I wonder if Infratil still want 100% of tilt. They have a large reserve of cash...
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I wonder if Infratil still want 100% of tilt. They have a large reserve of cash...
Why would MCY want to sell their 19.99% shareholding to IFT?
Assume more likely that MCY and IFT would re-establish their JV to bid for the 14.4% owned by other shareholders. If the combined shareholding increased from 85.6% to 90% I assume they could then use the compulsory acquisition provisions to force the other shareholders to sell.
Imagine life for IFT and MCY far simpler without TLT being listed, not to mention a bit of cost savings.
https://www.nzx.com/announcements/364532
"Infratil advises that it intends to undertake a strategic review of its shareholding in Tilt Renewables Limited (Tilt).
Tilt is a leading renewables platform in Australia and New Zealand, with a portfolio of high quality operating assets, a significant development pipeline and a professional team with proven ability to deliver. Tilt is listed on both the NZX and ASX and Infratil currently owns 65.5% of the outstanding shares.
Infratil has recently received a number of enquiries in relation to its Tilt shareholding. Given strong demand for high quality renewables platforms globally, Infratil considers it is prudent to assess alternatives for its Tilt shareholding, including divestment of its position. Any decision to pursue a particular proposal would need to demonstrate a material increase in expected returns and shareholder value relative to the current positive outlook. The strategic review is scheduled to be concluded within six months......etc"
What was the price they tried to get us to sell for ? Can't recall exactly...$2.20 ?
Price now 3.92. PE (Direct Broking) 3.18 (can that be right ? )
Wonder what happens today ?
tilt been a pretty stellar investment
Sounds like IFT is the jilted lover. TLT just wanted to be FWB, but IFT wanted to add TLT to it's harem, TLT played hard to get so IFT got the pip and is moving on. You weren't that good IFT.
I’m just happy that I held on. Great investment and a 16% increase today makes me even happier
I’m very grateful to Fiona Oliver and the other independent directors that fought hard on our behalf
Damn, I hadn't finished buying, have been accumulating since $3.00. Such a long runway to grow. It will be a loss if Tilt gets taken over and delisted. The best outcome will be if it remains listed, and better still if it is taken by a NZ company such as Mercury, who already hold a 20% stake..
This mornings announcement of a 15 year PPA with Newcrest Mining covering 55% of the output from the proposed 400 MW wind farm at Rye Park NSW is very positive. Demonstrates that the development pipeline has a number of well advanced projects which hopefully excites potential purchasers as IFT seeks a knock out takeover price.
This is a large project - Snowtown 2 which TLT sold 12 months ago for an enterprise value of $1.073 billion was 270 MW. The comparison is somewhat simplistic but does give a fell for the overall context.
I am surprised the NZX announcement today wasn’t flagged as Price Sensitive.
See announcement to ASX this evening after the NZX closed on further commissioning progress on the Dundonnell Wind Farm:
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
Cleared to raise output to 295 MW out of total capacity of 336 MW.
https://www.nzherald.co.nz/business/...USMVIIENAVNVI/
Spain's Iberdrola a frontrunner for Tilt Renewables - report
cool they just need to double the price again. always said on this thread ift were trying to steal them from us at a rediculous price around 3.50 and hello there now $6 with big buyers in the wind
You mean this one ? You are being a bit generous.
The $2.30 per share takeover offer from the Infratil and Mercury Joint
Venture (JV) for your Tilt Renewables shares (the Offer) is due to close at
11.59pm on October 15th (unless the Offer Period is extended by the JV).
At the time of writing this letter, acceptances of the Offer total less than
1% of the shares of Tilt Renewables (excluding the exercise of the option
over the shares held by TECT Holdings Limited which was entered into prior to
the Offer).
It appears shareholders overwhelmingly agree with the Independent Directors
that the Offer is inadequate and does not represent fair value for your Tilt
Renewables shares.
Since the $2.30 takeover offer in late 2018, TLT has had a 1:2 cash issue at $1.70 per share followed by a 1:5 share cancellation at $2.91 which effectively returned the full amount raised in the cash issue. By my rough calculation, the $2.30 takeover price is effectively equivalent to $1.92 per share taking into account the cash issue and cancellation. Today's closing price of $6.05 represents a 215% gain on this over this effective price in a period of just over 2 years. If IFT had bid a sensible amount at the time (say $2.50 per share), my bet is they (in conjunction with MCY) would have got to 90% and forced minorities out. Bet they are kicking themselves now for being to tight with the purse strings.
They are not the only ones looking for green power
https://www.marketscreener.com/quote...sted-31982719/
Parcel of 173,425 shares traded at $6.37 at NZX close today, which was off the intra day high of $6.68. Price up by over 50% during December since IFT announced their holding was on the block. Presumably AustralianSuper’s rejected bids for IFT also driving interest in a stock where there is limited free float.
Very difficult for a retail shareholder to determine where the true value of TLT lies, but the trade today suggests some large bets are being placed (by both the seller and purchaser). Renewable energy very much in vogue. Potential purchasers view on the value of TLT’s development pipeline will also be crucial.
Yes, good outcome I suppose - always hate to see public companies sold. My average buy price was apparently 146 (not sure exactly how that was worked out as my main buys were around 200 in 2019, the original shares were knocked out of trustpower and then there was a capital reconstruction...), anyway about 4x the purchase price over a few years not too shabby. What is going on with this site.
Well done
You trumpted it !
Too late too jump on the Tilt train you think? I always seem to miss my chance!
Could the vote at the shareholder meeting stop this takeover?
A scheme of arrangement needs 75% from each interest class to pass. I think Mercury should be in its own interest class because it is part of the buyer consortium as well as a seller. But will Infratil be in its own interest class, or will the Infratil vote just make the rest of the shareholders' votes irrelevent?
I will vote against it regardless, but just wondering if that will be anything more than a symbolic gesture?
Another offer..https://www.nzx.com/announcements/370678
Trading halt due to a discussion re a superior scheme arrangement for shareholders than previously advised. Maybe a share offer in IFT for TLT share holders? Been an interesting company to hold.
wonder if its APA GROUP on the asx
Always figured there was no point putting your best number forward in that process. Just wait to see what the highest offer is and then up it slightly...
street talk reporting New Tilt Renewables bid at $NZ8; QIC, AGL consider matching
wouldnt surprise me if all 3 parties enter a bidding war. apa was pretty disappointed to miss out . and to think ift tried to steal it from us at $2.30 lol
TLT has made an ASX release tonight advising that scheme of arrangement consideration offered by PowerAR and Mercury has been increased to $8.10 per share. See ASX announcement for details.