough, his name does not appear in the current prospectus, so either he has sold out completely, or now holds less than 5% of the company. Why a shrewd investor like Moss would sell-out before an IPO is another question a prospective investor should probably think about.
Instead, the current largest shareholder is now someone called David Neate, who owns just over 10% of the company. I was immediately curious about who this person was, as I could not find him listed on the board or the senior management team of the company. After digging around online, the only information I could find on him was in regards to Essential Petroleum Resources Limited, a now delisted oil and gas exploration company that someone called David Neate (and I’m aware it might not be the same guy) held 12.6% of in October 2007.
There is an October 2008 Hot Copper thread where someone wondered why Neate was unloading so many shares in Petroleum Resources Limited. A few months after the post in January 2009, shares fell to below 1 cent following unfavourable drilling announcements and the company delisted later that year.
Of course, there are perfectly reasonable explanations for a major investor deciding to offload shares, but it’s not really the sort of information you want to find when you start googling the major shareholder of a potential investment.
As this is an IPO in an area where I have no technical knowledge, I am acutely aware that I could be completely off the mark with my analysis. If using Telomarese to diagnose cancer proves to be the next big breakthrough, this could easily be the IPO of the year. However, if I’m going to invest in a company that’s actual product revenue is less than one fiftieth of the indicative market capitalisation, I would at least want to see revenue growth, not revenue going backwards. Furthermore, the small amount being raised does make me wonder if the IPO is more about existing shareholders unloading stock than actually raising capital. Contributed equity is listed on the balance sheet as only 16.6 million, which means at least some initial investors would still be making significant profits if they unload their shares well below the initial listing price.
While I may well live to regret it, this is one IPO I will not be taking part in.