Intl Power Share Discussion Threads

[waldron] 28/6/2012 07:41

International Power's shares suspended
By Benjamin Chiou

Thu 28 Jun 2012

IPR - International Power

Latest Prices
Name Price %
International Power 417.50p 0.00%

FTSE 100 5,524 0.00%
FTSE 350 2,928 0.00%
FTSE All-Share 2,863 0.00%
Gas, Water & Multiutilities 5,080 0.00%

LONDON (SHARECAST) - Shares of energy giant International Power (IPR) were suspended from trading on the London Stock Exchange (LSE) on Thursday morning as its takeover by parent company GDF SUEZ faced delays.

On April 16th, the companies announced that they had reached agreement on terms of a recommended cash offer for the remaining shares of IPR. This is to be effected by means of a court-sanctioned scheme of arrangement.

"Pursuant to the terms of the Scheme and Listing Rules 5.1 and 5.3, IPR announces that the listing of the IPR Shares on the Official List and trading of the IPR Shares on the London Stock Exchange has been suspended, effective from 07.00 today," the company said in a statement.

The court hearing to sanction the scheme and confirm the associated capital reduction was scheduled for yesterday and was expected to become effective today. However, the cancellation of the listing of the IPR shares on the official list in London and admission to trading of the IPR shares on the LSE did not take place and is now expected to take place by no later than 08:00 on July 2nd.

[jeffian] 27/6/2012 14:52

Within 14 days of the Scheme becoming effective (i.e. no later than 13 July).

[dovegang] 27/6/2012 14:14

Does anyone know when we get the payment for these shares if held in certificate form? Thanks in advance

[jacks13] 09/6/2012 13:40

I know we're not supposed to get emotionally attached to a share and I usually don't but I'm a little sad to see these go having held a stake in them since their National Power days. Still, they've done me proud over nearly two decades, ignoring a few scares along the way. Good luck all.

[optomistic] 23/5/2012 12:31

Sold some and bought more CNA.

[optomistic] 23/5/2012 11:19

Jeffian...ADVFN figures confusing me again :-/

[jeffian] 23/5/2012 11:02

I wish it was 6.6p!

"the final dividend of 6.6 euro cents per ordinary share will be paid on 29 June 2012 to shareholders on the register on 25 May 2012"

[optomistic] 23/5/2012 10:45

Trading x/d today. Pay day 29th June 6.6p

[ariane] 11/5/2012 08:57

International Power To Sell 40% Of Hidd Power Company For $113 Million
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Intl Power (LSE:IPR)
Intraday Stock Chart
Today : Friday 11 May 2012
International Power PLC (IPR.LN) Friday announced that the sale of 40% of Hidd Power Company, or HPC, in Bahrain to Malakoff International Ltd for $113.4 million has been completed, in line with an agreement to sell down part of its interest in the Bahraini power market to comply with regulatory requirements following the combination with GDF SUEZ Energy International in February.
MAIN FACTS:
-Transaction also contributes EUR0.6 billion to the GDF SUEZ EUR10 billion portfolio optimisation programme.
-Following this sale, International Power will continue to own 30% of HPC, which will now be accounted for under the equity method as an associate with its net debt of EUR538 million as at March 31) not included within the Group net debt.
-As at Dec. 31, HPC was an asset held for sale and therefore its net debt was not consolidated.
- International Power shares closed Thursday at 417.7 pence valuing the company at GBP21.29 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; [e-mail]

[waldron] 05/5/2012 06:50

2012 Annual General Meeting 15 May 2012

[arja] 25/4/2012 08:35

eaaxs,
that's a scream !

[waldron] 23/4/2012 09:52

International Power Expands Tihama Power Sites In Saudi Arabia
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Intl Power (LSE:IPR)
Intraday Stock Chart
Today : Monday 23 April 2012
Electricity generator International Power PLC (IPR.LN) said Monday that it will expand its Tihama power sites in Saudi Arabia following an award from Saudi Aramco, adding that long-term Energy Conversion Agreements through to 2026 have been signed for the expansion.
MAIN FACTS:
-The expansion will take place at three of the four existing sites and will generate additional capacity of 532MW, or megawatts, and 2,210GJ/h, or gigajoules per hour, of steam.
-Following the expansion, Tihama will have a total capacity of 1,595MW and 8,112GJ/h of steam.
-The ownership structure of the expansion is the same as the existing Tihama project, which is 60% owned by International Power and 40% by Saudi Oger.
-The total project cost for the expansion is estimated to be approximately $430 million which is being funded by a mix of debt and equity in an 80:20 ratio.
-Full financial close of the project is anticipated shortly; the expansion program is expected to complete by 2015.
-Shares closed Friday at 417.3 pence valuing the company at GBP21.26 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; [e-mail]

[optomistic] 20/4/2012 12:50

JP Morgan Cazenove downgrades International Power from overweight to neutral, target price raised from 360p to 418p
StockMarketWire.com

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Now how did they work out the target price?

[topvest] 16/4/2012 20:38

Prallum - at least it's generated wealth to Brit shareholders. By the time these go through I think I have made an annual return of 24% on my holding for 20m or so - not bad I suppose, but not a massive return given the two value events in this period. GDF certainly won't make a 20% annual return on their investment in International Power though, so I guess if you look at it that way then it's England 2 France 1!!

[waldron] 16/4/2012 17:55

3rdUPDATE:GDF Suez,International Power Settle Over Higher Price
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Gdf Suez (EU:GSZ)
Intraday Stock Chart
Today : Monday 16 April 2012
PARIS (Dow Jones) -- GDF Suez SA (GSZ.FR) and the independent directors of International Power PLC (IPR.LN) said Monday they settled on a cash offer at 418 pence for each International Power share the French utility doesn't own, well above the 390 pence GDF Suez initially indicated it would be willing to pay, putting an end to a three-week standoff and sealing the second biggest M&A transaction of the year.
The cash offer values the U.K.-based power distributor--of which GDF Suez bought 70% in February, 2011--at GBP22.8 billion, up from around GBP19.9 billion at the previous indicative price.
Taking full control of International Power is at the heart of the French utility's strategy of increasing its exposure to booming emerging markets. By doing so, it will help to offset its slower performance in more mature markets such as France and the rest of Europe, where GDF Suez faces economic headwinds from the euro zone's sovereign-debt crisis and political risk stemming from the French government's strong involvement in the energy sector.
The deal's impact on GDF Suez's net debt is EUR 8.4 billion, as GDF Suez will pay EUR7.7 billion in cash and take on a bit more than EUR600 million of International Power debt. As the group will get also some IPR convertible bonds, and pay them in cash, it could have to pay an additional EUR1.8 billion, the group's Chief Financial officer Isabelle Kocher said during a press conference.
International Power shareholders will still be able to receive the group's 2011 final dividend of 6.6 euro cents per share.
""The acquisition of the minority stake in International Power, based on a strict financial discipline, constitutes a major step in the development of the group. It will allow the Group to fully capture growth in fast growing markets," GDF Suez's Chairman and Chief Executive Gerard Mestrallet said, noting that the deal is the second biggest M&A transaction after this year commodities trader Glencore PLC's (GLEN.LN) $37 billion takeover of miner Xstrata PLC (XTA.LN).
The move puts an end to a three-week standoff, after some International Power shareholders rejected the initial non-binding approach from GDF Suez, which they considered to be "undervaluing" International Power. GDF Suez at one point even threatened to simply drop any tentative approach.
GDF Suez and International Power agreed last year that if GDF Suez would seek to buy minorities out before Aug. 3, 2012, the approval of the independent directors would be mandatory.
The recommendation is the first step and makes the offer a formal one, whereas the previously mentioned price was only indicative. The official scheme document will be sent to shareholders before May 14, and the offer will be put to shareholders by June during a general shareholders' meeting. The deal is expected to be finalized by mid-July.
The initial reaction from IPR's minority shareholders has been quite positive, Kocher said, echoing comments by an advising banker.
"People from International Power would have probably liked a higher price while (GDF Suez Chairman and Chief Executive Gerard) Mestrallet would have of course liked to pay a little less," the banker said, under conditions of anonymity. The new price "is high but it is not extravagant," he added and all parties are confident that the transaction will proceed smoothly.
The price represents a 20.8% premium since Feb.29, "the last business day before press and market speculation intensified that GDF Suez would make an offer for International Power," GDF Suez and International Power's independent directors said.
By mid-afternoon, shares in GDF Suez were trading around 3% higher at EUR18.48 while the CAC-40 benchmark index was up 0.6%. Shares in International Power were up about 3x%, or 12.9 pence, at 416.8 pence, while the FTSE 100 was down around 0.4%.
"This deal is broadly value neutral for GDF Suez, but strategically positive for the group," Canaccord Genuity analysts said. "For GDF Suez, we also believe this deal is consistent with the company retaining its 'A' credit rating and with it continuing to be able to maintain its EUR1.5 per share dividend." They rate GDF Suez at buy.
GDF Suez now expects its net recurring profit group share for 2012 to be around EUR3.7 billion to EUR4.2 billion, up from an initial objective of EUR3.5 billion to EUR4 billion, .
The French utility will finance a third of the cash offer from its own equity, as it offered to pay part of the 2011 and the 2012 dividends in GDF Suez shares instead of cash. It has also increased its divestiture program and now plans to sell an additional EUR3 billion worth of assets, from an initial objective of EUR10 billion in disposals.
Most of the assets to be sold will be in mature markets, such as the U.S., Kocher said. Yet the group won't sell assets in France and Belgium, its historical markets. It intends to retain its controlling share of more than 35% in waste and water utility Suez Environnement Sa (SEV.FR), she also said.
As the integration of International Power is to increase the group's exposure to emerging markets, GDF Suez intends to also increase its planned capital expenditures in those areas in the medium term, so that they represent 40% to 50% of its total capex, from an initial target of 30%, Mestrallet said.
- By Geraldine Amiel, Dow Jones Newswires; [phone]; [e-mail]

[prallum] 16/4/2012 16:47

Open the champagne we have got rid of another British company.

[hillbrown] 16/4/2012 11:10

I sold my CFD at 417.4 and very nice too.

The price of the shares will go down on 23 May when the xd kicks in and then go back up as completion day approaches. For the sake of 2 or 3p net benefit I dont think its worth hanging around.

[jeffian] 16/4/2012 09:46

Eh? Or it could be the prospect of being handed 418p in cash!

[arja] 16/4/2012 08:44

must be the prospect of final dividend keeping it at 417 level .

[waldron] 16/4/2012 08:17

GDF Suez Agrees offer For International Power At 418P Cash/Share
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Gdf Suez (EU:GSZ)
Intraday Stock Chart
Today : Monday 16 April 2012
GDF Suez SA (GSZ.FR), a French natural gas and electricity supplier, Monday said its unit Electrabel SA has reached an agreement on the terms of a recommended cash offer with International Power PLC (IPR.LN) pursuant to which Electrabel will acquire International Power for GBP22.8 billion, assuming full conversion of International Power's convertible bonds and exercise of share options.
MAIN FACTS:
-Offer is to be effected by means of a Court-sanctioned scheme
-Under the terms of the offer, International Power shareholders will be entitled to receive 418 pence in cash for each share held.
-International Power shareholders will retain the right to receive the final dividend of 6.6 Euro cents per share for the year ended Dec. 31
-GDF SUEZ has committed to the Independent International Power directors to vote in favor of the final dividend at the International Power annual general meeting on May 15.
-Independent International Power directors to vote in favor of the offer.
-Electrabel currently has an interest in 70% of International Power's existing issued share capital.
-Offer will be funded from a combination of the GDF SUEZ Group's existing bank facilities and cash resources.
-GDF Suez revises 2012 Net Recurring Income Group Share target by EUR200 million, in the range of EUR3.7 billion to EUR4.2 billion versus EUR3.5 billion to EUR4.0 billion announced on Feb. 9.
-Target revised due to the full integration of International Power in the second half of 2012.
-For the full year 2013, the increase will amount to EUR400 million, before additional disposals.
-Shares of International Power on Friday closed at GBP4.04.
-By Tapan Panchal, Dow Jones Newswires. Tel [phone], [e-mail]

[waldron] 16/4/2012 08:16

THE END GAME

[topvest] 16/4/2012 08:07

Good news - patience rewarded here. 418p + the final dividend is a reasonably good result. Another large UK listed utility bites the dust!