Member Info for parkside13

Hey Bhaj you still holding tight? You should write to your American namesake and asks if he wants a bit of Indian power action! He's got MidAmerican and it's only a short leap of faith from Iowa into the land of milk, honey and saffron.

If it goes to 30p there isn't any equity value left! A company with a market cap of £400m and debts of $6bn is toast so far as the equity goes generally speaking. That generally will mean it is on the verge of or has broken its debt covenants and will be starting to think around swapping debt for equity at which point all us happy existing shareholders get wiped. So if it goes to 30p and you buy it you are mad!

Ok the dog has accepted the CEO role and the other (much brighter) hound has volunteered to be FD. Five bones a week each, heated kennels, access to curry remains and an ear scratch for good behaviour at IR meetings. They can start a week next Monday.

True enough. At 1p a day I'd be a relieved boy by April. However the brothers Bozo know no bounds when it comes to surprises and in a way I can't wait until the results to see what miracle of incompetence they are going to pull off this time. Having spread ash over half of India maybe they will announce a JV to pollute Bangladesh or perhaps desalinate the Ganges. Whatever it is it'll be idiotic. Mind you as someone said you don't get to be the head of a multi gazillion rupee business without a little luck. Actually, given their performance as heads of Essar it must be a huge, light years, whopping, humungous lottery win piece of luck because it sure isn't based on their innate brilliance!! As I said my (terminally thick) dog could give them a run as business dog of the year.

Ha that cheered me up! I fear I and my son's daughters granddaughter might have fled the mortal before the brothers bozo get a grip. If I put my (ever so loveable but terminally thick) dog in charge of Essar I suspect shareholders would stand a better chance. Anyhow, thanks for making me laugh!

Damn profit taking!! I was soo close. What a bunch of donuts honestly.

They are on fire. 60.10p. It's only a small leap now to the 120p I paid. Go Essar!

Well the Alkane results were sort of okay but showed pressure in STOR revenues and there were no upgrades generally. It might make some money out of CBM or fracking but that is distant pie in the sky and the discount rate required is so large as to make the NPV impossible to determine. So I'm really not sure why they went all the way to 50p!

Oh and I've just laughed as that link posted earlier asserts that the Mahan coal block has reserves of 150 tons of coal!! That'd be priceless. The brothers bozo dig a hole and find 150 tons of coal, enough to run 600mw for 3.5 minutes!! Maybe we could dig out the coal then bury the board in it.

Ah that is a good post and blackguards is beautifully put. I do actually feel swindled by the idiotic brothers and by the bank who launched this pile of excrement on the uk - not sure if it wasn't Deutsche or jp Morgan or both?? It is a tiny holding in the grand scheme but that isn't the point. It is just a terrible investment in so many unexpected ways.

Complete crap shoot! Crap management, crap balance sheet, crap majority owners and crap delivery. Other than that it is great.

Well that is true unless of course the dog has died and this is exhibiting every sign of dying! Stupid, meaningless RNS's - new CEO says "this is a jolly good Company", endless musings about currency swaps, desalination plants etc. Lack of delivery - of almost everything they do, bad political backcloth, currency turbulence all on top of a creaking balance sheet. No wonder the equity is being obliterated. They just seem unable, totally unable, to act like a normal, listed UK company. It is almost childlike in some respects. If not then exceptionally naive. Very depressing and by a mile the worst share in which I have had the misfortune to invest. That in almost every regard not just share price performance.

Hey Bhajan, you still keeping the faith whilst this rockets into the pit of oblivion??

Yup I agree. It's really good to hear another voice. I guess you are invested in this heap of excrement too?

Although some loony appears to be buying today!!

Hiya. Yes that is probably right. The management of this shambles has really lost all scintilla of credibility and I'm not sure has ever delivered anything on time, or for that matter at all. Compounded, to a degree, by a chaotic political and regulatory framework it has to be said. I'm in the same industry as these guys so I know some of the pitfalls but the balance sheet of Essar is horribly stretched which makes the equity a straight punt. I'm in, lost a lot of money from 125 ish but it is a very small part of the portfolio and if the equity gets wiped out - which it well could - then it is a bit of a hit but not terminal. There quietness over recent weeks is either because they are busy going under or else the new CEO is trying to come up with a plan to salvage shareholder value. But shambles is putting it mildly!!

Eerily quiet!! I'd love to know what is going on with Essar? My hope is the exec is in purdah trying to sort out the mess and come up with a new plan. My worry is they are completely in the pooh and are working out how to rescue it. Who knows!!

Well that is probably the best place for it! I read some new research yesterday where the price target has been lowered now to 100p. EBITDA is still almost $1.5bn in 2015 - at least assuming that you don't get the normal Essar "issues" and so if they do hit that then their interest covers don't look terminally bad. But as always all about delivery or lack of non delivery!

This really intrigues me. If it was **** or bust before - which it was - it is double pooh or bust now. I wish I had the balls to be really brave!! .... But I don't!!

Hey Bhajan are you in or out of the mighty Essar right now?