Ten Entertainment Share Discussion Threads

[asparks] 25/4/2014 15:44

Ive topped up. I break even at 10p. Think we'll be back there soon

[asparks] 25/4/2014 15:30

nice but long way to go yet!

[spaceparallax] 25/4/2014 15:10

Nice share price reaction to the RNS - surely, this must nail us above the 5p level?

[spaceparallax] 25/4/2014 10:57

great RNS yesterday - positive news now and more importantly for a future that recognises the win:win:win nature of AD. Hopefully Vince cable will act as a powerful advocate for the industry.

[cyfran101] 25/4/2014 00:35

Much better website too!

[alfieduncan] 24/4/2014 16:06

Well done Teg. Dag on time and on budget. Getting a fair amount of positive media comment won`t do us any harm. Hopefully some topping up from existing holders and some new shareholders coming to our modest party. Onwards and upwards imho.
IF we see closure @ Manchester and further business we may not see these bargain levels again...

[tebboc] 24/4/2014 13:09

24 April 2014



London's first commercial anaerobic digestion plant, TEG Biogas, opens for business



· First project funded by Green Investment Bank completed on time and within budget



The UK Green Investment Bank (GIB) has announced that the first project that it invested in, via its Foresight-managed fund, has been completed on time,within budget and is generating power. The TEG Biogas plant in Dagenham was officially opened yesterday, 23rd April, by Secretary of State for Business, Innovation and Skills, Vince Cable MP.



The plant is London's first commercial-scale anaerobic digestion and composting facility. It has been constructed, and is being operated and managed, by TEG Group plc, the AIM listed green technology company which develops and operates organic composting and energy plants. The TEG Group is now providing on-going operating and maintenance services to TEG Biogas under a 15 year contract.



Situated on a 4.7 acre site owned by the Mayor of London and within his 60 acre London Sustainable Industries Park (LSIP) in Dagenham, the plant has the capacity to process up to 50,000 tonnes, per annum, of food and green waste. Much of the waste, which could have otherwise gone to landfill, will come from households and businesses across London.



It will produce 1.4MW of renewable electricity each year, which is being sold to the National Grid. It will also produce 14,000 tonnes of compost and 36,000 tonnes of digestate each year, for agricultural use.



Residual heat produced by the plant will amount to 1.15MW and will be used by the plant's nearest neighbour Closed Loop Recycling, the world's first food grade PET and HDPE plastic bottle recycling plant.



GIB's first investment, via its Foresight-managed fund UK Waste Resources and Energy Investments (UKWREI) fund, was announced in late 2012. Foresight played a pivotal role in the transaction, providing capital from two of its managed funds and structuring the deal.



The UKWREI fund, in which GIB is the cornerstone investor, made a £2m equity investment in the project, while Foresight Environmental Fund (FEF) led the project with a £9m equity investment. FEF is a £60m fund targeting waste infrastructure projects within Greater London, cornerstoned by the European Investment Bank and the London Waste and Recycling Board (LWARB) through the London Green Fund (LGF) alongside several institutional and private investors. The remaining £2m of equity was provided by private sector investors. Senior debt of £7.9m was provided by Investec Bank plc and LWARB.



Shaun Kingsbury, Chief Executive, UK Green Investment Bank, said:



"This project is an important first for London and provides a positive demonstration of a fully integrated renewable energy and waste management project. The anaerobic digestion and composting facility will see waste, which could have been sent to landfill, now being used to create renewable energy and heat as well as compost and digestate for the agriculture sector.

"I congratulate Foresight and TEG on bringing in the project on time and within budget."

Secretary of State for Business, Innovation and Skills, Vince Cable MP, said:



"This plant provides a cutting edge, environmentally friendly way to manage London's waste and generate power. That is why it is so pleasing this was the very first investment made by the Green Investment Bank back in 2012."



The Mayor of London, Boris Johnson said:



"I welcome the opening of this fantastic new project. It is great news for the local area and it shows that the London Sustainable Industries Park can deliver low carbon energy, jobs, innovation and growth for London."



Mick Fishwick, CEO of TEG Group plc commented:



"I am delighted to see the Dagenham plant completed on time and on budget and that it has now been passed across to its owners. This project once again demonstrates TEG's ability to take a plant from the drawing board to full commercial production and we look forward to operating and maintaining the plant for the coming 15 years, while we continue to develop and build further UK based IVC and AD plants".



Nigel Aitchison, Partner and Head of Environmental at Foresight Group added:



"We are delighted to see the plant commissioned, which will see 50,000 tonnes of organic waste matter from Greater London diverted from landfill every year and in addition to producing over 2.5 MW of renewable energy. We see the TEG plant as a model for what can be achieved in sustainable infrastructure which allows waste management to be transformed into resource management. We look forward to making announcements of further investments, which will drive both growth and job creation in this important sector in Greater London and across the UK in the very near future."


The Mayor's London Sustainable Industries Park has been designed to create a cluster of environmentally focused enterprises such as low-carbon energy from waste plants, innovative waste facilities and other CleanTech infrastructure (such as recycling, renewable energy, wind power, solar power, biomass).

The TEG Group joins Closed Loop, an expanding plastic recycling business, on the Park, with two further sustainable energy from waste businesses due on site in the next 12 months. The Institute for Sustainability will launch their Cradle to Cradle demonstrator and 'Living Lab' - exploring residential sustainability approaches and energy and water efficiency innovations - alongside the Mayor's Climate Energy Homes designed Hub/ Security building at the Park over the summer.

[qut] 03/4/2014 20:35

At least someone's buying them!

[spaceparallax] 03/4/2014 19:27

I'm saddened to see who's collecting TEG shares - PG is great in the short term, but bad news when he decides to unload.

[spaceparallax] 03/4/2014 19:13

Thanks for the TEG interview link - I'm always impressed by Mick Fishwick, he seems a straightforward, honest guy.

[visionon] 03/4/2014 08:43

cyfran101. Not sure. I guess it depends on the contract. Below is what we were told in June 2012 at the time of the fundraising. We are now 22mths later and the retentions are more than double what they were then (albeit that part of that is presumably the 4th facility, which wasn't built in June 2012). I wonder how much TEG have spent on staff time trying to sort this out - that cost presumably wouldn't come back in any PI claim.

Re-reading the RNS I can understand why people are so frustrated. Almost 5yrs post completion in respect of one of the facilities. No wonder TEG want to focus on own and operate and only sell plant where the deal is absolutely right.


RNS7351E June 2012
"Greater Manchester PFI contract

In 2009, TEG was awarded a contract for the provision of four TEG IVC silo cage facilities to the Greater Manchester Waste Authority with an aggregate value of over £38 million over the term of the contract and a total plant capacity of 175 ktpa. This followed an advanced works order that was issued in 2008.

Progress on the four facilities has been as follows:

The first site in Rochdale has been in operation since November 2009 and the plant has operated satisfactorily since handover. The defects liability and snagging period was due to be completed by November 2010, but before final acceptance of the plant a number of snagging issues were raised that require resolution. Following remedial action on the snagging issues the Directors expected final acceptance in the first half of 2011. Following further discussions with the Client, the Directors now expect final acceptance to take place in 2012 and for the associated retentions to be released to TEG at that time.

Construction was completed on the second site in Bredbury in August 2010 and the plant was successfully commissioned in the first quarter of 2011 and has operated satisfactorily since handover. The defects liability period was due to be completed in the second quarter of 2012 and the Directors expect acceptance and release of retentions during 2012.

The third site in Trafford was constructed and commissioned to schedule in the third quarter of 2011 and the 50,000 tonne per annum plant has also operated satisfactorily since handover. The defects liability period will be due to be completed in the second half of 2012 and the Directors expect acceptance and release of retentions during 2012.

Following a significant delay, the Company received the ITP for the construction of the fourth site at Bolton on 30 June 2011. Unfortunately, owing to sub ground conditions, the initial construction at the site was delayed further with construction of the IVC facility having only commenced on 28 February 2012. Whilst this was outside the scope and responsibility of the Company, this caused further delay to revenues and cash flow. The facility is due to be completed and commissioned in the first half of 2013.

As detailed in the circular posted to shareholders on 21 June 2011, the delay in receiving the Bolton ITP had a significant impact on cash flow at that time.

The retentions are in relation to acceptance of the facilities, a contractual step following takeover by the client. Takeover was successfully achieved at all three facilities and they remain in full operation. Some of the payments and retentions relating to the facilities, detailed above, have been expected since June 2011 and whilst a number of outstanding payments were released the retentions still remain outstanding. The delay in receiving these retentions further compounded the impact caused by the delay in receiving the Bolton ITP in 2011. At present the total of these retentions amount to approximately £1 million. TEG believes these payments are all properly due and is making considerable efforts to resolve all outstanding issues and to secure their release."

[18bt] 03/4/2014 07:31

TEBBOC Interesting point about -ve goodwill adding £1m to net assets and plant adding 10% to growth in composting operations.

[cyfran101] 03/4/2014 01:49

Manchester slide indicated "rolling" repayments therefore my assumption was as each site has been remedied we will receive a repayment. 3 sites = 3 repayments?

[visionon] 02/4/2014 18:56

TEBBOC. Good find thanks. Looking at Manchester slide on pause I see that £2.2m still outstanding, so sounds like it has come down from £2.4m reported in September but will take up to a year to get back...albeit some PI cover may help boost the coffers.

But there is a price to pay...investors should remember that TEG had to issue £2.6m of 18mth loan notes at 9% interest to keep things afloat whilst Manchester is resolved. These are repayable March 2015 so I guess that ties in with the 1 year above. The interest is paid quarterly, which should concentrate management's minds...

Manchester is it seems a salutary lesson that TEG being a relative minnow should concentrate on own/operate where they have a greater control of their destiny (and arguably better value). It's sheer size perhaps fooled people (including me) into thinking that the company could become much bigger - now the reality is dawning as TEG show that core turnover (ex-new plant) is only c£10m. It sounds like Fishwick recognises that and thus the focus on things like Gaydon (which seems however to have been the subject of optimism as regards timing...). Exeter sounds interesting. A sign the market is consolidating and a reminder that margins are low in this business...

Mixed feelings but signs of greater reality within TEG. No bad thing.

[tebboc] 02/4/2014 18:50

Sorry, new linkhttp://www.proactiveinvestors.co.uk/companies/stocktube/2665/the-teg-group-says-plant-purchase-will-add-to-companys-momentum--2665.htmlHopefully that works

[tebboc] 02/4/2014 12:09

Same thing happening today - I am being offered 4.02p on-line - there is another order being worked - someone is buying stock and the overhang has cleared

[spaceparallax] 02/4/2014 09:53

well spotted

[tebboc] 01/4/2014 18:32

There was an order being worked, 250,000 bought at 4.25, late trade report

[cyfran101] 01/4/2014 14:50

Looks like they just negotiated a good deal. Geographical fit, ability to expand and profitable in first year.

[tebboc] 01/4/2014 14:18

It looks like a buy order is being worked - now 3.75 on the bid and sellers are being paid increasingly more for their stock

[boonkoh] 01/4/2014 12:41

Its not £1. There's another £400k down the road? Meanwhile TEG will be on hook for any running costs and negative cash flow from the unprofitable plant, which I presume is the reason why the current owners are willing to let it go for £1 initially and deferred consideration of £400k later.

[spaceparallax] 01/4/2014 10:28

keep well.

[madengland] 01/4/2014 10:15

Hi space, virtuous indeed. I also like the business, but not read anything that makes me want to purchase shares again I must confess.Think the £1 purchase could be that, or the exiting incumbents tax planning. The legislative changes will be driving a lot of new waste streams over the next couple years. I think the best bet for TEG is if they are bought out, which is a possibility. It all needs a bit of a tidy up though by the looks of things. Does the £1 purchase today for in to a clear strategic plan? Is it worthwhile? Time will tell. Good luck, I shall keep watching with interest