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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Greenko | GKO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 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 |
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Posted at 14/8/2015 15:45 by scrutable I also am confused and angry with this cryptic and therefore incompetent piece of IR, but am travelling in France until Aug 21. Unfortunately with my hearing loss I cannot use a mobile phone. Would other investors please phone Tavistock or chairman Keith Henry for clarification. They are bound to answer investors on the day of the RNS, which is why the authorities insist on all RNS have these contact details.Is this a sale of the operating company and assets by a holding company in which we have shares? Is this subject as it seems to be, to an EGM? Do shareholders really have any say in this? Why is such a promising company being sold at so close to the current capitalisation when the operating performance is so good? Should it all not wait until after the interims? Otherwise the assets risk being sold to insiders with inside information at far below real value. good luck be with you Greenko Group plc +44 (0) 20 7920 3150 Keith Henry Mahesh Kolli Anil Chalamalasetty Tavistock Communications +44 (0)20 7920 3150 Matt Ridsdale/Mike Bartlett/Niall Walsh |
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 15/7/2015 04:18 by nosnibord Greenko to hit one giga watt generation by Aug-Sephxxp://m.thehindubus July 14, 2015 Renewable energy company Greenko Group, which currently has operational assets of about 900 MW in the country, is set to cross the magical 1000 MW (one giga watt) capacity by August-September with the commissioning of couple of projects. “The capacity by the end of the year is likely to go up to 1,100 MW if the new capacity addition is factored into from both wind and hydel power projects,” said Anil Kumar Chalamalasetty, CEO and Managing Director. The CEO told BusinessLine that the company had completed the formation of a new structure for key operating assets under The Restricted Group. This enabled the company access US dollar borrowings facilities at lower rates than the Indian rupee borrowings. The Indian borrowings were repaid and this would benefit the company during 2015. The projects under the Restricted Group represents the company’s key cash generating assets and also enable to set up more assets over the years. This Group enabled the company to secure $550 million. The company has a number of new projects at advanced stage of construction and these are scheduled to be ready for the current wind season. Even some of the hydel projects are at advanced stage of implementation and expected to be operational during 2015 and 2016. “The company expects to achieve a total installed capacity of 1104 MW of operating renewable assets in 2015. In addition, about 191 MW of hydel assets are under construction which are expected to be fully implemented by early 2016,” he explained. The CEO said the Indian power generation balance remains extremely favourable for investors in new renewable projects and the company is well placed to build on these opportunities. “With substantial portfolio of land rights and grid connections we are well placed to combine our wind portfolio with new solar projects alongside our existing assets either alone or in strategic partnership with industry or technology leaders,” he said. |
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 25/6/2015 12:08 by paleje ST has an article out today this is his concluding bit:-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 15/6/2015 19:17 by seball Some good write ups on iii from investors chronicle. |
Posted at 08/6/2015 11:43 by seball IC updateI published a detailed analysis of the issues facing Greenko (GKO: 44p), the Indian developer, owner and operator of clean energy projects, only three weeks ago but given the share price slide since then another update is warranted. To recap, I initiated coverage on the shares when they were 138p ('Buy signal flashing green', 18 March 2013), the price subsequently hit a high of 190p and I then downgraded my advice to hold at 104p post the fiscal 2014 results announcement ('Small cap updates', 31 March 2015). There has been no corporate newsflow since my last article (‘Break-out looms for mobile wonder’, 12 May 2015), but clearly some investors have bailed out, hence the share price drop from 70p to 44p in the past three weeks. This has resulted in Greenko now being valued at £68m, or almost £100m less than its equity shareholder funds, and reflects the potential for a 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). I raised this specific issue in both my March and May articles, noting that GIC has the right to exchange its 17.38 per cent interest in Greenko Mauritius into Greenko ordinary shares anytime between 1 July 2015 and 30 June 2017. True, the number of shares that can be issued to GIC is capped to prevent it from owning more than 29.9 per cent of Greenko's enlarged ordinary share capital. But with Greenko’s share price now so depressed, then if GIC takes up its conversion rights next month then it will not only be issued with a chunk of new equity in Greenko, but will also end up owning a minority interest in Greenko Mauritius as well. The same applies to Global Environment Emerging Markets (GEF) which has the right to exchange its 14.09 per cent interest in Greenko Mauritius into Greenko ordinary shares anytime between 1 July 2015 and 30 June 2017. Clearly, there needs to be discussions between GIC and GEF and the board of Greenko to resolve the conversion issue as a matter of urgency. It would be negligent for the board of directors not to protect the interests of their own shareholders. Furthermore, it makes sense for all parties to come to some sort of compromise agreement as soon as possible, and preferably before the first exercise date on 1 July 2015, in order to reverse the steep fall in Greenko’s share price which has so undermined investor confidence even though the business has been making strong progress operationally. From a technical perspective, I would point out that Greenko’s share price is as oversold as it ever has been: the monthly RSI is below the level at the March 2009 bear market low, and the weekly and daily readings are in extreme oversold territory. At the intraday low of 40p yesterday, the price was also close to testing the support level at those March 2009 lows. From my lens at least, this technical set up is such that any positive news regarding a resolution to the conversion issue should lead to a very sharp bounce in Greenko’s share price given the massively oversold technical conditions. In the circumstances, my advice is to hold on. |
Posted at 03/6/2015 11:30 by marvelman BikwikBonds not repayable (or refinanced)for another few years and there is cash in the bank. This is all about the uncertainty of the dilution and what the master plan is by the 2 big investors holding 4 aces. I have just bought some at 40.7 on the basis that 40p was the line in the sand for value investors. Not much to lose from here on is my guess. |
Posted at 26/3/2015 09:18 by dr_smith Cyfran - See my post 669 and 679.I sold out as I had no clarity or consistancy on figures with the side projects and sister co's etc. I feared as more projects came on line and more investors came in, it could erode the long standing original investors position. For example re my reference to: We have the March 2013 Singapore investment under sister co, with shares projected to be merged at share price £2.60 some time between July 2015 to June 2017. Sp is currently £1.02 about 40% of the projected £2.60. I could well be wrong, but without a means to compare apples and pears it becomes a gamble rather than an investment, so not for me. On EPS I have a spreadsheet saved 28/3/14 where I keep notes of DL EPS and for GKO had: SP £1.755 Current EPS 4.62 1Y forecast 11.12, 141% up. 2y forecast 36% up I tend to update the spreadsheet when an RNS is issued for a company, so for example the above figures for EPS would be at time of last RNS before 28/3/14. I was a holder at the time and quoted above with good intent, but don't shoot me if I'm wrong. They are extracted from notes for my own reference. for speadsheet saved 26/9/14: SP £1.7519 Current EPS 3.60 1Y forecast 8.89, 147% up. 2y forecast 24% up Oh.. and don't forget, I believe forecasts are not company forecasts on DL but concensus of brokers opinions. HTH Dave |
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