LONDON
Songbird said it still thought the price undervalued the estate but with no rival bid forthcoming and holders of 86 percent of the shares backing the deal, it said its minority investors should accept.
Qatar Investment Authority (QIA) and partner launched a 350 pence-a-share offer direct to Songbird shareholders in December, hoping to add a financial district rivaling the City of London to landmarks already in its portfolio such as the Shard skyscraper and Harrods department store.
Canary Wharf's steel and glass skyscrapers, home to banks such as HSBC (HSBA.L), Citi (C.N) and JP Morgan (JPM.N), embody the change in London's economy in the second half of the 20th century as industry dwindled and financial services grew.
The redevelopment of the former West India Docks, which
traded in everything from tobacco to bananas, was championed by 1980s Prime Minister Margaret Thatcher, who saw the need for more space for a financial sector booming after her "big bang" reforms.
The QIA already owned 29 percent of Songbird, which in turn owns 70 percent of Canary Wharf Group. Its partner in the deal, U.S. investor Brookfield Property Partners (BPY.N), has 22 percent of Canary Wharf Group.
The complicated structure featuring a layer of shareholders in Songbird and another in Canary Wharf tended to leave Songbird trading at a discount to the value of its property and helped make it a takeover target, analysts say.
GROWTH POTENTIAL
Songbird said earlier this month the 350p offer was an 8 percent discount to its net asset value of 381p at the end of November, and put no value on its growth potential.
Shares in the group, which had been trading about 10 percent below the offer price due to scepticism it would go through, were up 6.5 percent at 342.5p by 1043 GMT.
Songbird had already said that if one or more of the other three large shareholders, New York-based investor Simon Glick, China Investment Corp and Morgan Stanley Investment Management, were to accept, the offer would become unconditional. Combined they own just over 50 percent.
Since the offer looked like a foregone conclusion after all three major investors indicated they would approve, minority shareholders could be left holding stock in a group no longer listed and therefore difficult to value, Songbird said.
Songbird, backed by Morgan Stanley, had won control of Canary Wharf in 2004 with a 1.7 billion pound cash offer.
Canary Wharf Group is led by 69-year-old George Iacobescu, who is in line for a 3.5 million pound windfall from the bid.
The company is preparing to start work on two major developments: a 60-storey tower with the first residential property on the estate and a 20-acre waterside site with 3,100 homes and office buildings.
Shareholders have until Thursday to accept the offer.
Oando Reviews Offer
Terms On Rights Issue
January 28, 2015 Felicia Omari Ochelle Energy, Stocks & Bonds
oando (1)
Share via email
inShare Share
VENTURES AFRICA- Oando Plc, Nigeria’s largest indigenous oil and gas
firm, yesterday, announced a change in Offer Terms on an ongoing Rights
Issue. The Offer size, price and ratio have been updated to
2,956,353,579 ordinary shares of 50 kobo each at N16.50 per share (1:3),
from the previous 2,217,265,185 ordinary shares of 50 kobo each at
N22.00 per share (1:4).
This change is in reaction to the current market conditions which have
resulted in the 28% fall in the NSE All Share Index over the last 3
months. In order for the terms of the rights issue to break even, an
application was made to the Securities & Exchange Commission to
change the Offer size, price and ratio of the Rights Issue and this has
been approved.
The indigenous energy group also explained that shareholders who have
already taken up their rights do not need to take any action. This is
because the change in the offer price and the share exchange ratio
suggest that the consideration to be paid for rights concerning the
existing holdings remains unchanged under both circumstances.
The issue price has been revised to N16.50 and the Issue ratio to One
(1) new ordinary share for every Three (3) ordinary shares of 50 Kobo
each held at the close of business on Friday, 25th July, 2014.
All affected shareholders will therefore be allotted extra shares,
representing the appropriate increment over and above the number of
Rights they had accepted previously with no update to the amount of the
consideration.
Read more at: http://www.ventures-africa.com/2015/01/oando-reviews-offer-terms-on-rights-issue/
Read more at: http://www.ventures-africa.com/2015/01/oando-reviews-offer-terms-on-rights-issue/
Kenya Deepens Solar
Energy Potentials With New Plant
January 28, 2015 Niyi Aderibigbe Energy
Solar power
Share via email
inShare Share
VENTURES AFRICA – With the construction of a new solar plant which will
begin production of electric power by January 2016, Kenya is making bold
moves to bolster and harness its solar energy potentials. In the near
future, solar power may play a very prominent role in the energy matrix
of the East African country which has, hitherto, focused on geothermal,
hydropower and wind sources.
According to a statement from an independent power producer
Greenmillenia Energy Limited (GEL), the plant, which would be built in
the Isiolo county in northern Kenya, will have a total power output
capacity of about 40 megawatts (MW) thus delivering reliable and
predictable power to the national grid at a fixed price for a minimum of
two decades as well as providing other socioeconomic benefits.
“This project represents a sustainable renewable energy investment,
which allows both (GEL) and the government of Kenya to take a lead in
the global clean energy revolution. It sends the right signals for clean
energy investments in Kenya,” said Bartholomew Simiyu, GEL’s advisory
director.
Once operational, the plant will help facilitate the country’s target of
generating 5,000 MW from all energy sources by 2018. It is expected
that the solar plant will surpass all others in East Africa in terms of
power output. Costing about $86 million to build, the plant will be
financed by the Export-Import Bank of China, with the African
Development Bank possibly coming on board later.
“The company has presented the required technical, environmental and
financial assessments to the government, and has acquired a generating
license from the Energy Regulatory Commission (ERC). Local communities
would benefit from jobs for those with construction and engineering
skills, and neighbouring villages and public institutions would gain
access to electricity, expanding their opportunities,” Simiyu said.
Studies from the Kenyan Energy Regulatory Commission suggests that the
solar energy route is a sustainable one as the country receives some 4
to 6 kilowatt hours of sunshine per square meter every day; however, all
present solar devices only tap a paltry 20 MW of power which, according
to the ERC, is less than 1 percent of total solar energy potentials.
As the climate shifts in unpredictable ways, a diversified energy mix
can help the African continent in much the same way as a diversified
economy helps every other country in the face of unexpected economic
fluctuations. Therefore, more African states should seek to harness the
very natural solar radiation potentials present in virtually every part
of the continent as this is a credible solution to bridging the power
gaps seen across the region.
Total Views: 378 ,
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
Kenya Deepens Solar
Energy Potentials With New Plant
January 28, 2015 Niyi Aderibigbe Energy
Solar power
Share via email
inShare Share
VENTURES AFRICA – With the construction of a new solar plant which will
begin production of electric power by January 2016, Kenya is making bold
moves to bolster and harness its solar energy potentials. In the near
future, solar power may play a very prominent role in the energy matrix
of the East African country which has, hitherto, focused on geothermal,
hydropower and wind sources.
According to a statement from an independent power producer
Greenmillenia Energy Limited (GEL), the plant, which would be built in
the Isiolo county in northern Kenya, will have a total power output
capacity of about 40 megawatts (MW) thus delivering reliable and
predictable power to the national grid at a fixed price for a minimum of
two decades as well as providing other socioeconomic benefits.
“This project represents a sustainable renewable energy investment,
which allows both (GEL) and the government of Kenya to take a lead in
the global clean energy revolution. It sends the right signals for clean
energy investments in Kenya,” said Bartholomew Simiyu, GEL’s advisory
director.
Once operational, the plant will help facilitate the country’s target of
generating 5,000 MW from all energy sources by 2018. It is expected
that the solar plant will surpass all others in East Africa in terms of
power output. Costing about $86 million to build, the plant will be
financed by the Export-Import Bank of China, with the African
Development Bank possibly coming on board later.
“The company has presented the required technical, environmental and
financial assessments to the government, and has acquired a generating
license from the Energy Regulatory Commission (ERC). Local communities
would benefit from jobs for those with construction and engineering
skills, and neighbouring villages and public institutions would gain
access to electricity, expanding their opportunities,” Simiyu said.
Studies from the Kenyan Energy Regulatory Commission suggests that the
solar energy route is a sustainable one as the country receives some 4
to 6 kilowatt hours of sunshine per square meter every day; however, all
present solar devices only tap a paltry 20 MW of power which, according
to the ERC, is less than 1 percent of total solar energy potentials.
As the climate shifts in unpredictable ways, a diversified energy mix
can help the African continent in much the same way as a diversified
economy helps every other country in the face of unexpected economic
fluctuations. Therefore, more African states should seek to harness the
very natural solar radiation potentials present in virtually every part
of the continent as this is a credible solution to bridging the power
gaps seen across the region.
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
Kenya Deepens Solar
Energy Potentials With New Plant
January 28, 2015 Niyi Aderibigbe Energy
Solar power
Share via email
inShare Share
VENTURES AFRICA – With the construction of a new solar plant which will
begin production of electric power by January 2016, Kenya is making bold
moves to bolster and harness its solar energy potentials. In the near
future, solar power may play a very prominent role in the energy matrix
of the East African country which has, hitherto, focused on geothermal,
hydropower and wind sources.
According to a statement from an independent power producer
Greenmillenia Energy Limited (GEL), the plant, which would be built in
the Isiolo county in northern Kenya, will have a total power output
capacity of about 40 megawatts (MW) thus delivering reliable and
predictable power to the national grid at a fixed price for a minimum of
two decades as well as providing other socioeconomic benefits.
“This project represents a sustainable renewable energy investment,
which allows both (GEL) and the government of Kenya to take a lead in
the global clean energy revolution. It sends the right signals for clean
energy investments in Kenya,” said Bartholomew Simiyu, GEL’s advisory
director.
Once operational, the plant will help facilitate the country’s target of
generating 5,000 MW from all energy sources by 2018. It is expected
that the solar plant will surpass all others in East Africa in terms of
power output. Costing about $86 million to build, the plant will be
financed by the Export-Import Bank of China, with the African
Development Bank possibly coming on board later.
“The company has presented the required technical, environmental and
financial assessments to the government, and has acquired a generating
license from the Energy Regulatory Commission (ERC). Local communities
would benefit from jobs for those with construction and engineering
skills, and neighbouring villages and public institutions would gain
access to electricity, expanding their opportunities,” Simiyu said.
Studies from the Kenyan Energy Regulatory Commission suggests that the
solar energy route is a sustainable one as the country receives some 4
to 6 kilowatt hours of sunshine per square meter every day; however, all
present solar devices only tap a paltry 20 MW of power which, according
to the ERC, is less than 1 percent of total solar energy potentials.
As the climate shifts in unpredictable ways, a diversified energy mix
can help the African continent in much the same way as a diversified
economy helps every other country in the face of unexpected economic
fluctuations. Therefore, more African states should seek to harness the
very natural solar radiation potentials present in virtually every part
of the continent as this is a credible solution to bridging the power
gaps seen across the region.
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
Read more at: http://www.ventures-africa.com/2015/01/kenya-deepens-solar-energy-potentials-with-new-plant/
No comments:
Post a Comment