Econergy Share Discussion Threads

[praipus] 23/4/2008 09:59

lol they do phone from time to time its true.

You seem a bit sensitive GDP2 are you betting on the short side?

[gdp2] 23/4/2008 07:37

Neil Eckert, Chariman of ECG, also works for Trading Emissons

[gdp2] 22/4/2008 20:32

Yes a well paid Financial Journalist for one of the best respected newspapers in the world pales in comparison to your opinion.

[praipus] 22/4/2008 18:14

Not sure that a journalists opinion constitutes "the real programme".

anyway

From BP's annual report page 38:

"Since 2005, we have increased our wind capacity from 32MW to more than 370MW, with an aim to grow that to more than 1,000MW by the end of 2008."

[gdp2] 22/4/2008 17:36

I am with the programme Prapius and find it hard to believe that you think they have parties "crawling all over them". TRE are 1. The Tchenguiz family the 2nd, who i might add have not confirmed that they are only looking to Buy ECG but perhaps just buy holdings in some of their projects or sell their exisiting 13%. The Times suggested that when ECG's shares went flat after the first "rumoured bidders" they said it was because speculators believe that there are only 2 interested parties.
So I urge you to get with the real programme

[praipus] 22/4/2008 17:19

asparks I agree tidying and beautifying prior to sale.

Get with the program GDP2 see the RNS/news for 14/4/2008 entitled
"Econergy says Trading Emissions' offer undervalues the company UPDATE"
these guys have got interested parties crawling all over them.

Failing all TRE could mop up with an all share offer which would be acceptable to me.

[gdp2] 22/4/2008 13:58

Not just a legal necessity? Conflict of Interest?

[asparks] 22/4/2008 12:39

I see that as a +ve announcement. Offer pending?

[praipus] 22/4/2008 11:06

Another step along the path to takeover:)


Directorate Change

RNS Number:8220S
Econergy International Plc
22 April 2008

ECONERGY INTERNATIONAL PLC

Econergy International PLC (the "Company") today announces that Wayne Keast has
resigned as non-executive director, with effect from 21 April 2008.

Mr Keast's resignation arises as a result of the position he holds with
Consensus Business Group ("Consensus"), adviser to the Tchenguiz Family Trust
(the "Trust"). Consensus recently announced that the Trust is reviewing its
options with regard to its interest in the Company, which include a potential
offer for the ordinary share capital of the Company. Therefore it has been
mutually agreed between the Company and Mr Keast that he will step down during
the current process. Mr Keast is the Chief Executive of Consensus Environment,
the CleanTech and Environmental private equity and strategic investment arm of
Consensus Business Group.

The Board would like to thank Mr Keast for his considerable commitment to the
Company.

Enquiries

Piper Jaffray Ltd. 020 3142 8700

Michael Covington / Nigel Daly (Investment Banking)

Amer Khan / Jamie Adams (Corporate Broking)



Pelham Public Relations 020 7743 6679

Chelsea Hayes

Archie Berens


Responsibility


The directors of the Company accept responsibility for all of the information
contained in this announcement. To the best of their knowledge and belief
(having taken all reasonable care to ensure that such is the case), the
information contained in this announcement is accurate and does not omit
anything likely to affect the import of such information.


Piper Jaffray Ltd., which is authorised and regulated by the Financial Services
Authority in the UK, is acting for the Company and no one else in connection
with matters referred to in this announcement and will not be responsible to any
person other than the Company for providing the protections afforded to the
clients of Piper Jaffray Ltd. nor for providing advice in relation to the
matters referred to in this announcement.


Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
"Code"), if any person is, or becomes, "interested" (directly or indirectly) in
1% or more of any class of "relevant securities" of the Company, all "dealings"
in any "relevant securities" of the Company (including by means of an option in
respect of, or a derivative referenced to, any such "relevant securities") must
be publicly disclosed by no later than 3.30pm (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the "offer period" otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
"interest" in "relevant securities" of the Company, they will be deemed to be a
single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of
the Code, all "dealings" in "relevant securities" of the Company by the Company
or by any of its respective " associates", must be disclosed by no later than
12.00 noon (London time) on the London business day following the date of the
relevant transaction. A disclosure table, giving details of the companies in
whose 'relevant securities' 'dealings' should be disclosed, and the number of
such securities in issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a
person has long economic exposure, whether conditional or absolute, to changes
in price or securities. In particular, a person will be treated as having an
"interest" by virtue of the ownership or control of securities, or by virtue of
any option in respect of, or derivative referenced to, securities. Terms in
quotation marks are defined in the Code, which can be found on the Panel's
website. If you are in any doubt as to whether or not you are required to
disclose a "dealing" under Rule 8, you should consult the Panel.

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

[gdp2] 22/4/2008 00:47

Announcement re-Cambria commencing operations in the next few days i think

[gdp2] 19/4/2008 13:54

Slightly disconcerting that although not a major project Cambria wasn't even mentioned in the operational update

[gdp2] 19/4/2008 13:18

Which I believe would deliver greater long term value for shareholders, especially given how well Bereberie and Areia Brance are progressing. There's likely to be 4 projects in total in operation by the end of the year which will all deliver substantial revenues.

[gdp2] 17/4/2008 14:15

I think ECG if they succeed with selling shares in their projects may remain an individual entity

[gdp2] 17/4/2008 14:15

At least its provided support for the SP

[praipus] 17/4/2008 10:09

Erm isnt it usual for the company being bid for shares to rise?

And the company doing the bidding TRE, shares to fall?

[praipus] 15/4/2008 16:04

Iberdrola studying British Energy stake buy amongst other projects




MADRID (Thomson Financial) - Iberdrola SA is studying the opportunity to buy
the UK government's stake in British Energy, amongst other projects, chairman
Ignacio Sanchez Galan said.
Speaking to reporters, Sanchez Galan said that given its presence in the UK,
Iberdrola has a "responsibility" to look at every opportunity in the country.
But, he declined to provide further information on whether the Basque
utility has asked to see British Energy's books.
The UK government plans to sell its 35.2 percent stake in the operator,
which runs eight of the country's ten nuclear power plants.
RWE reportedly made an indicative all-cash offer of close to 700 pence a
share for British Energy before March 17, the day the UK company confirmed talks
that could lead to a full takeover.
Last year, Iberdrola acquired Scottish Power PLC.


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The copying, republication or redistribution of Thomson Financial News Content,
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written consent of Thomson Financial News.

[gdp2] 14/4/2008 16:02

Which given the prospective bidding war suggests the share price is 116% below its NAV.

[gdp2] 14/4/2008 15:57

So;
My NAV - Cash Pile = $352.75 million Dollars
352.75 / 100 X 30 = $105.82 million Dollars

So new NAV = $105.82 million Dollars + $9 million Dollar cash pile = $114.82 million Dollars
= £57.41 million Pounds

= £57,412,500 / 87,000,000 Shares = 65.90p NAV

[gdp2] 14/4/2008 15:44

Dresdner also suggested that 70% of this value was taken in construction and development costs

[gdp2] 14/4/2008 15:43

Only my thoughts as to a reasonable valuation;
Average acquistion multiples per MW in Latin America have been $2.2m/MW for Wind Capacity and $2.5m/MW for Hydro Capacity in recent years according to Dresdner Kleinwort.
Take Econergy's Portfolio (All net MW and all would be online by JAN 09);

73.50MW Corani
16MW Areia Branca
= HYDRO = $223.75 million Dollars

11.5MW PEG
26MW Bereberie
18 MW Pedro De Sal
= WIND = $122.10 million Dollars

6MW Cambria
= METHANE = ($2.3 Multiple) = $6.9 million Dollars

Cash Pile = $9million

My NAV = $361.75 million Dollars = £180.87 million Pounds

[praipus] 14/4/2008 14:56

Thanks GDP2, overlooked it in the rush to see if there was any other asset value was indicated.

[gdp2] 14/4/2008 13:58

They also have $12.5million tied up in Corani acting as some sort of security for potential problems and Im not sure how accesible this is.
From the press release this morning

[gdp2] 14/4/2008 13:57

as at 31 March 2008 the Company had approximately
$9m of free cash directly on its balance sheet

[praipus] 14/4/2008 12:08

GDP2 may I ask, where did you get $9m from?

[gdp2] 14/4/2008 11:58

That would certainly be a good floor for the bids to start, but as we've seen with the Trading Emissions bid this hasnt happened. Would expect 50p range take out as I didnt realise ECG was down to just a $9 million cash pile.
3 projects nearing commercial operation though, if someone just took a large stake in a new issue then ECG could definately survive as an entity as these new projects will be very cash generative.