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Felix Pinhasov is a Financial Analyst, Accountant and a Speculator in Natural Resource Equities.
  • An Open Letter To Finavera Energy Shareholders, Management And The Board 76 comments
    Dec 20, 2012 2:48 PM | about stocks: FNVRF

    Fellow Shareholders, respected board members and senior management personnel:

    Today Finavera Energy (OTC:FNVRF) announced the sale of its British Colombia assets for $40M to Pattern Energy Group, while retaining its 10 percent interest in an Irish wind project. It does not take a genius to net the pro-forma assets and liabilities of the corporation and realize that the market finds the deal objectionable.

    On November 16, 2012 the company reported that the offers it received ranged from an outright takeover of the company to a corporate partnership. The company's board and management have chosen neither of these options and decided to proceed with a terrible agreement that exposes Finavera to potential financing risks as only $11M will be payable from Pattern Energy Group and the remainder subject to project financing. Why should Finavera and its shareholders be exposed to such risks, when the company gains no benefits from the projects?

    In addition, management and the board failed to recognize the time decay of money. In what world is $29M (the remainder) a year, or two from now is worth as much as $29M today? How can the board possibly agree to these terms?!

    A strategic review should significantly decrease the discount between the market value of the company and its inherent value. After all, that is why a strategic review process is undertaken. Instead, the board managed to choose the one option that resulted in the exact opposite!

    The spread between the market value of the company and its inherent value is now greater than before the deal was announced.

    By selling most of the company's portfolio and retaining the cash to "pursue further high growth opportunities" the board and management are sending the wrong message to the market. Whose interests does the board exactly have in mind? In other words, management and the board decided that shareholders, whom suffered the incredible volatility and depreciation of their investment over the past year, are secondary and not primary. Management and the board have frankly betrayed shareholders and put their personal interests (their jobs) ahead of those of the company's true owners-- its shareholders.

    This is not the time for arrogance and personal pride. Management and the board, who are also major shareholders, truly must see that the deal is not favorable. It exposes us to risks, but none of the benefits.

    I strongly urge you fellow shareholders to express your dismay and aversion to the deal announced today by making your voice heard loud and clear. Let the company know you will vote AGAINST the deal, express your right as a shareholder!

    Disclosure: I am long OTC:FNVRF.

    Stocks: FNVRF
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Comments (76)
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  • sandylast
    , contributor
    Comment (1) | Send Message
     
    I couldn't agree more Felix. They can sell the company and that's it.
    I own 50,000 shares.
    20 Dec 2012, 03:38 PM Reply Like
  • dtmilani
    , contributor
    Comments (2) | Send Message
     
    This was a terrible deal for all shareholders, what the heck were they thinking. Felix you hit it right on the nose, excellent writing, a true expression of how I felt. I own 10,000 shares.
    20 Dec 2012, 03:58 PM Reply Like
  • martin_levi
    , contributor
    Comment (1) | Send Message
     
    There is a clear problem here! Management stubbed us in the back!
    I own 25,000 shares and there is no way in hell I am voting for this horrible deal!
    I am with you guys
    20 Dec 2012, 04:00 PM Reply Like
  • MarginCall12
    , contributor
    Comment (1) | Send Message
     
    I totally agree, they should of sold the company as a whole.
    Shareholders should combine their voting power.
    I hold 120,000 shares and will vote this down.
    20 Dec 2012, 04:03 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » sandylast 50,000
    dtmilani 10,000
    martin_levi 25,000
    MarginCall12 120,000
    Felix Pinhasov 100,000
    Total 305,000
    20 Dec 2012, 04:19 PM Reply Like
  • NickelZinc
    , contributor
    Comments (12) | Send Message
     
    I tried sent the letter to All Weinstein, she is a major shareholder and stands to lose quite much.

     

    Add me to the list, I own 40,000 shares.
    20 Dec 2012, 04:46 PM Reply Like
  • Shahar12
    , contributor
    Comments (3) | Send Message
     
    I utterly agree with you all on this one; an issue of pride and arrogance indeed! Management and shareholders must react appropriately and FAST as we are now exposed to many more risks due to this nonsensical barter! I currently hold 12,000 shares.
    20 Dec 2012, 04:53 PM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    I agree! sell the company and give us something back
    I own 27,000 shares
    20 Dec 2012, 04:56 PM Reply Like
  • Judith_12
    , contributor
    Comment (1) | Send Message
     
    This is appalling! Bak screwed us all!! WOW!!
    I own 12,000 shares
    20 Dec 2012, 04:57 PM Reply Like
  • miketheike
    , contributor
    Comment (1) | Send Message
     
    Well written Felix. What's wrong with these guys?
    I own 10,000 shares
    20 Dec 2012, 05:00 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » sandylast 50,000
    dtmilani 10,000
    martin_levi 25,000
    MarginCall12 120,000
    Felix Pinhasov 100,000
    NickelZinc 40,000
    Shahar12 12,000
    what_happened 27,000
    Judith_12 12,000
    miketheike 10,000
    New Total 406,000
    20 Dec 2012, 05:11 PM Reply Like
  • billnyc
    , contributor
    Comments (5) | Send Message
     
    Hello Felix.
    Could you tell me what to do with my 75,000 shares.
    How do I vote against it? I really know little about investing.
    23 Dec 2012, 04:57 AM Reply Like
  • NickelZinc
    , contributor
    Comments (12) | Send Message
     
    Doing the same Margin.
    I own 40,000 shares.
    20 Dec 2012, 05:14 PM Reply Like
  • ricardo123
    , contributor
    Comment (1) | Send Message
     
    Felix you head the nail in the head!! There plenty of other offers on the table as you mentioned and the company mentioned in the November 16 release
    Vote down the deal !!!!!!!!!!!!!!!!
    add me to the list, I own 10,000 shares.
    20 Dec 2012, 05:30 PM Reply Like
  • leesangg
    , contributor
    Comment (1) | Send Message
     
    wow talk about value destruction, maybe it was intentional...
    add me to the list, I own 8,000 shares and I intend to vote AGAINST this incredibly ridiculous deal.
    20 Dec 2012, 05:32 PM Reply Like
  • dr_pants_esq
    , contributor
    Comment (1) | Send Message
     
    30000 shares, This deal is all about the bums getting paid for a few more years. I will vote against.
    20 Dec 2012, 05:36 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » sandylast 50,000
    dtmilani 10,000
    martin_levi 25,000
    MarginCall12 120,000
    Felix Pinhasov 100,000
    NickelZinc 40,000
    Shahar12 12,000
    what_happened 27,000
    Judith_12 12,000
    miketheike 10,000
    ricardo123 10,000
    leesangg 8,000
    dr_pants_esq 30,000

     

    New Total 454,000
    20 Dec 2012, 06:05 PM Reply Like
  • ali1t
    , contributor
    Comment (1) | Send Message
     
    I own 30,000 Shares and will also be voting down the deal, this is all it is, a way for the management to keep their jobs. Truly a disgrace and not beneficial to shareholders who have held this stock for many years.
    Note: I've been holding on to them since 2007
    20 Dec 2012, 06:36 PM Reply Like
  • LiranAngry
    , contributor
    Comment (1) | Send Message
     
    I am sooo pissed off! on a day we should be celebrating, we are....well shocked.
    I will definitely vote AGAINST this, why couldn't they just sell the company?!
    I own 8,000 shares
    thanks Felix!
    20 Dec 2012, 06:39 PM Reply Like
  • washingsocks
    , contributor
    Comments (3) | Send Message
     
    I share the disappointment of the other posters. I am a long term holder from the days of sinking bouys. My shares will vote NO. Let us know the ballpark offers from the other 3-15 interested parties.
    Shares owned: 120,000
    20 Dec 2012, 06:52 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » sandylast 50,000
    dtmilani 10,000
    martin_levi 25,000
    MarginCall12 120,000
    Felix Pinhasov 100,000
    NickelZinc 40,000
    Shahar12 12,000
    what_happened 27,000
    Judith_12 12,000
    miketheike 10,000
    ricardo123 10,000
    leesangg 8,000
    dr_pants_esq 30,000
    ali1t 30,000
    LiranAngry 8,000
    washingsocks 120,000

     

    New Total 612,000
    every vote count!!!
    20 Dec 2012, 07:20 PM Reply Like
  • Betrayed Shareholder
    , contributor
    Comment (1) | Send Message
     
    I will also be voting NO on this Deal and own 15000 shares.
    21 Dec 2012, 12:42 AM Reply Like
  • carter18
    , contributor
    Comments (2) | Send Message
     
    Add me down for 100,000. There is no way I'm voting in favor of this. Time for one one of the other bidders to step in...
    21 Dec 2012, 02:41 AM Reply Like
  • sabrina159
    , contributor
    Comment (1) | Send Message
     
    Excellent and well put Felix. I own 20,000 shares and will not budge until the right offer is presented to us.
    Please continue gathering other shareholders.
    p.s. I got found your letter through stockhouse.com
    21 Dec 2012, 12:14 AM Reply Like
  • wandzy
    , contributor
    Comments (2) | Send Message
     
    I completely agree - 64 000 of my shares will vote no to the proposed deal.
    I have a few friends who are also invested in FVR, so I will circulate this thread onto them.
    There are 37.4M shares outstanding, correct?
    21 Dec 2012, 12:41 AM Reply Like
  • 8mileman
    , contributor
    Comment (1) | Send Message
     
    Terrible deal. 13,300 shares to join in your vote.
    21 Dec 2012, 01:22 AM Reply Like
  • fvruser
    , contributor
    Comment (1) | Send Message
     
    I agree!
    I own 66000 shares
    21 Dec 2012, 01:26 AM Reply Like
  • the slice
    , contributor
    Comment (1) | Send Message
     
    Terrible deal. 15,000 shares. Will vote against it.
    21 Dec 2012, 02:02 AM Reply Like
  • dasc
    , contributor
    Comment (1) | Send Message
     
    Not Pleased
    100 000
    21 Dec 2012, 02:16 AM Reply Like
  • slippery_pete
    , contributor
    Comment (1) | Send Message
     
    I'm in at 26,000 shares... not pleased
    21 Dec 2012, 03:55 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » holder units
    sandylast 50,000
    dtmilani 10,000
    martin_levi 25,000
    MarginCall12 120,000
    Felix Pinhasov 100,000
    NickelZinc 40,000
    Shahar12 12,000
    what_happened 27,000
    Judith_12 12,000
    miketheike 10,000
    ricardo123 10,000
    leesangg 8,000
    dr_pants_esq 30,000
    ali1t 30,000
    LiranAngry 8,000
    washingsocks 120,000
    Betrayed Shareholder 15,000
    carter18 100,000
    sabrina159 20,000
    wandzy 64,000
    8mileman 13,300
    fvruser 66,000
    the slice 15,000
    dasc 100,000
    slippery_pete 26000

     

    New Total 1,031,300
    (yes wendzy, you are corret)
    21 Dec 2012, 11:13 AM Reply Like
  • smawani
    , contributor
    Comment (1) | Send Message
     
    Complete disaster - what a disappointment. I own 17,500.
    21 Dec 2012, 12:51 PM Reply Like
  • aerospace1
    , contributor
    Comment (1) | Send Message
     
    Put me down for 50,000 shares , holding since long before the 1 for 10 reverse split
    21 Dec 2012, 12:21 PM Reply Like
  • frantic_rabbit
    , contributor
    Comment (1) | Send Message
     
    Add my 36,400 shares to your count.
    I will vote against this deal.
    I will vote against any FVR employee stock option plan.
    The business model of this company is broken and
    capital should be return to its shareholders and not to
    an entrenched management team.
    21 Dec 2012, 12:49 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » New Total : 1,135,200 votes AGAINST !!!

     

    As shareholders we have the absolute right to vote on the 4 plus offers that range from a full takeover to a partnership.

     

    Don't despair, Don't give up!
    21 Dec 2012, 02:48 PM Reply Like
  • JohnnyAugust
    , contributor
    Comments (2) | Send Message
     
    If you actually talk to company and hear the deal and why then you might not be so quick to judge. First and foremost the company owes $9 million to GE and has been late on paying since July. GE gave them time to get something happening, they tried but this is the best deal out there right now. Now that an offer in out in the public I expect there will be some offers raising the bar, it was important to get the ball rolling.
    These last few years it has been difficult to get financial backing for low cap companies in every sector, at least we never went bankrupt.
    If there comes a better offer I believe we will get the payout most seem to want. Our value is currently approximately 3 times our current share price if not more.
    You may never get a chance to vote on this deal as more deals will most likely come in early 2013. IMHO
    21 Dec 2012, 06:44 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » The $40M should go to shareholders, period.
    Not management. If investors wish to invest in the sector, they can do so with the proceeds.
    There were 4+ offers on the table, and at least one was a full on takeover. We have the right to choose.
    22 Dec 2012, 01:24 PM Reply Like
  • carter18
    , contributor
    Comments (2) | Send Message
     
    Well said Felix.
    23 Dec 2012, 05:26 AM Reply Like
  • stop_finavera
    , contributor
    Comment (1) | Send Message
     
    I can't believe at the deal they have accepted!
    They stubbed us in the back...horrible management, horrible board
    I don't own much, by I will vote this DOWN
    add me please: 12,000 shares
    Thx Felix
    23 Dec 2012, 03:27 AM Reply Like
  • 38harry
    , contributor
    Comment (1) | Send Message
     
    I have 10000 put me down
    23 Dec 2012, 03:28 AM Reply Like
  • bladi
    , contributor
    Comment (1) | Send Message
     
    I think this is an opportunity. Management managed to reduce the market cap to $8M!! Tons of upside from here if a takeover is accepted, even at $30M

     

    I own 7,000 shares and will vote AGAINST the deal
    23 Dec 2012, 03:29 AM Reply Like
  • trang111
    , contributor
    Comment (1) | Send Message
     
    Thanks for putting this together, Felix.
    Add my 5,000 shares to the cause.
    23 Dec 2012, 04:07 AM Reply Like
  • Livio Filice
    , contributor
    Comments (75) | Send Message
     
    Worst case managment should of met shareholders half way to get the stock back over 1buck.
    For example:
    - special dividend of 50cents per share
    - share buy back plan up to 1dollar to a max of 50% of the float
    - share distribution for current share holder 1 for 1. That would value the stock over 1dollar.

     

    Management totally screwed shareholders. I held a small amount but sold out at .43cents.
    ReduceCo2
    23 Dec 2012, 04:12 AM Reply Like
  • Mayafan
    , contributor
    Comments (4) | Send Message
     
    Under these terms, will vote no. 12000 shares
    23 Dec 2012, 04:21 AM Reply Like
  • Mayafan
    , contributor
    Comments (4) | Send Message
     
    I am sure that we all hope that another party comes forward with an interesting offer. An alternative deal is required so that will make voting no to the present deal easier. Management will have to make their case and explain why the deal they are presenting us with is the best one for ALL shareholders... At this juncture, I am against. 12000 shares.
    23 Dec 2012, 04:22 AM Reply Like
  • billnyc
    , contributor
    Comments (5) | Send Message
     
    I own 100,000 shares. I am against the deal. Please add to total.
    I am not in the States.HOw can I vote against it now?
    23 Dec 2012, 04:49 AM Reply Like
  • billnyc
    , contributor
    Comments (5) | Send Message
     
    i have about 90,000 shares. I guess I should be against this. I hope they aren't screwing us like everyone is saying. Damn. How do I vote against this if I am not in the States or Canada for the next 5 months.
    23 Dec 2012, 04:50 AM Reply Like
  • billnyc
    , contributor
    Comments (5) | Send Message
     
    I am a novice investor. I hope I didn't really mess up by investing in this FNVRF.
    23 Dec 2012, 04:51 AM Reply Like
  • billnyc
    , contributor
    Comments (5) | Send Message
     
    Hello,
    I would like to join the list. How do I vote against this? I am an ignorant investor. please tell me what to do somebody.
    23 Dec 2012, 04:58 AM Reply Like
  • Mayafan
    , contributor
    Comments (4) | Send Message
     
    As Johnny August alluded to, let's all hope a straight buy out or another offer comes out publicly before March 31st so that we have an alternative to vote on before then. It is unfortunate that the economic conditions and regulatory uncertainty has made this sector vulnerable but we have to deal with it. If the implied value of the deal is way more than 1$/share as some calculated, then let's find an offer that is closest to that which brings us all money or tradable and liquid stock. The management can start another venture from scratch or find themselves a job working for the acquirers. In its present form, the management has to make clear what the timelines are and how much money will be left once the deal is completed and all monies paid at the end. The shell value at conclusion needs to be forecast. Management also needs to guarantee that at the end, with a strategic plan in hand, that the shareholders will decide by proxy to dissolve the company or give management the chance to execute. Right now, with what we have been communicated, I would vote no. 12000 shares
    23 Dec 2012, 06:26 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » New Total: 1,271,200 shares/votes AGAINST

     

    Addressing your concerns:
    1. You will be able to vote against the deal no matter where you are in the world. Its early days and I hope we won't have to waste precious cash on a useless vote.
    2. I will provide you with detailed instructions on how to vote your proxy.
    3. I believe most of us are Canadian, including yours truly. If your not, that's absolutely does not matter. You own a share, you get to vote!
    23 Dec 2012, 01:45 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » On a more encouraging note:

     

    The CEO and I have been in contact through email and are scheduled to talk over the phone.

     

    I will push for the following:
    1. a conference call (ASAP) with a Q&A session
    2. the dates in which the company will recieve the remaining $29M
    3. the disclosure of the number and substance of other offers.
    4. THE RETURN OF CAPITAL TO SHAREHOLDERS!

     

    I will update every shareholder immediately after the call and as a UNITED GROUP, we can take it forward from there.

     

    As of now, our little company is trading at a market cap of about $8M or $0.23/share when the assets were sold for $40M or $1.07/share. Our concerns and objections are indeed justified.
    23 Dec 2012, 03:23 PM Reply Like
  • mtoronto
    , contributor
    Comments (7) | Send Message
     
    I won't get into the number of shares that I own but some of you may know me from the yahoo boards and I have taken this company very seriously. The first concern that I have is why is this not a cash up front deal? I do believe this company does have funds.
    Will FVR also dividend these proceeds to the share holders that held the stock on a certain date?

     

    FVR retained 10% ownership on the Cloosh Valley project. I am not sure if FVR is piggy backing free on this deal or do they have to put up 10% of the financing for the project?

     

    FVR stated "The agreement provides the best value for shareholders after the review of a number of different deal structures, assessment of execution risk and the potential for future value"

     

    FVR........Please explain to your shareholders "Best Value" and "The potential for future value"

     

    What we need is clarity and a good deal to be paid in full. Just can't figure out how a company with over 40 million in net assets is worth less than 10 million on paper. Talk about creative accounting.
    24 Dec 2012, 02:01 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » Fellow shareholders,

     

    I have spoken to the company's CEO last night and discussed a variety of issues ranging from the importance of information and transparency to the necessity of a conference call. Clearly, not announcing a conference call in the news release was a misstep, but let us not dwell on the past and look to the future.

     

    The upcoming conference call will CLEARLY illustrates the alignment of management and the board with shareholders. It will also illustrate Pattern's expertise in developing wind farm facilities and ability to access capital. This is important since future cash payments depend on, partially, on Pattern Energy.

     

    If you have any questions, or need further clarifications I strongly urge you to email the company and request to speak with Mr. Bak, Finavera's chief executive and founder. He will answer your questions as long as it does not entail insider information.

     

    I look forward to the conference call and your constructive feedback.
    24 Dec 2012, 11:47 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » As a united group, we are making a difference:
    http://bit.ly/12LeXqa
    24 Dec 2012, 03:39 PM Reply Like
  • elsolivars
    , contributor
    Comment (1) | Send Message
     
    hey felix,
    i´m a german shareholder, holding 18K ;
    count my shares if you wish;
    also i ´m voting no, reg. the knowing circumstances.

     

    elsolivars

     

    ,
    ,
    28 Dec 2012, 04:34 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » We got the attention of management, we got the conference call we wanted. Lets wait for further information.

     

    New Total: 1,289,200
    28 Dec 2012, 12:16 PM Reply Like
  • Tom Konrad, CFA
    , contributor
    Comments (1000) | Send Message
     
    I talked to Jason Bak on Wednesday. Here is my take on the transaction: http://onforb.es/VrtvWD
    30 Dec 2012, 02:06 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » CONFERENCE CALL: January 9th at 8:00am PST. Dial in CDN/US: 1-888-390-0605 or 1-416-764-8609.
    7 Jan 2013, 09:06 AM Reply Like
  • alexlloyd
    , contributor
    Comment (1) | Send Message
     
    If you really want to get angry, have a look at the public LOI between Pattern & Finavera which has been heavily redacted. It basically says that if the deal is not approved by Finavera’s shareholders, Pattern has the right to buy two of the projects, one of which is Tumblers Ridge (the highest value project in today’s money). This would actually be a good result for Pattern as two of the four projects currently have very little value and liabilities attached to them (negative value). This appears to an attempt by Pattern and Finavera to circumvent the shareholders’ right to approval a major transaction. Is this legal?
    9 Jan 2013, 07:04 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » This morning's Finavera conference call illustrates value going forward.
    Unfortunately the company cornered itself with debt payable to GE (we all know who's fault that is), which inhibited the auction process in the time available to let other potential bidders conduct the necessary due diligence. Voting against (if even possible, since the company is majority owned by several shareholders) the deal leaves current shareholders in danger of excessive dilution and is therefore not a viable path. Voting FOR the transaction seems to be the only way to generate the value inherent in the company.
    9 Jan 2013, 12:02 PM Reply Like
  • D Lane
    , contributor
    Comments (1352) | Send Message
     
    Thanks, Felix. I appreciate your opinion.
    9 Jan 2013, 12:11 PM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » A good question was presented to me, of which I think the answer can benefit anyone with a stake in the company. The question asked about the creation of value, now that the BC portfolio is sold:

     

    As for value (keep in mind these are rough estimates):
    10% of Cloosh Valley (105MW) in JV with a major player in the business
    $11M upon shareholder approval (2013-Q2/Q3) + $9.2M from SSE (2013-Q3/Q4) = $20.2M in 2013
    $20M (out of the remaining $29M due from Pattern in 2014, per the answer to the direct question in the conference call) = $20.0M in 2014
    $9M from remaining projects in the future.
    Market cap is around $10M. I think the case for inherent value is strong.
    Let me just higlight one point that came across in the conference call, which I think is important.
    When asked on the proper model of the company (private/public), Jason (the CEO) clearly stated that he believes that the company should be private as it was in the early 2000's. He also stated that he thinks that the several shareholders who hold the majority of the shares should buy out the retail shareholders.
    Make of his answer whatever you wish, but one of those shareholders is a billionaire Irishman (cloosh valley).
    If the market does not recognize the value inherent in the company, the likelihood of these shareholders taking the retail holders out, grows and grows.
    9 Jan 2013, 03:22 PM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    What does it mean to shareholders if the retail holders are taken out?
    10 Jan 2013, 02:28 AM Reply Like
  • Felix Pinhasov
    , contributor
    Comments (73) | Send Message
     
    Author’s reply » Retail shareholders are the small shareholders, like you, myself and probably everyone that voiced their objections on this page.
    10 Jan 2013, 09:44 PM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    After listening to the call I would have to agree with Felix. A no vote would leave Finavera paying a large sum back to Pattern, and IMO would open doors to a hostile bid coming in at no where near the price the company is valued at.

     

    I will vote yes and hope for the best.
    9 Jan 2013, 05:28 PM Reply Like
  • wandzy
    , contributor
    Comments (2) | Send Message
     
    Felix, have you had any further communication with the company regarding the upcoming vote on the deal with Pattern Energy?
    7 Mar 2013, 05:12 PM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    Has anyone heard anything on this? I emailed Mr. Bak but got a vague response.
    25 Apr 2013, 05:26 PM Reply Like
  • Tom Konrad, CFA
    , contributor
    Comments (1000) | Send Message
     
    The news of a modified deal with Pattern came out yesterday. I interviewed Bak about it and published an article this morning: http://onforb.es/ZQ2L98
    30 Apr 2013, 10:07 AM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    does anyone here think we will see more that 0.41? Any guess on when we should expect to even see that stock price?
    1 May 2013, 03:22 AM Reply Like
  • Tom Konrad, CFA
    , contributor
    Comments (1000) | Send Message
     
    The $0.41 should be achieved in stages as Finavera passes the following milestones:
    June: ratification of the agreement with Pattern, and debt forgiveness.
    H2 '13: Payment for Tumbler Ridge
    Q4 ' 13: Payment for Cloosh
    2014: Payment for Meikle
    late 2014: Shareholder vote on use of funds (possibly returned to shareholders? Merger with another RE developer to achieve scale?)

     

    Of course, timelines have a tendency to slip, as we just saw. That might lead to additional expenses, eating up some of the proceeds, meaning $0.41 might never be achieved.

     

    Could it go beyond $.41? Yes, if the proceeds of these transactions are invested profitably. They will achieve a 10x return on investment on Cloosh if they close this year, and wind prospects are very cheap right now.

     

    Or if the election in BC removes some of the obstacles to Wildmare and Bullmoose.
    1 May 2013, 09:49 AM Reply Like
  • D Lane
    , contributor
    Comments (1352) | Send Message
     
    Very helpful, gracias
    1 May 2013, 09:57 AM Reply Like
  • Tom Konrad, CFA
    , contributor
    Comments (1000) | Send Message
     
    Just got this correction from Jason Bak via Tweet on the timeline:

     

    Q2/13: $9.3MM on shrhldr approval,
    Q4/13: ~$9.4MM Cloosh Valley from @sseplc,
    plan H2/14: ~$19MM balance

     

    In other words, they expect Tumbler Ridge and Miekle to close in the second half of 2014 - I thought Tumbler might close in 2013, but apparently these two are a package deal.

     

    The first two payments, expected in 2013, should be enough to cover Finavera's outstanding liabilities.
    1 May 2013, 01:53 PM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    any thoughts as to why the stock price has not moved with the announcement?
    6 May 2013, 05:22 PM Reply Like
  • Tom Konrad, CFA
    , contributor
    Comments (1000) | Send Message
     
    wish I knew
    7 May 2013, 12:12 AM Reply Like
  • what_happened
    , contributor
    Comments (10) | Send Message
     
    Finavera Reports Results of Annual General and Special Shareholder Meeting
    VANCOUVER, June 18, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) is pleased to announce the results of its Annual General and Special Shareholder Meeting on June 14, 2013.

     

    Shareholders voted in favour of all items of business. A total of 9,480,551 or 23.91% of the issued common shares as of the record date for the meeting were voted, as follows:

     

    Regarding the Asset Sale Resolution authorizing the sale the Company's interest in the Tumbler Ridge Wind Energy Project and the Meikle Wind Energy Project to Pattern Renewable Holdings Canada ULC, shareholders voted 9,385,001 shares or 98.99% in favour of the transaction, meeting the required hurdle of 66.67% of shareholders voting at the meeting to approve the transaction.

     

    Regarding the election of directors:

     

    Director Votes by Ballot in Favour Votes by Ballot Withheld
    Tom Anderson 7,287,351 (76.9%) 2,193,200 (23.1%)
    Jason Bak 7,155,961 (75.5%) 2,324,590 (21.5%)
    David Lamont 7,254,351 (76.5%) 2,226,200 (23.5%)
    Hein Poulus 7,253,551 (76.5%) 2,227,000 (23.5%)
    Shareholders also voted 99.63% in favour of setting the number of Directors at four, voted 75.68% in favour of the Company's Stock Option Plan and voted 99.92% for the appointment of KPMG LLP as auditors of the Company.

     

    Jason Bak, CEO stated, "Shareholders have voted overwhelmingly in support of the Directors and the transaction to sell two of our wind projects to Pattern Energy. We are completely aligned with Pattern Energy to progress these projects to operation and will continue to provide Pattern with ongoing support in order to facilitate the key milestone of construction financing."

     

    Bak continues, "Finavera will be in the enviable position of being debt free with cash reserves in a market with a number of cash starved opportunities. We have embarked on a review of various revenue generating acquisitions with exceptional growth potential and will continue our process for the next 2 to 6 months. After completion of the review we anticipate going to shareholders for the approval of an acquisition, a special cash dividend or potentially both."

     

    On behalf of the Board,

     

    Jason Bak, CEO
    19 Jun 2013, 12:40 AM Reply Like
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