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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Indian Energy | IEL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 24.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 24.50 | 24.50 |
| Top Posts |
|---|
Posted at 06/12/2011 09:33 by ianbrewster whitebearYou received 100 IIP Shares for every 259 IEL Shares on 21st Sep. |
Posted at 05/12/2011 16:41 by whitebear2 Mangal, Htrocka, OliversAnvil, Please do any of you expert guys have any informatiom (in simple terms) I'm on L plates! as to what has happened to iel now,and the shares. I can see they are still at the same price they were in September. Should I be loooking under IIP for what is happening? Sorry its a big learning curve here, and you guys have been quiet for some time!! |
Posted at 26/7/2011 20:15 by htrocka It looks as if those who bought in at 84p a share...are going with the flow..c) Irrevocable commitments and letters of intent Details of any irrevocable commitments or letters of intent procured by the party to the offer making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of the Code): Irrevocable undertakings to vote in favour of the scheme of arrangement (via which the offer is being undertaken) from: (a) the directors of IEL in respect of 1,742,519 shares representing c. 6.83% of the existing share capital of IEL; and (b) Utilico Emerging Markets Limited ("Utilico") in respect of its holdings at the Voting Record Time (as defined in the announcement of the offer issued by IIP and IEL on 21 July 2011). Utilico currently holds 5,197,792 shares in IEL, representing c. 20.38% of the existing share capital of IEL. circa 7 million shares at 84p......(now trading ay 27p.) |
Posted at 21/7/2011 23:16 by dr knowledge htrocka..."a year down the line and this may turn out to be a good investment...."Perhaps so, but for me one of the worst "deals" in terms of structure and timing I've yet to encounter! Follow IIP after Guggenheim put a good few million into the co but my beef here is this.........with the time delay and the direct correlation between IIP's share price and ergo "value" for poor old IEL holders, anyone with a brain will see that the incentive to buy IIP is gone! The 31p only holds good if the share price of IIP remains steady or rises - otherwise, why buy and if it falls, why buy IEL??? A double disincentive with weeks to go to let any market drip take hold to boot! The market gave this ill conveived and dreadfully executed deal the only possible verdict -i.e a more or less immediate drop in IIP, followed by that of IEL. Also, the NAV may well at some point go up as a consequence of the acquisition, but right now it's dilution. if I were a holder here I'd be extremely p...ed off, antother AIM share that promised the world and has delivered nothing to shareholders. Ps. Good luck to holders none the same! ;-) |
Posted at 21/7/2011 22:26 by htrocka ps a lot of 25000 buys today?a strange Number to buy...in view of the IEL/IIP swap being 259 IEL for 100 IIP. One would have thought that buyers would have gone for 25900 IEL shares, giving them a round 100 IIP shares....but even so, If, as stated, the NAV of IIP increases from its current level after the deal, any one buying 25000 IEL @27p...will make a quick £1k (better than cash in the bank) It`s also a comforting to know that UTILICO are happy to convert their £2.7m (with interest) loan into IIP shares @80.3p.... a year down the line and this may turn out to be a good investment.... |
Posted at 21/7/2011 18:55 by oliversanvil Never take the First Offer! IP has obtained irrevocable undertakings to vote in favour of the scheme of arrangement (via which the offer is being undertaken) from: (a) the directors of IEL in respect of 1,742,519 shares representing c. 6.83% of the existing share capital of IEL; and (b) Utilico Emerging Markets Limited ("Utilico") in respect of its holdings at the Voting Record Time (as defined in the announcement of the offer issued by IIP and IEL on 21 July 2011). Utilico currently holds 5,197,792 shares in IEL, representing c.20.38% of the existing share capital of IEL. ps a lot of 25000 buys today? |
Posted at 21/7/2011 07:37 by oliversanvil THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION21 July 2011 SPOT ON HT. Recommended share offer for Indian Energy Limited ("IEL") by Infrastructure India plc ("IIP") The Boards of IEL and IIP announce that they have reached agreement on the terms of a recommended share offer by IIP for the entire issued and to be issued ordinary share capital of IEL. It is intended that the Offer be implemented by way of a scheme of arrangement under Part VIII of the Guernsey Companies Law. Summary · The Offer will be made on the basis that, upon the Scheme becoming effective, IEL Shareholders will receive 100 IIP Shares for every 259 IEL Shares. No fractions of New IIP Shares will be allotted. · The Offer values the whole of the currently issued and to be issued share capital of IEL at approximately £7.9 million. · The Offer is based upon a value of 31 pence per IEL Share, which: (i) represents a premium for IEL Shareholders of 50.5 per cent. based upon the average Closing Price of an IEL Share for the five Dealing Days immediately prior to the commencement of the Offer Period of 20.6 pence per IEL Share; and (ii) represents a premium for IEL Shareholders of 21.6 per cent. based upon the Closing Price of IEL on 20 July 2011, being the last Dealing Day prior to the publication of this announcement, of 25.5 pence per IEL Share. The Closing Price of an IIP Share on 20 July 2011, being the last Dealing Day prior to this announcement, was 80.38 pence per IIP Share. The IEL Directors, who have been so advised by Arden Partners, consider the terms of the Proposal to be fair and reasonable. In providing advice to the IEL Directors, Arden Partners has taken into account their commercial assessments. The IEL Directors intend to recommend unanimously that IEL Shareholders vote in favour of both the Scheme Resolution to be proposed at the Court Meeting and the Utilico Resolution to be proposed at the EGM, as they have irrevocably undertaken (without the scope for this obligation to fall away in the face of a competing offer) to do in respect of, in aggregate, 1,742,519 IEL Shares in which they are interested, representing approximately 6.83 per cent. of the existing issued share capital of IEL. · IIP has also received an irrevocable undertaking from Utilico to vote in favour of the Scheme Resolution to be proposed at the Court Meeting in respect of 5,197,792IEL Shares, representing approximately 20.38 per cent. of the existing issued share capital of IEL. Utilico will not vote on the Utilico Resolution as a result of its interest in the Utilico Loan Conversion. · Accordingly, in total, IIP has received irrevocable undertakings to vote in favour of the Scheme Resolution in respect of 6,940,311 IEL Shares representing approximately 27.21 per cent. of the existing issued share capital of IEL. Commenting on the Proposal, John Wallinger, Chairman of IEL, said: "We are delighted with the announcement of the Offer today, which is the result of an intensive process undertaken by IEL to secure the future of the business and deliver the best value for shareholders. The Offer will give Indian Energy's shareholders an interest in a larger, more diversified portfolio in the fast growing Indian infrastructure segment through IIP. We believe that this Offer will result in a significantly enhanced offering for our shareholders and an opportunity to strengthen the business through the scale, reputation and resources of IIP." Commenting on the Proposal, Tom Tribone, Chairman of IIP, said: "We are pleased to be acquiring IEL as it increases our exposure to the rapidly growing Indian renewable energy market. IEL has built a strong portfolio of assets together with a solid operational platform from which to leverage. We look forward to working with IEL's accomplished team and providing the necessary support to realise the full potential of the IEL business." The Offer will be implemented by way of a scheme of arrangement under Part VIII of the Guernsey Companies Law and, in order to approve the terms of the Offer, IEL Shareholders will need to vote in favour of the Scheme Resolution to be proposed at the Court Meeting. At the Court Meeting, the approval of a majority in number of those IEL Shareholders voting (in person or by proxy), representing at least 75 per cent. in value of the IEL Shares in respect of which votes are cast (either in person or by proxy) will be required. Once the necessary approval has been obtained, the Scheme will become effective upon sanction by the Court of the Scheme and satisfaction (or waiver, where possible) of the Conditions. It is a condition of the Offer that IEL Shareholders, other than Utilico vote by a simple majority in favour of the Utilico Resolution to be proposed at the EGM (either in person or by proxy). If it is not passed, then the Offer will, with the consent of the Panel, lapse and the Scheme will not proceed. An indicative timetable of principal events is set out below. Please note that these dates are indicative only and will depend, among other things, on the date upon which the Court hears the application to convene the Court Meeting and the date on which the Court sanctions the Scheme. Event Time and/or date First Court hearing (to convene Court Meeting) 9 August 2011 Scheme Document sent to IEL Shareholders by 12 August 2011 Court Meeting and EGM 2 September 2011 Suspension of trading of IEL Shares on AIM 7.00 a.m. on 20 September 2011 Second Court hearing (to sanction the Scheme) 20 September 2011 Admission of New IIP Shares to trading on AIM and cancellation of trading of IEL Shares on AIM 8.00 a.m. on 21 September 2011 Fairfax is acting as financial adviser to IIP and Arden Partners is acting as financial adviser to IEL. This summary should be read in conjunction with the accompanying full text of the announcement which sets out further details of the Proposal and which forms an integral part of this announcement. The Offer will be subject to the Conditions set out in Appendix A. Appendix B contains details of the bases and sources of certain information used in this summary and the following announcement. Appendix C contains details of irrevocable commitments obtained by IIP. Appendix D contains definitions of certain expressions used in this summary and the following announcement. In accordance with Rule 19.11 of the Code, a copy of this announcement will be published on the following websites: www.indian-energy.co For the avoidance of doubt, the content of the websites referred to above is not incorporated into and does not form part of this announcement. Enquiries: Indian Energy Limited Tel: +44 20 3411 3640 Rupert Strachwitz Arden Partners Plc (Financial adviser, broker and Nomad to IEL) Tel: +44 20 7614 5917 Chris Hardie / Jamie Cameron Pelham Bell Pottinger (Public Relations to IEL) Tel: +44 20 7861 3232 Clare Gilbey Infrastructure India plc Tel: via Redleaf Polhill Sonny Lulla Fairfax I.S. PLC (Financial Adviser to IIP) Tel: +44 20 7598 5368 Simon Stevens Smith & Williamson Corporate Finance Limited (Nomad and joint broker to IIP) Tel: +44 20 7131 4000 Azhic Basirov / Siobhan Sergeant Westhouse Securities Limited (Joint Broker to IIP) Tel: +44 20 7601 6100 Alastair Moreton / Hannah Young Redleaf Polhill (Public Relations to IIP) Tel: +44 20 7566 6720 Samantha Robbins / Luis Mackness Fairfax, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for IIP and no one else in connection with the Proposal and will not be responsible to anyone other than IIP for providing the protections afforded to clients of Fairfax nor for providing advice in relation to the Proposal, the contents of this announcement, or any transaction or arrange |
Posted at 13/7/2011 13:22 by dshox1 sure - but it entered into Exclusivity with one party that is "known to IEL". don't know who this would be but I expect it would stop IEL accepting a bid from elsewhere unless they paid a penalty whilst the exclusivity period is still running. what it does mean tho, is that IEL can always drive a harder bargain. |
Posted at 13/7/2011 10:08 by dshox1 I don't know the price of course. I am clear that calculating a valuation based on a NAV is too simplistic and inappropriate for an M&A negotiation. In fact, DCF model is more appropriate that is adjusted for balance sheet variables, interest rates in India, and whether you use P90, P75, or P50. Theni is too early in its life to generate a "P" number, and Gadag entered operation during India's worst monsoon season for 75 years so it was operating at P90. Clearly a vendor would want to base its valuation on P50. No doubt Indian Energy's management has made the case appropriately. We know from the half year statement that cost cutting alone would allow IEL to breakeven even at the P75 level.I asked the CEO whether the deal would be good for all shareholders and not just the institutions. He replied that it would be and the point of the deal is to get IEL out of a near limbo situation and open up a strong opportunity for all. Indeed, it is the need for finance (bank loan or the financial firepower of a suitor) that is holding IEL back from multiplying its output by 5x in the next 2-3 years. |
Posted at 10/7/2011 08:12 by htrocka 9 days to go.....and counting.(ps..having read this again...I doubt very much that IEL will be sold on the basis of `an increased 3-5x EBITDA`(this is the value the market is currently giving IEL)...hence my conclusion being that some form of intergration/consoli one final point...It`s interesting that UTILICO, the largest shareholders, base their whole management criteria and company valuation on NAV`s.( as can be seen from their news rns`s (UEM))..this factor may enter into the IEL negotiation equation? |
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