Intl Power Share Discussion Threads

[jeddicat] 16/11/2010 07:58

sailing john -

Good helpful post, many thanks, makes sense too.

[sailing john] 15/11/2010 20:56

I wouldn't take any notice of Director selling in IPR. The Directors are not investors. They receive shares and options as part of their bonus structure. It is just salary to them and although they will obviously want to maximise this by selling at the optimum time, I think recent selling has more to do with tax planning and new holiday homes/Aston Martins than any knowledge they may have about the value of the company.

In large complex businesses most Directors aren't very good at judging market valuations IMHO and I'm guessing that they have no more idea about the value of the combined business going forward than the market professionals. The valuation of the combined business will ultimately be driven by macro economics, ie regional growth, interest rates, exchange rates and relative price of coal, gas and oil and of course government tinkering! And history will say that no one can model that lot going forward.

I'm holding until after XD date. After that I will be looking at earnings and outlook in the financial reports.

GL - SJ

[optomistic] 15/11/2010 19:51

Peter Barlow, Director of Corporate Finance (No other details on website)



Gareth Griffiths Director of Global TradingGareth manages Global Trading, with responsibility for our trading operations in the UK, US and Australia. He has over 15 years' experience in the industry and was previously Vice President, Marketing and Trading for our North American business.
(Photo on website, he does not look old.)

[jeddicat] 15/11/2010 19:28

The share price has dropped 13.76p since mid last week, when these Directors started selling, I do not know their reasons, probably too old or simular reasons for not staying with the company after the 'merger'?

Re. The new share price. I do not know for sure, but if I recall properly Suez share price is around Euro 27 or do I have that wrong?

There is a lot of darkness around here.

[optomistic] 15/11/2010 19:20

Agree with that luminoso, had he had a holding left it would surely have been listed.

[luminoso] 15/11/2010 19:16

I think it could be a euphemism for having nil shares !

[optomistic] 15/11/2010 19:07

Thanks APAD, so Peter Barlow and Gareth Griffiths are not included on tha list.
Is it because the PDMR's are not always directors?

edit, Peter Barlow is shown as having Nil shares after the sale but Gareth Griffiths as NA...why not details for GG?

[apad] 15/11/2010 18:39

Easier this way:

[apad] 15/11/2010 18:38

From Directors Holdings:
Name Position Appointed Last Deal on Total % Total Shares Held Total Value (£)
Concannon, Anthony Executive Director 2004 15/03/2010 0.01 146,367 615,473
Cox, Philip Chief Executive Officer 2000 15/03/2010 0.07 1,024,359 4,307,430
Isaac, Anthony Non Executive Director 2000 25,501 107,232
Levy, Bruce Executive Director 2005 09/09/2010 0.03 444,975 1,871,120
Murray, Alan Non Executive Director 2007 10,000 42,050
Riley, Stephen Executive Director 2004 15/03/2010 389,673 1,638,575
Roberts, John Non Executive Director 2006 25,000 105,125
Robertson, Struan Non Executive Director 2004 16/12/2008 10,663 44,838
Simms, Neville Chairman 2000 13/03/2009 0.01 210,000 883,050
Spiers, Ranald Executive Director 2008 09/09/2010 0.02 365,811 1,538,235
Weston, David Non Executive Director 2009
Williamson, Mark Financial Director 2000 24/09/2010 0.03 401,634 1,688,871

[optomistic] 15/11/2010 18:29

APAD, Have you got the directors holdings to hand please?

[apad] 15/11/2010 18:19

Directors still hold a respectable number of shares. Maybe tax reasons for sales?

Debt worries me more (v. high, even for a utility).

The merger should cut the costs of financing that debt.

I think I'll feel more comfortable in the larger group.

[luminoso] 15/11/2010 17:35

Am I right in thinking that Peter Barlow has sold out ? "Total holding following notification" is zero. In RNS re Gareth Griffiths it is marked as N/A. Is that same as zero ? Perhaps they know they have no place in new organisation and are walking now, selling into strength, believing that price will now drift down or go flat to the merger. Who knows whats behind it ? I already have to consider if I should take the capital gain now and forego the special divvy, which may accompany a much lower share price. These director sales do not particularly strengthen my resolve to hang in for the new entity.

[optomistic] 15/11/2010 16:48

Last week Peter Barlow sold shares now it is announced that GARETH GRIFFITHS is a seller of 108,000.
I cannot think of a good reason why these two directors have sold substantial amounts of shares so close to the possible closure of the merger.
I don't understand it and I don't like it!
Can anyone throw any light as to the reason for these sales?

[jeddicat] 15/11/2010 08:39

12/11/10. (Friday)

S&P Research raises IPR share price to 430p from 372p!

[jeddicat] 13/11/2010 13:49

Glow Group Results; Subsidery 0f GDF Suez

11.11.2010

Robust results continued for Glow Group
Robust 9-month results with 32% year-on-year increase in Normalized Net Profit
Healthy operating margin and growing demand are key drivers
115 MW coal-fired power plant started commercial operation in November 2010
Robust 9-month results with 32% year-on-year increase in Normalized Net Profit

For the third quarter of 2010, Glow Group ("Glow") posted:
- Consolidated total revenues of THB 8,931 million,
- Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") of THB 2,257 million,
- Normalized Net Profit ("NNP") (net profit before unrealized foreign exchange gains and losses) of THB 931 million, and
- Net Profit of THB 1,804 million.

For the first nine months of 2010, key results posted are:
- Consolidated total revenues of THB 27,249 million,
- Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") of THB 7,308 million,
- Normalized Net Profit ("NNP") (net profit before unrealized foreign exchange gains and losses) of THB 3,531 million, and
- Net Profit of THB 4,649 million.

The core operating results, both EBITDA and NNP, for first nine months of 2010 continued to be strong, while Glow also recorded substantial unrealized foreign exchange gain resulting from strengthening Thai Baht.

Healthy operating margin and growing demand are key drivers

Compared with the same period last year, EBITDA of the first nine months increased by 25% while the NNP increased by 32% in the same period. The key drivers for these increased results are growing power demand from industrial customers and healthy operating margins. Meanwhile, the results of the third quarter are lower than in two previous quarters, mainly because of lower availability of the generating plants due to planned outages, which took place during this quarter.


The results reported for the first nine months of 2010 confirm the strong fundamentals of the business. Demand from industrial customers continued to be strong, with 16% increase of electricity consumption and 2% increase of steam consumption compared to the same period last year. On the operational side, there have been very few unplanned outages in both the Cogeneration and IPP business. The operating margin for the third quarter is healthy and relatively stable.

Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: "Despite positive impact from demand and operating margin, the strengthening Thai Baht adversely affects our Normalized Net Profit. The main element affected is revenue from sales to EGAT, as Availability Payment and Capacity Payment are directly linked to the THB/USD exchange rate. In principal, our risk management strategy is to hedge foreign exchange rate risk on free cash flow level. Therefore, even though the effect from strong Thai Baht to free cash flow after debt repayment may be minimal, the effect to NNP may be meaningful. We estimate the year-to-date negative effect from strengthening THB to NNP to be around THB 200 million."

115 MW coal-fired power plant started commercial operation in November 2010

Glow's new 115 MW coal fired cogeneration plant started commercial operation and supply to industrial customers in the beginning of November. Mr. Esa Heiskanen, CEO of Glow Group, commented: "Commercial operation of this plant marks the first milestone of our growth program. By the end of 2011, we are scheduled to start commercial operation of two more plants, a 382 MW gas-fired cogeneration plant and a 660 MW coal-fired IPP plant, which are currently under construction. These will further strengthen our business."






About Glow Energy

Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 1,860 MW (Glow's stake is 1,775 MW) of electricity and 967 tons per hour of steam.

Glow Group generates and supplies electricity to Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.

GDF SUEZ Energy Europe & International is Glow Energy's major shareholder and is a division of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.

For more information about GDF SUEZ please visit the companies' website at www.gdfsuez.com. For more information about the Glow Group please visit www.glow.co.th.


For further details please contact
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. [phone]
Email : [e-mail]

[jeddicat] 12/11/2010 19:20

All, - Hold on, its OK I found the Glow co site, I'll read the results over the weekend and post comments for those who do not have time.

Thanks

[jeddicat] 12/11/2010 19:15

Evening chaps, busy day!!

Just read todays RNS on Glow.co results!!

I tried to get to Glow co's website to no avail after 3 xtimes trying, can anyone help please?

The URL that I used was from the RNS, there was NO LINK, which infuriates me!

This was it

Regards,

David

[praipus] 12/11/2010 14:44

From Ecofin's (ECWO) monthly update

EUROPE
The UK water companies Northumbrian Water and Pennon were among the strongest
performing European stocks due to raised inflation expectations in the UK.
International Power also benefitted from growing investors' confidence in the
company's ability to accelerate its growth following its combination with
GDF-Suez which will give GDF-Suez 70% of an enlarged New International Power.

[praipus] 12/11/2010 11:32

Utilities are a capital intensive business. Asset's and income so people usually happy to throw money at them.

[praipus] 12/11/2010 11:31

No they could pay that off in five years.

[apad] 12/11/2010 11:24

Anyone concerned about the debt level?
£5059m net borrowings, which works out at £1.3m per person employed.

[jeddicat] 12/11/2010 07:13

optomistic -

I note that the RNS notifying Peter Barlows 'Sell', is timed a 1600hrs.

And, that there was a 'dip' in the SP, sharply down at c1130hrs from c429p to
421p just before 1400hrs. By just gone 1400hrs the share price had risen back to c1424hrs, and then up again to past 428p by 1500hrs. Closing at nearly 427p.

Difficult to say when the 'sell' took place and note the reaction. Very little change in the volume this week, every day except Monday the volume was between 4-5m, Monday was lower, but thats normal.

[optomistic] 11/11/2010 20:41

The last RNS shows that PETER BARLOW sold his entire holding of 33,447 shares today.
Seems an unusual thing to do under the present circumstances.....

[praipus] 11/11/2010 16:50

Seem's very very cheap not many situations where you can get 20%+ back (92p special) and a dividend paying energy inflation linked stock exposed to global and emerging markets as well.

[optomistic] 11/11/2010 08:31

IMS just 'on the lines'....... Not giving much away there!