Member Info for parkside13

Well I don't think WIND destroyed value in truth. Rather the ending of the RO, no solar and no wind CfD did this. WIND has been no worse than Infinis and rather better than some others. Simple fact is the listed space is not the place for a renewable development company I suspect. Especially when the Government offers no support.

Nothing has happened. I guess the comment was motivated by a slipping of the share price over recent days from around 77p to 72p. But no new news. So don't panic - yet!

Well the chairman is useless (useless at National Power and useless here!) and the CEO is an arrogant p...c so who knows what is being concocted here!!

Doc the RO is being scrapped a year early unless you qualify for grace periods. They have said no wind in England whilst they are in power although yes they might allow Scotland under some (much lower) CfD. Embedded value of Infinis is probably 160-180p so its a bit undervalued.

Can't you post anything vaguely enlightening instead of rehashing RNS's? Not hugely helpful in truth

The reason why this is dropping is several fold. Firstly, the RO support is being cut a year early. Secondly, the project finance market has closed until the legislation is passed by Parliament which will be next year. That may mean a lot of RO projects fail to get built. Possibly some of Infinis's. Thirdly, the have cut the LEC which provided around £8-10m of income for Infinis's wind and LFG assets. Fourthly, the Terra overhand. Fifthly, it was overvalued in the first place. Sixthly, this Government clearly hates renewables so there is the "what will they do next" discount. Seventh, are Infinis's tight leverage ratios ok? Eighth, what will the dividend be? Ninth, the Gov has just announced another assault on renewables today by proposing to cut solar and wind FiT subsidies. There are a few more but those are the main ones. Intrinsic value wise this is now cheap. Will it go up in the short term? Absent some exogenous factor, no!! But the equity is cheap.

Bothy your views are irrelevant to value as you didn't matter. But other views are interesting. I've taken a full position today at 118p as I think the valuation looks ok, balance sheet is alright and Soames is excellent. Think current intrinsic value is around 175p. But decent upside beyond that.

Given it is not a good price the shareholders might vote it down. then there are transaction costs albeit those will be relatively small, then there could be tax and I'm still not 100% sure (as this management team is woeful) if they really mean free of all encumbrances. But biggest risk is that the larger institutions say no and replace Board and management team - good thing - and try to extract a decent amount of value. That bit tacked on the end about current trading is just plain idiotic. These are 25 year assets for gods sake so what does three months matter. They are all new so will have availability issues and commissioning issues so to say that, in perpetuity, our cashflows will be lower is idiotic that unless they have built lost of bad wind projects!!

Just read again and I think you are right. Also think we are being screwed bluntly. So what if they had a bad period. These are 25 year assets.

I'm wondering whether out of the proceeds you need to knock off the GEF convert? Now that wouldn't be great for net proceeds to us.

I think (think) that is right.

That debt is the long term project finance plus a £350m bond over te LFG assets plus some wind assets. That's the one with the tight covenants given the LEC income loss.

Jeez where do these idiots get their facts from! Infinis's dividend was around 18.3p. That puts it on a current yield of about 13%!! I'm assuming, absent some radical cost cutting plan, they will reduce if by the LEC so maybe it'll be 14p? Might cut it more if their RO projects can't get the grace periods but I'm assuming they will. So it's on about a 10% yield post cut.

I didn't know what the results would be like other that its been a P50 period and assuming costs remained under control (good management so they should) then EBITDA and EPS should be ok assuming decent availability. So results were in line with expectations but probably a rally based on some bearish shorts closing which is why I flipped a few that I bought yesterday for a "punt". However, was only a small part of holding as I'm not into short term punts as a rule. But at 133 hard to resist. I'm assuming Fatso that as you had perfect insight into the results you filled your boots yesterday? Or are you still out of Infinis and into that excuse for a bank RBS! Oh yes you don't own Infinis therefore this rally is irrelevant for you!

Erm they announced interim results (that were quite good)! That'll be it.

Now you are being preposterous. Its up 6%. Flogged a few idle ones I bought as a punt yesterday but hanging on to the rest for clarity on dividend and capex.

Boring. There was a big seller yesterday. Still is.

Move on. Its boring

Can't pick the loser. They both are.

I'd blame Gideon. He's a chap obsessed with budget deficit reduction. Mind you we've got £1.5trn of debt which is about the same as the balance sheet of RBS. Debate which one is most screwed? Hmmm let me think.