RE: Hang tuff!j_mart, great post!
The current share price has little relation to the actual value of the company's assets. With Kingman presumably complete and Windstar very very close, the company's fortunes are about to change. First of all they will receive a tax free cash grant of $100 million which is more than the current market cap. We all know its coming but there is no value for it in the stock price. Consider it a safety net.
Secondly the cash flow will crank up to about $40 million per year. What is the value of that cash flow?
Thirdly if they can sell the tax equity for $80 to $100 million and execute the buyback, it will be a great use of company funds to buyback share at less than their appraised values. Those who hold will be rewarded. The company has world class assets and we can buy shares very cheap. We are aware of the story while most have not even heard of Western Wind Energy.
If the tax equity is not sold the bonus depreciation will mean 100% of the cash flow will be tax free for years to come.
Your main point j_mart is well taken. Frustrated shareholders are throwing in the towel just before we are about to be paid off. Best to be buying those cheap shares as 6 months from now I believe we will be at $3 or higher. Not too long to wait for a 100% return.
Lastly, I believe the company is planning some investor roadshows. I understand they will be in New York late next week. Can they generate any institutional interest? We'll see.