Westmount Energy Share Discussion Threads

[deswalker] 27/12/2007 08:53

Thks for that whackford.

A near fifty percent increase in capacity is great news as is the "bank support by the summer". I can't see how they can possibly fund the whole £300 mill out of debt. Maybe they intend to get as far down the road as possible using debt and then float at the last possible minute once the market can see that building is underway. Alternatively maybe they intend to float in the next few months before getting bank support for the debt ? Hard to tell which order they intend to do things - debt then build then equity or equity then debt then build ?

[whackford] 25/12/2007 08:43

From NW Evening Mail:

Boost for turbine size
Published on 24/12/2007


IT'S A BREEZE: An artist's impression of the offshore platform, with turbines, that will make up the hybrid Ormonde field submitted pictureONE of the companies planning to put up towering wind turbines in the sea off Barrow has decided to go for a more powerful model than originally planned.

Eclipse Energy, which is planning to develop the Ormonde hybrid wind and gas electricity generating site 9.5km off Walney, is to install five megawatt turbines instead of the original plan for 3.5 megawatt machines.

Thirty of the larger turbines will be installed on top of towers when the wind farm is built in 2010, producing enough power for 100,000 homes instead of the 70,000 under the original scheme.

The decision to go for larger turbines, which now has to be okayed by the government, will push the price of the scheme up from around £210m to nearly £300m, says Eclipse, which hopes to get bank support in place by the summer.

The company is planning to build offices and a maintenance depot in Barrow docks, but it has yet to decide whether the building operation will be run out of Barrow port or another port like Belfast.

Eclipse spokesman Peter Sill said: "It is the same number of turbines but it just means they will be producing more electricity.

"Larger turbines are more efficient. The newer technology has had two-and-a-half years' research put into it since we made our initial application for 3.5 megawatts."

Eclipse says it will be ensuring all its equipment is rugged enough for the offshore job.

It will also be learning lessons from the first sea wind farm, off Walney, which had to replace all its gearboxes after the first year at a cost of millions of pounds.

The 30 turbine towers will be around 330ft above the sea, with the height from sea surface to the tip of the highest turbine blade at 540ft.

There are plans for a total 350 turbines in four wind farms off Walney so far.

[topvest] 19/12/2007 21:16

If they are issuing share options, then that says to me that they have plans for this company medium term.

[mr multibagger] 19/12/2007 18:48

"244,000 shares of presently unquoted Eclipse Energy"


PRESENTLY!

[mr multibagger] 19/12/2007 18:47

Westmount Energy Issue of Options




RNS Number:3157K
Westmount Energy Limited
19 December 2007


Westmount Energy Limited

(the "Company")

Announcement



Issue of share options


The Board today announces that it has granted, with effect from 19th December
2007, share options over a total of 100,000 20p Ordinary Shares in the capital
of the Company to Mr Mervyn Bradlow at a strike price of 91p per share. The
options expire on 31 December 2012.


Note for Editors:


Westmount Energy Limited ("Westmount") is a Jersey based AIM quoted Energy
Investment Company. Its present investments include 30,000,000 shares of AIM
quoted Sterling Energy plc, 5,500,000 shares of AIM quoted Desire Petroleum plc
and 244,000 shares of presently unquoted Eclipse Energy UK plc. The Company has
no borrowings.


Contacts:


Paul R. Anderson,

Westmount Energy Limited Tel: [phone]


Gavin J. Burnell,

Brett L. Miller,

Ruegg & Co. Limited Tel: [phone]



This information is provided by RNS
The company news service from the London Stock Exchange

[deswalker] 10/12/2007 13:23

Yes this has to be very good news for Eclipse. They really need to push their hybrid wind/gas solution to the powers that be and capitalise on this major opportunity. It's time for action after a few years of relative inaction.

Surely an IPO must be on the agenda for H108. There must be a lot of hot money wanting to invest in this sector and Eclipse needs to take advantage of the funding available to get listed on good terms.

Keeping up with the SEY thread is doing my head in. I'll be glad to click "Remove Favourite" on that once WTE decides to unwind its position.

[dogberry202000] 09/12/2007 00:20

Looks like very good news for Eclipse - and WTE.

[mickinvest] 06/12/2007 13:20

I'll add them on to my Christmas card list lads(memo to Mrs), hopefully you will also be similarly motivated to do likewise and add a pat on the back to keep the repurchases going.

Mick

[deswalker] 06/12/2007 13:16

Excellent news. Good idea about the email whackford. Hopefully others will feel similarly motivated. It's amazing what a little bit of encouragement can achieve.

[whackford] 06/12/2007 12:22

I'm pleased to see a further buyback and sent the company an email to say as much.

[cwa1] 06/12/2007 12:06

As predicted:-

Westmount Energy Limited (the 'Company') announces that the Company yesterday
purchased for cancellation 95,500 of its ordinary shares of 20p each at a price
of 80p per share.

Further to the FSA's Disclosure & Transparency Rules, the Company advises that
its issued share capital now comprises 7,219,500 ordinary shares of 20p each.
The voting rights of all of these shares are identical.

Jolly good. Decent price again. Can't accuse them of overpaying :-)

[whackford] 05/12/2007 14:49

Let's hope so Des i.e. more buybacks.

Interesting to see Hargreave Hale buying more shares. The last-recruited Director (Mervyn Bradlow) is ex Hargreave so I presume Hargreave's are very well informed!

I will take a look at the Eclipse site. Thanks for advising of update. I think I looked at it just a couple of weeks ago.

[deswalker] 05/12/2007 13:56

A trade for 95,500 shares goes through at 80p. Fingers crossed it's another buyback.

[deswalker] 04/12/2007 19:41

The Eclipse website has been updated today ...



An updated timeline for the Ormonde project plus an application to generate electricity dated 13 Nov. The timeline is probably nine months slower than I would have liked but at least we know where we are now, namely that the project is going ahead. Procurement scheduled for the start of 2008 and construction starts in Q308 for two years. Project operational Q310.

Also a new project area looking at onshore wind power in Wales (press release dated tomorrow).

They seem to be forming a bit of an alliance with ABP on both projects so that could be a springboard to other opportunities on their sites.

They're going to need funds from somewhere. It will be interesting to see what they decide to do.

[deswalker] 03/12/2007 16:34

Hargreave Hale picks up another 70k for its discretionary clients. Now holds 13.27%.

[cwa1] 26/11/2007 08:01

Wonder where they got the stock from at that price?

[whackford] 26/11/2007 07:54

I'm pleased with the repurchase.
Nice to see you back Bomfin.

[bomfin] 23/11/2007 12:36

Nice work Des.

[deswalker] 23/11/2007 12:27

A good start. Let's hope they keep it going.

[cwa1] 23/11/2007 12:22

Westmount Energy Limited (the 'Company') announces that the Company yesterday
purchased for cancellation 125,000 of its ordinary shares of 20p each at a price
of 76.4p per share.

[deswalker] 23/11/2007 11:56

Just got a reply from Paul Anderson to my email ...

DesWalker,

Many thanks for your email. You clearly appreciate that the Board are considering a number of different alternatives in the interest of all of Westmount's shareholders and I shall certainly forward your suggestion to the rest of the directors so that this can also be taken into account.

I appreciate you taking the time to make us aware of your thoughts.

Regards
Paul

Sounds reasonably positive to me and gives the impression that they are considering ways of reducing the discount by liquidating assets rather than thinking about new investments.

[topvest] 21/11/2007 22:07

Looks like someone listened to my protest of not anouncing the results properly. Odd way of doing things - i.e. paying for 2 rns announcements, rather than one. Nevertheless, I will back down on my point now!

[whackford] 21/11/2007 15:11

Des, well done. Great idea. Incidentally, I should have added to my today's post that WTE has the cash to do a buyback because of the CDS sale.

Regards.

[deswalker] 21/11/2007 15:06

I've just sent this email to WTE. Any thoughts ...

Dear Sir or Madam,

As a private shareholder in Westmount Energy I read the Final Results for the year to 30 Jun 07 with a great deal of interest. In particular I noted the comment made by the Chairman:

"If further circumstances allow we may consider disposals of our investments with a view to returning capital to the shareholders."

and thought I'd email you with a suggestion about a return of capital.

Instead of considering selling the holdings in SEY and DES have you considered returning these shares to WTE shareholders directly on a pro-rata basis (eg 5.5/7.44 = 0.7392 DES shares and 30/7.44 = 4.0323 SEY shares for every WTE share held). I realise that this may have some admin issues (eg how to handle share options, small rounding errors etc) but such an action would get around the problem of illiquidity which might well make it difficult to sell these holdings in the market in order to return the cash.

Such a strategy would then expose the discount to NAV of WTE shares and would make the company a pure play on the exciting future of Eclipse Energy.

I hope will give my thoughts some consideration. Please keep up the good work in building and/or returning shareholder value.

Yours faithfully,

DesWalker