NWF - NZ Windfarms

[Dassets]

Great question and what I have been wondering to. Are the consents transferrable to someone buying them ? I imagine so.
I hold a small number because I was hoping they will at some stage be a takeover target for one of the bigger companies.

Consents attach to the land. An agreement between the landowner and the generator/operator covers all the rights and obligations of each of the parties. It is normal that such an agreement is transferable to other parties. There may be conditions for the transfer but will be minor and more administrative in nature.

Putting it another way, no-one would spend $millions on a consent if they couldn't use or benefit from that spend. Not that it truly matters but NWF own several of the properties that these turbines will sit on. Owning them means you don't pay royalties to a 3rd party and you don't need to negotiate a landowner agreement. It is not critical to own the land but it may be attractive and helpful to the overall project. .

[Grimy]

Thanks for your insight. I've been a holder since day one (although a much reduced holding now). I look forwards to the next chapter-whichever way it goes.

[Walter]

Contacts unconsented proposed wind farm in Southland will generate about twice as much power and cost $700-900 million. NWF repowering consent talked about $260 million as the cost of replacing existing turbines with the new ones. NWF current market cap is $38 million, so there appears to be some money on the table.

[shareman]

End of the day, NWF has never delivered the sort of returns that were initially promised in the IPO, let's hope this situation is rectified somewhat

[Walter]

True Shareman. A bidding war would be nice, but I'm not holding my breath.

[nztx]

True Shareman. A bidding war would be nice, but I'm not holding my breath.

Some prime Windy Real Estate above Palmy must be worth something - with the right timing, an opportunity
to rekit the estate up in the newer technology of bidder's choice ..

[shareman]

I see the Aoukatere project is referred, would make sense to do them together for economies of scale

[Grimy]

Did anyone watch today's presentation? I did mean to but was otherwise engaged.

[Sideshow Bob]

https://www.nzx.com/announcements/420505

NZ WINDFARMS LIMITED: MARKET UPDATE: TE RERE HAU WIND FARM REPOWER COMMERCIAL TERMS – MERIDIAN PARTNERSHIP, MERIDIAN PLACEMENT AND SHAREHOLDER RIGHTS ISSUE

NZ Windfarms Ltd: (NZX Code: NWF) is very pleased to announce that it has reached agreement with Meridian Energy Ltd (NZX code: MEL) (Meridian, New Zealand’s largest electricity generator) to pursue the development and repower of Te Rere Hau wind farm, subject to conditions including NWF shareholder approval and Final Investment Decision by both parties which includes satisfactory consenting, third party contracting and financing arrangements.

As part of the commercial terms, NWF will today make a placement of 43.2m NWF shares to Meridian, amounting to 15% of its existing equity capital, totalling $6.7m, at a price of $0.155 per share. This represents a premium of 32% to the current market price of NWF shares ($0.117 per share on 25 October). Meridian will then have a 13.04% shareholding in NWF.

NWF will also undertake a pro-rata renounceable 1:8.5 rights issue of approximately 39.0m shares to existing NWF shareholders at a price of $0.155 per share (the same price as the Meridian placement), raising up to approximately $6.0m (Offer).

The Offer will be underwritten by Meridian up to approximately 28.8m shares (being up to approximately $4.5m).

The Board is delighted that Meridian is prepared to become a supportive minority shareholder in NWF, augmenting our agreed commercial terms and providing NWF with a platform for future growth. The NWF Board will invite Neal Barclay, the CEO of Meridian, to join the NWF Board (non-remunerated) after the annual shareholders meeting.

A Letter to Shareholders setting out further particulars and important information accompanies this announcement.

For further information, contact Warren Koia, Chief Executive, by phone on 06 280 2773, or by email at info@nzwindfarms.co.nz.

[Grimy]

Looking forwards to the details.