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dydo

TerraForm Power, Inc. (TERP)

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1 hour ago, slowtrader said:

But the price is above the brookfield offer of 12

True, but is the Brookfield offer for all outstanding shares?  I thought it was only for a percentage, so this will not be a forced buyout of all retail shares.  Does anyone have any insight on this?

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45 minutes ago, solarpete said:

True, but is the Brookfield offer for all outstanding shares?  I thought it was only for a percentage, so this will not be a forced buyout of all retail shares.  Does anyone have any insight on this?

I think Brookfield is only investing in TERP by buying SUNEQ shares. As with CAFD, B shares are less valuable than ones on the public markets.

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That's what I thought--that Brookfield is only buying the TERP shares held by SUNEQ.  Once that sale finally goes through, at whatever price, I look for the retail shares to increase.  Maybe not much, but some, just based on the increased certainty in the future of the company.

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Brookfield will buy 51% of TERP, but, as SUNEQ has less than that, part of common will also be converted to cash.

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Interesting.  Thanks for the link!

But these details apply only to Class A shares.  I presume that means the common stock I bought is unaffected?

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6 hours ago, solarpete said:

Interesting.  Thanks for the link!

But these details apply only to Class A shares.  I presume that means the common stock I bought is unaffected?

I think Class A are common and Class B the ones owned by SUNEQ, which will be converted to Class A in this transaction.

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In that case, I suppose I should expect communication from my broker as to whether I want the cash or keep the shares (and since I bought at a higher price, I'll keep the shares).  Haven't heard anything yet, though.  In any case, I like the sound of that special dividend!

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On 4.8.2017 at 9:06 PM, dydo said:

They are buying the interest from SUNEQ not public. 

From my IB-Account-management - so all common get this option.

 

Brookfield Asset Management Inc. and Terraform Power Inc. have entered into a merger agreement in which Brookfield Asset Management Inc. will acquire all of the outstanding common stock of Terraform Power Inc.

Shareholders are being provided the option to elect to receive either cash or stock consideration in exchange for their shares.

The terms of the offer are as follows (subject to proration):

Option 1 - Take no action

Option 2 - Tender shares for cash election: 9.52 USD per share tendered and accepted

Option 3 - Tender shares for stock election: Receive 1 share of Terraform Power Inc. Class A Common Stock per share tendered and accepted

Proration: It is anticipated that 49% of the Terraform Power Inc. Stock will be exchanged for Class A Common Stock shares and 51% will be exchanged for Cash. 

Guaranteed Delivery: No
Last day to purchase and be eligible to tender: 2017-10-04

The deadline to tender shares to the offer will be 2017-10-06 @ 13:00 (America/New_York).

In the absence of an election, no action will be taken and holders will receive the default consideration. 

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The transaction is to buy all A class from everyone and replace them with A class shares. If one chose no election they are likely to end up with shares as long as Brookfield gets its ownership percentage.  October 16th is the transaction day for TERP

https://seekingalpha.com/pr/16962285-terraform-power-announces-merger-sponsorship-transaction-brookfield-close-october-16-2017

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9.52 plus 1.94 that is only 11.46, I am not sure to this day why the stock is over 13.

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On 7.10.2017 at 6:36 PM, dydo said:

9.52 plus 1.94 that is only 11.46, I am not sure to this day why the stock is over 13.

Maybe hope, that new class A shares will be worth more?

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On ‎10‎/‎7‎/‎2017 at 10:34 AM, dydo said:

The transaction is to buy all A class from everyone and replace them with A class shares. If one chose no election they are likely to end up with shares as long as Brookfield gets its ownership percentage.  October 16th is the transaction day for TERP

https://seekingalpha.com/pr/16962285-terraform-power-announces-merger-sponsorship-transaction-brookfield-close-october-16-2017

I still haven't received any communication from Ameritrade about any election I need to make for the shares I hold.  Strange.  Think I'll call them in the next few days just to make sure I can hold my shares.

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got 100% share and no cash as elected:

2017-10-12, 19:45:00 TERP(US88104R1005) Tendered to US88STKR9024 1 FOR 1 (TERP, TERRAFORM POWER INC - A, 88104R100)
2017-10-12, 19:45:00 TERP(US88104R1005) Tendered to US88STKR9024 1 FOR 1 (TERP.STK, TERRAFORM POWER INC - A - TENDER FOR STOCK, 88STKR902)

 

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So I called Ameritrade and confirmed with them that they had not attempted to contact me.  They said since this was a "voluntary" election, it was up to me to contact them.  Voluntary, my foot--the old shares are going away, and there's no way to keep them.  So shareholders HAVE to do something.  And if I hadn't contacted them, I could have received any of the options--shares, cash, or a combination.  There was no single default.  Can't say I'm impressed with their customer service here--if I hadn't been up on this news through this forum, who knows what I would have gotten.  Anyway, no harm done, though--I gave them instructions to exchange the old shares for new shares, and today it looks like they've done that.

Now let's hope TERP finally flourishes.  If they're getting bought for $9.50 (OK, plus a $2 dividend), you can bet those folks think they're actually worth 18.

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new old TERP, $0.72 per share dividend in 2018.

TERP will pay $0.72 per share for 2018. The company has148M shares and it is worth $1.7B market cap. It has over 2.6GW of projects versus 0.57GW of projects CAFD has.  It has also $692M in cash.  CAFD has $1.3B market cap. CAFD price would be $370M on assets only. However, $600M cash, take that out and CAFD is worth as much as TERP.  So overpriced.

http://www.terraformpower.com/phoenix.zhtml?c=253464&p=irol-calendar

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why are all my quote sources misreporting the TERP price increase today by over ~$1/sh? *edit* Actually closer to $2/sh...

Edited by disdaniel

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51 minutes ago, disdaniel said:

why are all my quote sources misreporting the TERP price increase today by over ~$1/sh? *edit* Actually closer to $2/sh...

Up $3.5 now.  Impressive in the face of solar weakness.

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2 minutes ago, disdaniel said:

but the price is only up ~$1.70, not ~$3.70.  Not saying not strong impressive, just not over 33% up

Oh, I see it now.  It reported the yesterday closing price of $9.62, which is clearly wrong.

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On 12/6/2017 at 1:54 PM, disdaniel said:

TERP getting roughed up lately.  anyone think it will go below $10?

Not anymore with the tax reform keeping everything intact and the Brookfield empire now able use tax equity in deals, with 72 cents expected for 2018 in dividend it is below CAFD and PEGI. AY looks perhaps more growth-oriented. 

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