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Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London

first_imgA thriving and future-proofed UK public market has a vital role to play in the UK’s post-Covid recovery from an investment and job creation perspective. The adoption of the measures laid out in the report will go a long way to ensure the necessary conditions for London to capitalise on this competitive edge to become the de-facto market for UK and European companies to list as well as attracting a more diverse investor base. Beyond the report’s recommendations however, we need to do more to educate and attract domestic institutional investors, like pension funds, to support home-grown tech companies so UK pension holders benefit from the returns within the UK innovation economy. The LSE changes could help our domestic listing market stay competitive and a dominant player in the European market for entrepreneurs.   Saturday 22 May 2021 8:50 am It is a testament to the maturation of talent and world class innovation companies that we now have, with an increasing stable ready to go public in 2021. Our hope is that the majority choose London to list, driving further enterprise value, IPO demand and recycling of capital back into the UK ecosystem. To find out what City insiders make of the proposed changes, City A.M. caught up with Square Mile-based Rosh Wijayarathna, since 2019 head of corporate finance EMEA at Silicon Valley Bank. Before that, he was nearly a decade with Barclays in Canary Wharf. Show Comments ▼ Michiel Willems However, Europe isn’t just watching from the sidelines anymore and is beginning to see more SPAC activity take place, which we anticipate to increase, especially if the recommended changes to the London Stock Exchange are implemented. Share Although SPACs have been around for some time, in the last year, the US SPAC market has experienced a boom, with 405 vehicles listed in 2020 raising $125bn. This is a reflection of the amount of capital that is available looking for new and innovative ways to be deployed.  Yes, absolutely. We have already seen some high-profile IPOs take place over the past few months from The Hut Group, moonpig, Trustpilot, Darktrace and Pension Bee. The expected IPO activity is a clear output of scale up growth and the work that has occurred over the past five-plus years. Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org To make the UK a more attractive place for investors, the government plans to allow Special Purpose Acquisition Companies (SPACs) to list in London and ease a range of share listing restrictions at the LSE, Jonathan Hill’s report. The latest IHS Markit figures show that the services sector is growing at the fastest rate in nearly a quarter of a century. Also Read: Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker whatsapp whatsapp We welcome the recommendations laid out in the Hill Report, which have been driven by those who best understand the challenges and opportunities ahead for companies looking to go public. Besides Hill’s recommendations, what else is needed to boost London’s IPO market? Could it mean a big IPO bang for the City, as some predict? Rosh, there is no doubt SPAC is a true buzzword at the moment. What do you make of this phenomenon, Rosh? Whilst SPACs are a great tool to raise capital and provide an alternative route to public markets, it’s important to be mindful of the governance and reporting responsibilities that come with going public. Lots of companies will be looking at going public via a SPAC, but they still need to make sure they’re IPO-ready and aren’t taking advantage of the wrong tool at the wrong time. Based on Many industry experts expect an “IPO bonanza” in London this year. Do you share that view? The latest IHS Markit figures show that the services sector is growing at the fastest rate in nearly a quarter of a century. Also Read: Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker The latest IHS Markit figures show that the services sector is growing at the fastest rate in nearly a quarter of a century. Also Read: Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker The latest IHS Markit figures show that the services sector is growing at the fastest rate in nearly a quarter of a century. Also Read: Exclusive: SPACs on LSE will power ‘IPO bonanza’ in London, says Silicon Valley Bank dealmaker What’s also exciting is that we have further cohorts lining up behind them, creating future waves of IPO activity in the UK and Europe, across a variety of sub-sectors. Rosh Wijayarathna: According to Pitchbook, private equity deal activity in Europe will set a new record high this year and one of the factors driving this will be the potential softening on UK listing rules to allow SPACs to more closely reflect US structures. There are about 20 high profile European companies that are rumoured to be IPOing in the next 12 to 18 months, and we’ve already seen the likes of Pension Bee and Darktrace IPO, which reflects the level of investment we have seen over the last 5-10 years in the innovation ecosystem and is a promising sign of the health and robust pipeline of the European IPO market. Hill’s report into future financial services regulation calls for a range of deregulatory measures that aim to “ensure the UK remains one of the most attractive places to grow and list successful innovative companies”. City-based Rosh Wijayarathna, since 2019 head of corporate finance EMEA at Silicon Valley Bank. Tags: IPOslast_img read more

TA Associates swoops for stake in Chinese payment firm YeePay

first_imgMonday 16 March 2015 9:07 pm whatsapp Share PRIVATE equity firm TA Associates has announced it has completed an investment in Chinese online payment service provider YeePay.Although financial details of the transaction were not disclosed, TA Associates partnered with Far East Horizon, a tailored financial leasing company, on the deal.YeePay is the first company in China to provide a single platform integrating both online and offline electronic payments and last year processed $77bn (£52bn) of trans­actions, up over 100 per cent from 2013. “YeePay offers a number of very compelling investment attributes, including a diversified customer base featuring some of the leading brands in China, an at­tractive recurring revenue model and an experienced management team,” TA Associates’ Edward Sippel said. Founded in 2003, the Beijing-based company enables consumers and businesses to make and receive secure payments over the internet, mobile and telephone. “Since our founding, we have enjoyed contin­ued growth and believe a partnership with a growth private equity firm like TA, and an innovative and experienced finan­cial services provider such as Far East Horizon, will prove highly ben­ef­icial to our continued success,” said Bin Tang, YeePay co-founder. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTop 10 Fried Chicken Spots in the U.S.GayotAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof TA Associates swoops for stake in Chinese payment firm YeePay center_img whatsapp Tags: NULL Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedyMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.comTheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBallEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror Express KCS last_img read more

5 bizarre accidents that people survived against all odds

first_imgQuick Take5 bizarre accidents that people survived against all odds He felt his skin rip and heard his arm snap as the mechanism yanked him through a 5-inch opening, dragging him along the conveyor. The machine spat him out, screaming, from the other end with a broken back, pelvis, hips, and ribs, and a ruptured stomach and bowel. Six operations and many metal pins later, the 25-year-old Lowe was back to work at the factory, hoping to get off the factory floor by training as a supervisor.Falling onto an air hoseAllowing air into the body any way but through respiratory system can kill. A pocket of air, or embolus, can enter the bloodstream and travel quickly to the brain, quickly causing death. But factory worker Steven McCormack of New Zealand survived an accident in 2011 in which he fell, butt first, onto the nozzle of an air hose.He screamed as his skin separated from underlying fat and muscle while high-pressure air filled much of the available space, expanding his body to nearly twice its normal size. At the hospital, the inflated man found that doctors couldn’t do much, so they waited while he deflated — loudly.McCormack went home with medications and an unbelievable story to tell. How did he survive? Nozzle placement — it punctured his buttock but didn’t hit any major blood vessels. Related: Related: 7 of the most gruesome medical devices in history Caught in an up-up-updraftWhen 35-year-old paraglider Ewa Wisnierska went for a practice glide in 2007 as storm clouds gathered above her, the result was an unscheduled flight across the Australian countryside in little more than the clothes she was wearing.High winds whisked her up at 70 feet per second to just over 30,000 feet above ground and pushed her, frozen and bruised by hail reportedly the size of tennis balls, some 40 miles from where she started. Wisnierska fell unconscious during the flight, but came to after a while and steered herself out of the sky and onto a farm. Her main injury? Frostbite.Dropped out of the skyWe humans have an uneasy relationship with gravity. We count on and appreciate it for helping us stay grounded, and for keeping objects where we left them. But we also have to be concerned about falling, whether off a chair, down the stairs, or, in the case of New Zealander Michael Holmes, from the sky.After leaping from a plane in 2009, the skydiving instructor ended up with both his main parachute and the backup chute disabled. Falling at a reported rate of 70 miles per hour, he should have died from internal injuries. Instead, the lucky leaper landed on a blackberry bush, sustaining only a broken ankle and a collapsed lung. Forced through a small hole Moving at high speed through a hole that’s far smaller than your body can result in stripped skin, dislocated joints, broken bones, and crushed or punctured organs. That’s what happened to welder Matthew Lowe in 2008, when his overalls got caught in a factory machine that transports metal parts.advertisement As the 25-year-old turned to greet coworkers, an explosion in the hole shot the heavy iron rod through Gage’s jaw, brain, and skull, like this. Like a javelin, the rod landed several yards away. Unlike a javelin, it was carrying a bit of brain with it. Gage lived for another 12 years, saddled with a drooping eyelid, seizures, and dramatic emotional and cognitive problems. He remains a subject of medical fascination to this day. X-Men, step aside: Check out real-life mutants with these 5 amazing superpowers Phineas Gage, who in 1848 was impaled through the skull by a 13-pound metal rod and survived. Gage family photo collection/Creative Commons Sometimes against all odds and in defiance of science, people manage to withstand experiences that really should have killed them.Take these five stories, for example, of people getting impaled, crushed, and literally blown up — and surviving to tell the tale.A stick through the brainGetting impaled through the brain is usually deadly because the brain controls all sorts of things we don’t think about — breathing, heartbeat, and blood pressure, for one. Yet in 1848, railroad worker Phineas Gage survived getting impaled by a 3.5-foot, 13-pound rod he was using to pack a hole with explosives.advertisement By Leah Samuel Sept. 30, 2016 Reprints Tags accidentsbrainlast_img read more

Earl Bederman retiring from Investor Economics

first_imgJames Langton Earl Bederman, founder and leader of Toronto-based financial industry research firm Investor Economics Inc. (IEI), is retiring next month. Bederman is stepping down as president and CEO on July 1. Goshka Folda, senior managing director, will assume his responsibilities as president and CEO of IEI. PenderFund names new SVP for investments “Goshka has been an essential component of Investor Economics’ growth and success since its inception more than 23 years ago. She is widely recognized as a thought leader in the Canadian wealth management business and her expertise and opinion are widely sought after by clients and industry leaders,” Bederman says. IEI, which Bederman founded back in 1992, was acquired by New York-based Asset International Inc. in 2013. Last year, it also absorbed industry market research firm Corporate Insights, which is based in Vancouver. “Earl had a long-held belief that Canada’s financial services industry needed an organization to conduct fact-based measurement, competitive intelligence and insightful trend analysis. This belief led to the formation of Investor Economics in 1992. The Investor Economics team will proudly carry on Earl’s legacy of excellence and industry insight,” says Folda. Asset International notes that Folda has recently taken a bigger leadership role at IEI. “She brings passion, energy, high intellect and integrity to everything she does. Investor Economics will continue to flourish under her leadership,” says AI’s chairman and CEO, Jim Casella. Carlos Cardone will take over for Folda as senior managing director of IEI. TD getting new head of private wealth, financial planning CETFA elects new board leadercenter_img Facebook LinkedIn Twitter Keywords Appointments Related news Share this article and your comments with peers on social medialast_img read more

Statement on Immunization

first_imgStatement on Immunization From: Public Health Agency of CanadaOn June 9, 2021, the four-year term of the current NACI Chair, Dr. Caroline Quach-Thanh, will be completed. The Public Health Agency of Canada (PHAC) gratefully recognizes Dr. Quach-Thanh for her outstanding contribution over the past 12 years as a member, Vice-Chair and Chair of the advisory committee, including her leadership during the COVID-19 pandemic.June 7, 2021 | Ottawa, ON | Public Health Agency of CanadaThe National Advisory Committee on Immunization (NACI) has played a critical role in delivering timely advice to support the provinces and territories as they rollout COVID-19 vaccination programs in their jurisdictions. Throughout the COVID-19 pandemic response, the work of NACI has accelerated to keep pace with evolving science.On June 9, 2021, the four-year term of the current NACI Chair, Dr. Caroline Quach-Thanh, will be completed. The Public Health Agency of Canada (PHAC) gratefully recognizes Dr. Quach-Thanh for her outstanding contribution over the past 12 years as a member, Vice-Chair and Chair of the advisory committee, including her leadership during the COVID-19 pandemic.Following the completion of Dr. Quach-Thanh’s term, the current Vice-Chair, Dr. Shelley Deeks will be appointed to the position of Chair, effective June 10, 2021. Dr. Deeks has shown dedication and commitment on NACI since June 2014 in her roles as Vice-Chair, voting member and working group Chair. The work of the committee will greatly benefit from her expertise in public health, preventative medicine, and immunization.Dr. Robyn Harrison will be appointed to the position of Vice-Chair. Dr. Harrison is a Canadian Infectious Disease physician who specializes in immunization, infection prevention and control, and workplace health and safety. She has been an active participant on NACI since September 2017, including Chair of the Hepatitis and Influenza working groups. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Canada, Government, health, health and safety, hepatitis, infection, infection prevention, infectious disease, influenza, leadership, medicine, Ottawa, pandemic, pandemic response, prevention, public health, vaccinationlast_img read more

250 Acres of Land Identified for Public Sector Housing

first_imgFacebookTwitterWhatsAppEmail The Ministry of Transport, Works and Housing, has identified 250 acres of land at Ebony Park in St. Catherine, which will be used for the construction of houses for civil servants. “This will reduce the cost of housing for public sector workers,” said Prime Minister, the Most Hon. Portia Simpson Miller on Tuesday, April 30, in her contribution to the 2013/2014 Budget debate in the House of Representatives. She announced that other suitable parcels of land for public sector housing will be identified and announced at the appropriate time. Mrs. Simpson Miller in her presentation under the theme: ‘Jamaica: Going for Growth and Development, Unleashing our Full Potential,’ commended the various stakeholders, including the business sector and their depositors, for their sacrifice towards the stabilisation of the economy. She added that public servants and the public sector trade unions have also made “huge sacrifices”, while noting that they have “partnered with us and have, once again, agreed to wage restraints.” “Whether they are teachers, police or soldiers on the frontline; whether they are health professionals, accountants or social workers, technical or executive professionals, administrators, clerical, ancillary workers or drivers; this country cannot run without our dedicated public servants,” Mrs. Simpson Miller said. “Time and time again, they have ‘stepped to the plate’ to help Jamaica. We owe them a huge debt of gratitude. I assure them that we have not taken their sacrifices for granted. This is why we will always choose dialogue and be respectful of our public servants,” she added. By Latonya Linton, JIS Reporter Related31,000 Public Sector Mortgagors to Benefit from NHT Refunds RelatedWork Commences on Granville to Retirement Road in St. James 250 Acres of Land Identified for Public Sector Housing TransportMay 1, 2013center_img RelatedHundreds to Benefit from Perth Housing Development Advertisementslast_img read more

Nordstrom is opening concept store that has no inventory

first_imgHomeNewsNordstrom is opening concept store that has no inventory Sep. 11, 2017 at 9:54 amNewsNordstrom is opening concept store that has no inventoryeditor4 years agoNo tagsAssociated Press Nordstrom is opening up a store that doesn’t have any inventory.The luxury department store chain says its Nordstrom Local concept store will open in Los Angeles next month.The Seattle-based company says the store will be staffed with personal stylists who can order merchandise for customers. Nordstrom says customers can also buy online inside the store or pick up online orders the same day. The store will offer tailoring and manicure services.The store is just 3,000 square feet (279 square meters). That compares to the average 140,000-square-foot (13,006-square-meter) size of a full Nordstrom store.Nordstrom senior vice president Shea Jensen says the store will allow the company to offer its “best services in a convenient location.”share on Facebookshare on Twitteradd a commentOEM gives preparedness tips during National Preparedness MonthRecord-breaking weekend for ‘It’ grows to $123.1 millionYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall11 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter21 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor21 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press21 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press21 hours agoNewsCouncil picks new City ManagerBrennon Dixson21 hours agolast_img read more

Madeira Islands Open reduced to 36 holes due to fog

first_imgSANTO DA SERRA, Madeira Islands – The Madeira Islands Open was reduced to 36 holes because of persistent fog on Saturday, with the first round still incomplete. Play in the European Tour’s 1,500th event couldn’t start on Thursday, and delays on Friday meant the tournament was cut to 54 holes with 77 players yet to finish. On Saturday, with the mountain course still shrouded in fog, 36 players were yet to card a round when play was suspended, and the tournament cut to 36 holes for the first time in its 22-year history. It was the first time since the inaugural Nelson Mandela Championship in 2012 that a European Tour event has been reduced to 36 holes. Scotland’s Scott Jamieson won that event in South Africa, and his countryman Scott Henry led Madeira by one shot after a 5-under par 67 he managed on Friday. If Henry secures his first Tour victory, he will still be afforded the one-year tour exemption despite the reduced event. The English duo of Daniel Brooks and Lloyd Kennedy shared second place on 68.last_img read more

Randall’s Rant: Li’s Apple ad opens a big can of worms for USGA

first_imgWelcome to the professional ranks, Lucy Li. If I’m an elite player, that’s what I’m thinking. Barring the USGA’s discovery of some extenuating circumstance in its investigation of the teen phenom’s appearance in a new video at Apple.com, Li’s family might want to prepare for the possibility she will have to file for reinstatement of her amateur status. They may need to do so to make sure she is eligible for the historic Augusta National Women’s Amateur event in three months. Without some extraordinary USGA discovery, this looks like a black-and-white violation. It’s even more than that, though. It’s a brazen insult upon the amateur principle, even if it comes with a plea of ignorance. If you missed all the fuss, here’s the rewind: Li appears in Apple.com’s new “Close Your Rings” campaign, where she is featured using an Apple Watch to help her train. It’s a promotional video designed to sell the watch. She is identified as “Lucy L.” and is clearly endorsing the product as a golfer. Any other interpretation of her participation in the campaign would require creative legal gymnastics. Li’s family told Golf Digest there was no compensation for Lucy’s participation in the promotion, but that doesn’t matter. Your browser does not support iframes. The bad news for Li is that there isn’t much wiggle room in the USGA’s Rules of Amateur Status. The prohibition under Rule 6:2 states “even if no payment or compensation is received, an amateur golfer is deemed to receive a personal benefit by promoting, advertising or selling anything, or allowing his name or likeness to be used by a third party for the promotion, advertisement or sale of anything.” The provision also states: “A person who acts contrary to the rules may forfeit his amateur status and as a result will be ineligible to play in amateur competitions.” At 16, you can bet Li isn’t calling the shots in this. Adults who should know better are. This might all be due to a big mistake, incredible naivete, or it might be marketing genius. Li may not be paid for her appearance in Apple’s campaign, but her profile grows with it. Her Q-rating is affected. There can be an enormous benefit in that, with the possibility lucrative future compensation comes as a result. She’s connecting with Apple audiences beyond the golf niche, and there’s value in that. And this promotional campaign is all about revenue generation. Li may not be getting any, but Apple is a business seeking to build its bottom line. If Apple’s trying to improve its position in the Asian market, where women’s golf is more popular than men’s golf, Li is an appealing vehicle. She’s the American-born daughter of Chinese immigrants. The USGA is still gathering facts, so we don’t know all that may emerge to excuse or indict, but if I’m an elite amateur playing by the rules, I’m angry about what we know so far. If I’m a high-profile amateur, I’m wondering if the USGA is going to show me why I shouldn’t do something like this, too, and then seek forgiveness later. One way or another, the USGA will send a message with its response. It will create precedent. Really, Li’s involvement exposes a larger issue in the amateur game. Namely, it exposes the immense gray area between the elite amateur and pro ranks. It exposes shadowy circumstances that make so many of us scratch our heads and wonder what’s really going on in the management and recruitment of gifted ams. It makes us wonder if the USGA really wants to know what’s happening. None of this is going to be easy for the USGA. Li is one of the darlings of the amateur game, with her No. 1 world ranking in junior golf. If her defense is a plea of ignorance, there will be sympathy. She was so adorable as a pig-tailed 11-year-old making history as the youngest player qualifying for the U.S. Women’s Open. A harsh ruling against her will make the blue coats look like ogres. Still, a strong reaction is warranted, whether that’s a stern penalty or a revamping of the amateur rules regarding promotion and marketing. Li’s participation in the Apple campaign is troublesome even if the family pleas ignorance. That defense just exposes how lax families are becoming in their respect for amateurism. There wasn’t even an attempt to seek prior USGA approval in this case. Li’s response when first contacted by Golf Digest wasn’t helpful to her cause. She told the magazine she couldn’t talk about the video because she signed a non-disclosure agreement. There’s a hell of a lot of thought that goes into non-disclosure agreements. Whether it’s just proprietary protection at issue, there’s some sort of value implicit in such protective agreements. Whatever the USGA rules, Li’s fate isn’t all that will be affected. The important amateur principle stands to get bolstered or bruised. And so does the USGA.last_img read more

Kalispell Senator Disputes Censure from Flathead Republicans

first_img Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Email The Flathead County Republican Central Committee publicly and unanimously censured veteran Sen. Bruce Tutvedt, R-Kalispell, for “official misconduct and for undermining the credibility of Republicans in Flathead County,” but Tutvedt says the censure is groundless and erroneous.The panel, which sent a copy of the two-page censure to every Republican legislator in Montana, accused Tutvedt of attacking GOP candidates in Flathead County and statewide “using deceptive, inflammatory and unethical allegations,” using his financial involvement with the Montanans for Responsible Leadership political action committee and MT BASE PAC.Tutvedt, a farmer who represents Senate District 3, has emerged as a leader in a Republican effort to disrupt a faction of hardline conservatives who last session opposed Democratic Gov. Steve Bullock’s policy initiatives at nearly every turn.Tutvedt and other so-called “responsible Republicans” at times split with the more conservative leadership to work with minority Democrats and pass key legislation, including an increased state budget and a major bill that increased state support for public schools.The censure, which was signed by the committee’s chairman, Jayson Peters, also accuses Tutvedt of improperly accepting a $22,000 donation on behalf of the Montanans for Responsible Leadership PAC at a Confederated Salish and Kootenai tribal meeting in May.“Tutvedt … used dark money expenditures to support efforts against fellow Republicans who had expressed their concerns about the CSKT Water Compact as currently written,” according to the censure.At the tribal meeting, the censure says Tutvedt told tribal leadership that he had secured a slate of Republican candidates who would vote early in the 2015 session to approve the CSKT tribal water compact. The censure says Tutvedt, who is one of the largest irrigators in the Flathead Valley, used the money to oppose hardline conservatives who pledged to reject the compact in the June primary.But Tutvedt said he has done nothing improper, calling the censure meritless and counterproductive. He said it references a “tiny snippet” of a lengthy conversation with tribal leadership.“It was a kangaroo court and they didn’t invite me. It was conducted by a small subset of the Republican party that doesn’t respect responsible Republicans who want to craft solutions and represent their constituents,” Tutvedt said.The PACs that he represents have done nothing wrong, he said, which is why the Montana Commissioner of Political Practices dismissed earlier complaints filed against Tutvedt and other Republicans as “frivolous.”The timing of the recent censure, Tutvedt said, also smacks of dubious intent by the Flathead Republicans as it was distributed just before the Montana Senate committee assignments were announced. He said the censure was an effort to derail his assignment as chair of the taxation committee.“It was a concerted attempt done the night before the Senate Committee assignments, so they met and had their brouhaha and they failed, because I’m chair of taxation,” he said. “They wanted to stop me from being chair of Senate taxation because I am a fiscal conservative who believes you don’t pass tax cuts you can’t afford.”“Why perform this meaningless public charade to again highlight the division in the Republican Party when they have absolutely no facts?” he added.In the 2012 Republican primary, Tutvedt defeated Peters and Rollan Roberts II for the Senate seat. Peters’ name appeared on the ballot even though he had withdrawn from the race.last_img read more