Sep. 11 at 6:52 AM
$GRRR The real question is:
"Once the SPVs are fully operational, the project financing is closed, acceptance is secured and they start churning out ARR, do you bring them into the perimeter of consolidation?"
If the answer is yes, any price below
$50 is an easy buy.
If the answer is no, or if they don't answer, then it's better to stay far..
In that case the easy buy is around
$5, may be less.
MESSAGE IN A BOTTLE:
Dear Michael Latimore (Northland Securities),
You were close with your question about maintenance capex... and Lord Chandan’s response was... ambiguous (though it implies deconsolidation; otherwise, they would have to be provided for at 100%, not at 25–30%).
Wouldn't it have been easier and clearer to ask simply whether or not they consolidate the SPVs?
Best regards.
Lorenzo
