Share Name Share Symbol Market Type Share ISIN Share Description
Renewable Energy Holdings LSE:REH London Ordinary Share GB00B063PD00 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.875p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 0.0 -1.4 -2.3 - 0.57

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30/5/201609:59Renewable Energy Holdings PLC REH2,474
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hedgehog 100: 24/12/2015 09:52 UKREG Renewable Energy Holdings plc Amendment of Loan and Loan Facility "REH announces that on 22 December 2015 it agreed with Utilico to amend the maturity dates on its loan with Utilico Investments Limited ("Utilico"), originally dated 31 July 2009 and subsequently amended (the "2009 Loan"), and its loan facility with Utilico, originally entered into on 5 February 2014 and subsequently amended (the "Loan Facility") (together the "Outstanding Loans"). The maturity dates of the Outstanding Loans have been amended from 31 December 2015 to 31 March 2016 (the "Extension"). All other terms remain the same as previously announced. The amount drawn down at present from the Loan Facility of GBP4.25 million is GBP4.22 million and the 2009 Loan is fully drawn. The purpose of the Extension is to allow time for the Company to lodge an application for a Judicial Review of the Secretary of State's decision, which disregarded the Planning Inspectorate's recommendation, and so refused consent to the Mynydd y Gwynt wind farm, as announced on 20 November 2015 (the "Rejection"). In parallel the directors of REH (the "Directors") are continuing discussions with Utilico, to determine whether the Company can and should remain trading in light of the Rejection. However the Directors believe that the Company is likely to commence insolvency proceedings in Q1 2016. The trading of the Company's shares on AIM remains suspended. Utilico is interested in approximately 28.71 per cent of the issued share capital of REH and as such is considered a "Related Party" under the AIM Rules for Companies. The independent directors of the Company (Clive Callister and Alex Bush), having consulted with Strand Hanson Limited, consider the Amendments to be fair and reasonable insofar as shareholders are concerned. Further announcements will be made in due course. Enquiries: Renewable Energy Holdings plc: David Weir (Chairman) Clive Callister (Chief Operating Officer) +44 (0) 1624 641199 Strand Hanson Limited: +44 (0)20 7409 3494 "
john of groats: The net asset value of Kobylany has been reduced from £3,831m to £1,573m. That is much less than the £6.5m currently owed to Utilico (£2.5m from the 2009 loan and £4m from the 2013 loan facility). A firesale of Kobylany looks increasingly likely. It is definitely worth reading note 28 to the accounts to see how Utilico has extracted very tough conditions on the disposal of MyG. Selling to anyone other than Utilico is fraught with difficulties. Then there are factors noted on page two of the results: the changes to wind farm subsidies for MyG (not to our benefit), that the next opportunity to bid for supplying electricity from MyG is unlikely before winter 2016, and that connection to the National Grid may take till October 2019 (assuming no unforeseen delays). The Utilico loans need to be repaid by the end of 2015 so it is likely that repayment will have to be postponed again, incurring continued interest charges and the possibility that Utilico will want even more onerous terms. Whether the Government would be able to meet its EU commitments to carbon reduction without any further onshore wind farms is debatable and, even if it does meet them, can the lights be kept on as coal-fired power stations close prematurely and nuclear power continues to suffer delays to new capacity. CWE continues to make progress but the share price has fallen from the 10 cents I used in my calculations of August 2013 to 0.47 cents. When I do finally get down to reassessing the net value of REH, I can see some significant reduction will be necessary. John
jojo_jo: Dear 21trader, I don't want to argue with you. We're both holders after all. It's a moot point anyway. The big positives are as already stated. Namely the rise in the CWE share price, the possible sale of the Polish Wind farm and the Weiss shareholding (which looks like it's positioned to support a Utilico bid). We should be at least 25% above our September share price atm. IMPO DYOR NAI Jo.
jojo_jo: It does (in part) guarantee the loan, but any extra value is of course attributable to REH and its shareholders. Utilico of course gain on both counts, so won't mind how high the CWE share price goes. It gets Utilico their money back and lifts the value of their shareholding. At the same time it lifts the value of all shareholdings (us PIs). It's very positive for shareholders. Can't imagine how many 100s of percentage points this will jump on clearance of the Windfarm! It's a very lucrative bet which is made increasingly safe by the rise in the CWE share price. Some (eg. Weiss) have seen this and quietly increased their holding in line with the CWE price rise. Everyone has a chance to make a relatively safe bet on the Windfarm at a (currently) very low entry price. It should hit the radar when CWE makes a new 3 year high (imminently) and could go quickly higher as the application progresses. Poland is in for nothing and its disposal would be a huge dollop of icing on an already tasty cake. IMPO DYOR NAI Jo
hedgehog 100: Corozal, Remember that in this case a lot of the discount of Australian cents to sterling pence is offset by the fact that REH hold far more CWE shares than there are REH shares in issue. I.e. REH holds 101,330,192 shares in CWE, whereas REH has 69,609,501 shares in issue, which equates to 1.45569 CWE shares per REH share. Divided by the current exchange rate (1 GBP = 1.71 AUD), and that means that every cent of CWE price represents 0.85p of value to REH. CWE closed on the ASX earlier today at 6.3 Australian cents, so that equates to 5.36p of value to REH per REH share for its CWE holding, compared to the current REH price of 3.5p. That is once again a massive discount for gaining exposure to CWE via REH at the current prices, and in addition there is of course more to REH than CWE.
thiopia: Post from Australian stock BB I will attempt to answer this. This is my interpretation only. Firstly you will need to read CWE's announcement on 13th July 2013. When CWE first listed CWE needed funds these were provided by REH being 51% owner CWE 49%. REH met financial troubles with the Global Financial situation, CWE was then able to repurchase back the controlling interest in the company this left REH with a stake at around 23/22% make in CWE. REH through poor management and financial strife started selling shares on market, thus suppressing the CWE share price. They finally sold 110 million shares to one of CWE's largest shareholders for .01 cent. This with tax loss selling drove the share price down. During this time the technology did not alter it was only shareholder perception that changed. Reading things in that were not there. REH is now being wound up they now have no employees. The remaining shares are held in escrow and a specie distribution of CWE shares is to be made to existing REH shareholders. These two events where the major reason for the decline in CWE share price along with delays by CWE in being so particular. The market is of the realisation that CWE are now in a much better position. They are have commenced construction in workshops and are about to commence on site construction. The Perth Wave Energy Project is fully funded. The Defence Force are playing a big roll in supplying the site (no cost to CWE) taking all electricity and may be all fresh water produced also. The decline in the share price was a combination if these three things. REH and tax loss selling no longer apply, on the delay side there is now clear light at the end of the tunnel. By the way .053cents was the highest closing price over the past 12 months. It is at that now as I write. In the seven years I have been a shareholder CWE have never reported having failed in any of their development of CETO. There has been delays. I am confident that the time delay has been for the good of the development of CETO. No good being first to fail like others have. I think that their attention to detail will pay of big time. And that time is now over the next few years.
john of groats: This report of the AGM was posted by AA2006 on iii on Friday. I was hoping to gain his permission to post it here but he has not posted anything since then. As it contains detailed answers to my questions, I have decided not to wait any longer. The big questions remain, will planning permission for Sweetlamb be granted and will buyers be prepared to pay a decent price for Sweetlamb and Kobylany? I have put a little money back into REH, not enough to worry me if it goes down the plughole, because, if things go well, the Net Asset Value could be up to 40p per share. I hope to have time to show how I arrived at that figure later this week. John _______________________________________________________________________________ REH AGM Report by AA2006 Attended the AGM, but busy with other things afterwards and no time to write a report until yesterday. Afterwards I was somewhat loath to post it, because there is price-sensitive information here, and I was concerned about any errors. Accordingly I emailed my draft to REH for approval. I have just received it back from Maree Bashforth, with a number of errors corrected by Mike Proffitt, which gives more credibility as well as getting me off the hook. I haven't bought in the interim, and may not even buy more later, but even so I'm sticking to my "Strong Buy" rating for now. The fairly high risk is in the price. As the Chairman Sir John Baker CBE rightly stated, "it's binary" - either the windfarm assets sell or they don't. Even if just one sells REH should do OK, and then there is Carnegie of course. I sought and received permission from the Board to do this. Mike Proffitt (MP) stated that I was free to write what I wanted on the BBs, but another Board member added that I should be careful not to write anything that the company might be obliged to correct. Naturally, I agree with the latter, and have done my best here to either write exactly what was said or paraphrase concisely [Any comments of my own as an aid to paraphrase are in these square brackets.] Nine persons present: the four-man Board, Maree Bashforth - REH Office Manager, Alex Bush - outsourced accounts, Nick Halsall audit partner, and two shareholders (the other one fitted the AGM in whilst on a visit to the Isle of Man). After the six resolutions and AOB - the re-appointment of the board, the new strategy of returning cash/shares to shareholders, organising the ability to convert Utilico's debt etc. - questions were invited. The other shareholder present started proceedings by commenting that he thought there might have been a statement or something concerning the timing of the share sale, i.e. why such a low price of 1 cent was realised when a day afterwards news was released by CWE which sent the share price towards 5 cents. Mike Proffitt (MP) replied that a short answer was that working capital was required to keep the company listed. To meet the capital adequacy test REH needed cash. The quickest available cash was through selling CWE shares. REH started to sell these in small blocks of about 250,000 a day, starting when the price was about 5.5 cents. The market very quickly noticed that these were REH shares, and it knew that REH was going to close down and return cash to shareholders: thus an overhang situation developed, and the shares plummeted in no time to 2.6 cents. The chief executive of CWE then came on to MP and said that, if you continue, CWE shares are going to zero. He asked when the selling was going to stop. MP told the CEO how much REH required to pass the capital adequacy test, and the CEO said they could get this amount from a supportive shareholder. [The rest is history.] MP stated that an alternative of selling the shares to one of the major REH shareholders would not have cured the problem of the overhang [as perceived by the market]. MP did this in order to stabilise CWE [also with regard to the remaining CWE shares held by REH]. The statement which came out the next day was not a new announcement, but a regurgitation of a previous announcement - however, the news that the overhang had cleared was instrumental in sending the CWE share price back to about 4.6 cents. After this there was quite an extensive discussion re previous attempts to sell on REH's CWE shares. Either there have been no takers [not too surprisingly for such a new and relatively untried technology] or investors preferred to invest directly in CWE. If a strong enough market for CWE shares developed over the next few months [strong enough to easily absorb the REH holding] the board might consider selling them [in consultation with CWE, with whom the voluntary escrow has been agreed] rather than returning them to shareholders. After this it was my turn. I had previously explained that I had been in and out of REH a few times, had recently bought back in, had given REH a "Strong Buy" rec. at this price, and that when I wrote that I planned to attend the AGM, someone posted a list of questions they suggested they might ask. Anyway, JoG, MP also reads the boards, had your questions in front of him, and said he would be pleased to answer them! I believe the following is a fairly accurate account or precis of what he said: 1. When will the remaining CWE shares be distributed to shareholders? The short answer there is: probably at the very end, or at least when Utilico have had their debt repaid. When we go to court to close down the company, the judge will not allow cash or specie shares to be distributed to shareholders unless the company is debt-free. The first asset to be sold, whether Poland or Wales will first pay off our debt, and what remains will go as a dividend to shareholders. 2, What is the legal position of the shares in Voluntary Escrow if the company were to go into administration before they have been distributed? It's not a legal escrow; it's a standstill agreement between MP and Carnegie that the overhang is over, i.e. CWE no longer have to worry that REH is an early seller. 3. How will the shares be transferred to shareholders whose REH shares are held in nominee accounts that do not handle companies listed on ASX? A difficult one to answer. If we do unspecie the shares, each shareholder has to figure out how they deal with this themselves. I suggest using a broker to contact a broker in Perth. 4. Why has sale of Kobylany taken so long when companies such as RWE are keen to expand their wind power portfolio in Poland? The keenness in Poland dissipated dramatically about 9 - 12 months ago, when the govt. said that they were coming out with new energy legislation which would virtually destroy the green incentive. That sent such a negative message out on the market that it was virtually immediately retracted by the government, who said that they wouldn't turn their back on the incentive scheme, but would do something like a Contract for Difference. There was speculation that if the CPD were for £50 or more it would work, but if it were smaller than that it would destroy the financial model for windfarms in Poland. And it's with that backdrop we've had difficulty selling Kobylany. However, about two weeks ago the Govt. issued the new energy legislation draft: saying that it would be 90% of the current incentive, and that it would be of 15 years duration, and that it would be indexed to Polish inflation. That has restored confidence, our telephones are now ringing once again, and we will be actively looking for the best buy. 5. Who covers the cost of connecting the three groups of turbines (9 at Kobylany/Nienaszow, 3 at Draganowa and 3 at Lysa Gora) to the grid - the developer or PGE (Polska Grupa Energetyczna)? The developer will pay for the grid connection. 6. If Kobylany has not been sold by the end of this year, how will continued operation of the company be funded? Kobylany is not actually a significant cost to the company, and we can sustain a reasonable period of time with the cash that there is in the bank. 7. Will the planning application for Sweetlamb (Mynydd y Gwynt) be submitted before the end of the 3rd quarter, 2012, as expected? We expect that still is the case. As an update today I think we are "very sure" we can make that timetable. 8. In September last year, it was expected that the planning decision could take between 6 and 12 months from the date of submission. Is that still the case? Yes, we think that's still the case. However, the new IPC rules have put a bit more structure into the planning process, so 9 - 14 months is probably more likely if the consultees take the opportunity to be involved in asking questions etc. 9. Will planning permission and development be in any way affected by a decision on proposed new grid connections in Powys? The answer is "Absolutely not!": the planning permission is specific to the application. You do not need a grid connection to make an application; you need the probability of getting a grid connection. It is a statutory obligation of the grid to give you a connection. So I think the answer to this question is that the current proposal does not affect our application. 10. Bloomberg have stated that the average price for fully-permitted, but unbuilt, wind assets is Euro 172,000 (£ 140,000) per MW. The wind regime in Wales is considerably higher than the European average so what multiple of the average might Sweetlamb be expected to fetch, bearing in mind that REH has to pay £225,000 per MW to the shareholders of Mynydd y Gwynt Limited (MYG)? Each European country has a different financial regime, and averaged across Europe Bloomberg have come up with this. The new energy legislation in Poland would probably give you a top-side of £180,000 per MW, and a bottom-side of £75,000 to £80,000 per MW, and top to bottom would depend upon the wind regime. Kobylany would be somewhere between. And does this carry across to Sweetlamb? There are limited statistics on the wind regime in Wales because it's not all public knowledge. The wind regime in Wales is very good, one of the best in UK and Europe. We know from published costs of turbines and industry norm prices to build wind farms, it can be determined from published wind farm sales that permits in wind and financial regimes such as Wales can be valued around £500,000 per MW depending on the site's wind data. This project of ours has a very high wind regime, which has been certified by independent wind experts, and so would expect a top end valuation for the permits. We are applying for 81 MW. 11. Will the pre-payment of £750,000 for the option to buy the shares of MYG be deducted from the final payment of £225,000 per MW? Yes. 12. What plans are there to reduce administrative expenses further once Kobylany has been sold and while waiting for Sweetlamb to receive planning permission? We have been putting people who have contracts, on notice. We are now down on payroll to myself and my assistant Maree Bashforth alone. That will come to an end on 31 March, when we will continue to perform our obligations to the company on a per diem basis, so our costs will be variable to activity. And of course, everything else will continue to shrink, such as office space, where we are on one month's notice, and we're continuing to give away space as people leave. All the directors are minimising the cash burn, as fundamental to getting through this process. Our largest cost is that of statutory advisers - an obligation placed on us by AIM. After 31 March costs will be very low indeed. Shares in Carnegie at today's value cover twice REH's market cap. Poland exceeds our market cap, Sweetlamb far exceeds market cap, although anything subject to planning is binary. We remain optimistic. Powys is opposed but the UK Govt is in favour of these developments but Powys is try to stop them. It's a battle of wills. At the end of the day the IPC process is politically neutral and we remain optimistic. If Wales succeeds in gaining planning permission it is clearly our most valuable asset by many miles. If it doesn't, it doesn't. AA2006: Can I just say, I think what some small shareholders are particularly concerned about is that you might be forced into adminsitration by the Utilico debt, and then you will be forced to sell the Carnegie shares, because as you say it's a voluntary escrow, not a binding escrow - so this is what concerns people I think. Well I can't speak for Utilico, but they do own 28.9% of the company. They have a director on board. That director has, within the information at his disposal, an idea of the value of Poland, an idea of the value of Wales, albeit binary - as the Chairman says. The IBC process has brought more specificity to the approval process than existed before, and while it has taken a long time we have been totally compliant to each of the specific requirements, in dealing with statutory consultees and responding to their questions. We believe that our application, which is now just getting polished off, is totally compliant with IPC, which is now called NIP (National Infrastructure Program). That process is the domain of the British Government, if you're over 50 MW, as we are. So we're not so afraid of the political debate in Wales. We're looking more at whether Britain is meeting its strategic targets, and whether this meets their requirements. We're very comfortable it does.
supernumerary: Interesting... Carnegie welcomes new substantial shareholder - 88 Green Ventures now a substantial shareholder - Renewable Energy Holdings sells 53% of its Carnegie shareholding - Renewable Energy Holdings remaining Carnegie shares to be distributed to REH shareholders Wave energy developer Carnegie Wave Energy Limited (ASX:CWE) advises that major shareholder Renewable Energy Holdings Plc (AIM:REH) has sold 53% of its shareholding via off market transfer to a small consortium of Australian investors led by 88 Green Ventures (Australia). In addition to the sale of half its shareholding, REH has also agreed to distribute its remaining Carnegie shareholding to all REH shareholders via an in specie distribution expected before the end of 2012. REH's remaining CWE shares will be held in escrow until the in specie distribution occurs. The transaction follows on from REH's announcement on April 30 this year of their intent to dispose of all of REH's global assets including their shareholding in Carnegie. Carnegie can confirm that REH has been selling their shares on the ASX market from January 12 to June 29 this year in order to fund their working capital requirements. Carnegie's Managing Director and Chief Executive Officer commented, "We are pleased that this transaction has taken place. It allows REH to fund its working capital requirements and allows REH's shareholders to have direct ownership in Carnegie upon completion of the in specie distribution. For Carnegie, it removes a large active seller from the marketplace and with it, the associated downward share price pressure. Furthermore, it replaces REH with a small consortium of supportive investors with a long term focus, led by an existing shareholder with an outstanding track record in power and infrastructure investment." The breakdown of the transaction is as follows: - Prior to the transaction REH owned 215 million shares (21%) in Carnegie. - 114 million shares have been sold via an off market transfer to 88 Green Ventures, a Perth based family office and 2 wholesale investors. - The remaining 101 million REH shares are the subject of a voluntary escrow until they can be distributed back to REH's existing shareholder base.
john of groats: OK, while were swapping notes, here are two more posts from iii. Australia fails to catch wave - posted on 1st November: In the Australian Financial Review, Ottaviano is quoted as saying that CWE "has for now shelved plans for a bigger 50MW plant near Albany, preferring to direct its energies to overseas markets." He complains about the lack of government support in Australia compared with Ireland, for example. John This was in answer to a question on 30th October about the discounted value put on REH's stake in CWE: It is a question of acceptable risk. What is acceptable to one may be unacceptable to another. Compare the opportunities and the threats if you are invested in REH. Firstly, REH has still to identify how it is to raise all the funds it will need to build its Welsh and Polish wind farms. A placing and/or open offer is a possibility and that might be at a significant discount. Inevitably, that would depress the share price. Alternatively, it could try to borrow the money. Unfortunately, it will be competing with companies planning to build offshore wind farms requiring funding that is orders of magnitude greater than what REH is seeking. Also, the renewable wind energy industry is experiencing considerable problems at the moment which will affect the readiness of lenders to part with such sums. REH might be tempted to sell its CWE holding to provide some of the funds it needs. It now holds 232,600,000 shares, 29.06% of CWE. At the current share price of AU$0.14 and exchange rate at AU$1 = £0.613, that amounts to £19,961,732. However, many investors are only interested in REH because of the prospect of huge gains arising from those holdings and would leave like lemmings if the CWE shares were sold. That would certainly depress the REH share price Remember that CWE has virtually no regular revenue and there is no prospect of significant revenues, other than government grants which merely cover a proportion of costs, for about two years even if everything goes to plan and the history of CETO is full of unexpected delays. In the meantime, like REH, it will have an insatiable appetite for funds to invest in prospecting for suitable sites, licences for such sites, and building the infrastructure. Any attempt to sell over a short period would cause the CWE share price to plummet resulting in a huge loss of capital for REH. So the prospects look rosy, but the need for capital by REH and CWE and the affect of that on both SPs has to be factored into the equation. Some are obviously happy to invest despite that; others may think there are better short term prospects for investment and that there will be time to invest here later. Even if CETO 3 is successfully deployed in the next two months, it will be several months before it is connected to the grid and the revenues from generating 180kW are significant only because they will prove the viability of the design. Testing will continue much longer to evaluate reliability of its power output. It will take dozens of units to produce revenues which will make CWE profitable. The push and pull of these differing views is what determines the share price John
homer8: Comedy, don't think share price fall since Oct 09 is due to Tudor and Invesco selling as they sold out recently in Sept. I think share price is going up because the selling by this two (comprising about 10% of total shares) may provide liquidity to the market and as the share price is so much below net asset investors are picking them up. About 59% ( 69% - 10%)of REH is held by institutions and there are 69.7Million shares. This means there are 28.6M shares around held by private investors and directors. If investors hang on to the shares then the shares become illiquid. Now with more shares about it becomes tradeable. I calculated the value of CWE (REH holds 232.6 M CWE shares) is worth £12.7M (CWE share price about 9 Australian cents today and exchange rate of £1=$1.65 Aus dollars) and the share price of REH is only £8.7 M based on current 12.5p. So REH share price need to reach 18.2p just to reflect CWE holding. So more upside. I do not know how much REH itself is worth from whatever is remaining after selling the wind farm. Anyone know?
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