NWF - NZ Windfarms

[Crackity]

So how will this next act play out in what time frame and who can activate it, major shareholders?Thanks.

Well Josh

1. who knows . Maybe Vector will sell their 22% stake triggering a takeover / maybe Vector will bid for the rest of the company ( also triggering a takeover ) / maybe a holder with more than 5% will call a Special General Meeting and attempt to remove the existing Board / maybe the existing Board will cut costs and start paying dividends to shareholders.

2. Generally the time between Acts is time for an ice cream or 2

3. Yes

[Crackity]

Harvey - this is from PSE ( ex sharetrader)
who placed his hat in the ring to be one of the new directors.

So frustrating.
Maybe we should tell Harvey that we actually had a great victory.
1. We gave the cornerstone shareholder of an underperforming company a humiliating xxxxxx by xxxxxxx off the board. Directors don't resign the day before the AGM.
(Is it legit to withdraw a resolution the day before it is to ne voted on at the AGM?)
2. 67% of shareholders voted and are holding their directors to account. What's a typical agm turnout?
3. Vector votes it's shares against any independant directors, so the numbers don't tell the story. I had more than 50% of non vector shareholders.
4. If a new board was proposed rather than activist directors on a hostile board the resolutions to elect would likely have found more support.
Under the circumstances the level of support was overwhelmingly positive for change. This company is going to start working for it's shareholders so all the resolutions were a great success.

PSE - thought I should redact your more 'colourful' bits.....see ya round

[Joshuatree]

Fantastic guys thats great news doing what you have, congrats all being assertive and using your voices/votes.ice creams all round (act two)are good lickers.

[Harvey Specter]

I wasn't meaning disrespect - just saying with Vectors vote, the incumbent might have survived. Wouldn't have been a good look though.

Still it was a good effort from those who tried and while they weren't 'successful', ultimately they have changed the course of the company so was a success.

[JAYAY]

I was at the AGM and waited until until I heard the two new would be directors speak before I filled in the voting form.
The two newbies did not get my vote. I could not imagine either them representing NWF and dealing with the difficulties NWF has faced.
Give me Michael Stiassny any day. You can have all the engineering degrees in the world and it won't make you a good director.

[BlackPeter]

I was at the AGM and waited until until I heard the two new would be directors speak before I filled in the voting form.
The two newbies did not get my vote. I could not imagine either them representing NWF and dealing with the difficulties NWF has faced.
Give me Michael Stiassny any day. You can have all the engineering degrees in the world and it won't make you a good director.

Hi Jayay,

We probably agree that Michael Stiassny was not the worst of the directors sitting on the NWF board - bad luck for him, that his number was up.

On the other hand - if you think that Michael Stiassny is such a fantastic director - he was on the NWF board for at least the last 8 (or was it 10?) years and had for the better part of this time through Vector de facto control of the board (if you count Chris as ex Vector man into the Vector team). Isn't this enough time for a good director in full control to do his magic?

The company destroyed during his directorship roughly 80 percent of share holder capital. Is this how you recognise a good director? Sure - Michael Stiassny is one of the rock stars in the NZ board world (and he has several times per week a performance in a board room close to you) - and you might think about rock stars what you want. One of his problems is that he holds that many director positions (must be close to 30), that I am wondering how much time he can put into a dust corn like NWF.

Maybe NWF does not need a rock star, but just somebody who has the time to do the work ...

Anyway - AGM is over, market interest seems to drop for the time being ... and we are all waiting for the next act of the drama ...

[Crackity]

Southern Generation buys North Island power station for $100m

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Last updated 18:34 03/12/2015
BEN MACK AND PHIL MCCARTHY
1

Invercargill MP Sarah Dowie, PowerNet chief executive Jason Franklin and Pioneer Generation chief executive Fraser Jonker celebrate the opening of the Pioneer Generation Flat Hill Wind Farm near Bluff in August.
JOHN HAWKINS/FAIRFAXNZ


Southern Generation has bought a hydroelectric power station in the Bay of Plenty for about $100m, adding to its two existing windfarm assets.
Southern Generation consists of southern lines companies The Power Company Ltd (TPC) and Electricity Invercargill Ltd (EIL), and Central Otago-based Pioneer Generation Ltd, and is a generation investment partnership.
The purchase of the Aniwhenua hydro-electric power station in the Bay of Plenty, following a sale agreement with Nova Energy, adds to Southern Generation's two existing southern windfarms at Mt Stuart, near Milton and Flat Hill, near Bluff, and was understood to be a deal worth about $100m.


that combination of a wind generation asset ( or two ) and a hydro generation asset in one portfolio seems very sensible to me - and I note they are at opposite parts of the country

hmmm, interesting

[Harvey Specter]

Southern Generation buys North Island power station for $100m

From what i saw, Aniwhenua was a dog. Very little storage capacity so effectively a run of the river hydro. My guess is if the deal way worth anywhere close to 9 figures, Nova would had to have been offering a very generous power purchase agreement.

NWF would generate similar levels of electricity at about 1/5 the purchase price.

[JAYAY]

http://www.stuff.co.nz/manawatu-stan...d-farm-capital

Have a look at this. A glimpse at the politicking going on. Oponents include a former mayor, a former city councillor and the council's own lawyer seems to be getting involved with his own personal opinions. A nice little earner for him keeping the pot on the stove.

[BlackPeter]

http://www.stuff.co.nz/manawatu-stan...d-farm-capital

Have a look at this. A glimpse at the politicking going on. Oponents include a former mayor, a former city councillor and the council's own lawyer seems to be getting involved with his own personal opinions. A nice little earner for him keeping the pot on the stove.

Interesting article - thanks for sharing.

It is a disgrace that the three major wind farm operators around Palmerston north can't even agree on a common industry proposal re noise profile and no building zones. Highly unprofessional behaviour. Obviously - it is not all NWF's fault - they have of the three the smallest financial clout, but it casts serious doubts over the social and political competence of all three operators. Coming with an agreed industry proposal to a plan hearing would have been common sense, instead of choosing to present a picture of dissent.

I assume NWF's board was over the last 12 months or so too busy with stone walling, than to worry about talking with their peer operators and the city council. Hey - why would they? Much more fun to use shareholder funds to drag it afterwards all through the courts.

Not so sure what the excuse of the other operators is?