Share Name Share Symbol Market Type Share ISIN Share Description
Climate Exchange LSE:CLE London Ordinary Share GB0033551168 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 748.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 33.6 2.2 1.4 526.8 355.90

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liquidkid: New trading range between 1000 & 700p? (that's for this share price, not the CCX CFI Vintage 2008 Quoted in mt CO2)
scburbs: LiquidKid, My short position earns interest it doesn't cost me money to keep it open. Whilst the share price flatlines (which it isn't at the moment) I make money, albeit not very much! Flatlining share prices are a much bigger probably for long sb/cfd's than short positions.
liquidkid: Could be different this time for the downside - shorters looked to have lost enthusiasim on this, maybe out of money its been over 3 months of flatline share price enough for anyone on borrowed stock to have to close out - High volume share price fall, someone big is getting out - its that old rogue Ganvenen Sakhs reducing their stake under 3% - Failure to break £20 could be the right shoulder next to the June head - The whole world has gone down in value its about time hot air got a revaluation
gsands: Share price remains strong, despite high valuation. Market obviously believes that profits will grow rapidly here. Chart suggests further upside is imminent.
scburbs: Having made a good profit shorting this previously, I am back in for another go. As has been pointed out a crazy valuation. Not one to go in full guns blazing given the sharp rise, but a dripped short position should do well when reality strikes. Worth remembering how little Richard Sandor was prepared to sell the CCX/ECX interests to CLE for under 2 years ago! Clearly a lot can change in 20 months, but even so the valuation difference is striking to say the least! Based on the share price at the time of around £3, Richard Sandor (CLE's chairman) was prepared to sell CLE the 60/51% interests in CCX/ECX for around £40m. This interest is now worth around £500m! Not Richard Sandor's best disposal, although his £40m is now worth £217m due to the share component. "CCX ACQUISITION The Board of Climate Exchange Plc ('CLE' or 'Climate Exchange') is pleased to announce that Climate Exchange has entered into a merger agreement through which it will acquire the 60% of the issued share capital in Chicago Climate Exchange, Inc. ('CCX' or 'Chicago Climate Exchange') that it does not already own (the 'Acquisition'). As CCX also owns the 51% of European Climate Exchange ('ECX') not already owned by Climate Exchange, the Acquisition brings full ownership of CCX and ECX within the Climate Exchange group. Climate Exchange will pay approximately £6.2 million in cash and issue up to 10,555,117 Climate Exchange shares as consideration for the Acquisition (comprising an initial 6,918,754 CLE shares and conditional deferred consideration of up to 3,636,363 CLE shares). The deferred consideration shares will be issued in the event that CCX meets certain pre-defined performance targets over the next three financial years. An additional cash payment together with the issuance of CLE shares will also be made to the current option holders in CCX. The transaction is subject to the approval of CCX Shareholders. OTHER MATTERS Richard L. Sandor, Chairman and Chief Executive Officer of CCX and Chairman of Climate Exchange, through two of his affiliates owns a majority of the shares in CCX. As a result of the Acquisition, the resulting Climate Exchange shares held by Richard L Sandor's affiliates will be subject to a one year lock in with a proportion of such shares subject to a further lock in until 31 December 2008. As Richard Sandor is a substantial shareholder in CCX, the Acquisition is a related party transaction under the AIM Rules. The directors of Climate Exchange, other than Richard L. Sandor, having consulted with Climate Exchange's Nominated Adviser, consider that the transaction is fair and reasonable insofar as its shareholders are concerned."
techmark: Well what happens to CLE's share price / business when the global warming myth is revealed? Did you read the part about the end of the last ice age being trigger by a gradual rise in deep sea temperatures over a 1300 year prior period. Yeap and we think we have caused the warming with 100 years of burning a few fossil fuels. Nature's design is far greater than we can even comprehend and our arrogance to suggest that it is all our doing is quite frankly staggering. It was exactly the same sort of arrogance the declared the Earth the centre of the universe! Regards
praipus: Techmark & GSands, Thoughts on Valuation. I'm not sure the share price valuation is a good gauge of future value. Share prices can do anything! 1. Scenario: Property Developer buys a peace of agricultural land near London without planning permission its worth £600,000, with planning for flats £2 million with planning for an airport £710 million! Before the airport is even built. With an Airport its worth over £1.4 billion, then of course there's recurring revenues of over £800 million. 2. Asset class CLE is not Cash, Bonds, or Equity in it's strictest is IMHO Development Capital or Development Equity. These people own, operate and most importantly DEVELOP exchanges in what seem to us now ambiguous markets but the truth is every energy company, every insurance company and every weather or climate impacted business wants in to protect itself. Also existing volumes which remember are largely voluntary (at present) are growing exponentially. 3. CLE exchange's have over 700 members that's over 700 of the wealthiest organisation's in the world trading futures, insurance and among other things what will become the next biggest global commodity...carbon. Even Simon Cawkwell says "Don't stand in the way of Trains".
lasata: Economist Strikes Gold In Climate-Change Fight Pollution Market LONDON -- The planet is getting warmer. Richard Sandor, a 66-year-old economist, is getting wealthier. His company, London-based Climate Exchange PLC, has carved out a key role in Europe's booming trade in "carbon permits" -- essentially, buying and selling the right to pollute. Since 2005, the European Union has required major polluters to either cut the amount of carbon dioxide they spew, or buy pollution credits in the open market. Justin Steele Richard Sandor at his Chicago office in May 2006. A big chunk of the action occurs on an exchange founded by Mr. Sandor, a one-time Berkeley professor who has morphed into a gregarious climate-change entrepreneur. He's among the most successful investors trying to profit from rising environmental awareness, whether by speculating in energy commodities or launching wind-power companies. Last year, the total value of carbon permits changing hands -- whether on public exchanges or in private, off-market transactions, where most still occur -- nearly doubled to €40 billion, or about $60 billion, according to Oslo-based Point Carbon, a market research firm. Yesterday, Climate Exchange's stock jumped 16% after the firm reported a tripling in 2007 revenue to £13.6 million, or about $27 million. That gives the company, which handles about 90% of the trading on carbon exchanges, a market capitalization of roughly $1.31 billion. Mr. Sandor's 20% stake is worth more than $260 million on paper. It's an unusual mix of markets theory and environmentalism. "The right wing always suspects you of being a tree-hugging environmentalist and the left wing accuses you of being a money-grubbing capitalist," says Mr. Sandor, who back in the 1990s developed a markets-based system to cut down on pollutants causing acid rain. Carbon trading is drawing intense interest from rivals. In January, NYSE Euronext launched its own carbon exchange, bringing the total number to at least eight globally. Citing "huge growth potential," the New York Mercantile Exchange plans to enter the field in this year's first quarter. WARMING UP • Cutting Pollution: Europe's effort to reduce greenhouse-gas emissions by trading 'carbon permits' is taking off. • Next Battleground: As the U.S. considers similar approaches, competition could heat up. • The Debate: Some economists favor taxing polluters, saying it could be more cost-effective.The next big battlefield will be in the U.S., where Congress is currently debating setting up a system for regulating greenhouse-gas emissions. Lawmakers are considering a system like the one created by the 1997 Kyoto Protocol, a global United Nations-sponsored accord that set emissions-cutting targets for the 175 nations that ratified it. Europe's program was an early test run of the Kyoto Protocol, whose emission restrictions began hitting industry this year. The U.S. hasn't ratified Kyoto. But all three leading Democratic and Republican presidential candidates say they want the U.S. to do more to fight climate change, and would likely set up a carbon-trading program. Carbon permits are traded much like physical commodities -- gold, oil or pork bellies. Each government-issued permit grants its holder permission to emit a ton of carbon dioxide into the air. Carbon Exchange makes money by taking a commission on each trade and by charging membership fees. 'Cap and Trade' So-called "cap and trade" programs like Europe's are intended to give polluters a financial incentive to clean up their act. Governments set emissions caps, and companies that beat them can trade their pollution credits to other firms willing to pay to pollute. Over time, the caps are lowered, making it costlier to choose to keep polluting. About 70% of carbon permits still change hands off the market, in private transactions between companies or financial institutions. Trading on an exchange is often more efficient than trying to find a buyer or seller alone. But for bigger trades, many companies and banks still prefer to do private deals so they don't tip off competitors or cause drastic swings in the still-nascent market. Still, Mr. Sandor's exchange is a key piece of the financial infrastructure underpinning this system. It gives these companies -- mainly industrial giants like power generators, steel mills and cement makers -- a clear idea of the market price of carbon both currently and well off into the future. It also lets hedge funds and other investors speculate in the permits just as they would in other assets, such as gold or stock. Some economists argue for taxing polluters instead, including Nobel prize-winning economist Joseph Stiglitz, and former chairman of President Bush's Council of Economic Advisers, Gregory Mankiw. A carbon tax, they say, would be more transparent and less vulnerable to lobbying by industries trying to win higher caps for themselves. Last month, a report by the Congressional Budget Office said a carbon tax could achieve the same emissions reductions "at a fraction of the cost" of a cap-and-trade system. The savings stem partly from the fact that such a policy is simpler to implement than building a carbon market. Other criticisms of carbon trading focus on the financial wizards -- such as Mr. Sandor -- who design and run the markets. "Financial resources are being redistributed to the banks and traders rather than paying for technological innovations to cut emissions," says Carlo Stagnaro of the Italy-based economic think tank Istituto Bruno Leoni, who just published a paper on the European Union's emissions-trading system. Europe's own system shows evidence of these strains. Governments there initially yielded to industry pressure and allocated too many carbon permits, giving companies little immediate incentive to cut their emissions. The system, which has been up and running only three years in Europe, hasn't yet produced big reductions in emissions. But carbon trading has boomed -- handing a tidy profit to banks, traders and exchanges such as the one founded by Mr. Sandor. Power companies and heavy industry trade carbon continuously to try to make money off price fluctuations and to hedge their future risk, as well as to comply with Kyoto rules. Robert Stavins, an environmental economist at Harvard's John F. Kennedy School of Government, agrees Europe's carbon market isn't perfect, but defends the role of financiers. "The only way we can fight climate change is if there is an opportunity for businesses and individuals to make a fortune off of it," he said. That's what Mr. Sandor has done. "I am a capitalist who runs a business and has to deliver value to shareholders," he said during a recent interview at the Ritz Hotel in London. "I consider myself to be an environmentalist, but I divorce those sentiments from my day job." CARBON EXCHANGES Trading in greenhouse-gas emission credits more than tripled in volume in 2006. Exchanges established under the European Union's emissions trading scheme represent nearly two-thirds of the global trading volume. The New South Wales Greenhouse Gas Abatement Scheme and the Chicago Climate Exchange, for buyers who voluntarily want to greenhouse gases, also saw trading volumes increase in 2006. *MtCO2e: Million metric tons of carbon dioxide equivalent, a universal unit that measures emissions of six greenhouse gases. Mr. Sandor, a dapper professor in close-cropped hair and tailored suits, started his career teaching economics and finance at the University of California, Berkeley, where he developed ideas for trading intangible things, like interest rates or mortgages, on a market. He later made a name for himself at the Chicago Board of Trade where he did leading work on developing financial futures markets in the U.S. Today he lives in Chicago with his wife, a painter, in a home where the walls are covered with his extensive collection of 20th-century photography. He first envisioned a carbon market long before many people had heard of global warming. In 1992 at the United Nations Earth Summit in Rio de Janeiro, he presented an academic paper on how markets might be used to reduce carbon emissions. Of the conference, Mr. Sandor recalls: "There was more tie-dye there than at a Grateful Dead concert. It felt like a movement." Indeed, the event laid the groundwork for what eventually became the 1997 Kyoto Protocol. It was in Brazil, eating shrimp and sipping a caipirinha on the beach, that Mr. Sandor says he first thought about setting up his own carbon market. "I know how to pioneer new markets," he recalls thinking. "I've done it before." IN THE EUROPEAN MARKET European Climate Exchange (ECX) Based in London Established in 2005 Trading Members: 85 Powernext Based in France Established in 2002 as a spot market for electricity Trading Members: 96 Nordic Power Exchange (Nord Pool) Based in Oslo Established in 1993. Has traded EU allowances since 2005 Trading Members: 348 European Energy Exchange AG (EEX) Based in Leipzig Founded in 2007 in the merger of the Leipzig Power Exchange and the Frankfurt-based European Energy Exchange Trading Members: 190 Energy Exchange Austria (EXXA) Based in Austria Established in 2002 Trading Members: 40In the late 1990s he finally got his chance -- or so he thought. At that time, countries around the world started signing on to the Kyoto Protocol. He assumed the U.S. would sign on, too, so he founded the Chicago Climate Exchange in anticipation of a U.S. carbon-trading boom. However, soon after taking office, the Bush administration declined to ratify Kyoto, arguing it would hurt U.S. companies' competitiveness because developing countries like China and India weren't required to curb emissions. Mr. Sandor's dream fizzled. With no treaty, U.S. companies wouldn't be required to cut carbon emissions. He was left with a company that basically had little reason to exist. But rather than dumping it, he decided to convert the Chicago Climate Exchange into a system that companies could join to voluntarily reduce their emissions. By 2003, he teamed up with a friend in London, insurance executive Neil Eckert, to take everything learned in the U.S. experiment and apply it in Europe, which was then just gearing up its own trading system. So they set up a separate carbon-trading market in London, the European Climate Exchange. Mr. Eckert later became its chief executive, a position he holds today. Mr. Sandor had an ace up his sleeve: He sat on the board of IntercontinentalExchange, or ICE, which operates Europe's leading energy exchange, trading oil, gas and electricity. ICE agreed to host Mr. Sandor's new European Climate Exchange on its system as part of an undisclosed revenue-sharing agreement. That deal was an important part of Climate Exchange's success at beating rival markets: The ICE affiliation instantly put his exchange in front of Europe's commodity traders. Trading began at the start of 2005. It wasn't smooth sailing. On May 12, 2006, EU regulators shocked the market by posting data showing that national governments had allocated far too many permits. For example, Sweden's actual emissions were around 10% below the number of emissions allowances the government handed out. The Netherlands, Belgium, Spain and France confronted a similar situation. Abyd Karmali, head of Merrill Lynch's carbon-trading business, was in Cologne, Germany, that day attending a carbon-market conference. People were huddled around computers, watching prices fall like a rock. "It was surreal," said Mr. Karmali. "People were frantically calling their trading desks." In three short days, the price of carbon collapsed 60%. Mr. Karmali called those events "a litmus test" for Mr. Sandor's exchange. "It showed us that the infrastructure worked and that the market could withstand future shocks." Learning from their mistake, European regulators later tightened the emissions caps. Europe's carbon market continued to grow, and with it, Mr. Sandor's company. In trading yesterday on London's AIM, the 16% jump in its share price, to 1,441 pence ($28.89), followed the company's report that volumes grew on both the London and Chicago exchanges. But profitability is still elusive: The firm posted a net loss of £4.1 million last year, although that was an improvement over the year-earlier loss of £10.5 million. Despite its role in Europe's fast-growing carbon market, Mr. Sandor's firm is still a minnow in the shark-infested waters of commodities trading. It's run from a small office in the financial district of London where a dozen or so employees work in a single big room lined with tattered carpet. There's no traditional trading floor -- the actual trading is done entirely online. Commodities traders at banks world-wide have the exchange's software on their screens and can buy and sell carbon permits at the click of a mouse button. Companies that must comply with Kyoto rules can also buy and sell on the exchange. For instance, say, a German utility with excess credits would be free to sell them to a Japanese steelmaker firm that wanted them. Trades are cleared by the exchange, which acts as a kind of guarantor as well, cutting down on credit risk for the buyer and seller. A 2008 permit entitling the bearer to emit one ton of carbon dioxide is currently trading just under €22, up from €17 or so a year earlier. At the end of each year, regulated companies must hold permits representing their total emissions over that period. A fairly typical coal-fired power plant might emit anywhere from five million to 15 million tons of carbon dioxide a year, depending on its size and other variables. Bigger Rivals Loom The risk for Mr. Sandor is that his firm will get beaten by much bigger rivals when the U.S. sets up its own system for cutting greenhouse-gas emissions. Analysts estimate that the U.S. carbon market would be about three times the size of Europe's, a windfall that is sure to attract rivals. "We're going to keep succeeding," Mr. Sandor says. Among other things, he and Mr. Eckert are trying to stay one step ahead by trying to gain footing in other new markets. Last December they signed a memorandum of understanding with China National Petroleum Corp. to explore setting up an emissions-trading platform in Beijing. And in India the firm is exploring establishing a voluntary market like the one originally set up in Chicago a decade ago. "We view ambiguity as an opportunity, not as a deterrent," Mr. Sandor says
bubble pricker: "Shorts be careful there are some fine institutions backing CLE.... " corvidauk, you obviously understand nothing about how these instututions get their shares in the first place. They typically get them either largely for free in lieu of fees or for very little money long before any IPO. The institutions basically do this on a "pellet gun" approach - have a finger in as many pies as possible, because surely enough a few of them will be multi-baggers. It is a giant leap of faith to assume that the institutions are "backing" this company, let alone at this share price. If they got in at 100p, they can just sit and wait until one day the thing gets taken over, at which point they make a massive packet. The institutions do not generally sell into the market at this stage, even if they have large paper profits, because they either are not allowed to under the legal terms of their subscription or it just would look very bad if they started selling. So, to an extent it does not matter to them what the current share price is, nor any of the interim movements in the price. All that counmts for them is that they get in at, say 100p, and in a few years time they sell out at, say, 1000p. Whether the share price in the meantime goes through a speculative bubble and subsequent collapse is irrelevant to them.
lasata: From iii site: Edmond Jackson: Climate Exchange The remarkable recent performance of this and other 'environmental' shares, despite lacking an established profit record, raises the tactical question to what extent you should insist on proven investment value relative to a story that is likely to grip imaginations? AIM-listed Climate Exchange (CLE) has more than quadrupled above £12 in barely four months as enough investors have decided it is an ideal share for current times; CLE being geared to the success of trading carbon emission credits. This is under the media spotlight as scientists warn of the potentially disastrous effects of global warming and companies must scramble to meet new environmental regulations. Yet for a company capitalised near £300m, financial forecasting is anyone's guess. It bears out an observation by Keynes, the legendary Cambridge economist, who wrote that stockmarket investment is akin to judging the outcome of a beauty contest. The art is less in judging the prettiest faces than considering what might be the majority perception of beauty and desire. If you want to get rich quickly in shares, best to consider which stories may enthral. CLE owns the Chicago and European carbon emission exchanges, and you can learn more by visiting and Controversy exists whether trading carbon (also sulphur) emissions can genuinely tackle the root causes of global warming, but all this shows how, in the stockmarket, a concept does not need to be perfect to convince minds – especially the more enterprising players. A party like CLE can start in any fashionable industry sector if enough people are enthralled. It is liberal speculation, not disciplined investment, but this is how new concepts do get financed. Ironically, an advantage of early stage companies is no party-pooping analyst being able to assert the shares are worth less than gleeful consensus. There is a precedent, however. It was barely five months ago that CLE paid £6.2m in cash and a share package up to 10.5m (initially 6.9m and a further 3.6m according to performance) for the remaining 60% of shares in the Chicago Climate Exchange it did not own. Goldman Sachs agreed to subscribe for 4.2m news shares at 293p, some 10% of the group's enlarged share capital. Effectively this means a recent valuation placed on a controlling stake in one side of CLE's operations was a snip of the group's current market value. Last Wednesday 7 February, CLE's share price jumped above £12.50 prompting a statement (likely insisted by regulators) that "other than increased investor interest in both the exchange and carbon related sectors, the company is not aware of any reason for this rise." It will be interesting to see where the shares consolidate after this. For speculators who have missed the run so far, it could provide an opportunity. Carbon emissions will remain a central media theme, fuelling perception. With a share like CLE, so driven by sentiment, the key risk to watch for is "the moment of truth" when perception shifts to try and reconcile hopes with financial reality. Since the company keeps issuing trading updates showing exponential growth in trading volumes on its exchanges, speculators may continue to defer judgment of the bottom line. The latest update, on 22 January, proclaimed "outstanding progress in both Europe and Chicago". The European exchange traded 452.8m tonnes during 2006 compared with 94.3m between April and December 2005, and in Chicago a total 10.2m tonnes of CO2 (1.4m in 2005) and 0.7m of sulphur (negligible in 2005). By comparison, interims to end-June 2006 showed the only income being £0.5m interest receivable and a profit of £21,118, relative to about £10m balance sheet cash and £19m investments. Net asset value per share approached 98p. Obviously the financial statements will be transformed by the exchanges' financial progress, but to what degree – relative to a near £300m market value – remains highly speculative. No way does a margin of safety exist, the classic distinction of an investment from a speculation. This is not to lure you into high-risk speculation, merely to explain how the party is played out in fashionable shares. Speculative energy frequently exists in markets, it is your choice according to your risk tolerance, whether you want to try and harness it. CLE's 7 February caution could result in a medium-term buying opportunity, but you need to recognise this is in context of sentiment as reflected by the share price chart. You are largely playing public emotions. Judging the outcome of the business, for long-term investment value, remains highly speculative. If you are a perfectionist who insists on "being in at the ground floor", CLE still merits following as an example that will crop up elsewhere in the market as other sectors come into vogue – especially among flotations and reverse flotations which introduce fresh and exciting stories. It is easy to predict this so confidently because human nature never changes: market speculation is largely an adventure in social psychology. Notice how big established names party along too, and beware assuming this validates a share as an investment. Blackrock Investment Management, one of the world's largest fund managers that is nearly half-owned by Merrill Lynch, owns nearly 9% of CLE. Blackrock could end up doing very well in the long run; but its funds are of sufficient size to write off even £25m without blinking. As a private investor in individual shares you are likely to be much more focused; there is good reason to be fussy and you may prefer to avoid fashionable shares where you cannot define value. Ultimately, the answer to my opening question lies in your own risk appetite and what you are trying to achieve in markets. Some individuals have learned to speculate intelligently, for example limiting their speculative capital and applying checks such as stop losses and taking out their initial cost after a rally. Overall, I view CLE as a trading play (which is not my style in markets). Its remarkable rise is likely to bring it more into market and media focus, with opportunities for bull and bear traders alike. Ongoing uncertainties about valuation should guarantee volatility
Climate Exchange share price data is direct from the London Stock Exchange
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