...damit es hier auch mal wieder was fundamentales gibt. Im Sedar-Filing vom 31. August, unter anderem:
"FULL DESCRIPTION OF MATERIAL CHANGE
The Issuer has completed an acquisition pursuant to an Acquisition and Investment
Agreement, dated April 12, 2007, with Hunan Yongxing Power Plant Corporation (YPPC)
and its shareholders to which the Issuer acquired a 60% equity interest in YPPC from the
shareholders. The Issuer acquired its interest by paying to the shareholders of YPPC a total
of approximately US$10.46 million.
YPPC is an existing Sino-Foreign Joint Venture Company that holds the right to develop the
240 megawatt (MW) coal-fired Yongxing Power Plant, located in Yongxing County, Hunan
Province, PRC. There are two phases to this project, with each phase consisting of two 60
MW units. The first phase of the power plant, two 60 MW units is currently under
construction. Construction of the first 60 MW unit has a targeted completion date of
December 2007, with the completion of the second 60 MW unit to be complete
approximately one year later. Under the terms of the acquisition, the Company will take over
the control and operation of YPPC including the completion of the first phase of the project
(two - 60 MW units) and the development of the second phase of the project.
YPPC is currently seeking approval to expand the second phase of the power plant to two -
135 MW units for a total production capacity of 390 MW.
Construction costs for the first unit is expected to be approximately US$30 million (RMB
230 million), the second unit is expected to be approximately US$ US$25 million (RMB 190
million) for a total of approximately US$55 million (RMB 420 million) and has to date been
funded from YPPC’s registered capital of about US$14.5 million (RMB 110 million) together
with a bank loan of approximately US$ 10.4 million (RMB 80 million) from China
Construction Bank guaranteed by the Yongxing County Government and another bank loan
of approximately US$30 million (RMB 230 million) . Costs to completion may increase, and
in such case additional funding will be required. Fuel for the first and subsequent units will
consist of a minimum of 67% coal mine tailings and 33% coal, supplied by the Yongxing
County coal mines.
The second unit of the first phase of the power plant is estimated to be ready to generate
electricity approximately one year after completion of this first unit. The current
shareholders of YPPC contributed capital and rights for the construction of the first two - 60
MW units to the joint venture for a 40% interest in YPPC. To complete the second 60 MW
unit in the first phase, the Issuer will work with YPPC to arrange secured funding estimated
between US$28.4 and US$38.75 million, using the first 60 MW unit as collateral.
...
In connection with the Acquisition and Investment Agreement, the parties also signed a Joint
Venture Contract dated April 18, 2007, and Articles of Association of YPPC in order to
establish the manner of management of the joint venture company. Pursuant to the terms of
the Joint Venture Contract and Articles of Association, the Issuer has appointed three of the
five directors to the board of YPPC, and will assume general management responsibility of
YPPC. The two remaining shareholders will be entitled to each nominate a director and, and
collectively one deputy manager.
In accordance with Chinese law, on June 4, 2007, the Issuer received a letter of approval and
a Certificate of Approval from the China Foreign Investment Bureau for the share transfer
modifications from the three existing shareholders of YPPC to Ona Energy Inc. The letter of
approval and Certificate of Approval enables the Issuer to conduct business in China,
including obtaining foreign currency exchange permits from the China Foreign Exchange
Bureau and opening bank accounts in China. The letter of approval and Certificate of
Approval also allows the Issuer to apply for all the necessary permits and licenses required to
conduct the Yongxing Power Plant project.
On July 31, 2007, Ona completed a private placement raising $8,864,724. Proceeds of the
private placement in addition to available cash on hand were used to fund the acquisition of
the 60% interest in YPPC.
In connection with the acquisition of the interest in YPPC, the Issuer has entered into a
consulting agreement with the First Industry (Power Plant) Design Institute of Hunan. First
Industry will provide services including identifying power plant operators, engineering firms
and other industry related services in connection with developing and operating power plants.
The consulting fee will be US$1,500,000, of which $500,000 will be paid by issuing 500,000
shares of Ona, and has been paid. The shares may at the option of Ona be re-purchased by
Ona at an aggregate price of $525,000 on or before February 1, 2008.
There are a number of risk factors associated with the success of the power plant and the joint
venture. For example, there is no guarantee that, the joint venture will be successful at
generating power for commercial sale, or at establishing additional power plant units that can
commercially sell power. There are regulatory risks associated with power plant operations,
as well as with foreign ownership laws that must be complied with. Additional funding may
be required to complete the first phase of construction, and if Ona is unable to secure such
funding it may have its ownership interest diluted, or the project may have to be terminated or
sold."
Schaut mal, First Industry hat sich mit Ona-Aktien zum Preis von 1 US$ pro Stück bezahlen lassen, und Ona hat sich das Recht reserviert, sie bis Februar mit 5% Aufschlag zurückzukaufen. Das ist günstig, wenn der Kurs dann wesentlich höher stehen sollte :-)
Gegenwärtiger Kurs ist ca 15-20% unter der 1$-Marke, gegenwärtige MK ist selbst bei vollster Verwässerung unter 25 Mio EUR. Das ist wenig mehr als das doppelte allein des Betrags, den Ona in Yonxing investiert hat.
(the usual disclaimers apply, siehe oben). |
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