Shortly after the AGM, the company then confirmed its three main shareholders (representing 71.5 % of NTR's issued share capital) had reached agreement, and had «put a proposal to the Board that it initiate a process to sell the NTR
US wind assets as soon as possible and that NTR implement a tender offer as soon as possible thereafter for NTR's issued shares.»
Which would imply $ 223 million of cash & $ 7.4 million
of wind assets gets demerged into New NTR — potentially, that equates to a $ 2.35 NAV per share redemption.
North America, on the other hand, continues to have no
offshore wind assets in operation, despite huge potential.
It was also acknowledged (as I'd already argued in my prior post) «there could be strong interest in the US
wind assets given their quality and operational performance», and that «a successful sale could result in an opportunity for an additional liquidity event for all our shareholders.»
Five
Winds Asset Management and QW Lianora Swiss Consulting SA were running investment schemes without authorisation.
In fact, offshore wind energy costs have fallen so dramatically, simultaneous with improving technology, that even coal - heavy Poland has announced it will begin
developing wind assets.
U.S. wind builders are on the verge of developing the
enormous wind assets off the Atlantic Coast and on the Great Lakes.
However, the real AGM highlight was confirmation the board had already requested management (in April - 2014, which of course «preceded and was entirely independent from any... shareholder discussions») to consider the strategic options for NTR's
US wind assets.
«We'll prudently maintain our
offshore wind assets — which includes working with the Bureau of Ocean Energy Management (BOEM) on a lease for the Delaware project — and continue to seek a buyer or major investor for that project.»
«For Bezos,
wounded assets in important or growing business categories aren't challenges to be avoided.
TerraForm Power owns about 2,967 megawatts of solar and
wind assets in the United States, Canada, the United Kingdom and Chile.
But first, NTR has to arrive at a decision to sell its US
wind assets.
What: The CanWEA O&M Summit, which includes a tabletop exhibit featuring leading companies in the sector, is developed with O&M professionals to help Canadian wind operators make informed decisions when it comes to operating
their wind assets in Canada.