odyd

TerraForm Global (GLBL)

242 posts in this topic

Stock can now be traded only in nickel increments and absent volume is just noise.

As soon as I posted above, I see the release of their Q1 results...for 2016. 

 

Edited by pg6solar
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Looks like GLBL and TERP are close to announcing something.   TERP gave a mid-January deadline for additional bids to come in a while back. 

On yesterday's call, GLBL basically said things are on hold until they decide on "strategic alternatives" and that this month, they "will consider bids received."  Pretty clear -- multiple bids on the table.  This is the first official word we have heard publicly regarding GLBL and suitors.  Makes sense that the stock is jumping yesterday and today. We may get word by the end of this week and certainly before the end of the month (same with TERP).
 
 
 
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Brookfield reports 12.12% stake in TerraForm Power, submits deal proposals Brookfield Asset Management (BAM), which holds a 12.12% active interest in TerraForm Power (TERP), said in a regulatory filing that, on January 9, it submitted alternative proposals to the Issuer's advisors with respect to a potential transaction involving Brookfield and the Issuer. The proposals are the following: Brookfield would purchase 100% of the company; Brookfield would purchase 100% of TerraForm Power and TerraForm Global (GLBL); or Brookfield would replace SunEdison (SUNEQ) as sponsor and controlling shareholder of TerraForm Power; or Brookfield would replace SunEdison as sponsor and controlling shareholder of TerraForm Power and TerraForm Global. In the Whole Company Transaction, Brookfield would acquire all outstanding shares of the Issuer for $11.50 per share in cash, subject to adjustment in respect of certain specified contingencies. All Class B shares of the Issuer and Class B units of TerraForm Power, LLC held by SunEdison would be exchanged for Class A Shares immediately prior to consummation of the transaction and, as so exchanged, would receive the same consideration as all other holders of Class A Shares of the company. In a Double Sponsorship Transaction, Brookfield would be willing to offer incremental aggregate consideration based on a pre-transaction equity value of TerraForm Power of $1.8B, which would represent a pre-transaction value per share of $12.50.
 

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People forget that buyer is offering a price to SUNE not buying it from the market, they want to gain on transaction, it does not mean TERP is only worth 12.50

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GLBL and Brookfield -- agree to negotiate exclusively on several proposed buyout/sponsor scenarios.  Stock soared briefly pre-market, but settled quickly.

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There seem to be a price detail for GLBL, s I assume price for TERP is the same, sounds like they would take GLBL of the market l, or they are ready to, TERP would be sponsored. Did I get it?


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Exclusive to brookfield it means just some details to solve.

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What is interesting for me is not only the price, but also the details of the settlement between SUNEQ and GLBL. As SUNEQ would receive 25% of the total price, and the rest would be distributed to common shareholders. How many shares do they have more than 25%?

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Can someone explain this I see TERP dropping hard

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Does anyone of you know how many class A and B shares of TERP and GLBL SUNEQ hold?

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Just sold GLBL at $4.40 - will use profits to sprinkle into other yieldcos who are already paying dividends.  Still have TERP, waiting to see how that shakes out.  I believe it is going down as the outright buyout offer was $11.50 and the exclusive deal means nothing larger coming from Tepper, etc. 

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1 hour ago, slowtrader said:

With TERP it's the same, but there they would receive 36,9%.

from BK-Filing:

SunEdison holds a total of 48,202,310 Class B shares of TERP and 48,202,310 Class B units19 of Power LLC.20 Pursuant to the limited liability company agreement of Power LLC, SunEdison is also entitled to certain incentive distribution rights (“IDRs”).21 SunEdison’s position represents 100% of the Class B shares of TERP and Class B units of Power LLC outstanding. In the aggregate, SunEdison holds approximately 35% of the economic interests and 84% of the voting interests in TERP, with the securities held indirectly through two SunEdison subsidiaries – SunEdison Holdings Corporation and SUNE ML 1, LLC. As of the Petition Date, TERP had 91,280,208 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 65% of the economic interests of TERP

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1 hour ago, slowtrader said:

What is interesting for me is not only the price, but also the details of the settlement between SUNEQ and GLBL. As SUNEQ would receive 25% of the total price, and the rest would be distributed to common shareholders. How many shares do they have more than 25%?

From BK-Filing:

SunEdison holds a total of 61,343,054 Class B shares of GLBL and 61,343,054 Class B units24 of Global LLC.25 SunEdison’s position represents 100% of the Class B shares of GLBL and Class B units of Global LLC outstanding.26 In the aggregate, SunEdison holds approximately 36% of the economic interests and 98% of the voting interests in GLBL, with the securities held indirectly through a subsidiary, SunEdison Holdings Corporation. As of the Petition Date, GLBL had 116,710,351 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 64% of the economic interests of GLBL. 

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So with TERP common will get about that Brookfield will pay, but with GLBL they should get about 11% of 100 more -> 11/64=17% more than the offer, this could be some compensation for undelivered projects, which would be about $5/share. This should be the reason, why TERP is down and GLBL is up.

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Based on the 8k, it looks like the shareholder of GLBL will receive between 1.5 to 1.75 on top of the buyout offer from BAM. From seekingalpha -  aventeren .

" Okay, 75% of the B shares would be 75% * 61M shares = 46,007,290.5 shares. If there are currently 113,206,700 A shares, that means A shareholders would receive the equivalent of 46,007,290.5 shares / 113,206,700 shares = 0.406 shares. If the offer price were $4.15, then A shareholders would receive a 0.406 shares * $4.15/share = $1.6849/share; 0.406 shares * $4.25/share = $1.7255/share; 0.406 shares * $4.35/share = $1.7661/share; etc. So this "allocate 75% of B shares to A shareholders" clause would mean something like $1.68-ish to $1.80-ish in additional value for A shareholders. Is my math right? I'm just noodling here. "

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