Turbo Power Systems Share Discussion Threads

[bobro35] 06/10/2010 13:57

Here way go again on the Rolls Royce cast off train, more smoke and mirrors.

[judgement] 29/9/2010 14:19

Bombadier business going elsewhere?


AEG Power Solutions signs frame agreement with Bombardier Transportation Gmbh

Warstein-Belecke, August 24, AEG Power Solutions signs frame agreement with Bombardier Transportation GmbH for customized battery chargers. Bombardier is a world-leading manufacturer of innovative transportation solutions. Its equipment, systems and services will be used in eighty three electric multiple units of the brand new ET 430 train series.


"We truly appreciate the opportunity to continue and develop our close and long-term relationship with Bombardier Transportation GmbH, and we look forward to remaining a sustainable and viable business partner to Bombardier long into the future," says Sebastian Oertel AEG Power Solutions' Global Head of Business Development Transportation & Wind. With decades of experience within the railway industry, AEG Power Solutions has utilized its world-class battery chargers to provide Bombardier with a tailored solution that satisfies all of the requirements of their new vehicles.


By leveraging its customization capabilities and high levels of product reliability, AEG Power Solutions customers can enjoy the full benefits of the end-to-end power solutions leader's railway portfolio.
In the field of railway power supplies, AEG Power Solutions stands out by offering component life expectancy which matches that of the trains themselves. Power supplies are manufactured with premium, industrial-grade components built to withstand extreme weather conditions, high-temperature and seismic environments. Engineers at AEG PS designed Bombardier's battery charger to meet its unique technical requirements and form factor.
Sebastian Oertel commented: "When Bombardier started looking at different power solutions, no power supply provider could deliver power efficiencies and experience close to our product. They also recognized our heritage and the fact that this enables us to better understand a customer's power needs and design a custom power supply in line with exacting specification and lifetime requirements."

[sunny sid] 25/8/2010 15:22

TPS Get £6 million toward solar charging development for electric vehicles:

Be lucky

Sid

[kiwihope] 24/5/2010 16:16

I'm afraid it gives me no pleasure to say I told you so, but ....

As usual in these situations, the net beneficiaries are customers and management. And maybe staff as some of them will keep their jobs. But shareholders are being stuffed. However the writing was on the wall long ago and at least they get something out of it, which is better than it could have been.

[judgement] 22/5/2010 01:12

The Directors of the Company unanimously recommend that shareholders vote in favour of the Resolutions at the Meeting as they propose to do so in respect of their own registered and/or beneficial holdings of 17,027,000 Common Shares, other than as described in the paragraph above.


I wonder why?!
Wouldn't be anything to do with failing to manage a company well, and then getting a whopping reward for so doing? Surely not.

[judgement] 22/5/2010 01:04

Good to see there's no reward for abject failure:

On Completion of the Investment, the management of TPSL will be employed under new employment contracts. As part of these arrangements certain members of the management team have entered into the Definitive Agreement and agreed, subject to Completion, to waive their contractual entitlement to certain payments which would have arisen as a result of completion of the Investment in consideration for the payment of a total of £590,000 (CDN$891,000) which will be distributed amongst them. Additionally, pursuant to the terms of the Investment and subject to disinterested shareholder approval, the Company will cancel 19,470,000 outstanding stock options (representing 3.9% of the Common Shares in issue on a fully diluted basis prior to Completion) and issue 70,000,000 replacement options (representing 3.6% of the Common Shares upon Completion on a fully diluted basis). Further details are set out in the management information circular sent to shareholders today.

Unbelievable.

[judgement] 21/5/2010 22:54

The 2009 annual report summarises the appalling 2008 fund raising which today's arrangement is designed to exit - see below.

Assuming this deal goes through, the company will still be in a weak financial position, and shareholders will now be minority holders in an effective subsidiary.

Post this transaction and exchange, Tao will own 1416 million (75.3%) TPS shares - probably higher on a percentage basis as many existing options are out of the money. This makes the effective market capitalisation about £21m, of which £16m is attributable to Tao. Quite an amazing sum repay off £3m of debt!

The consequence of such poor deals is always that shareholders suffer.

On 19 June 2008 the Company completed a financing agreement with institutional investors for potential financing of up to £3,000,000 (gross) comprised of secured convertible notes and warrants. The convertible notes were issuable in £750,000 increments over a three year period from the date of the agreement. The Company issued £1,500,000 of convertible notes under the agreement on 19 June 2008. The financing comprised secured convertible notes and warrants. The convertible notes bear interest at 15% per annum and are convertible into an aggregate of 75,000,000 of either Common Shares in Turbo Power Systems Inc. or A-Ordinary shares in Turbo Power Systems Limited at an exercise price of £0.04 per share. The notes required quarterly interest and quarterly principal payments commencing March 2009.
On 15 August 2008 the Company amended the terms of the 19 June 2008 loan agreement and issued an additional £1,500,000 of convertible notes under the amended terms. The new terms result in all interest and principal repayments being deferred until maturity on 19 June 2011, and provide that if at any time, including once the convertible notes governed by the 19 June 2008 agreement have been fully repaid, there is a change in control of the Company, or its subsidiaries or substantially all of its assets, the holders of the convertible notes will be entitled to receive a risk premium, calculated according to the enterprise value ascribed to the Company, under the transaction after deducting any balance of the convertible notes and/or interest outstanding. This risk premium will be equal to an initial payment of £1,500,000 plus 75% of the next £6,000,000 of enterprise value and 50% of the remainder. The amendment was treated as a debt extinguishment and, as a result, the Company recorded a debt extinguishment charge of £115,000.
A key original term of the loan notes, which was amended on 15 August 2008 was that if at any point during the time at which the loan notes are in issue the unrestricted cash balance of the Company falls below £750,000, the loan notes are repayable on demand at the request of the majority of the loan note holders.
On 23 December 2009 the Company agreed with the 2008 loan holders that for the period until 1 April 2010 the 2008 loan note holders waive the requirement to maintain unrestricted cash balances and that the loan notes will not be repayable on demand if the restricted cash balance is below £750,000. On 29 March 2010 the 2008 loan note holders agreed to extend this period until 1 May 2010. Although the Company anticipates that it will be able to meet the requirement to maintain an unrestricted cash balance subsequent to 1 May 2010, if the Company is not able to do so the Company would be in default of its agreement with the 2008 loan note holders at that time. In the event that the Company is then unable to amend the required financial covenants or obtain alternative financing the Company may be unable to access credit and its debt obligation could become accelerated. These events would likely have a material adverse effect on the Company.

[cfccfc1970] 21/5/2010 18:31

I'm out at a very disappointing price - not sure whether good or bad decision, time will tell.
Reason being over a billion shares were to be issued at 0.006p a 50% discount to the mk price.

Good luck to those that remain.

[jonno1] 21/5/2010 09:24

...obviously someone doesn't think so

[jonno1] 21/5/2010 07:43

welcome news in this current climate

[monis] 14/5/2010 10:50

chart suggests a further rise here imo.

[watchout2] 14/5/2010 09:11

Why are none of you talking fundamentals then ?

It only squeezed a ebitda profit because of cost cutting.

Cash of 0.35 million, over 4 million valuation.

Guess facts will be ignored

[monis] 14/5/2010 09:05

L2 3v2 should see another move up imo.

[watchout2] 14/5/2010 08:13

lol

Desperation sets in, so the company squuezes into positive ebitda and you
lot want to add millions to it's valuation.

Who do we have here, buystock and quraishim, 2 of advfn's most prolific
decimal pump and dumpers :-))

[quraishim] 14/5/2010 08:09

good results....and needs to be rerated....

[monis] 14/5/2010 08:00

good results

[watchout2] 14/5/2010 07:59

"EBITDA profit for the quarter of GBP0.01 million"

Market cap 4.25 million.

Hardly stands out, Peg made 1 mil PBT and had 2 mil cash inflows
and is valued at 3.44 mil.

Which stands out as value i wonder.

Both these companies are based from the same area too.

[jonno1] 14/5/2010 07:43

lets see how the market takes this info, ...I notice there have only been 12 posts on Stockhouse Canada this year !