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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Greenko | GKO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.01 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.01 | 1.01 |
| Top Posts |
|---|
Posted at 28/9/2015 10:49 by hutch_pod I've not seen any news.I do wonder given GKO has a registered address in Isle of Man and the shares for sale are in Greenko Mauritius, whether any CGT payable might be quite low. Mauritius has very favourable double tax treaties with India but the sale of the shares might be covered under Isle of Man CGT - which seems to be low/nil? Can't really be confident what applies, but the current discount implies 38% of costs! IC said to hold at 80p as it the costs on disposal seemed to be far less than implied by the discount (from 105p). Cantor Fitzgerald upped their target to 98p after the RNS, implying 7p/share worth of costs. |
Posted at 24/9/2015 10:08 by ravimb what happened to the sale - GKO to GIC? Has it been finalised? or struck up? |
Posted at 14/8/2015 08:27 by dr_smith I bought in here when share price was much higher, then sold some time back as:1) I didn'tknow how to value the co' when factoring sister co's and future semi-agreed share mergers. 2) As WJ' says above, I felt much of the value was not the co' but the management team, setting up new projects for newcomers/big investors. If they walk to another co, where would that leave GKO? 3) I make a keen distinction to myself between investing and gambling. Normally you know what a co has, and the only guesswork it where future business/income lies. Here the current position,be that now, 3months ago, 12 months ago is smokey - as Cestnous says. 4) The headlines for co are typically how much MW of power has been added, but this 'target figure' is not put in context with the new money coming in, watering down the returns for the longer term share holders. My mates thought I was mad/brave investing in a co with activities India based. That doesn't worry me, but 1)-4) does (as I have posted in the past). There seems to be an unwritten rule about not posting negative comments on threads, but at same time I wouldn't want fellow board members to take risks where return is not justified. So, please double check your own stratagy/calculation All IMO, DYOR. :-) |
Posted at 19/7/2015 20:37 by hutch_pod Well GKO is a growth company in terms of MW and profit, and can be in terms of EPS if the dilution is favourably sorted. |
Posted at 01/7/2015 09:51 by divmad Wonder what seeballs makes of the share price action in gko over this Greek crisis? Then again, I don't really care. |
Posted at 25/6/2015 20:41 by seball Full text......It would appear that the board of Greenko (GKO: 55p), the Indian developer, owner and operator of clean energy projects, have been listening to their shareholders. They have now entered into discussions with two major investors to work out a compromise deal to prevent a highly dilutive share issue on the conversion (into ordinary shares) of the minority interests in Greenko Mauritius held by the Government of Singapore (GIC) (whose investment has a value of £140m), and Global Environment Emerging Markets (investment has a value of £75m). This is clearly good news as both GIC and Global Environment Emerging Markets (GEF) have the right to convert their investments (GIC owns 17.38 per cent of Greenko Mauritius and GEF owns 14.09 per cent) into Greenko’s ordinary shares from the start of July, so this issue needs resolving as soon as possible. I discussed this important point when I last updated my view when the price was bombed out at 44p (‘Catalysts for share price moves’, 4 Jun 2015). The latest news initially sparked a 50 per cent plus rally in Greenko’s share price to a high of 68p yesterday morning, albeit it only returned the price back to the 70p price level they were trading at seven weeks ago (‘Break-out looms for mobile wonder’, 12 May 2015) before some profit taking set in yesterday afternoon. My advice is to hold firm and await news on details of the compromise deal the company is trying to work out with these two major investors as there could be more significant share price upside in the event of an amicable resolution. That's because after factoring in a December 2015 year-end net debt figure of around $920m (£590m), an increased issued share capital of 329m shares - assuming that GEF and GIC accept conversion terms around 100p a share as I discussed in my article in May - then Greenko's enterprise value of $1.5bn (based on a share price of 100p) would still be only 8.5 times fiscal 2016 operating profit estimates and 7 times likely cash profits. Of course a conversion price of 100p a share is well above Greenko’s current share price, but still represents a chunky discount on the 180p level the shares were priced at last summer, and more importantly the share price at the time when they made their investments in the first place. Moreover, there is no point at all for the two major shareholders to undermine the ability of Greenko's board to progress with its expansion plans as GIC and GEF are still only minority shareholders in Greenko Mauritius, owning less than a third of that subsidiary between them. Hold. |
Posted at 24/6/2015 15:22 by seball From IC in May. ST reckons 100p conversion.Shares in Aim-traded shares in Greenko (GKO:70p), the Indian developer, owner and operator of clean energy projects, have endured a roller coaster ride since I initiated coverage at 138p ('Buy signal flashing green', 18 March 2013). Having hit a high of 180p at the end of September 2014, Greenko's share price fell steadily thereafter and I subsequently downgraded my view to hold when the price was 104p after it became apparent that the operational progress the company has been delivering is being undermined by its capital structure ('Small cap updates', 31 March 2015). Clearly, some investors headed for the exit as Greenko's share price declined a further 20 per cent to 82.5p by the time analysts at brokerage Investec released a note in mid-April with a 150p revised target price. In that note to clients, Investec's utilities analyst Harold Hutchinson noted: "We believe the recent share sell off reflects some shareholders' concern on Greenko's financing structure. This has been magnified by the potential conversion of the Government of Singapore (GIC) (which invested £100m in Greenko Mauritius in 2013) and Global Environment Emerging Markets (invested in 2009) minorities into ordinary shares in the near future. The original GIC investment at a subsidiary level offered re-assurance to ordinary shareholders in terms of capital commitment. The need now is for Greenko's capital structure to be simplified and organised to ensure a recovery in confidence of all shareholders." Calculating the level of potential dilution The issue of dilution to existing shareholders is the one I raised in my article at the end of March. That's because GIC has the right to exchange its 17.38 per cent interest in Greenko Mauritius into a minimum of 44.8m Greenko ordinary shares anytime between 1 July 2015 and 30 June 2017. However, the number of new ordinary shares to be issued is capped to prevent GIC from owning more than 29.9 per cent of Greenko's enlarged ordinary share capital. Greenko currently has 155.8m shares in issue. So with Greenko's share price significantly lower than at the time when GIC made its original investment, then GIC could end up owning a minority interest in Greenko Mauritius as well as being issued with a slug of new equity in Greenko. Global Environment Emerging Markets (GEF) has the right to exchange its 14.09 per cent interest in Greenko Mauritius into a minimum of 29.1m Greenko ordinary shares anytime between 1 July 2015 and 30 June 2017. To put the interests of both GIC and GEF into some perspective, Investec calculate that GEF's interest in Greenko Mauritius would convert into 75m new Greenko shares based on its present value of $113m (£75m) and using a share price on conversion of 100p; and 70 per cent of the GIC interest would be satisfied by the issue of 99m new Greenko shares based on a present value of its investment of $210m (£140m). But because of the 29.9 per cent shareholder cap, GIC would also retain an interest in Greenko Mauritius worth £40m. As a result, Investec have factored in a raised share count of 329m, up from 156m currently, assuming conversion occurs on 1 January 2016 and a share price of 100p being accepted by both GIC and GEF. This is significantly higher than Greenko's current share price. It's possible that both GIC and GEF would accept conversion of their minority interests under these terms as it would enable Greenko to simplify its balance sheet and funding structure, remove the issue of dilution that is undermining sentiment, and enable investors to focus on the strong operational progress the company is actually making. Greenko's operating profit is expected to more than double from $55.6m in the 2014 fiscal year (nine month period due to change of year-end), to $121m in 2015, and $174m in 2016, according to analysts at both brokerage Arden and Investec. An issue that needs addressing The issue of GIC's and GEF's minority interests needs sorting out as soon as possible because the more Greenko's share price falls, the greater the potential dilution to its existing shareholders of which the top 11 institutions and investors control almost 80 per cent of the share registrar. Clearly, a highly dilutive share issue is not in their interests and they should be doing everything in their power to avoid this. That's because the financial liability from these minority interests is now almost double Greenko's market value of £110m as a result of the slide in its share price, so unless Greenko's board can restore some confidence in its share price then existing shareholders face being diluted by well over 50 per cent. That said, it's in the interests of both GIC and GEF to reach a compromise which in turn would enable Greenko's shares to re-rate to a more sensible valuation without investors fretting about being diluted any further. Also, it makes no financial sense for them to undermine the ability of Greenko's board to progress with its expansion plans as GIC and GEF are still only minority shareholders in Greenko Mauritius, owning less than a third of that subsidiary between them. In the event of a compromise being reached, I feel there is upside for existing shareholders. That's because after factoring in a December 2015 year-end net debt figure of around $920m, an increased issued share capital of 329m shares - assuming of course that GEF and GIC accept conversion terms around 100p a share - then Greenko's enterprise value of $1.5bn (based on a share price of 100p) would still be only 8.5 times fiscal 2016 operating profit estimates and 7 times likely cash profits. So if you followed my earlier advice I would hold onto Greenko's shares ahead of this summer's annual meeting and interim results in September as I believe that a positive announcement from the company's board on a resolution to the issue of the GIC and GEF minority interests could prove a watershed for its battered share price. It's worth noting too that the shares are now in extreme oversold territory (the 14-day relative strength indicator has a reading of only 20). Hold. |
Posted at 12/6/2015 16:19 by bikwik Two key things really:Selling pressure has all but dried up in the last four days and buyers are beginning to return, particularly today when most of the blue chip stocks are down. The bottom line on the chart measures the volatility of GKO, ie basically showing when the price trends (can be either up or down) and when the price is not trending - when it is in a sideways range. As you can see volatility has got back to the lower side of the range and therefore reflects the current non-trending state of the share price. Since April the volatility line has been nice and cyclical, and while you can't be sure it will continue this way, it would not be unreasonable to expect volatility start to rise very soon, likely next week, seeing as it appears to be on the verge of turning up. Granted, it could trend down.....heaven forbid! However, we have quite a few clues, which I have already posted previously and the bullish volume action this week, that suggests it is going to be up. It is probably better to not know anything about the fundamentals to cloud the technical state of the price market in GKO. However, of course sometimes it helps, particularly that the underlying business is doing rather well, its just the dilution issue which has seemingly provided the downside catalyst to the share price for many months now. However of course I think the market is beginning to realise that it may have overdone the dilution element rather a lot. Thus we have a potential upside catalyst. Of course time will tell if I am right! |
Posted at 08/6/2015 12:53 by dr_smith I have bought big chunks of GKO in past and sold at proft around 1.65- 1.75 and think how lucky I was.The value of company versus buy/sell volume dictated price, compunded with sister company agreements makes all hard to fathom. Is the Singapore entity manipulating the market to enhance the merger in their favour? If LIBOR etc can be manipulated, then so can GKO. I believe the sharebase is mainly a few big entities, with us small PI's more marginal than typical. There are too many answered quesions, so even a calculated risk cannot be calculated. Leave well alone in my view, if you can. I am taking this as a lesson in how things can go pear shaped, despite treading ernestly, and relieved I sold when I did. |
Posted at 06/5/2015 17:36 by scrutable SP does not seem to reflect value with some small Asian shares. The Chinese software service JQW for instance dropped from 70p to 6p over a year whilst growing sales, and profits, and cash, like mad - whilst holding cash equal to double the cap and paid a 5p dividend when the share price was 12p. It is probably hugely undervalued - perhaps by a factor of x10 times.BUT DYOR. This is not a ramp of JQW or of JKO. Just an attempt to describe the workings of counter-intuitive crowd psychology. GKO looks terribly undervalued as well - which doesn't stop it falling a lot further When a share is as little followed as with GKO any selling, however unconnected with bad news, triggers the suspicion that something is rotten - a factor which then feeds on itself and generates more fear, more sales and a further twist to the downward screw. JQW shares trebled last week to 24p and just as quickly collapsed - the Bulls and the Bears stampeding on alternate days. The smaller th company the more emotions are in control,, particularly when facts are in short supply. |
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