Member Info for eddie1981

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.

Hounddog - are you referrig to GEC and lower down meaning their investment is in one of the trading subs - if so, it is one of these which is talked about being listed in India. So that would be good outcome for them. The issue for the UK investor in the topco, is that if the sub is listed, whilst this topco may seemingly have a valuable investment in holding a large percentage of the listed India sub, it will be very hard to extract value from it as a shareholder, as the UK topco is unlisted and thus difficult to trade the shares. Some murky offhshore company between the India trading entities and the UK topco too.

we need examples of what the procedure has been of UK entities de-listing, and how the price has been set (at the floor, a premium etc.)

The flip to this is that the majority shareholders could easily offer say 50p a share to delist (100% premium) - this would cost them say �25m. Win for UK shareholders, and major win for them as they have already commented, they could relist the group at 10-15 times the valuation in India, with them now owning 100% of the equity. Perhaps we will see a small benefit here, just not the full re-rating...

what I would love to understand is whether they can offer those initial investors who participated in their �80m fundraising an opportunity to participate (or be granted) shares in the new listing in order to approve the delisting. Us retail investors would then be forced to sell our shares in the UK, and be left in the cold when the group is suddenly worth multiples of today.....

I think you have it the wrong way round. 72.6% are not in public hands - held by current and former chairmen. Mkt value around �40m. A portion held by funds, a portion by retail investors. If they can, current payback to delist would be �12m say. Bob smith said in an interview in August, based on Indian valuation metrics, value would be about 15 times higher. So you are talking about a valuation of �600m (I kid you not). So, the amounts you are talking about, of simplying delisting and relisting (allowing all existing investors the same % stake in the new listing) is �150m+. That is a lot of personal reputation. They will be holders of a significant Indian group, concerned with Indian reputation, not here. I really thought we would get to participate in the undoubted re-rating, but I just cannot see it now - we will be shafted. For reference, here is bob smith interview, talking about the issue of UK valuation, and the possible indian valuation. This is no co-incedence, I am sure he was instructed to talk about this as the group gear towards their Indian listing. https://www.investorschronicle.co.uk/shares/2017/08/15/boardroom-talk-mytrah-energy/

Esrano is connected to the former Chairman - Hon Anged Paul. See the 2011 annual report (pasted below). 72.6% is not in public hands. Their interests are aligned. Thus there is only 27.4% of share in circulation who have the potential to influence (prevent) the those controlling shareholders undertaking what is in their best interests. From the 2011 report - Note 20, related party transactions. The Directors of the Company who are also considered to be the key management personnel are: 1 Hon Angad Paul � Chairman 2 Mr Ravi Kailas � CEO and Managing Director 3 Mr Vikram Kailas � Chief Financial Officer 4 Mr Rohit Phansalkar � Non-Executive Director 5 Mr Alastair Cade � Executive Director 6 Mr Charles Edmund Wilkinson � Non-Executive Director 7 Mr Philip Swatman � Non-Executive Director The entities where certain key management personnel have significant influence are: 1 Caparo Engineering (India) Limited � Hon Angad Paul 2 Zip Reality Private Limited � Mr Ravi Kailas 3 Bindu Urja Holding Inc � Mr Ravi Kailas 4 Bindu Urja Investments Inc � Mr Ravi Kailas 5 Bindu Urja Inc � Mr Ravi Kailas 6 Esrano Overseas Limited � Hon Angad Paul 7 RKP Capital Inc � Mr Rohit Phansalkar 8 Chakas Investments UK Limited � Mr Alastair Cade 9 Sila Energy Inc � Mr Ravi Kailas

On the comment below re shareholding, the second largest holding (Esrano Overseas) is controlled by Kailas. Mytrah's website discloses that 72.6% of shares are not in public hands, the 57.9% trust + 14.7% of Esrano. As regard other investors, there are no rules as such (as far as I am aware) that restrict such holders being offered shares in the new listing at whatever holding/price they can agree between themselves. You will then be left with a minority of holders holding paper in a delisted holding company or forced to sell back the shares to recoup some value. The valuation of these holdings on AIM is peanuts, and so if you could offer and buy back these shares for peanuts before listing in India (which based on valuations of other similar renewable energy groups being quoted in Indian press) on mulitples of the current valuation with you holding an increased amount, why wouldn't you? I had bought in with the long term expectation the shares would be re-rated on a new Indian listing - it seems the company will, but we as small shareholders will be denied that result, and in fact suffer losses on the ever decreasing valuation of the group here in the UK.

I'm afraid there is little to be optimistic about the delisting. (as much as I want to be as a holder.) We own shares in Mytrah Energy Ltd. The Indian IPO will be in Mytrah Energy(India) Private Ltd (although wont be private once listed!) So, we will not swap the de-listed shares for new shares in Indian entity, we will hold shares in a UK holding company which will own a proportion of Mytrah Energy (India) Private Ltd. Pretty sure this bizarre structure (if MYT retains London listing) was how one other Indian group - EROS? - was done, before that didn't work in raising the value of the UK top co and they moved listing to US. Either way, we will not be getting new shares in Indian co, unless they get rid of the Mauritious intermediary, and and then merge the two.