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GTE Gran Tierra Energy Inc.

-45.00 (-8.26%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Gran Tierra Energy Inc. GTE London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-45.00 -8.26% 500.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
500.00 500.00 500.00 500.00 545.00
more quote information »
Industry Sector

Gran Tierra Energy GTE Dividends History

No dividends issued between 13 Apr 2014 and 13 Apr 2024

Top Dividend Posts

Top Posts
Posted at 26/10/2018 07:34 by danieldanj
Key Date Approaching for Gran Tierra’s (GTE) Shareholders
Posted at 14/10/2011 10:02 by wangwu

Thanks for your message. So we can only have a small amount of cash, no any new shares for GTE share holders?

Posted at 13/10/2011 12:59 by nobbygnome

My broker is now investigating to see what he can find out. I presume GTE shareholders will also hold some shares in the new entity as well as it is a merger.

I will report back if/when he finds something!

Posted at 14/4/2011 16:21 by minky65
Its not all doom and gloom if they can still attract key staff:

ORLANDO, Florida Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading provider of proprietary cleantech systems for enhancing the performance of industrial gas turbines, pleased to announce the addition of Michael Korf, who will be assuming the role of Director of Sales for the Americas effective 14 March, 2011.

GTE's order backlog is at the highest level in recent years and its newly-launched Combustion Solutions unit is rapidly gaining market acceptance in the Power Generation Industry-particularly in the North and South America, where Korf will be focused in meeting the demand for the Company's products and services.

As an experienced professional in industrial and energy sectors, Michael Korf brings to GTE over 18 years of senior sales leadership experience, as well as experience negotiating multi-national corporate alliances on a global scale.

"Michael's extensive experience with the sales of larger scale control and capital equipment upgrades complement GTE's growing portfolio of clients," said Michael Thomas at Gas Turbine Efficiency. "He joins us at a stage where GTE has significant momentum in all business segments and his experience will help us accelerate our growth in the Americas."

Korf previously worked as Director of Sales & Marketing for Siemens Alternative Energy and Instrumentation and Controls business units, and brings extensive strategic market development experience from his leadership roles at Emerson Process Management and Areva/Framatome/Inpo. Prior to his role at Siemens Energy, Korf was owner of a sales consulting firm which provided guidance in sales, marketing, coaching, strategic planning, capital raising and process development.

Michael Korf-who is a U.S. Navy Veteran-holds a Master of Business Administration from Kennesaw State University Coles College of Business and a Bachelor of Science in Mechanical Engineering from State University of New York
Posted at 10/3/2011 11:14 by hardie1961
gdasinv2 - 10 Mar'11 - 10:44 - 2645 of 2647

10p a min BID


Beware of gdasinv 2

He is P&D all over the place

This co is going to be delisted in a few days time and you will have severe difficulty in trying to offload your shares.

Mugs still buying GTE at 1.7p. They are complete mugs who have been duped by rubbish posted on the BB.

GTE is a clear sell. Forget about the 10p bid gdasniv2 talks about. It is sheer fantasy.

Only mugs are paying 1.7p for GTE. Watch the lemmings head for the exit shortly
Posted at 02/1/2011 19:05 by yasx
All (and especially 6kenny),

I am surprised that you remained positive after the initial RNS on the 29th of Dec, but have now turned bearish. It would have made more sense if you remained bearish throughout, since there is not that much in the RNS dated the 31st that was not known on the 29th, save the introduction of the D Loan Notes.

I do not claim to have an intimate understanding of what is likely to happen (or what has happened) at GTE, but I am bound to say, having briefly glanced over it, this has not been an efficient operation since listing. The cash burn is remarkably high for an outfit of this size, and they have consistently raised funds by one way or another, much to the chagrin of long term holders.

So what is all the fuss surrounding the latest news release? Well, it seems that the disposal will be approved at the meeting scheduled for the 17th of this month and then the existing loan notes (up to and including C) will be converted into equity (we do not know the terms but very likely to be favourable to loan note holders) and the D Loan note holders will be paid off from the proceeds of the sale. But then, even though the Loan notes up to and including C Notes were not to be repaid until late 2012, it was mentioned in the previous release that GTE intends to ''apply the proceeds from the Asset Sale in repayment of the Loan Notes. GTE, however, is in discussions with Loan Notes Holders about retaining the proceeds from the sale of the Assets''. But given that this would have left GTE without sufficient capital to function, I am surprised that plums on here are rambling on about the inevitable dilution. Shareholders were told that talks with a strategic partner had broken down, and thus, and assuming the terms are reasonable, it makes sense to swap the debt for equity. I am a little perplexed however as to why they have issued the D Loan notes, since if they expect the sale to complete, and for previous loan notes to be converted into equity (thus allowing the proceeds to be retained), then surely the imminent need for such an expensive form of financing is not necessary, especially since P & W are set to make a payment to GTE of $2.1m on 3 January 2011, in respect of 2010 fees due under the Business Collaboration Agreement which is now terminated as a result of the sale agreement. Surely alternative financing could have been arranged after sorting out the other issues, rather than engaging in this hideously expensive arrangment now - maybe it is the case that they have no funds to get them through such a short period.

The asset sale acheived much more than might have been expected, generating some $17 million, of which $14 million will be due immediately upon completion, the rest deferred for a year or two. This sale is encouraging in the overall scheme of things, since this part of the business only contributed about 15% of total revenue.

Having had a brief look, it seems one of the major problems for GTE has been the incredible cash burn - but they now insist that ''an extensive cost reduction programme is underway to lower the cost base and eventually generate free cash flow''. Of course we have no evidence yet that this will happen, but at least it indicates they are aware of the fact that costs need to reduced considerably. I note from the last set of results that they recorded a significant net loss and blamed this on substantial exceptional costs associated with negotiating an investment from a strategic investor, which in any event did not materialise. For a relatively small company, this did sound fairly outrageous to me.

It all hinges now on the terms of the likely conversion of loan notes to equity . If the outcome is skewed in favour of the interests of the loan holders, it might be rather grim. I do have not enough of an idea about the Board of Directors to see how they will want to play it. I do agree that they ought to have released all the information in one single announcement on the 29th, since there was no reason that I can think of to delay it for another day or two. I have no real interest in GTE, but to me it appears that before the the asset sale was agreed, the company was looking at inevitable insolvency. With the asset sale they now have a lifeline. Thus, I cannot see how a holder who considered the shares a worthwhile investment a few weeks or months ago can now think it has suddenly all gone pear shaped. They now have a better chance that they had before. Quite how good a chance that is, is a matter for you to decide.

Always undertake your own research. I have not looked at this in great detail, and these are my views only.
Posted at 31/12/2010 12:33 by ravel morrison
RNS Number : 8055Y

Gas Turbine Efficiency PLC

31 December 2010

31 December, 2010

Gas Turbine Efficiency PLC

Proposed sale of assets of the aviation business

Circular to shareholders Further to the announcement made by GTE on 29 December 2010, a circular to shareholders has today been posted, including a notice of a General Meeting of the Company to be held at the offices of Bird & Bird LLP, 90 Fetter Lane, London EC4A 1PT at 11.00 a.m. on 17 January 2011 for the purpose of considering, and if thought fit, passing resolutions to: (1) approve the sale of assets in the aviation business of the Company; (2) provide the Directors with further authority to allot equity securities up to an aggregate nominal amount of GBP61,224.33; and (3) provide the Directors with authority to issue Ordinary Shares on a non pre-emptive basis to satisfy outstanding C Warrants and to allot equity securities up to an aggregate nominal amount of GBP20,408.11 on a non pre-emptive basis.

It was announced on 29 December 2010 that under the terms of the existing Loan Notes, GTE is required to apply the proceeds from the Asset Sale in repayment of the Loan Notes and that it was in discussions with Loan Note Holders about retaining the proceeds from the Asset Sale. Generation and Zouk have entered into a new commitment to subscribe for the D Loan Notes. The proceeds from the issue of the D Loan Notes will be used to finance the Group's working capital. Accordingly, the Loan Note Holders have agreed that GTE may retain the proceeds of the Asset Sale (subject to repayment of the D Loan Notes) and to certain amendments to the Loan Notes.

The D Loan Notes constitute US$5,750,000 notes of US$10 each; carrying a fixed interest rate of 20% p.a. and a commitment fee of US$750,000 (which is rolled up into the principal amount of the D Loan Notes). The D Loan Notes are repayable on 31 January 2011. However, if the Asset Sale proceeds to Completion, the Company will be required to repay the D Loan Notes within three business days from the receipt of the sale proceeds from the Asset Sale. In the event that the Asset Sale does not proceed to Completion, the Loan Notes and the D Loan Notes will become immediately due and repayable by GTE. GTE would not in such circumstances have sufficient cash resources to repay the Loan Notes or D Loan Notes and would need to seek alternative funding. There can be no guarantee that such funding could be obtained on acceptable terms or at all. If no such funding was obtained then the Company would be required to address insolvency issues which could lead to placing the Company into insolvent liquidation. Furthermore, in the event that the Company does not repay the D Loan Notes on the earlier of three business days from receipt of the Asset Sale proceeds or 31 January 2011 the Company will be required to pay a US$5m default fee to the holders of the D Loan Notes payable pro rata to the number of D Loan Notes held by each Loan Note Holder.

GTE is currently in discussions with the Loan Note Holders regarding a possible recapitalisation of some or all of the Loan Notes into equity. Accordingly, the terms of the Loan Notes have been amended to bring their repayment date forward from 18 December 2012 to 15 February 2011. If, however, GTE and the Noteholders reach an agreement on a proposed recapitalisation of the Loan Notes on or before 15 February 2011, the Loan Notes will not become repayable until 15 March 2011. In the event GTE reaches agreement with the Loan Noteholders on a recapitalisation, GTE will have until 15 March 2011 to effect such recapitalisation (including obtaining necessary Shareholder approval). If GTE cannot reach agreement with the Loan Note Holders by 15 February 2011 the Loan Notes will become immediately due and repayable on 15 February 2011. In the event agreement is reached with the Loan Note Holders by 15 February 2011 and such recapitalisation is not implemented by 15 March 2011, then the Loan Notes will become immediately due and repayable on 15 March 2011. In either case GTE will not have sufficient cash to repay the Loan Notes. In such a case, the Company would have to seek alternative funding. There can be no guarantee that such funding could be obtained on acceptable terms or at all. If no such funding was obtained the Company would be required to address insolvency issues which could lead to placing the Company into insolvent liquidation.

The Loan Notes have also been amended to provide that a waiver consent fee equal to 20% of the principal amount of the Loan Notes will become payable to the Loan Notes Holders if the recapitalisation of the Loan Notes is not effected by 15 March 2010 (in which case such Loan Notes become immediately repayable) or there is a change of control of the Company prior to such recapitalisation being effected. Furthermore, in the event that there is a change of control of the Company prior to effecting a recapitalisation of the Loan Notes then additional interest of 10% p.a. will be payable by GTE on the Loan Notes from 31 December 2010 until such payment is made. The Loan Note Holders have also agreed to defer accrued interest due and payable on the Loan Notes due to be paid on 31 December 2010 until 31 January 2011.

The terms of the Warrants have also been amended. The exercise price of the Warrants currently GBP0.10 per Ordinary Share has been amended so that in the event a recapitalisation of the Loan Notes is not effected (as described above) or there is a change of control of the Company prior to effecting such recapitalisation, the exercise price will be reduced to GBP0.002 per Ordinary Share.

The D Loan Notes and the amendments to the Loan Notes are conditional upon certain conditions being satisfied. The Company will issue a separate announcement confirming when such conditions have been satisfied.

The D Loan Notes entered into with Generation and Zouk constitute a related party transaction under the AIM Rules due to the fact that Generation and the Zouk are each substantial Shareholders. The proposed amendments to the A, B and C Loan Notes also constitute a related party transaction with Generation and Zouk for the same reason.

The Directors consider, having consulted with Matrix (GTE's Nominated Adviser), that the terms of the D Loan Notes are fair and reasonable insofar as the Shareholders are concerned. In coming to their opinion, the Directors have had regard to a number of factors including the current financial position and existing funding of the Group.

The Company has received irrevocable undertakings to vote in favour of the Resolutions from Generation and Zouk, who together hold 31,395,681 Ordinary Shares, representing approximately 30.77% of the Ordinary Shares in issue.

Directors' intentions

The Directors unanimously recommend that Shareholders vote in favour of all of the Resolutions at the General Meeting, as they themselves intend to do in relation to their own entire registered holdings of 442,663 Ordinary Shares representing, in aggregate, 0.43% of the Ordinary Shares in issue.

A copy of the circular is available on the Company's website.

For further information please contact:

Gas Turbine Efficiency plc

John Grant, Executive Chairman Tel: +44 (0) 7768 465042
Posted at 29/12/2010 19:36 by knowing
Growth Kenny

Strategy update

-- Following the sale of the assets of the aviation business, GTE will continue to focus on investments and resources for the development and commercialisation of performance enhancing solutions for gas turbines in the power generation and oil & gas sectors

-- GTE's cost structure will be re-focused on sustainable profitable growth of these core product lines; an extensive cost reduction programme is underway to lower the cost base and eventually generate free cash flow

-- GTE will also continue to build its aftermarket service capability in the repairs and combustion tuning areas, where it has leveraged its technical depth - resulting in two major longer term service agreements with leading power generation companies

-- The outage service team which joined GTE in mid-2009 will leave GTE and return to its previous employer, where the core business focus is on-site labour/outage services as opposed to technology solutions at GTE. In 2010, this team generated approximately US$6.3 million in revenue and US$1.5 million in gross margin. GTE will continue to evaluate the most appropriate mix of aftermarket services and alliances in 2011, consistent with its focus on core growth

-- Effective 4 February 2011, Thomas Wagner, GTE's Chief Technology Officer will be retiring and will be offered the role as technology advisor to GTE's Board of Directors. We would like to thank Tom for his past contributions to the GTE team

-- GTE continues to explore options for new long term investment from existing or appropriate strategic investors, or through strategic partnerships
Posted at 08/11/2010 14:38 by tullynessle
An overview of the "exclusive aviation Contract" executed between GTE and Pratt & Whitney is provided in the Press Release dated 03 Jan 2006.

"The Agreement was extended to 2014, with options for additional extensions through 2019."

"Terms of the extended agreement include an increase in, and the extension of, guaranteed minimum royalties in favour of GTE through the life of the agreement."

Noting the success of the gas turbine cleaning system, it's a pity that "exclusivity" was agreed in the Contract - however it appears that this could be addressed / re-negotiated in 2014.

The Contract appears to provide a solid core to the Aviation Component of the GTE business - I suspect others may be able to use the data above and information in recent Report and Accounts to guesstimate a value?


Press Releases

GTE extends exclusive agreement with Pratt & Whitney to 2014
03 Jan 2006

Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading supplier of advanced high pressure gas turbine cleaning systems that was admitted to AIM on 21 December 2005, announces that it has signed an agreement with the Pratt & Whitney division of United Technologies Corporation (P&W) extending their exclusive aviation contract until 2014, with options for additional extensions through 2019.

The agreement relates to the provision of GTE systems to P&W for exclusive use in aviation/aero engine washing services under P&W's EcoPower(TM) brand name. Terms of the extended agreement include an increase in, and the extension of, guaranteed minimum royalties in favour of GTE through the life of the agreement. The original agreement, which was described in the Company's admission document, covered a five-year period ending 31 December 2009.

Steven Zwolinski, chief executive of GTE, commented, "Our relationship with P&W for aviation applications has delivered positive results over the past year and we are delighted to strengthen this core business segment with a 10-year cornerstone contract. The agreement provides a longer term business framework and is a strong validation of GTE's technology, P&W's EcoPower(TM) business model and the excellent working partnership between the two companies
Posted at 08/11/2010 14:13 by tullynessle
The Article below is dated Feb 20, 2006.

It refers to the sale of two complete gas turbine cleaning systems by GTE to P & W under a ten year Agreement dated 3rd January, 2006.

I'll try and find the Agreement or RNS from that date.

Article: GTE Awarded Two New Orders by Pratt & Whitney for Gas Turbine Cleaning Systems; New Orders Take GTE into Asia and European Commercial Aviation Hubs.
Article from:Business Wire Article date:February 20, 2006

LONDON -- Gas Turbine Efficiency plc ("GTE" or "the Company"), a leading supplier of advanced high pressure gas turbine cleaning systems, announces that it has been awarded orders for two complete gas turbine cleaning systems from Pratt & Whitney's EcoPowerSM on-wing engine wash service (EcoPower). These new orders were awarded under the 10-year contract extension announced on 3 January 2006. This takes the total of new orders, worth over $1.3 million, placed by Pratt & Whitney up to four.

Pratt &Whitney plans to deploy EcoPower which utilizes GTE's cleaning systems, in commercial aviation hubs based in Asia and Europe. Through 2005, the majority of GTE and EcoPower activity was in the United States.

Steven Zwolinski, CEO of GTE, said: "We are pleased with the recent contract extension and subsequent orders from Pratt & Whitney's EcoPower business. The expanding global footprint of the EcoPower infrastructure is a positive reflection on the end customer value associated with GTE's technology."

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