TLT - Tilt Renewables

[GTM 3442]

Interesting article on the power of the Australian coal lobby. Who knows what it might mean for TLT/IFT/MCY in the medium term.

http://www.abc.net.au/news/2018-08-2...erals/10170908

[GTM 3442]

What do you reckon, use your TLT funds to double down on more IFT?

I think IFT and MCY in proportion to their stakes in TLT. I think TLT has the potential to equal TPW as part of IFT's stable.

[hamish]

https://www.nzx.com/announcements/322264

Long-term, this thing is worth so much more and MCY know it.... SEVERE LOWBALLING at $2.30

Agree Hardt. With the emerging pipeline, consents and future demand for renewables, this would be a steal. Why would I sell my shares now after holding during the hard work period to build the pipeline and future opportunity.....? Selling myself short on the future.

Offer docs are out today.. tarting up $2.30 it up as a 24% 'premium' - based on the SP of the day their intentions were announced. So what.. a few cents in the here and now matters little.. It's the future value of the Co and the shares that matter and the risk/reward that may eventuate... The AGM presentation end August shines a good light on that.

Offer me $4 and I might see it differently... maybe

Waiting also to see what the TLT Board external assessment comes back with

Disc : I also hold also MCY and IFT separately. So, even though I would gain access to potential TLT future earnings/upside that way, I see far greater for holding TLT separately and operating as it's own entity, expertise and Board.

[bullfrog]

Agree Hardt. With the emerging pipeline, consents and future demand for renewables, this would be a steal. Why would I sell my shares now after holding during the hard work period to build the pipeline and future opportunity.....? Selling myself short on the future.

Offer docs are out today.. tarting up $2.30 it up as a 24% 'premium' - based on the SP of the day their intentions were announced. So what.. a few cents in the here and now matters little.. It's the future value of the Co and the shares that matter and the risk/reward that may eventuate... The AGM presentation end August shines a good light on that.

Offer me $4 and I might see it differently... maybe

Waiting also to see what the TLT Board external assessment comes back with

Disc : I also hold also MCY and IFT separately. So, even though I would gain access to potential TLT future earnings/upside that way, I see far greater for holding TLT separately and operating as it's own entity, expertise and Board.

With you on this. Opus last year, 80% + dividend, and compared with Opus TLT has so much more growth potential. Funnily, I picked TLT as a stock that would be good for a 20% gain this year, never thinking it would be subject to takeover.

[RupertBear]

https://www.nzx.com/announcements/322264

Long-term, this thing is worth so much more and MCY know it.... SEVERE LOWBALLING at $2.30

TLT's independent directors agree with you hardt and are recomending shareholders reject the offer

[horus1]

I have swapped into IFT. They will get it for 2.30. The price was below 2.00 before MCY came in. AU is very volatile and prices are declining fast.

[RTM]

[/B]
TLT's independent directors agree with you hardt and are recomending shareholders reject the offer

Not sure they are quite saying that.

“At this stage, shareholders are advised to take no action until they receive further information from TLT on the offer.
TLT will appoint an independent adviser (who must be approved by the Takeovers Panel) to provide a report on the merits of the offer for TLT shareholders. If Infratil Limited and Mercury NZ Limited proceed with their offer, a copy of that report, together with TLT's response statement to the offer, will be provided to shareholders.”

[RupertBear]

Not sure they are quite saying that.

“At this stage, shareholders are advised to take no action until they receive further information from TLT on the offer.
TLT will appoint an independent adviser (who must be approved by the Takeovers Panel) to provide a report on the merits of the offer for TLT shareholders. If Infratil Limited and Mercury NZ Limited proceed with their offer, a copy of that report, together with TLT's response statement to the offer, will be provided to shareholders.”

Just reporting what I read...

TILT RENEWABLES' INDEPENDENT DIRECTORS SAY INFRATIL-LED TAKEOVER BID TOO LOW

Tuesday 4th September 2018

Text too small?

Tilt Renewables' independent directors are recommending shareholders reject the $208.5 million Infratil-led takeover offer for the business, saying it is "simply too low". Infrastructure investment company Infratil owns 51 percent of the Melbourne-based wind and solar developer. Last month it announced it was partnering with power company Mercury NZ, which in May acquired almost 20 percent of Tilt's shares, to buy out the rest at $2.30 a share. That is 8 percent more than they were trading at prior to the offer and matches what Mercury paid for its stake. The shares last traded at $2.29 on the NZX.However, the "offer price does not adequately recognise the value of the current operational assets and the strong pipeline of future projects", Fiona Oliver, chair of the independent director committee, said in an emailed statement. “This is a very strong company in the renewables energy space, with excellent prospects. The $2.30 offer is simply too low. The independent directors believe the minority shareholders should be properly rewarded if Mercury and Infratil are to get total ownership and take the company private. The JV’s premium of 8 percent on recent trading does not recognise the strategic value of this company," she said.The premium is "materially below the average level for successful takeovers of this kind in New Zealand", she said, noting that the offer comes at an opportunistic time and doesn’t factor in a major future project that may deliver significant benefits to the company. This refers to Tilt's bid for a portion of output from the fully permitted 336MW Dundonnell Wind Farm under the Victorian Renewable Energy Auction Scheme. Oliver added that the committee will provide shareholders with a target company statement within two weeks that will include more detail, and an independent report by Northington Partners, "but our view is already clear".Tilt has seven operating wind farms in Australia and New Zealand and a string of development opportunities in both countries. It has just completed the 54MW Salt Creek wind farm in Victoria and is preparing to proceed with the A$600 million, 336MW Dundonnell project in the same state.The statement, which hasn't been published on the New Zealand or Australian stock exchanges, came as Infratil and Mercury announced they obtained approval from the Australian Foreign Investment Review Board for the deal, the only substantive condition in the takeover offer.

[hardt]

[/B]
TLT's independent directors agree with you hardt and are recomending shareholders reject the offer

Was hoping to hold TLT for as long as it took to reach maturity, expecting a solid 2-3bn company over the next 7 odd years... No, £2.30 will not and should not convince anyone to sell out of this gem.

Not sure why anyone would accept this.

[bull....]

agree i had tlt as a big bet for the future