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  1. #771
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    Quote Originally Posted by BlackPeter View Post
    I realize that Vector have been absolutely useless and incompetent in leading this company, but that they are such bast*rds I would not have thought: destroying many million dollars of shareholder funds (even if it was just accumulated tax losses which would have come handy in the future) just because a much more competent board is embarrassing them by demonstrating their previous incompetence - this is economic vandalism.

    Anyway - glad I went out of this company when I did (though sort of missing the peak by a year).
    Thanks for your sentiment there BP. You are spot on about Vector. I am not going to theorise about the individual behind this but its not a hard guess. It really is a case of sour grapes. Just because a new board/management can exponentially better than they could, they could have been along for the ride, but no, lets just dump at 10 cents and leave it at that.
    Anyway, happy to be on board, main entry is at the 5.5 cent mark and have been accumulating where possible since then. Looks like another dividend may be forthcoming if I am reading the annual correctly. (last year they announced it at the AGM)

  2. #772
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    Anyone thinking of going to the AGM later this month in Palmy?

  3. #773
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    Quote Originally Posted by Grimy View Post
    Anyone thinking of going to the AGM later this month in Palmy?
    I am going for sure.

    This just out today:

    https://www.nzx.com/announcements/323769

    writing was on the wall I think after stories in Stuff et al.
    Last edited by blackcap; 12-09-2018 at 02:54 PM.

  4. #774
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    Presentation sort of reads like they are looking to attract a takeover, in my opinion? Interesting times ahead all the same.

    "As a result of our assessment we are announcing today that the board has commenced astrategic review of our operations to assess the capital structures of the company as wellas evaluating a number of options available to us. As highlighted in my previouscomments we have made good progress over the past year and we believe that thecompany is in good health and is benefiting from the operational improvementsimplimented. We intend to consider the full range of options available to us to maximiseshareholder value and will update to shareholders in due course. The Board is currentlyconsidering proposals from parties who can act as financial advisers and assist NZWindfarms in this financial review. We will finalise an appointment in the coming days."

    http://nzx-prod-s7fsd7f98s.s3-websit...416/287475.pdf

  5. #775
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    I see we even get a mention in Stuff today:

    https://www.stuff.co.nz/business/107...a-major-review

    Well Endowed, I think you may be onto something there by reading between the lines. It cannot really exist as a stand alone, but that has been signalled at past AGM's. If it were part of another operation, they would save about $1m pa in costs (Board 200k, CEO 300k, audit and accounting, NZX compliance, CFO role) and so to another operation it probably has a lot of potential.

    If you read the target statement from the Tilt takeover docs and extrapolate the valuation of the NZ wind assets and apply that to NWF it would give a valuation of about $45m or 17 cents per share. Add say 6 cents as a premium for synergies, you could say NWF is worth 23 cents to a potential suitor.

    The caveat to that is that TLT are not trading at their valuation range so the market is probably discounting the valuation a bit.

  6. #776
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    Agree, I'd say somewhere around 17c-20c is a possibility, Mcap of circa $45-55m


    Hard to know the value of the consents/permits in the current environment. I guess what is known is the NIMBY force is alive and well, and one would expect the low-hanging fruit (permit zones with good wind, close to population bases, not on sensitive conservation area/national parks) are likely a small list.

    http://www.windenergy.org.nz/consented-wind-farms

    NWF would be a reasonable bolt-on to a large operator in the area. My pick would probably be Mercury, who have the consented Puketoi & Turitea farms in the area (Dannevirke/P.North) and obviously shown a great interest in TILT with their recent partnering with Infratil. A prediction/hunch, but I suspect Mercury might be the likely suitor should NWF go down this path.

    http://www.windenergy.org.nz/puketoi
    http://www.windenergy.org.nz/turitea


    just my opinions.
    Last edited by Well Endowed; 27-09-2018 at 09:36 AM.

  7. #777
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    I haven't been following too closely but any chance Te Rere Hau could be re-powered with bigger, more standard turbines? Could Vestas 2MW or 4MW platforms be suitable for the site?

    Seems pretty clear the turbines have failed to deliver.

    When the company first started operations, it assumed that it could achieve 160 gigawatts of production per year.

    "This was later changed to 140 GWH and then to 130 GWH. Whilst we have occasionally operated at an annual rate close to this, it has never been achieved over a full year, so this year we again reduced it to 120 GWH, production we did not achieve this in 2018.

    "The reality is that it is only by putting our plant at risk that we can achieve these higher numbers."
    https://www.stuff.co.nz/business/107...a-major-review
    Last edited by Jaa; 27-09-2018 at 04:16 PM.

  8. #778
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    Quote Originally Posted by Jaa View Post
    I haven't been following too closely but any chance Te Rere Hau could be re-powered with bigger, more standard turbines? Could Vestas 2MW or 4MW platforms be suitable for the site?

    Seems pretty clear the turbines have failed to deliver.



    https://www.stuff.co.nz/business/107...a-major-review
    I bet they could, would be a lengthy and expensive exercise though.. would that result in quite a large write down of the company’s assets? I assume they don’t own the land etc.

  9. #779
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    Quote Originally Posted by huxley View Post
    I bet they could, would be a lengthy and expensive exercise though.. would that result in quite a large write down of the company’s assets? I assume they don’t own the land etc.
    They do own the land.

    It's under note 4 in the 2017 accounts valued at $3.3m
    Last edited by blackcap; 28-09-2018 at 06:50 AM.

  10. #780
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    Been some solid turnover by NWF's standards the past week or so, someone accumulating perhaps?

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