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well done, Noodles
Look in years gone by, WIND announce their interims in March. 4 of Feb is a big leap forward. Must be an effort to get out of close. Hopefully the Directors stick their hands in their pockets and buy a few, supporting they still believe it is undervalued at 60p. All very well going on about being way undervalued, but if the BoD aren't buying any it is just words. Need to see more than just loading up on free options for the sentiment to stick.
happy days ahead
Well that has baked my noodle. Great news. A model of converting the value into cash to fund construction and return cash to shareholders. That gives shareholders an exit - the missing piece. I won't be heading for the door just yet, Orchard End, St Breock, Denzell Downs, High Down can go through the same process and that should generate another £20m of value - and send the SP towards 80p. That is without the impact of any positive planning news. I think WIND have loads awaiting determination.
The fact £7m of capex has been ploughed in and its all quiet had me worried, so did some more digging. On a sub branch of their website the refer to the site coming online at the start of 2013. http://southsharpley.regwindpower.co.uk/articles/270 Looks like it is safely moving forward. Just sloooowly. Can't imagine the snow will help!
This is the RNS for South Sharpley... "Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, today announces that it has purchased three Vestas V80 2MW wind turbines for its site at South Sharpley in County Durham. The turbines are scheduled for delivery in late summer 2012 and the project is expected to be operational in the autumn. The wind farm is anticipated to produce approximately 16GWh of output per annum and the total project cost is expected to be around £8M. Andrew Whalley, REG Chief Executive Officer, said: "South Sharpley is on course to be our second new wind farm completed in 2012 and will increase REG's clean electricity output to around 150GWh per annum. *** Autumn is long gone, financing was annouced a while back - but hasnt been drawn down. Anyone know the reason for the hold up? Be annoying if the project misses out on the good wind of the winter! Even more annoying if it misses the 1 Roc! "We are also pleased to be continuing our productive relationship with manufacturer Vestas."
Andrew Whalley, Chief Executive Officer of REG, said: "We have enjoyed a good relationship with our development partner and it is thus excellent news that we are now moving Burnthouse Farm into construction. This is our first purchase of Gamesa G80 turbines which have a proven track record of success around the world. We hope that Burnthouse Farm will be the first of a number of REG projects to move into construction during the next twelve months, helping the UK move towards meeting its long term emissions targets".
Turbine supply agreement signed with Gamesa SPA for three G80 2MW turbines Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, announces that it has signed a turbine supply agreement with Gamesa SPA for three 2MW G80 turbines for a new project at Burnthouse Farm in Cambridgeshire. This project was developed under an agreement between REG and a development partner and received planning permission in the summer of 2011. However, the project was only freed to enter construction when a key aviation planning condition was discharged earlier this year. The cost of Burnthouse Farm will be in line with the construction of REG's recent projects and will be wholly financed from REG's existing cash resources. It will have an annual energy production of approximately 14GWh per annum and is expected to be operational midway through 2013.
Nice to have a new name on the Board....it's as popular as Rafa at Chelsea this Board. No news, no volume, price drift......
Now out, just a couple of figures noted... Adjusted EBITDA of 2.7m (2011: nill) Loss 1.8m (2011: 2.6m) Directors remuneration +6% Final dividend 1.5p (2011: 1.5p) A couple of quotes from chairman "With no credible remedy yet for the electricity supply security risks arising from the forced retirement of one-fifth of its power stations for environmental and age reasons by 2015, we expect the UK’s wholesale power prices to rise" and talking about STOR (Short Term Operating Reserve) ..."the National Grid Operator’s need for highly flexible “stand-by” and “peaking” plant. Such plant will be required throughout and beyond the next decade’s capacity tightness as more wind and other intermittent sources of renewable energy come into operation."
Such a shame that as there share is picking up some steady momentum stuff like this hits the press... http://www.telegraph.co.uk/earth/energy/9644558/Death-knell-for-wind-farms-Enough-is-Enough-says-minister.html#disqus_thread it's a nightmare trying to hold long term in a share when gov't support is all over the place.
By WIND standards the sp rocketed up today! Hopefully someone with deep pockets made note so as to get the market cap up to a realistic level.
This stock continues to move on very tiny volume. I look forward to the day when the excessive undervaluation here is more widely acknowledged.
Andrew Whalley, REG Chief Executive Officer said: "Achieving a resolution to grant permission at local authority is always welcome and we were heartened by the Council's endorsement of our approach to local engagement and community benefits. Cornwall Council's decision is particularly pleasing as it demonstrates the value of our willingness to pursue less conventional projects. St Breock is an extremely energetic site and we will aim to progress the scheme into construction quickly through our in-house team once the statutory challenge period expires."
St Breock Wind Farm Repowering Project Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, announces that the Strategic Planning Committee of Cornwall Council has voted to grant planning permission for a 10MW wind farm. REG expects formal consent to follow shortly and, subject to the subsequent statutory three month legal challenge period, anticipates the project moving into construction in 2013. The application is for five 100 metre turbines to replace the existing eleven turbines erected on St Breock Downs in 1994. REG acquired the operating wind farm in 2010 with the aim of repowering the site to approximately treble its energy generation.
http://www.investegate.co.uk/Article.aspx?id=201210010700075241N
Cenkos are right - the sp here should be in 3 figures. It just seems to be very overlooked by the market but sentiment will change when this sector becomes fashionable again.
Cenkos initiates buy on Renewable Energy Generation, target price 103p.
Do you know why we haven't seen any RNS' announcing start of construction on the next project? Here is some analysis of the time lag between planning being announced and construction: Sancton completed in June 2012 - planning announced in September 2010. South Sharpley should be complete ?soon? as planning was cleared in April 2011. Orchard End completed in ?2013? planning was announced in December 2010. Denzell Downs was announced in September 2011 but haven't seen a turbine order yet. Euro rates are really good so should be getting on with this surely?. My worry is it is taking over 2 years from planning to construction. Why so long? Planning announcements have dried up. At least the DECC numbers say it has been a windy year, so trading numbers must be decent!
Looks like we're alone here Noodles. Agree with your sentiments but management must be equally peeved that sp remains depressed. I am comforted by regular dividend payments while we wait for the take out.
No news any time soon by the look of it http://www.guardian.co.uk/environment/2012/jul/17/renewable-energy-subsidiy-decision-delayed?newsfeed=true Low SP means we are locked in, the massive gap to value is still there but any good news released is just gonna get sold into....no prospect of decent SP rose for next 18 months is my view
Andrew Whalley, REG Chief Executive Officer, said: "Orchard End has an excellent wind resource and will provide many years of sustainable energy for the local area. Additionally, REG, in common with its other wind projects, has provided a community scheme which will provide significant benefits to local causes over the life of the wind farm."
Turbine Order for Orchard End Wind Farm Renewable Energy Generation Limited ("REG") (AIM: WIND), the UK renewable energy group, today announces that it has purchased two Vestas V90 2MW wind turbines for its site at Orchard End in Lancashire. The turbines are scheduled for delivery in early 2013 and the project is expected to be operational in the first quarter of 2013. The wind farm is anticipated to produce approximately 12.5GWh of output per annum. The project cost of Orchard End is expected to total around £5.5m, which will be funded in full from the existing cash resources of the company.