Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I wish I had seen your advice earlier Hounddog10 as I am now in limbo. I have been told by interactive investor that I have to wait to see if they reopen the offer or they is a compulsory acquisition. At least I only have a small amount involved but it is still off putting. Did you get your money out Luke?
Luke. If you are reading this you need to do something to get paid out. At the date of the first closing of the offer they had 86% acceptances. If they had got to 90% or above they would, as they are entitled to, have compulsorily purchased the remaining 10%. The date of the second closing of the offer was 29th May. It is not known what % they have got but it cannot be at 90% or above because they have now extended the offer to 3 June. As a general point it is not automatic that you will be bought out. If an acquirer does not get to 90% generally it cannot do it. You may wish to keep holding but you will be a minority shareholder in an unlisted company with no trading facility. Minority rights are very limited for Guernsey companies - for example no need to file accounts. I have learnt my own lesson on this - which is that I was quite content to wait for the second closing date only to find my PEP provider did not support sending in acceptances for that date (only the first one). Bizarrely they now support giving acceptances on the extension.
I see they have de-listed and my portfolio listing is now '�0'. When should we expect to receive the payout and how?
Ok, but is there not a form we have to fill in/sign so that the deal goes through? Or is the letter informing us of the share trade rather than asking for actions?
As you can see my shares are in my pension with HL - Based on your current holding of 3,628 Shares you have been offered �1,632.60. As Monkf6 said on 25th April: No need to execute a trade - it'll all go through automatically, Luke. You'll log in to your account in a few weeks and the cash will be there instead of the shares. I presume that this means I can and have to use the cash to purchase more stock or funds within the pension fund!!
But we do have an offer to accept/reject? I have been away so have not seen the letter. I assume the majority will accept giving the short term price increase? Any logic in refusing - if that is an option?
No need to execute a trade - it'll all go through automatically, Luke. You'll log in to your account in a few weeks and the cash will be there instead of the shares. It hasn't happened to me very often: the first time was WaterLogic. Surprisingly, the MYT letter didn't give a date when responses were needed by or a date for when it will happen!? Just soon, I guess, and as Hounddog says, before the end of year results are required to be released.
Hi, this has never happened to me before. Do we still have to execute a share deal to cash in on the shares? Or is it a case of waiting until the firm goes private in a couple of months - how does it work exactly?
They will take it off the market before the full year results need to be released (end June). Deliberate timing.
Yep - and we'd probably do the same in this situation. Bittersweet for what MYT is really worth. 50% on a 3 month average seems reasonable - just very cheap. Some updates about progress through the year would have helped the share price. I held MYT for 5 years (fortunately averaged down). I hope MYT continue to do well and will keep an eye out for the no-doubt excellent full year results.
..for a decent profit, although I would have preferred to have not been bought out now and had the chance to stay in for more.
This is better than an IPO for-show, in my opinion. Interesting - as always - that selling part of the company will raise $500m while we have a current market cap of �50m. Maybe the deal will be structured in a similar way to the GE deal a couple of years ago? Or, for the first time, it could be dilutive? Either way, a re-reating is long overdue. It shouldn't be long until the end of year results are out now. As an aside: I'm surprised MYT haven't (yet) made an opportunistic approach to buy General Electric's 5% share of Tungabhadra as GE are "divesting" all sorts of assets at the moment to raise cash. Unless I'm wrong, that was $23m for 5% of just one wind project (200 MW). I know we've been there before with valuation so I won't use that as a reliable guide to estimate the company's present value!
Looks like it's 1600 MW operational right now with 400 MW completing over next 4 months. MYT will sell part of the company to raise $500m for 3000 MW and beyond: http://www.livemint.com/Industry/2jeeU8uhPTbqwLfPiWB3DN/Mytrah-to-raise-500-million-through-equity-stake-sale.html Thoughts?
Many thanks Monkf6. I see it is also on YouTube. If they are at 2GW I wish they would RNS it.
My thoughts exactly. They said it'd be March, which seemed overly optimistic to me. It could be that Vikram was caught off guard by the interviewer and just called what's in development (he does seem to hesitate). But the question is asking what the current installed capacity is now. Here's the link: https://www.bloombergquint.com/in-the-news/2018/02/26/2019-to-be-a-dull-year-for-wind-energy-says-mytrah-energy If the link's been removed / doesn't work, you can find it as the most recent post (yesterday) on their Twitter feed. Outstanding achievement if they've achieved the milestone already. You'd think they'd issue a press release!?
Thanks Monkf6. Could you let us know where to find this video. Surely they cannot be at 2GW already.
Thanks Monkf6. Could you let us know where to find this video. Surely they cannot be at 2GW already.
Vikram on video today confirming MYT now at 2GW wind and solar and will add another 1GW in the year.
Yes can't argue with a profit banked although its gained another 10% since 8 feb and is now at resistance at 31p. The technicals still look good to my inexpert eye, so will be interesting to see if it can break out. I'm staying in for now
Took our profits of neary 50% but will come back if it falls
The risk here is We are minority shareholders with koalas running the show seemingly not understanding corporate governance standards A sector subject to significant government Interferance An overall economy where foreignshareholders controlling companies are not really welcomed Having said that massively undervalued if they start paying divs
People seem not to like to invest in far away countries. so a gradual rise in the price will have to be what we must endure, then maybe as they increase profit, people will look at it, or it gets taken over.
Surprised there has not been more comments on here. Its not just the gradual price rise, it is the volume which seems to have really picked (for this share!) in the last few weeks, Every day continual blocks of 10k until it pushes the price up a pence or 2.
this one is now moving in the direction I expected 6 months ago, glad i ignored the drop
Well said, absolute sham.