Paul Casey leads the Masters ahead of Webb Simpson, Xander Schauffele and Justin Thomas. Tiger Woods three back at Augusta National after opening-round 68. Watch live on Friday from midday on Sky Sports The Masters By Sky Sports GolfLast Updated: 12/11/20 11:31pm – Advertisement – Take a look at the best shots from the first day of The 84th Masters at Augusta National Incredible tee shots, some stunning approaches and plenty of short-game magic all feature in the top shots from a weather-disrupted opening day at The Masters. Paul Casey holds a two-shot advantage after a bogey-free 65 at Augusta National, where none of the afternoon starters were able to finish because of nearly three hours of weather delays earlier in the day.Casey made an impressive eagle at the second and fired his tee-shot at the 16th to tap-in range, one of five birdies during the opening round, with Tiger Woods and Dylan Frittelli also going close with their tee shots into the same par-three. – Advertisement – Take a look at the best shots from the first day of The 84th Masters at Augusta National – Advertisement – The Masters – Live November 13, 2020, 6:00pmLive on Get Sky Sports Golf for just £10 a month All four days of The Masters exclusively live. Get our £10 golf offer. Find out more here. Bryson DeChambeau and Patrick Cantlay both took advantage of the par-four first and Louis Oosthuizen joined Xander Schauffele in producing some tidy work at the 18th, with Adam Scott, Justin Thomas and Rory McIlroy all in the shots of the day shortlist. 3:41 – Advertisement – The Masters latest headlines Latest news and interviews ahead of the 84th Masters at Augusta National. Click on the video above to see the best shots from the opening day! Watch The Masters throughout the week live on Sky Sports. Live coverage continues on Friday with Featured Groups from midday on Sky Sports The Masters, ahead of full coverage from 6pm. Lee Westwood was inches away from holing out from the fairway at the fifth, while 2018 champion Patrick Reed made a superb recovery from the trees to sign off his opening-round 68 with a birdie.
It would not be “progressive” for the £2.2bn (€2.7bn) Environment Agency Pension Fund (EAPF) to divest its fossil fuel holdings, an independent analysis of its portfolio has found.The fund, which is part of the Local Government Pension Scheme (LGPS), asked consultancy Trucost to calculate its exposure to stranded fossil fuel assets via its existing investments.EAPF already integrates the consideration of environmental, social and governance issues in its investment decision-making process.Trucost, however, analysed the extent at which the EAPF portfolios are exposed to carbon stores that may be embedded within listed companies. It found none of the EAPF’s nine portfolios were significantly more exposed to these stores more than the relative benchmark index.One of the fund’s portfolios, however, had a 15% exposure to fossil furl extractive companies, but this was still ten percentage points lower than the FTSE 100 index.The report from Trucost also provided a range of recommendations for the fund, in order to assess and manage the risks associated with embedded carbon emissions.It said those asset owners exposed to the fossil industry should not consider divestment, suggesting it is neither industry leading nor a progressive approach.Funds should be part of the conversation and influence decisions, the report said, and reducing capital exposure does not precipitate a reduced prevalence of the industry.“An asset owner the size of the EAPF, would be unable to affect the values put on the future cash flows of fossil companies simply by divesting its holdings in those companies,” the report said.“Even a coordinated action by the entire universe of university endowments and public pensions funds would unsurprisingly be rapidly corrected by neutral investors eager to take advantage of a temporary depression in market sentiment.”Trucost also said investors should lobby for disclosure from fossil fuel companies, suggesting its own analysis on the EAPF’s exposure was hampered by the lack of ready information from organisations.It said not enough companies disclose data which allows for robust analysis, and only a distint minority make reserves data, broken down by fuel type, available.This makes accurate emissions profiling of companies, and portfolios, statically inadequate, Trucost said, and funds should engage to ensure comprehensive data is publically available.Investors in indices and fossil companies should also engage with the management to ensure, and understand, plans on the development of new fossil fuels, and the shift to a lower carbon economy.They should also raise awareness of stranded assets in fossil companies, encouraging governments to legislate for said transition.Chief investment and risk office at the EAPF, Faith Ward, said the fund had identified key actions based on Trucost’s analysis.“The EAPF has made considerable progress in addressing climate risk,” she said, “but there are still opportunities to further reduce the financial risk to the portfolio and potentially increase the returns of the fund as a shareholder.”
Gfinity Plc announced late last week that it had raised £6,250,000 following an oversubscribed placing.The placing, conducted by Allenby Capital Limited, saw new and existing institutional and other investors of 31,250,000 Placing Shares at 20 pence raise proceeds of £6.25 million before expenses. The Placing Shares represent approximately 16.56% of the issued share capital of the Company as enlarged by the issue of the Placing Shares. The recent round of investment will see Charles Street International Holdings Limited grow its share of the company from 29.98 to 29.99%, whilst Euroblue Investments Limited and Mike McTighe have kept their shares at 13.93% and 3.18% respectively. Neville Upton, CEO, has seen his share of the company fall from 9.35% to 7.8%The reasons for the placing, and use of proceeds are outlined in the release as follows: Further investment into the wholly owned Gfinity Elite Series: £1.7 million to “accelerate long-term revenue streams such as franchise fees, sponsorship programmes, advertising revenue, broadcasting rights and online betting”. Develop an industry leading proprietary esports technology platform to automate esports competition management: £0.6 million to develop the technology and allow third parties to build esports competitions under a “white labelled” software licensing and revenue model;Investment in new senior management: £0.5 million to hire a Chief Strategy Officer, Chief Operating Officer and also to increase the strength of the Gfinity broadcasting team.Neville Upton, Chief Executive Officer of Gfinity, is quoted as saying: “I’m delighted to announce this oversubscribed Placing, reflecting support from both new and existing shareholders and the success of the Gfinity management to date in establishing a leading brand in the fast-growing esports sector. These new funds will allow Gfinity to further invest in the Elite Series, a new “bedroom to podium” esports structure in UK, as well as investing further in our market leading technology platform and personnel. Importantly, we are now well positioned to take advantage of the opportunity presented by continuing growth in the esports sector and the strong reputation that the Company has already carved out within that.”The article also suggests the Elite Series will get underway in Summer 2017 after it was delayed last week although nothing is confirmed.Esports Insider says: More money going into Gfinity as theey look to progress their Elite Series. As shown by the £1.7million allocated towards the Elite Series it’s safe to suggest that the product wasn’t and isn’t finished and wouldn’t have been ready for the initial launch date. Roll on summer and the Elite Series!