Franchise Valuation Sample Clauses

Franchise Valuation. Under circumstances where Grantee forfeits the Franchise, when renewal of the Franchise has been denied by the City, the City may purchase the system for its fair market value, determined on the basis of the system as a going concern, with no value allocated to the franchise itself. Under circumstances where the Franchise has been revoked for cause by the City, the acquisition shall be at an equitable price in accordance with 47 U.S.C.§ 547. Equitable price shall mean Fair Market Value adjusted downward for the harm to the City or Subscribers, if any, resulting from a Grantee’s breach of its Franchise Agreement or violation of the Cable Ordinance and as further adjusted to account for other equitable factors that may be considered consistent with 47 U.S.C. § 547

Franchise Valuation. ▇▇▇▇▇▇ used a franchise valuation analysis to estimate the value of Village’s common stock based on the composition of its balance sheet on June 30, 2024. The franchise valuation analysis involves calculating the net asset value of Village and adding a core deposit premium to the net asset value to determine the overall value of Village. In order to calculate Village’s net asset value, ▇▇▇▇▇▇ adjusted Village’s tangible common equity with an after-tax credit mark of approximately $2.838 million. The deposit premium was calculated by assigning a premium to each deposit account type based on the perceived value of each type of deposit to a potential acquiror. Non-Interest Bearing deposits $ 236,063 10.00% $ 23,606 NOW Accounts 73,305 8.00% 5,864 Savings and Money Market Accounts 251,038 6.00% 15,062 Certificates of Deposit 68,506 0.00% 0 Total deposits $ 628,912 7.08% $ 44,533 Source: S&P Capital IQ Pro; Village-provided documents. ▇▇▇▇▇▇ selected premiums of 0% for certificates of deposit, 6% for savings and money market accounts, 8% for NOW accounts, and 10% for non-interest bearing deposits. Applying these premiums to Village’s deposits suggested an overall premium of 7.08%, or $44.533 million. ▇▇▇▇▇▇ noted that deposit premiums paid in bank merger transactions vary. Therefore, ▇▇▇▇▇▇ also selected a range of deposit premiums from 5% to 9%. The following chart provides a summary of the franchise value analysis: Dollars in thousands, except per share amounts Amount Per Share Tangible Common Equity $ 70,142 $ 46.91 Less: Credit ▇▇▇▇ (After-Tax) ($2,838) ($1.90) Add: Deposit Premium $ 44,533 $ 29.78 Indicated Franchise Value $ 111,837 $ 74.80 Minimum Franchise Value – (5% Deposit Premium) $ 98,750 $ 66.05 Maximum Franchise Value – (9% Deposit Premium) $ 123,906 $ 82.87 Note: Per share metrics based upon 1,495,160 shares outstanding. Source: S&P Capital IQ Pro; Village-provided documents. The franchise value analysis suggested an overall range of value of $66.05 to $82.87 per share for Village’s common stock. The value suggested by a 7.08% deposit premium was $74.80 per share. ACNB Corp. Traditions Bancorp 128.5 16.4 10.1 NA CBC Bancorp Bay Community Bancorp 166.5 15.9 12.9 8.5 Business First Bancshares Inc. Oakwood Bancshares Inc. 121.2 19.8 10.4 3.1 Capital Bancorp Inc. Integrated Financial Holdings Inc. 106.3 5.8 13.2 2.9 First National Corp. Touchstone Bankshares 105.0 29.1 7.1 0.6 Dogwood State Bank Community First Bancorporation 110.0 13.7 8.5 NA First ...