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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?

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!?

Vikram on video today confirming MYT now at 2GW wind and solar and will add another 1GW in the year.

Completely agree, Hounddog. Overall, I'm just pleased no other skeletons were found, which I almost expected. This is assuming the lawyers and auditors did their job properly, of course ;)

Hi Eddie - yes, this is what I'm thinking - we probably won't ever see the 15x value but I'd think they'd offer something like 50-100p to voluntarily delist rather than just steal the company away. This could be coming and someone in the know is hoovering up all the sells we're seeing recently (as the share price isn't falling much, considering). All speculation and I accept there's a big risk of being shafted though. Maybe worth a look at Greenko who were forced to delist as they got tangled up in convertible loans - and still offered shareholders a 98p per share settlement that, I think (from memory) was 100% higher than market close (after a big fall) and valued the company at approx. �160m - and it was smaller than MYT at the time. I could be wrong. Does anyone have any good / bad experience of owning shares in a company that's delisted before?

I wonder whether someone's mopping up shares as there's mostly selling but the share price has generally held. It's very different from earlier in the year when it didn't take much selling for the price to drop.

Here's my current thinking... the value of the shares not in public hands is approx. �10m right now - less than �6m if you take away the two biggest institutions. Now again, I may be being naive here, but I think it's far more likely that management would want shareholders who own the �10m or �6m worth of shares do OK from any delisting / IPO scenario - even if they never get to benefit from a $1-2bn valuation (it's be great if we do though). It would make no sense to me if, for the sake of a few million, people who are about to make hundreds of millions would risk both their personal reputations and MYT's reputation, which could see it list at a lower valuation than what it would have cost to see shareholders right in the first place.

Oh and another nugget to suggest the press speculation about delisting isn't due to the BOD reacting negatively to the corporate governance scrutiny... they spent best part of $250k on auditors last year and have often highlighted every year how important this is to them. It's funny though how with very little communication, it doesn't take much to start seeing things very differently. I still can't decide if I'm being wet behind the ears and falling victim to confirmation bias OR if I'm actually being measured and balanced. I just can't see Ravi trading in his reputation for a few more million when he stands to make a fortune in any scenario. Maybe I need a towel.

Eddie - Esrano might not be controlled by Kailas. Hounddog knew a little about this (see an earlier post a few months ago). It was the investment vehicle for Angad Paul who committed suicide last year in London when the family steel business collapsed. We're not sure what relationship (if any) there is between the families or if there was a fall out years before when the company changed its name to Mytrah and Angad left the Board. If anyone knows more, please do share. After your post, I went to MYT website to have a look too and we finally now know who the big seller has been over the past several months: Henderson Global Investors. They owned approx. 20% of the publicly traded shares but appear to have sold all 8.5m between May and Sep. I'm not sure what impact the share options granted could / would have in any desire to delist. It appears Ravi transferred 11.5m options to his Trust last year. It also looks like there were 300,000 employee (not directors) share options granted in the Indian company. This is all new territory for me and my only experience is in small Ltd companies. There's one class of ordinary share, each holding one vote so wouldn't Ravi stand to lose the most if the holding company's shares became worthless? Go easy.

I agree ZENGAS - I'd like to see MYT issue a statement. They can stay quiet and say we'll update the market when decisions are made but I feel their hand is forced here. Just a thought that came to me today... a possible future IPO of the Indian company is nothing new - maybe 9-12 months old now - and the potential to delist to do this is also not a new possibility either. So why now? It seems a little too coincidental, to me, that this story comes out now two weeks after the "loan" RNS casts a shadow over the integrity of Ravi / management. If it's not coincidental, then it could be as Skid says: management don't like the scrutiny so want to leave AIM. Or could it be an outside force with an interest in the share price suffering (like it has over the past year). I don't know. I can see both sides. Like we've said before the education and experience of key people is good. Ravi's exited businesses before without spilling investor blood. They've had an excellent track record with MYT over the past 5 years. They've not diluted shareholders when raising money (although maybe that would have been a good thing in hindsight). If there was bad intent here, why would investors trust them with an IPO next time - the internet is already full of these delisting rumours - and they'd probably suffer in valuation because of it. I'm just not seeing it. But then I accept I'm probably being blind. I just have a feeling the press speculation on delisting would never have come out if the unauthorised loan RNS had not preceded it.

I'll add my thoughts on the likely IPO and possible delisting... we discussed a few months ago as MYT have been quite open about "exploring the option" of an IPO in India. It's always been said that, if they went ahead, the Indian company would be listed in India, which is 100% owned by the already-listed UK company. There seems to be an appetite for raising money this way as others (ACME, ReNew, IREDA) are already ahead of MYT here. The problem - and an understandable one - is who's going to buy shares valuing the Indian company at, for the sake of argument, $300m-$1bn, when you could buy shares in the UK company who now that business at just �40m. I don't imagine MYT on AIM will be a ten-bagger overnight either. I wouldn't want MYT to delist for the same fears shared by everyone else - no market and annual dilution. Although if it is to delist for the purpose of listing again in India soon after at a re-rated valuation, could it be a good thing for us? Maybe it means we won't realise the value once thought but we know it's massively undervalued at present and so could still sell at a very decent profit. Any thoughts? Is delisting all bad? I've followed FusionEx a little since their very controversial delisting in the summer. I think you mentioned this one, Hounddog, when you raised a concern of MYT doing the same. From what I've seen so far there haven't been many shares bought / sold yet but those that have have been above the final share price. A lot of people holding shares at delisting said they would hold for future performance / a future IPO. And I haven't commented on the "loan" yet so... This situation's a real mess - whether Ravi stays or goes because of it. I'm trying not to prejudge because when I've seen him speak or read what he's written over the past few years, it's always given me an impression of a honourable man, with a decent track record and a sense of purpose and pride in what MYT was doing. We all make mistakes and can all succumb to greed (maybe that's a little too forgiving) but I just can't see how taking money out of the business as a "loan" at the expense of shareholders can be done with an innocent mind. Still, you never know. It'll say a lot with how much (or little) Ravi decides to explain to shareholders about this situation. I'd like to think he'd talk us through his thinking at the time, give details or the transaction, and apologise for the damage done (reputation, financial, cultural). That would show character and fit with my up-to-now positive impression of him. However if it's a generic statement from the company only, that says a lot too. It's that old adage about reputation.

I agree with you, Kiwi. There's always a few negative media reports of tariffs falling, costs going up, GST, delayed payments, etc. and yet MYT seem confident in what they're doing to keep raising money and constructing more wind / solar farms while the opportunity is there. I just wonder if MYT are blind to / unprepared for the unforeseen but I'm happy that that's easily priced in at a �50m market cap.

Thanks ZENGAS - I hadn't heard that podcast before. It's more of the same but always nice to hear the continued confidence they have in what they're doing. It sounds like I've followed the same strategy as you, ZENGAS - just kept topping up over the past few months as the price has been suppressed. We'll be in MYT's top 10 shareholders at this rate ;) I'm really surprised the price came down yesterday to where it was during the uncertainty of the end of year results. I thought we'd never go back there with the results out. I also don't understand why the seller/s wouldn't wait for the half year results, which I'm sure will be good and sell into a rally. The share price falling back is not questioning my opinion of the company and I continue to buy. I see someone with a large stake who continues to want out of India probably due to the concern of bank bad loans across India - it's not MYT specific; just the sector and/or country.

What's happened today!?! The never-ending big seller/s selling continues but how much longer until they're finally done? The biggest risk in my mind was the DISCOMs not paying but that seems to be mostly resolved now (reportedly down to 2-3 months). I know we've talked a lot about valuation in the past but as a recent comparison - which seems to have gone unnoticed - Renew have offered to buy Orange Renewable for $950m. Orange has 600MW (mostly wind) and debt not too dissimilar to MYT. So if MYT has double the capacity (1200MW) would it be worth... ... .... Well, at least considerable more than £40m ;)

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.

IM-limited-O the accelerated depreciation, which I estimate to be on 60-70% of the cost of the turbine, is a real positive for MYT. It would have been even better if the towers could have been accelerated from 50 years too! The tax benefits from accelerated depreciation is one of the main reasons Warren Buffett got into wind / solar. MYT doesn't have profits elsewhere so it won't really help us in the way it helps Berkshire. Still, the accelerated depreciation means less or no tax in the early years, which leaves more for growth and/or to pay down debt - perfect. I guess this was a big motivator for MYT changing to the Indian accounting standards ahead of the 2018 deadline. I know from your previous posts you'll already know that, Hounddog - it's more for my benefit putting my own thinking into words! So the question was whether the wind turbines will last only 15 years instead of 25-30 years assumed on the previous European accounting standards. The problem being MYT will need to spend capital to replace them earlier than expected. Here's my thoughts on one of the components: rotor blades... The rotor blades are approx. 20% of the turbine cost and have changed from 30 to 15 years under the new Indian accounting standards. There was some UK research a couple of years ago that suggested blades are good for 15 years (I think) - the blades are still useful but there is a huge drop in efficiency from wear and tear and lack of maintenance. These studies were based on early industry turbines - not the turbines MYT has in place (and even MYT's early ones aren't great compared to what they have now). I'd hazard a guess that MYT will get 25 years of 90%+ efficiency from their rotor blades. However they may want to replaces the blades earlier for technology (or tax) reasons, although I doubt they will. The technology is moving so fast now that blades can be twice as long and the towers a lot taller. It means we can capture 2-4 times the wind power using the same footprint. This is why I'm not too concerned about the lower auction prices. Equipment costs are falling too. So aside from the early tax benefits, I think it's fair and reasonable that these assets can depreciate quicker as the technology is developing so fast. IMO it should benefit MYT. Like Hounddog, I'd also encourage others' views - especially those that are different from mine or ours. No-one will be attacked for the ideas they share. We're all here to learn. I've continued to enjoy posting on this board because we discuss, challenge, and debate MYT - the good, the bad and the ugly - 90% good, 8% ugly and 2% bad IMO ;)

I like your logic, Hounddog. I think your $150-160m figure is a good figure to use because even if the 1000MW portfolio fell a little short of that, the extra MW already added this year would make up the difference. And next year we'll be in the region of $200m per annum of power revenue from a 1700MW portfolio... assuming MYT achieve their huge 700MW target this year, of course! I'm confident they will as the majority of it's solar (approx. 6 months to completion vs 9 months for wind) and they have a good track record to date. I'm sure there'll be no looking back after this year as their scale (and cash flow) at 1700MW is going to help immensely in the upcoming wind and solar auctions.

Hounddog - I had a brief look into Greencoat UK to compare them to Mytrah and the following is just my first impressions. I certainly wouldn't post these thoughts on their chat board... It's an interesting idea to use DCF and GAV - it certainly makes them looks good. I'm not convinced though: they've chosen measures that they think they can win with (fair enough) but then they measure it themselves (not so good). I'm sure it'll all be above board and audited. I prefer MYT's more conventional approach. I guess UKW and MYT just have very different philosophies. In my mind, the MO for UKW is: look good on their own measures; the share price rises; fundraise off the higher share price; buy an already completed wind farm; look good on their own measures again; share price rises again; fundraise off the higher share price again; buy a wind farm; and so on. Nothing wrong with that. It seem to be working for them. I prefer MYT building a business with longer-term value by doing it themselves. MYT will have 3x the MW installed now compared to UKW (1300MW vs 436MW). UKW generating £79m income vs MYT £100m and UKW generating £52m in cash vs MYT £72m (including the post period end $27.7m). Do any of you reading disagree with these numbers? By my estimates, MYT will generate double the income of UKW this financial year. And yet operating expenses are only approx. 15-20% higher than UKW. However UKW are making considerably more profit, as you said... PBT £61m (UKW) vs underlying PBT £8m (MYT - based on the same accounting standards). I know I'm being a little generous to MYT here using the underlying figure adding back the one-off re-finance costs and 3-year employee share options. I do think this is largely down to lower debt and interest payments (UKW £100m debt vs MYT £770m debt). Just comparing today's PBT (not future potential) might suggest UKW would be valued 8 times MYT but they're valued at 22 times! £880m vs £40m. UKW's PBT is less than 2 times that of our recent friend and comparator, OPG. And yet UKW is valued at 5 times OPG (£170m). I'd definitely take OPG over UKW. And I'd take MYT over both (that shouldn't come as a surprise). As you say, quite a big discount for the leverage. I also think (based on OPG too) that there's quite a big discount for being in India - an unjust discount IMO. As always, we welcome anyone to challenge and disagree.

More useful than the Mail is an interview I wasn't aware of until the weekend. It's Stock Tube on 12 June but you'll have to search for: "Results 'a clear demonstration of our ability to grow the business' - Mytrah's Bob Smith". After all our discussions over the past couple of weeks, for me, this answers the two main concerns: leverage and falling prices.

The power of the media, hey?! It's incredible what happened today based on a nothing piece in the Mail. I've only seen the article online so maybe I'm being unfair and there's more in the actual newspaper. Still, I'm not complaining - it's nice to see a proper market for MYT shares again. Unlike recently where the volumes have been low and almost all the trades that have been buys show up as sells. I know the trades on Friday were buys but they all showed as sells. LSE (this LSE not the real LSE) said if the trade is less than halfway between the bid and ask prices, it will show up on their website as a sell even if it is a buy. That explains why most of the recent purchases showed up as sells. Today is far more accurate. Although this website couldn't handle all the MYT share trades today as it's lost all record of the trades from this morning and last week! The seller/s had chance to shift more shares too. I looked at Greencoat UK today and the patterns of selling is very similar to MYT so, again, not sure if that gives us a clue to the seller/s or not?