TheChek News Flow

--> +14.7% pre market - very low volume

Mkt cap $360mil 

{WBAI US Equity DES<Go>}

Sprint and parent SoftBank have bought a minority stake in Jay Z’s subscription music service, The Post has learned.

While the size of the investment couldn’t be learned, sources said the deal values Tidal at around $250 million.

Just last month, Jay Z finalized the $56 million acquisition of Aspiro, the Swedish company that owns Tidal. He remains the biggest shareholder, sources said.

Tidal made a big splash earlier this week, when the hip-hop mogul held a star-studded event in New York.

Tidal claims to have signed up 100,000 subscribers since Kanye West, Rihanna, Madonna, Nicki Minaj, Alicia Keys and even Daft Punk joined Jay Z on stage, according to industry sources.

At the same event, Tidal’s chief investment officer, Vania Schlogel, said the service had been working closely with Sprint CEO Marcelo Claure, although Tidal reps declined to say if the No. 3 wireless provider was also an investor.

The Post reported ahead of the Monday event that Tidal was seeking to raise money and had held talks with Softbank and private-equity firm KKR.

Sprint is preparing to offer Tidal’s service on its phones although the details and the pricing are unclear. A Sprint store manager in Manhattan told The Post he would have more details on the rollout in the next few weeks, adding that “there may be some specials,” or promotions.

In general, there’s confusion around the pricing. Tidal says it offers two tiers: a standard version for $9.99 a month and a $19.99 “premium sound” version. The app, however, lists the prices at $12.99 and $25.99, respectively, with a 30-day free trial.

EI Towers issued the following press release on 2 April:

With reference to the press release issued last 27 March, with which the Company disclosed that last 26 March Consob, pursuant to article 102, sub-section 4, TUF, asked the offeror for supplementary information and informed it of the suspension of the terms of the preliminary investigation, the Company announces that on April 1 Consob (pursuant to art. 10 bis, Law 241, August 7, 1990 and art. 12 of the Consob General Rules on Administrative Proceedings, approved by resolution no. 18388 dated November 28, 2012), informed the Company, among other things, that:

(i) in light of the new fact represented by the official news release of the Ministry of the Economy and the Treasury no. 73 dated 28 March last, after the formalisation of the Offer and also after the clarifications provided by EI Tower with the press release dated 25 March last, the clarification by the current controlling shareholder RAI with the news release of 31 March last “of its intention not to tender its shares and, in any case, of the need to maintain a 51% stake in the share capital of Rai Way, makes it impossible at the present time for the “condition” to be satisfied of reaching the minimum threshold of 66.67%, on which the effectiveness of the Offer, to which the application to approve the Document refers, is conditional as established, amongst other things, by the Offeror. Such non feasibility also applies to any condition which has the objective of achieving a controlling stake. The non feasibility of the aforementioned “condition”, to which the entire industrial plan underpinning the extraordinary operation is connected - in consideration of the fact that to date the Offeror has not manifested its intention to eliminate and/or amend it - represents an impediment to the acceptance of the application to approve the Offer Document.”

(ii) EI Towers has the right to present written comments, accompanied where necessary by documents, within the term of ten days;

(iii) the terms for the conclusion of the proceeding, previously suspended last 26 March, are interrupted and will restart on the date of presentation of the comments or, if they are not presented, from the expiry of the term of ten days provided for their presentation.

EI Towers will submit to Consob, within the above-mentioned term of ten days, its comments and decisions, taking into due account the new facts occurred after the promotion of the Offer.

The activist hedge fund Elliott Advisers has added to its voting rights in the UK-listed investment trust Alliance Trust from 5.07% to 9.94%. The stock exchange announcement from Alliance Trust of 1 April disclosing the transaction can be viewed here.

Background:

Elliott Advisers has proposed three nominees for election to the Alliance Trust board. As previously reported, Elliott has also criticized governance and costs at Alliance Trust.

Dollar shock, policy shock (25 rate cuts), EPS shock. 3rd consecutive quarter of loss for bonds & commodities, 3rd consecutive gain for US dollar. Extension of Max Liquidity, Minimum Growth narrative in Q1 allowed risk assets to rally modestly.

Q1 AA total returns: stocks +2.4%, bonds -1.7%, commodities -4.9%, US dollar +9.0%. Stocks nonetheless extremely resilient, most particular those relating to Silicon Valley's boom: the market cap of US Tech & Biotech is now $4.2 trillion, thus exceeding that of the entire Euro-area ($4.1 trillion) and also that of all Emerging Markets ($3.9 trillion).

...expect some reversal in US dollar (watch DXY 95), bear market rally in commodities, resources, EM. Volatility (or cash, gold) remains "buy in dip" trade in '15. Biggest Q2 call: US GDP Big (>3%)...Fed hikes get priced-in; small (3rd consecutive quarter not much above <2%)..."secular stagnation" back in play. Either

way volatility wins.

Europe GDP probably outpaced US GDP in Q1. EU positioning, policy, profit cycle all bullish. China stocks surging as commodities collapse shows bull case for China is liquidity not growth. Has rallied hard but global capital likely to continue to frontrun China easing.