Impax Asset Management Share Discussion Threads

[robsy2] 30/8/2006 19:13

IC reports that the company now has 400 million under management and still rates them good value.

[rambutan2] 14/8/2006 11:24

also not that cnv now converted and the employees benefit scheme came good for them, so true mkt cap is now on show ie 107,524,098 Ordinary Shares in issue.

[rambutan2] 14/8/2006 11:20

that's a pretty impressive raising considering mkt conditions during period. another £65m in the pot, at 1%, brings in £650k at no extra cost to ipx - when it's working well ie going up, the fund management business is a thing of beauty...

The Board of Directors of Impax Environmental Markets plc (the
"Company") is pleased to announce that at an Extraordinary General
Meeting of the Company held earlier today the two resolutions
relating to the issue of C Shares (the "Issue") by way of a placing
and offer for subscription and authorising the Company to make market
purchases of its ordinary shares were approved by Shareholders.

The Issue has raised net proceeds of £64,845,000 for the Company.
57,888,380 C Shares have been allotted pursuant to the Placing and
8,111,620 C Shares have been allotted pursuant to the Offer for
Subscription, giving an aggregate of 66,000,000 C Shares allotted
pursuant to the Issue. Such allotment is conditional on admission to
the Official List and commencement of dealings in the C Shares on the
London Stock Exchange, which is expected to take place on 15 August
2006.

The net proceeds of the Issue and the investments made with them will
be accounted for and managed as a separate pool of assets until the
date on which 90 per cent. of the net proceeds have been invested.
Conversion of the C Shares into Ordinary Shares in the Company will
take place shortly thereafter.

14 August 2006

[robsy2] 12/6/2006 08:02

More positive news.






AFX News Feed
Friday, 09/06/06, 14:10


Impax considers share placement to raise funds



LONDON (AFX) - Impax Environmental Markets PLC, the environmental investment trust, said it is considering the possibility of raising funds through a share placement and offer for subscription because of demand from shareholders and potential investors.
The company, which currently has net assets of about 135 mln stg, said a final decision on the placement has not been made.

[rambutan2] 15/5/2006 10:18

good news on a bad day...

"The second closing of the New Energy Fund takes Impax's total funds under
management and advisory to over £350 million."

[robsy2] 11/5/2006 11:31

Yes I am sure the results will be positive , they will need to be to keep up with the share price which(seemingly)looks a bit ahead of the game to me.
All will be revealed in the meantime I'll let my profits run.

[rambutan2] 11/5/2006 09:56

noted that ubs (as mms) didnt struggle to sell the 12% they held at start of march.

interims should be out within next couple of weeks. they should have a good story to tell.

[robsy2] 06/4/2006 13:54

Yes, good point about the possibilities of yet more specific funds.Investors want exposure to this the environmental area.That's how my interest in this company started.Helping the environment is not just econmically necessary it's just started to become economically viable. This is the right place at the right time and the opportunity is great. Impax has the name and the expertise.Thye need to market the funds they have and then add some more.

[russianlinesman] 05/4/2006 20:35

The open-ended funds are much smaller. Not sure what their strategy is, because they could easily launch a solar fund, a wind fund, a fuel cell fund, etc, given the number of new companies floated, and where individuals might want to buy a narrow sector fund rather than a single stock, e.g. I would probably buy a fuel cell fund, since I do not know enough to differentiate between the individual stocks.

Re corporate finance, am not sure how much this makes - the future is as a fund manager I reckon.

[robsy2] 05/4/2006 15:18

Yes the open ended mutual funds are easily scaleable.They just need to get these onto a few more retail platforms so that they can get the funds in front of more people. My understanding is that they are keen to do that and are working on it.
Don't forget the corporate finance side of the biz, this is highly complimentary and should be lucrative as well.

[russianlinesman] 04/4/2006 08:49

fum were about 220m after IEM C shares, and as far as I can see they have raised maybe 15m more since then. Rise in NAV of their funds won't take it to 300m, more likely 250m.

More likely they want to raise another fund, and the insiders have pushed up the price.

And surely the higher the price rise, the more likely that the 40% of the company issued in July to the convertible holders will find its way onto the market.

Then what do i know

[robsy2] 03/4/2006 12:50

Why the sudden upward movement?
Well the area they operate in is very fashionable, the markets are strong, the company is in turnaround mode.But maybe there is something else?
This could be bought out quite cheaply giving another fund manager an inmediate presence in the environmental fund management market saving them all the hassle of building up an operation from scratch.
Given the deal the senior management have, they would probably support a bid because it would trigger their share incentives and they would keep their jobs as well.
I know nothing special about this company but the above scenario wouldn't surprise me in the slightest. The story fits together quite neatly.
What do you think?
Robsy

[rambutan2] 31/3/2006 23:54

rl, there must be some strong instit buyers out there. most revealing that active capital have sold down their double fig stake so easily and (as far as i could see) offloaded their last lot at a premium! so, any issue with an overhang has, i suspect, now gone as my guess is that the cnv holders intend to hang on to the bulk of their stakes.

fum must be rising rapidly and you cant turn on the news without something about ipx's specialisation cropping up.

[russianlinesman] 31/3/2006 14:31

completely baffled, me. I sold mine at an average 12.5p, kept 10k shares as my trading profit, and am now completely failing to understand what is going on. Of course am a few quid better off than before, but still puzzled. Not really worth selling this small amount though.

[robsy2] 30/3/2006 12:26

Hi Russian

Once the convertible stock is converted and the share incentives are
dished out (assuming the share price reaches at least 14p by November 2007)
then the company will have around 110 million shares in issue.

The share price is well underpinned by the Directors need to get their share incentive. To get their shares the share price must reach at least 14p by November 2007.
The current share price may be a bit ahead of the game, but the company appears to be making good progress issuing it's funds and the share price of the funds themselves are flying ahead.
While I have reduced my holding a bit over the last few months to buy into other things I still have a sizeable holding , for me, and am very confident about the future of this company.
all the best
Robsy

[russianlinesman] 30/3/2006 10:26

part of the renewables bubble imho. Also New Star has risen since flotation so comparisons also high. Still expecting a big pullback in July once convertible converted as profits are taken.

[agunic] 29/3/2006 13:31

This is bonus!

[robsy2] 29/3/2006 13:31

Share price seems very firm at the moment. Any theories why?
Robsy

[russianlinesman] 16/3/2006 17:14

rmbutan I have spotted my mistake.

Note 16 of the accounts says that they are convertible in each of Feb AND July 2004-2006. I had mistakenly thought that Feb 06 was the last date, and had not noticed the July date.

Assuming full conversion in July then, there will presumably a flurry of shares hitting the market in August as people cash in their profit (maybe pay their tax bills). I guess until then 13-14p is a likely range.

[rambutan2] 16/3/2006 13:41

hi rl, the final conversion period commenced in feb and ends in 31/07/06. the mkt has priced the dilution in imho. there will be approx 99.4m shares in issue exluding the management incentive ones (of which there are up to 10m). fum at 01/02/06 were £251m and growing quite strongly.

as you say, ipx is a unique play. the team are pretty much staffed up and costs shouldnt really need to rise until there is greatly more fum, so any growth from here should be hitting the bottom line. as the times said today...

"WITH the FTSE 100 climbing ever closer to 6,000, the opportunistic investor's fancy naturally turns to fund management companies. No other industry quite so effortlessly translates gently rising markets into rocketing profits growth.
Suddenly fund managers are all the rage."


imho ipx is a great way to play the environmental revolution. the cnv sit means that at the mo it's possible to pick up shares at a steady price. but come summer, with everything having been parcelled out, i'm not sure that will remain the case.

[russianlinesman] 16/3/2006 09:15

I am at the moment on the sidelines because I don't understand what happened with the convertible (enlightenment much appreciated). I am sure I read that Feb 2006 was the last time they could be converted, and otherwise they are redeemable in 2009. But hardly any were converted. Face value of £1 or shares worth near £3 (22 shares per £1 face value). I cannot see for the life of me why you wouldn't convert.

shame really as I like the idea of a niche environmental investor.

any ideas?