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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ksk Power Ventur Plc | LSE:KSK | London | Ordinary Share | IM00B1G29327 | ORD 0.1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.0% | 2.25 | 0.00 | 00:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 2.25 | GBX |
Ksk Power Ventur (KSK) Share Charts1 Year Ksk Power Ventur Chart |
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1 Month Ksk Power Ventur Chart |
Intraday Ksk Power Ventur Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/7/2016 | 10:35 | Ever considered outsourcing your power needs? | 165 |
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Posted at 08/6/2016 07:59 by parvez Listening to Bloomberg the other day, the Indian economy is picking up well and this will only drive demand for more power - KSK massively undervalued IMHO - DYOR, etc |
Posted at 05/11/2013 23:16 by dibbs m4m,Interesting info thanks. As you say there are possible positives on the horizon but the chart is horrific and I'd guess we are going lower before heading northwards. I've owned some KSK a few times over the years and keep an eye on them. I will quite possibly pick up a few again but want to see a change of direction rather than trying to catch the proverbial falling knife! Dibbs |
Posted at 05/11/2013 17:09 by m4m Chart looks awful tho support levels not far away?but someone is positive Dibbs Nikunj Dalmia of ET Now collates recommendations from brokerages to come up with an outlook on KSK Energy. Excerpts: The reason why KSK Energy could be a buzzing stock is very simple. Markets always vote for one simple thing, which is the rate of change and for KSK Energy, things of late have been rather awful. But awful could soon become better or awful could become bad. Why? Because there is a buzz that they are looking at raising debt in one of their global subsidiaries in order to reduce their total debt burden. That really could be the trigger point for fixing the balance sheet. Also, there were some structural issues for the company: coal linkage, the kind of policy or the power purchase buying or power purchase policy which was followed by the Maharashtra Government. My sense is that both those issues will be fixed. The company now is looking at changing the way they acquire coal and if they are able to commission a new coal linkage supply chain, that automatically will reduce their entire cost by about 15% to 20%. They also have emerged as one of the big L1 bidders for a supply agreement with the UP Government where the merchant power business could be the big upside for KSK Energy. Valuations? Not stretched it all. Based on FY-15 estimates, with the assumption that they are able to reduce their debt and capture only two quarters of upside from the merchant power business, the stock is trading at a PE multiple of less than eight times. The market capitalisation? About $1 billion. Ownership pattern? Decent. Local mutual funds do have a limited exposure to this one. So focus on this one. Markets clearly are now in a mood to revisit cyclical stocks and look at companies where either the balance sheet change is happening and where the rate of change really could move. So this one is on the radar for lot of HNI investors as well and my sense is that level of 70 to 75 maybe before December should be around the corner. |
Posted at 01/9/2012 14:25 by guidfarr KSK covered in September's edition of spread betting magazine -> [pages 93 to 95] |
Posted at 12/1/2012 21:11 by dibbs Hi Par,Sorry I missed your post here from way back, not quite sure how given how few their are! Apologies for appearing ignorant. Congratulations on getting out at a very good moment in time. 30% losses are always best avoided! My attention was drawn to KSK today by the 5 million share trade. I wonder if this seller and subsequent overhang was the reason for the fall in early November and why the share price has remained within a fairly tight range since. It will be interesting to see if the share price climbs from here over the next few days... As you suggested on a 2 year view they should look cheap...so long as coal prices, sales prices and planning and environmental factors behave! As long term followers of this sector you and I have both seen how these companies have been through their fair share of ups and downs. You'd think this sector would be a long term buy and hold but in reality trading more actively has been the way to make the money, and preserve it! Refinancing, yes that could be interesting! I would not want to assume they will manage this as the climate remains bad equally they might manage it. It begs the question as to what their forecasts are anticipating in terms of refinancing or not? If the forecasts assume lower financing costs and these can't be delivered then I guess they'd end up warning on profits. Who knows what the future holds for these Indian energy companies? For sure I remain keen but currently more so as an observer than a player! Hope you are keeping well and have managed to keep your portfolio in similar good health! Not easy in recent times! Dibbs |
Posted at 01/12/2011 16:38 by par555 Hi Dibbs,Like you still watching but don't hold at present,bailed out earlier this month so lucky not to participate in the 30% fall ! Now sitting below the 62.5 million placing ( sept 2010) price 0f 510p There must surely come a point soon when this is very cheap on a 2 year view , after all it is fast approaching the previous bottoms @ around 400-450p Financing costs and fuel cost increases are what has killed the p&l account .Financing costs 98k v 21k previos year.I see a mention in the statement of seeking refunding , what chance in today's cerdit climate I wonder ? par |
Posted at 23/11/2011 09:47 by dibbs Quite a fall here in the last couple of weeks. A distressed or forced seller or someone in the know? I have vague recollections of KSK falling before after no RNS'd news, only for an RNS to appear which then explained the fall. No position myself but have always followed KSK.Dibbs |
Posted at 30/9/2010 21:02 by dibbs Great to see that KSK were able to raise money so easily and with only a small discount to the prevailing price before the RNS. The RNS also explains the 3.2 million trade at 510p. I wonder whether the owner of the 3.2 million had been looking to sell for some time which had dragged on the price a while back. Possibly the demand for placing shares allowed this overhang to be cleared up at the same time. Certainly the share price jumped once this trade went through. Hard to work it all out but I'm happy enough whilst the price is moving in the right direction! Dibbs |
Posted at 12/5/2008 07:21 by ron manager Not for release, publication or distribution in, or into, the United States,Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of South Africa. Press Release 12 May 2008 KSK Emerging India Energy Fund Limited ('KEF' or 'the Fund') Intention to Float KSK Emerging India Energy Fund Limited, an investment company focused on the Indian power and energy sector, today announces its intention to seek admission ('Admission') of its Ordinary Shares to trading on the AIM Market of the London Stock Exchange plc ('AIM') and on the Channel Islands Stock Exchange ('CISX'). Dealings are expected to commence in early June 2008. KEF will target investment in businesses that operate across the Indian power and energy sector value chain, including those involved in the development of infrastructure. The Fund will be seeking to invest primarily in companies whose assets and businesses are based in India although, if deemed appropriate, it may also invest in companies based outside the region but which have the potential to benefit from the Indian power and energy markets. The Indian energy sector has historically been characterised by power shortages which have been increasing in recent years. Over 40 per cent. of the Indian population are without direct access to power and approximately 14 per cent. of peak demand is unmet. To overcome this deficit, and to sustain the growth of its economy, India needs energy. The Indian Government has a stated mission to provide 'Power for All' by 2012. This integrated strategy aims to support a GDP growth rate of eight per cent. by securing sufficient, reliable and inexpensive power. This plan also requires that India's installed generation capacity should grow from a present level of 143,000 MW to 200,000 MW by 2012, an increase that is expected to require a capital investment of approximately US$120-150 billion over the next five years. The Board believes this macro economic background will generate multiple opportunities which fit with the Fund's proposed investment policy. The Fund will appoint KSK Asset Management Services Private Limited to act as the Investment Manager, who in turn, will appoint KSK Investment Advisor Private Limited to act as the Investment Adviser, both of which are subsidiaries of KSK Power Ventur plc ('KSK'). KSK is an Indian power developer listed on the AIM market of the London Stock Exchange (KSK.L, market cap. c.US$1.5 billion). It has relationships with General Electric, who have a 20 per cent. indirect interest in KSK, and Lehman Brothers, who have a 33.4 per cent. interest in KSK's operating subsidiary which has invested circa US$140 million in KSK development projects. KSK also has an existing fund management business having launched and managed the Small is Beautiful Fund, set up in 2004 to invest in captive projects less than 100MW in size, which has delivered four exits to date with an average realised IRR of 19 per cent. (unaudited). The Fund intends to benefit from the network, order book and investments made by KSK and through its prominent position in the Indian power market, it has identified a pipeline of 14 proposed investments for the Fund. These opportunities include equipment suppliers (turbine and boiler manufacturers) and power developers (hydro electric, biomass and gas fired), and the Fund anticipates that this pipeline will expand after Admission. KSK will have completed two of these transactions prior to Admission and the Fund will have the right to acquire these interests at cost. KEF will seek to invest between US$5 million and US$75 million into each investment over a typical two to eight year life cycle, aiming to achieve an IRR in excess of 20 per cent. in each case, and typically exiting via an IPO or trade sale. It is anticipated that the Fund will spread risk by investing no more than 20 per cent. of its Net Asset Value into any one asset and the Board anticipates that at least 80 per cent. of the Placing proceeds will be invested within 12 months following Admission, and the remaining proceeds within 18 months from the date of Admission, subject to standard holdbacks for potential follow-on investment and future management fees. Commenting on the proposed flotation, Tanmay Das, Non-Executive Director of KSK Emerging India Energy Fund Limited, said: 'KEF's planned admission to AIM is a significant step in the evolution of KSK's fund management business within India's power and energy sector. 'Large population expansion, rapid industrialisation, urbanisation and increasing per capita income are all leading to a huge demand for energy in India. With our business relationships and significant industrial expertise, we are confident of exposing the fund to a number of the future success stories in the sector, generating substantial returns for our shareholders along the way.' Grant Thornton Corporate Finance, a division of Grant Thornton UK LLP, is acting as Nominated Adviser to the Fund and Liberum Capital Limited is acting as Financial Adviser and Broker. - Ends - For further information: KSK Emerging India Energy Fund Limited Tanmay Das, Non-Executive Director Tel: +44 (0) 20 7398 7715 Grant Thornton Corporate Finance (Nominated Adviser) Philip Secrett Tel: +44 (0) 20 7728 2578 philip.j.secrett@gtu www.gtuk.com Liberum Capital Limited (Financial Adviser and Broker) Steve Pearce Tel: +44 (0) 20 3100 2224 steve.pearce@liberum www.liberumcapital.c Media enquiries: Abchurch Communications Limited Henry Harrison-Topham / Justin Heath Tel: +44 (0) 20 7398 7702 justin.heath@abchurc www.abchurch-group.c Notes to editors KEF and the proposed investment pipeline KSK has identified 14 potential investments which encompass equipment suppliers (including turbines and boilers) and power developers (including hydro electric, biomass and gas fired). Detailed examples of four of these initial pipeline investments are set out below: 'Company A' is a developer with particular expertise in hydro electric power projects. It currently owns stakes in five power schemes with a total capacity of 7290MW, including a 1200MW hydro power project in the Indian Himalaya which is currently under construction. 'Company B' is a biomass power developer, operating a 4.5MW biomass generator in South India that has been accredited with gold standard Certified Emission Reductions ('CERs'). Company B has also established a vehicle with other partners for the development of several biomass power plants in the State of Punjab which, on commission, will have an aggregate capacity of 147MW. 'Company C' is a leading manufacturer of electricity generation turbines based in the European Union, with decades of accumulated expertise in turbine design, manufacture, installation and servicing. It offers a broad product range across most fuel types (i.e. thermal, biomass, nuclear) and capacities (20MW to 1000MW), to a significant global customer base. Its presence in India is sizeable, and it achieved global orders of 23 turbines (5GW capacity) in 2007 and 24 turbines (6.8GW capacity) in 2008. 'Company D' is a manufacturer of boilers and an Engineering, Procurement and Construction ('EPC') contractor for small and medium size power plants, based in South-East India. During its 25 year operating history the company has commissioned over 800 boiler orders and seven power plants. KSK Power Ventur plc KSK Power Ventur plc (AIM:KSK), a power project development company with interests in multiple power plants across India, listed on the London Stock Exchange in November 2006. KSK Power Ventur plc develops, operates and maintains private sector power projects, predominantly through joint ventures with heavy industrial consumers in the region. Since its flotation KSK's shares have risen 420 per cent. to a market capitalisation of circa US$1.5 billion. KSK operates in India through its subsidiary, KSK Energy Ventures Limited, which is a leading developer in the Indian power sector, having set up India's first merchant power plant and first captive power plant under a build-operate-transf operational power plants (144MW), two power projects under construction (675MW), which are anticipated to be operational in October 2008 and December 2009 respectively, three projects under development (1,973MW) and five further projects (6,345MW) in the planning stage. KSK Emerging India Energy Fund Limited Proposed Board of Directors Michael Liston OBE, age 56 Mr. Liston is chief executive officer of Jersey Electricity plc which is listed on the main market of the London Stock Exchange. He joined in 1986 as chief engineer and became managing director in 1993. He previously held a number of senior posts in the United Kingdom's electricity supply industry. He is chairman of Channel Islands Electricity Grid Limited, non-executive chairman of AIM traded, Renewable Energy Generation Limited, chairman of Foreshore Limited and non-executive chairman of Jersey Post. Mr. Liston is a Fellow of the Royal Academy of Engineering, a Fellow of the Institution of Engineering and Technology and a Member of its Audit and Disciplinary Committees. He is a Companion of the Chartered Management Institute and past chairman of its Jersey branch. He was appointed by the States of Jersey in 2002 as chairman of the Jersey Appointments Commission. Scott Bayman, age 61 Mr. Bayman served over 13 years as president and chief executive officer of General Electric India, transforming a company with US$100 million turnover and a few hundred employees to one that represents all of GE's global businesses in India with a turnover of almost US$3 billion and over 13,000 employees in 2007. He is an independent non-executive director of KSK as well as being a member of the Board of the U.S. India Business Council, a trustee for Aspen India, past chairman of the American Chamber of Commerce India and sits on the corporate boards of Crompton Greaves Limited, Punj Lloyd Limited and Jubilant Energy NV. Tanmay Das, age 37 Mr. Das has a bachelor's degree in electrical engineering and a postgraduate diploma in management from the Xavier's Institute of Management. He has worked in the Industrial Finance Corporation of India Limited, as credit officer in the area of project finance. Mr. Das joined KSK in December 1999. He held the position of chief financial officer, where, in addition to performing his role of capital budgeting, control, compliance and raising capital, was actively involved in the strategic decision making of KSK. He was instrumental in the launch of KSK's asset management business, being actively involved in raising and deployment of the ''Small is Beautiful'' fund. He has also been chief executive officer of the KSK's hydro business group. Currently, Mr. Das is on the board of KSK Energy Ventures Limited, KSK's operating subsidiary, as an executive director, and is responsible for KSK's asset management business. Huw Evans, age 50 Mr. Evans has extensive experience in the financial services industry. He qualified as a chartered accountant with Peat, Marwick Mitchell (which became part of KPMG) and subsequently worked in corporate finance at Schroders. In 1986 Mr Evans joined Phoenix Securities where he worked for twelve years in London advising companies principally in the financial services industry on mergers and acquisitions and more general corporate strategy. He advised companies in a wide variety of sectors, including asset management, stockbroking, insurance and insurance broking and banking. Mr. Evans is a non-executive director of European Capital Limited, a W1 billion private equity fund listed on the main market of the London Stock Exchange. He is resident in Guernsey. KSK Investment Advisor Private Limited - The Investment Adviser The proposed directors of the Investment Adviser include Tanmay Das and the following: Sethuraman Kishore, director, age 45 Mr. Kishore is a founder and executive director of KSK and is a chartered accountant. He is head of the business development and capital formation group of KSK. He has co-chaired the Energy Committee of Federation of Andhra Pradesh Chambers of Commerce and Industry. Prior to founding KSK, Mr. Kishore had advised and provided consulting services to a number of power projects in India. His areas of specialisation are handling investments for power equity funds in small-to-medium sized power projects, regulatory reform and restructuring of the power sector, distributed power generation, and advising on and arranging project finance for the infrastructure sector. Kolluri Ayyappa Sastry, director, age 48 Mr. Sastry is a founder and executive director of KSK and is also a chartered accountant. He heads the execution and operations divisions of KSK and is also responsible for its financial accounting and records. His areas of specialisation are financial accounting, contracting, commercial implications, taxation, legal/regulatory affairs and company law. He has extensive experience in system design and implementation of corporate business models and its accounting. Prior to founding KSK, Mr. Sastry has advised many companies on matters relating to company law, taxation and foreign investment and foreign exchange regulations. The Investment Adviser team also includes: Umesh Kudalkar, fund manager, age 45 Mr. Kudalkar has a bachelors degree in mechanical engineering, a masters in management studies and is a chartered financial analyst. He most recently acted as chief executive officer of Sicom Capital Management Private Limited for 8 years, where he was responsible for conceptualising the funds, raising funds from institutions and high net worth individuals, developing investment and divestment strategy, selecting investment opportunities, profitable fund deployment, corporate governance and overseeing support functions. Before this, Mr. Kudalkar worked for 13 years with SICOM Ltd., a financial institution focused on corporate financing. He handled a variety of assignments in SICOM, including business development and project funding. Ajay Bhaskar Limaye, fund manager, age 38 Mr. Limaye has a bachelors degree in production engineering, an MBA in finance and is a chartered financial analyst. He has most recently worked for 8 years as senior vice president at Sicom Capital Management Private Limited where he was responsible for deploying the funds, deal structuring, legal agreements, divestments, investor presentations and other fund management activities. Prior to this, Mr. Limaye worked for 6 years with GVFL Limited, a pioneer in the Indian venture capital industry that managed multiple funds raised from domestic and overseas investors. He started his career with RPG Enterprises, a diversified Indian business house, where he worked in areas such as MIS and IPO management. Sandhya Rani Sama, chief financial officer, age 38 Ms. Sama is a chartered accountant with 12 years of experience in financial auditing and accounting. She was previously a vice-president at S.R. Batliboi & Co (a member firm of Ernst & Young Global), and has extensive experience in risk management, financial reporting and has been involved in capital market transactions such as preferential allotments, qualified institutional placements and foreign currency convertible bonds for large corporations. Disclaimer The contents of this press release, which have been prepared by and are the sole responsibility of the Fund, have been approved by Grant Thornton Corporate Finance and Liberum Capital Limited. Grant Thornton Corporate Finance and Liberum Capital Limited are authorised and regulated by the Financial Services Authority and are acting for the Fund in connection with the placing and admission to trading on AIM and the CISX and will not regard any other person as their respective clients and will not be responsible to anyone other than the Fund for providing the protections afforded to their respective clients or for providing advice in relation to the placing, the admission to trading on AIM and the CISX, the contents of this press release or any matters referred to herein. This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of South Africa. This press release is not an offer of securities for sale in or into the United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of South Africa. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Ordinary Shares of the Fund or any other securities, nor shall the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor, and any purchase of or application to subscribe for securities of the Fund should be made only on the basis of information contained in the listing document and the AIM admission document in its final form. In particular, this press release refers to certain events as having occurred which have not occurred at the date it is made available but are expected to occur prior to the publication of the listing document and the AIM and CISX admission document in its final form relating to the Fund. This press release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth entities, and other persons to whom it may otherwise be lawfully communicated, falling within Article 49(2)(a) to (e) of the Order (all such persons together being referred to as 'relevant persons'). The Ordinary Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Ordinary Shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents. This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended or an exemption therefrom. The issuer has not registered and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities in the United States or to US Persons (as defined in Regulation S). The Company will not be registered under the US Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. No money, securities or other consideration from any person inside the United States or US Person is being solicited and, if sent in response to the information contained in these written materials, will not be accepted. Consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959 as amended has not yet been obtained for the raising of monies by the Fund. The Fund intends to apply for consent under the Guernsey Financial Services Commission's framework relating to Registered Closed-ended Investment Funds. Neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council takes any responsibility for the financial soundness of the Fund or for the correctness of any of the statements made or opinions expressed with regard to it. Interests in the Fund may not be offered directly to members of the public in the Bailiwick of Guernsey. The 'public' means any person not regulated under any of Guernsey's financial services regulatory laws within the Bailiwick of Guernsey. The distribution of this press release and other information in connection with the admission in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Some of the information contained in this press release contains statements that are, or may be deemed to be forward-looking statements. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are, by their nature, subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you not to rely on any such statements as statements of historical fact or as guarantees or assurances of future performance. Save as required by law or by the Listing Rules, Disclosure and Transparency Rules or Prospectus Rules of the Financial Services Authority, we undertake no obligation publicly to release the results of any revisions and updates to any forward-looking statements in this press release that may occur due to any change in our expectations or to reflect events or circumstances after the date of this press release. Information in this press release relating to the Fund and the Admission cannot be relied upon as a guide to future performance. |
Posted at 10/12/2006 21:38 by m4m KSK Power Ventur PLC01 November 20062006-11-01 08:00:19 KSK Power Ventur PLC - Admission to AIM RNS Number:3474L KSK Power Ventur PLC 01 November 2006 1 November 2006 Not for publication, distribution or release in the US, Canada, Australia, the Republic of Ireland, South Africa or Japan KSK POWER VENTUR PLC Placing of 28,878,505 Ordinary Shares of 0.1p each at 107p per share Admission to trading on AIM KSK Power Ventur plc ("KSK" or "the Company"), an innovative developer of private power projects in India, announces completion of a successful Placing of Ordinary Shares by Arden Partners plc ("Arden Partners") and its admission to trading on AIM today. Placing and Admission * The Company has raised approximately £30.9 million through a placing of 28,878,505 Ordinary Shares at 107 pence per share. * Arden Partners, nominated adviser and broker to KSK, has placed all of these shares with institutional investors. * Of the net proceeds of the Placing, approximately £11.5m will be used to invest in power projects and approximately £13.8m will be used to develop fuel assets. * In addition to raising the funds, the Directors believe that Admission will increase the Company's profile both in India and internationally, enable access to capital markets and diversify its investor base. * On Admission, the Company will have an initial market capitalisation of approximately £137.9 million. Placing Statistics: +------------------- |Placing Price | 107p| +------------------- |Number of Placing Shares | 28,878,505| +------------------- |Number of Ordinary Shares in issue immediately following the | 128,878,505| |Placing and Admission | | +------------------- |Placing Shares as a percentage of the Enlarged Share Capital | 22.4%| +------------------- |Estimated net proceeds of the Placing (1) |£25.3 million| +------------------- |Market capitalisation immediately following Admission at the | £137.9| |Placing Price | million| +------------------- (1) Net proceeds are stated after the deduction of estimated expenses of approximately £1.9 million and the buy-back monies to be paid pursuant to the Reorganisation. S. Kishore, Executive Director, commented: "In the deregulated Indian market businesses are increasingly looking for consistent and economic power supplies. KSK has a clear track record of delivering innovative private power project solutions and is well positioned to benefit from this growing energy demand. Our approach enables income generation from all parts of the value chain and we have a visible pipeline of further plants becoming operational over the coming months. We are delighted to have successfully completed the IPO and look forward to joining AIM. These are exciting times for the Company and the successful offer will help us to exploit the growth opportunities open to us. We look forward to updating investors on developments in the coming months." www.ksk.co.in For further information, please contact: KSK Power Ventur plc +(91) 40 2355 9922 S. Kishore, Executive Director Mike Kirk, Non-executive Director 020 7398 1632 Arden Partners plc 020 7398 1600 Richard Day Steve Pearce Hogarth Partnership Limited 020 7357 9477 Nick Denton Barnaby Fry Arden Partners, which is regulated and authorised in the United Kingdom by the Financial Services Authority, is acting as nominated adviser and broker (for the purpose of the AIM Rules) exclusively for the Company in connection with the Placing and Admission and is not acting for any other person and will not be responsible to any other person for providing the protections afforded to clients of Arden Partners, nor for advising any other person in connection with the transactions and arrangements detailed in this document. The responsibilities of Arden Partners, as nominated adviser and broker under the AIM Rules, are owed solely to the London Stock Exchange plc and are not owed to the Company or to any Director or to any other person in respect of their decision to acquire Ordinary Shares in reliance on any part of this document. No liability whatsoever is accepted by Arden Partners for the accuracy of any information or opinions contained in, or for the omission of any material information from, this document, for which it is not responsible. BACKGROUND KSK is a new holding company which, following the Reorganisation and its resultant ownership of KSK India, will be the ultimate holding company of the Enlarged Group. The Promoters, S. Kishore, K. A. Sastry and V. H. Kiran, have been involved in developing power projects in India since 1998. They established KSK India in February 2001 to exploit emerging opportunities in the Indian power sector and have since focused its strategy on the private sector power development market, providing development, operation and maintenance services predominantly to heavy industrials operating in India. KSK India has developed, or is currently developing, power stations capable of generating in aggregate 400 MW of electrical power for a number of customers including India Cements Limited, Lafarge India Private Limited and Zuari Cement Limited. KSK India has a pipeline of future projects which are anticipated to be completed by 2011 resulting in a total capacity of 3,200 MW. In order to control the fuel supply to future operations, KSK India has also secured, or is in the process of securing, access to certain coal and lignite assets and resources across India. To date the development of each project has been funded by equity provided by KSK India, customers and financial investors, and debt from various financial institutions. Currently, the equity for three of the existing projects has been financed in part through a joint venture with Lehman. It is intended that the equity for future projects will be funded by KSK (via this joint venture with Lehman) along with other investors. THE KSK BUSINESS The Promoters and KSK India have a demonstrated track record of developing small and medium sized power plants for a range of customers. They have established a highly qualified and experienced team to undertake this development activity. Wherever possible, KSK will use a standard configuration of equipment and construction in order to optimise speed of delivery of the completed project and to minimise costs. KSK India outsources the planning, set-up and operation of its power plants, using a range of service providers as follows: *Consultant engineers undertake the power plant design and configuration. *Contractors undertake the procurement and construction requirements for each power plant within defined plant operation parameters. *Contractors also undertake the ongoing operation and maintenance of the power plants. KSK India has a wide pool from which to select contractors (both domestic and international) to provide these services and is able to invite tenders at each stage thereby promoting competition and innovation of design. KSK STRATEGY FOR GROWTH KSK's strategy for growth is to work with major international and Indian businesses and electricity distribution companies to ensure that they have access to a dependable and cost effective source of electrical power. This will be achieved through the development, construction, operation and maintenance of optimally sized power plants with appropriate fuel sources. To this end KSK India has secured, and will continue to secure, access to various fuel sources across India to help maintain security of supply and cost control. THE POWER SECTOR IN INDIA The supply and availability of dependable and economic power supplies to industry will be fundamental in ensuring that this anticipated growth in Indian GDP is achieved, which puts reducing the deficit of power at the forefront of the political agenda. As a result, both the federal, as well as the state governments have the authority to legislate on this subject. The Indian Electricity Act 2003, removed licensing requirements for power generators, provided for open access to transmission and distribution networks and removed restrictions on the right to build captive generation plants. Specifically, the open access reforms have increased interest in private investment in power generation, as companies are able to sell their output to different distribution companies and/or, directly to consumers. DIRECTORS The Board consists of six directors in respect of whom brief biographies are set out below. Padma Bhushan Mr. T.L. Sankar (age 72) - Non-Executive Chairman. Mr Sankar is renowned in India as an energy expert, having received the Padma Bhushan title in India, and has more than four decades of experience in the sector, including Secretary of the Fuel Policy Committee (1970-75), Principal Secretary of the Working Group on Energy Policy (1978-79), as a member of the Advisory Board on Energy, Government of India and as a member of the Integrated Energy Policy Committee. Mr. Sankar also served as Chairman of APSEB - the state power utility in southern India. Currently, Mr. Sankar is the Chairman of the Expert Committee for the comprehensive review and recommendation of a roadmap for the coal sector in India. He has also served the United Nations as an adviser on energy issues to the governments of Sri Lanka, Tanzania, Jamaica, North Korea and Bangladesh and has headed the Asian Development Bank's Asian Energy Survey. Mr. S. Kishore (age 44) - Executive Director. Mr. Kishore is one of the Promoters and is a chartered accountant by profession. Together with Mr. Sastry, Mr. Kishore set up K&S Consulting Group Private Ltd and subsequently with Mr. Sastry and Mr. Kiran Vadlamani, KSK India. Over the years, he has worked on various matters across the power generation spectrum. At KSK, he heads the business development and capital formation groups. Mr. K. A. Sastry (age 47) - Executive Director. Mr. Sastry is one of the Promoters and is a chartered accountant by profession. Together with Mr. Kishore, Mr. Sastry set up K&S Consulting Group Private Ltd and subsequently with Mr. Kishore and Mr. Kiran Vadlamani, KSK India. Mr. Sastry heads up the execution and operations divisions of the KSK India business, as well as having responsibility for the financial accounts and records for the Enlarged Group. Mr. V. H. Kiran (age 43) - Executive Director. Mr. Kiran is one of the Promoters and is a chartered accountant by profession. He worked as a partner in Umamaheswara Rao & Co Chartered Accountants for 8 years before he joined Mr. Kishore and Mr. Sastry at K&S Consulting Group Private Ltd and subsequently KSK India. Over the years, he has worked on numerous consulting assignments for various clients across different sectors in the area of corporate finance, capital markets and merger and acquisition transactions. At KSK, he was initially involved in strategy, legal and regulatory matters. He currently looks after the asset management division and manages the small is beautiful fund. Mr. M.P. Kirk (age 46) - Non-Executive Director. Mr. Kirk was managing director of Weber Shandwick Square Mile, a financial communications consultancy, until July 2005. He joined Weber Shandwick from Cazenove, the UK investment bank, where he worked in corporate finance for over 13 years, four of those as a partner in the firm. Whilst at Cazenove, Mr. Kirk advised companies on a wide range of corporate issues including the demerger of Centrica plc from British Gas plc, the Lattice plc demerger from BG plc and the UK listings of John Wood Group PLC and KBC Advanced Technologies plc. His early experience was in the energy and insurance sectors, having started his career at British Nuclear Fuels. Mr. Kirk is also a member of the Primary Markets Group of the London Stock Exchange. A chartered engineer, Mr. Kirk has an MBA in finance and degrees in chemical engineering and nuclear fuel technology. Mr. Kirk is also a non-executive director of KBC Advanced Technologies plc. Mr. S.R. Iyer (age 66) - Non-Executive Director. Mr. Iyer joined the State Bank of India as a probationary officer in 1962 and after holding various positions with the Bank in India and abroad, retired as its managing director in 2000. Since then, he has been part of various banking industry working groups in India and was Executive Chairman of the Credit Information Bureau (India) Limited from February 2001 to February 2004, a joint venture promoted by the State Bank of India and the Housing Development Finance Corporation Limited. FINANCIAL INFORMATION The following financial information summarises the audited financial record of the KSK India Group for the three year period ended 31 March 2006. Year ended Year ended Year ended 31 March 2006 31 March 2005 31 March 2004 US$'000 US$'000 US$'000 Profit & Loss Account Revenue 5,316 6,086 1,419 Gross Profit 2,834 3,947 656 Profit from operations 484 1,571 96 Profit before tax 880 441 (68) As at As at As at 31 March 2006 31 March 2005 31 March 2004 US$'000 US$'000 US$'000 Balance Sheet Non current assets 36,977 13,901 8,436 Current assets 17,626 10,694 5,358 54,603 24,595 13,794 Non current liabilities (26,421) (4,947) (6,627) Current liabilities (20,289) (11,733) (3,955) Equity (7,893) (7,915) (3,212) (54,603) (24,595) (13,794) CURRENT TRADING AND FUTURE PROSPECTS In addition to the three KSK operating power plants RVK, Kasargod and Coromandel, another plant, Arasmeta, has recently also become operational and is generating power. There is a clear pipeline of further power plants becoming operational over the coming months and KSK are also discussing many new projects with customers using a variety of fuel sources. REASONS FOR ADMISSION AND USE OF PROCEEDS Of the net proceeds of the Placing, approximately £3.7 million will be applied by KSK India to buy back and redeem the shares in it held by K&S as part of the Reorganisation, approximately £11.5 million will be used to invest in power projects and approximately £13.8 million will be used to develop fuel assets. The Directors believe that the Admission will also raise the Company's profile, enable future access to capital markets and diversify its investor base. Definitions The following words and expressions have the following meanings throughout this Press Announcement, unless the context requires otherwise: "Admission" the admission of the Enlarged Share Capital to trading on AIM and such admission becoming effective in accordance with the AIM Rules; "AIM" the market of that name operated by the London Stock Exchange; "AIM Rules" the rules of the London Stock Exchange governing admission to and the operation of AIM, as amended from time to time; "Arden Partners" Arden Partners plc (Registered No. 4427253) whose registered office is at Arden Partners House, 17 Highfield Road, Edgbaston, Birmingham B15 3DU; "Bijlee" Bijlee Bharat Holdings, a wholly owned subsidiary of the Company incorporated in Mauritius; "Company" or "KSK" KSK Power Ventur plc and all of its subsidiaries and interests in SPVs following the Reorganisation; "Directors" the directors of the Company named in this Announcement; ''Enlarged Group'' the Existing Group as further enlarged pursuant to the Reorganisation so as to include the KSK India Group; ''Existing Group'' the Company and Bijlee; "KSK India" KSK Energy Ventures Private Limited; "KSK India Group" KSK India and each of its subsidiary undertakings and interests in SPVs; "K&S" K&S Consulting Group Private Limited, a company controlled, and majority owned, by the Promoters; "Lehman" LB India Holdings Mauritius I Limited; "London Stock Exchange" London Stock Exchange plc; "Ordinary Shares" the ordinary shares of 0.1 pence each in the capital of the Company; ''Placing Agreement'' the conditional agreement dated 26 October 2006 between (1) Arden Partners, (2) the Company (3) the Directors and (4) K&S relating to the Placing; "Placing" the conditional placing by Arden Partners of the Placing Shares with institutional and other investors at the Placing Price pursuant to the Placing Agreement; "Placing Price" 107p per Placing Share; "Placing Shares" the 28,878,505 new Ordinary Shares the subject of the Placing; "Press Announcement" this press announcement; "Promoters" Mr. S Kishore, Mr. K A Sastry and Mr. V H Kiran, who are the promoters of the Company and KSK India; "Reorganisation" the subscription for new shares in KSK India by Bijlee and subsequent buy-back by KSK India of all its existing shares held by K&S which will result in the KSK India Group becoming wholly-owned by the Existing Group; "SPV" special purpose vehicle, each being an Indian registered company incorporated for the purpose of a specific power project in which the KSK India Group will typically hold a minority interest; - Ends - This information is provided by RNS The company news service from the London Stock Exchange END |
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