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NWF NZ Windfarms Limited

 

 

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NZ Windfarms Limited

NWF

30 Aug, 2007, 14:31

ALLOT

ISSUE OF SECURITIES BY NZ WINDFARMS LIMITED

 

30 August 2007

The Market Information Services Section
New Zealand Stock Exchange
Wellington

E-mail: announce@nzx.com

ISSUE OF SECURITIES BY NZ WINDFARMS LIMITED


NZ Windfarms Limited advises that it has issued new options as follows:

Class of Security: Share Options (not Quoted)

ISIN: NZNWFE0001S1

Number issued: 750,000 options issued under the NZ Windfarms Limited Share Option Scheme.

Payment: Nil.

Percentage of total
Class of Securities
issued: 100.00% (of the total number of options on issue post completion of the issue)

Reason for the issue: As set out in the Investment Statement for the Option.

Authority of issue: Directors' Resolutions approved by Shareholders at the Special General Meeting held on 28 May 2007.

Terms of issue: The Options may be converted into ordinary shares during the period 1 July 2010 to 30 June 2012 at the exercise price of $1.10 per share and in accordance with the Rules of the NZ Windfarms Limited Share Option Scheme.

Total number of securities
of the Class in existence
after the issue: 750,000 Options.

Date of issue: 30 August 2007.

 

NZ Windfarms Limited has extended the date to issue options to directors and the Chief Executive Officer under the NZ Windfarms Limited Share Option Scheme. The extension was sought when administrative delays in completing registration became apparent. The date has been extended from one month after allotment of shares under the recent $75 million capital raising to three months after the allotment of those shares. The new date for the options to be issued is therefore 6 September 2007. In all other respects the Prospectus is the same.


NZ Windfarms Limited

NWF

14 Aug, 2007, 13:09

GENERAL

NZ Windfarms Ltd Option date extension for Directors & CEO


NZ WINDFARMS LIMITED
("NZ Windfarms")
MEMORANDUM OF AMENDMENTS TO PROSPECTUS

AMENDMENT TO ISSUE DATE

Purpose and Effect of Variation to Prospectus
Under the terms of the Prospectus for the Offer of Options under the NZ Windfarms Share Option Scheme dated 13 June 2007, (the "Prospectus") the Exercise Price is:

- $1.10 per Option, being the issue price of Ordinary Shares in the Prospectus for the first subsequent public offer of Ordinary Shares, if the Options are issued within one month of allotment of the Ordinary Shares pursuant to that Prospectus; or
- in any other case, the Market Price at the Options Date,
as specified by the Company in the offer of Options to the Eligible Person. Defined terms used in this Memorandum shall have the same meaning as in the Prospectus.
Variation - Terms of Proposed Variation

The Prospectus is hereby amended by deleting "within one month" wherever it appears in the Prospectus in the context of the Exercise Price (being paragraph 6 and the Glossary - Defined Terms of the Prospectus and associated Rules) and replacing the same with a new time frame being "within three months".

Steps Necessary to Bring the Proposed Variation into Effect
The Directors of NZ Windfarms have agreed to amend the Prospectus as set out above and there is nothing further that is required to bring the proposed variation into effect as the Directors believe the variation is consistent with the original aims of the Prospectus and the terms on which the Prospectus was approved.
Other Material Matters

There are no other matters that are material to the proposed variation. All other terms of the Prospectus remain the same.
This amendment to the Prospectus dated 13 June 2007 is made in accordance with the Securities Act (Renewals and Variations) Exemption Notice 2002.

This Memorandum is signed by NZ Windfarms Limited and all its Directors
Dated this 26th day of July 2007

 

Chairman's report

 

NZ Windfarms Limited

NWF

24 Aug, 2007, 15:01

FLLYR

NZ Windfarms Results Announcement for Year to 30 June 2007

 

NZ Windfarms Limited
Results for announcement to the market
Reporting Period: 12 months to 30 June 2007
Previous Reporting Period: 12 months to 30 June 2006

Amount; Percentage change
Revenue from ordinary activities: NZ$318,111; 2595%

Profit (loss) from ordinary activities after tax attributable to security holder.: NZ$(729,570); (83%)

Net profit (loss) attributable to security holders.: NZ$351,591; 188%

Interim/Final Dividend: N/A

Comments:
This preliminary announcement is based on the audited June 2007 annual report.

24 August 2007

NZX Release

Action Packed Year for NZ Windfarms
Results Announcement for Year to 30 June 2007

Highlights

-Net result of $352,000, including a one off gain of $1.1million
-First electricity sales, from Stage 1 of the Te Rere Hau wind farm
-Confirmation of the Te Rere Hau joint venture with NPBB Pty Limited (Owned by NP Power and Babcock & Brown Windpower)
-Asset base grown to $81 million through $75 million capital raising
-Development programme focused on completing Te Rere Hau and identifying new sites

NZ Windfarms Limited, which opened its first windfarm - Te Rere Hau near Palmerston North - during the financial year ended 30 June 2007, has announced its results for the period.

The result for the year, based on audited accounts, is a profit of $352,000 (previous year, loss of $398,000). This represents earnings of 5 cents per share. Earnings Before Interest and Tax (EBIT) were a deficit of $61,000 (previous year, deficit of $474,000). No dividend will be paid. The result is in line with the forecasts contained in the Prospectus issued for the Company's recent capital raising.

As well as completing the first stage of five turbines at Te Rere Hau, which on completion will have 97 turbines, the Company undertook a range of corporate and financial initiatives to prepare for future growth.

Stage 1 of the Te Rere Hau Wind Farm was opened in September 2006 and operated successfully through the initial commissioning period and the balance of the year. Line capacity, and therefore output, was constrained by a temporary grid connection. This constraint will be resolved in early 2008 as part of the summer build programme. Total turbine availability was 93 percent.

As an indication of just how windy the Te Rere Hau Wind Farm is, the turbines operated for 86percent of the time,
(an average 20 out of every 24 hours), with much of time when no generation occurred being due to very high winds, rather than a lack of wind.

Revenue from electricity sales was lower than expected, at $78,000, due to a low spot price over the 2006/2007 summer and the temporary constraint in line capacity.

In December 2006, NZ Windfarms transferred the Te Rere Hau Wind project to a 50/50 joint venture between itself and NPBB Pty Limited which is owned by NP Power and Babcock & Brown Windpower.

Following careful evaluation of the performance of the Stage 1 turbines, the joint venture placed two further orders totalling 28 turbines, (14 in December 2006 and 14 in June 2007). Confirmation of an order for a further 64 turbines (being batches 3 & 4) is presently being evaluated. Subject to a favourable independent report on progress towards IEC certification of the Windflow turbine, an order may be placed by 30 September 2007. Completion of all four stages (programmed for mid 2009) will see Te Rere Hau with 97 turbines in place and generation capacity of 48.5 megawatts.

The work programme at Te Rere Hau for the 2007/2008 year includes the completion of the remaining site roads, foundations and underground electrical reticulation for Stage 2, followed by installation of the next 28 new turbines, bringing the total of turbines installed on site to 33.

In June 2007 the Company completed a $75 million share issue and moved its listing from the NZAX to the NZSX. As part of the issue, Vector Limited became a cornerstone shareholder in NZ Windfarms, with a 19.9 percent shareholding.

The Company is in a strong financial position, with a cash balance of $72 million at year end and no term debt. The cash balance is held across six registered banks and will be drawn as needed to fund the Company's development programme.

Future focus and outlook

NZ Windfarms is committed to building smaller-scale wind farms that, where possible, make use of existing capacity in local lines and roading networks. Such developments provide economic benefits to local communities and assist efficient electricity generation and distribution.

The Company is focused on completing the Te Rere Hau Wind Farm over the period up to June 2009, and on duplicating its success in other locations. It has a 16 percent stake in Windpower Maungatua Ltd, which holds the development rights to a wind farm site in the Otago region with the potential for approximately 20 megawatts of capacity. Feasibility studies are almost complete on this site. A number of other sites are in various stages of evaluation.

The Board believes the longer-term outlook for the Company is strong, given expanding demand for electricity in New Zealand, as in other countries, and increasing demand for electricity from renewable sources.

For further information contact

Derek Walker
Chairman

(03) 943 5410

 

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