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No other views? Just us then, Hounddog. I haven't been able to track down the big seller/s. I considered MOAB (they say they still own MYT) and Capital Research & Management (won't confirm either way). The FT.com website shows CR&M have sold millions of shares but it also shows they still hold 12m (what they've always held) so I don't know what to believe there. I see the following 3 main reasons for wanting out... (1) Energy market competitiveness / potential bubble (especially solar) will lower returns and margin of safety. Only a couple of years ago MYT themselves were talking about higher prices (to better account for future inflation) so lower prices, in theory, should make them less profitable. If / when a couple of companies get into trouble all the funds will want their money out at the same time. COUNTER: Lower prices means renewables are here to stay, which could be interpreted as reducing the risk in MYT. I think I'd be more concerned if prices where increasing to 2x coal because renewables would be a much harder sell. Moreover MYT make a point of being more profitable with scale despite lower prices. (2) These Indian distribution companies delaying payments / changing agreements / wanting prices lowered to match the auctions (regardless of the location, scale, creditworthiness, etc.) / wanting the generation based incentive to go straight to them (or taking it off the price they pay) / not using renewables because they can't be bothered to plan for them / etc. These are all horror stories I've found online. It seems the payment delays have been for all power, but particularly, important for renewables who need to cover their interest payments from rapid growth. I have to admit, I underestimated how serious these issues could be earlier in the year. COUNTER: The government's UDAY scheme now covers most of the "DISCOM's" debt to power companies... making it more likely that MYT will get paid quicker in the future (although I imagine it won't be as smooth as that). MYT gained $27.7m post period end, which does bring the proportion of their receivables in line with recent years, as Ravi says in the annual report. I still think a lot the other talk is just posturing by the DISCOM's. At least the state and national government's are on the side of renewables but they could / should be more assertive. (3) Considering (1) and (2) above, the debt could be a problem if a few major things went against MYT. What do you think? Any other major risks / concerns that I've missed out? None of these are new, and if anything, I think moving in the right direction. For the record, I have continued to buy MYT recently up to 30p and back down to where we are now. Factoring in these risks (that maybe I was not giving as much weight as I should), my valuation has not changed.