David Iles

Another green energy company about to collapse?

Green energy companies around the world are dogs, mostly they require the industry they are in or themselves to be heavily subsidised by the government.

In the US there have been spectacular failures like Solyndra, which had the backing of President Obama.

Here in New Zealand another green energy company is failing, and this one had, or still has former Green co-leader Jeanette Fitzsimons as a shareholder…which in and of itself is interesting because she was front and centre in axing a water project int eh South Island and pushed instead wind technology…which she held shares in.

The auditor of New Zealand’s only turbine maker Windflow Technology says it has not received enough information from the company to form a view on whether it is a going concern.

Auditors from accountancy firm KPMG said in Windflow’s annual report 2014 that there were “multiple uncertainties” for the Christchurch company in the future.

And there was a limit to obtaining audit evidence about the outcome of future events.

But as far as it appeared from the examination of Windflow’s records, proper accounting records had been kept, KPMG said

Windflow’s directors continue to prepare accounts on a going concern basis but acknowledge “a significant element of uncertainty” over the company’s future in the annual report. ? Read more »

Green wind bludgers seeking more cash

The shining light of the smart green economy that has been going for a decade and never made a cent is going back to its shareholders for yet another capital injection.

Struggling Christchurch wind turbine-maker Windflow Technology plans to raise about $3.43 million and is pressing on with the installation of turbines in Britain.

It has proposed a pro-rata renounceable rights issue to existing shareholders to help fund its plans.

Windflow Technology also says it has proposed a “shortfall placement” agreement with expatriate New Zealander David Iles, who has already offered more than one lifeline to the company.

In a statement issued through the NZAX, Windflow Technology said it wanted shareholders to subscribe for one new redeemable convertible preference share for every three ordinary shares they already held.

 

I understand the Greens super scheme is a shareholder, Jeanette Fitzsimons certainly was a shareholder when she was pushing for Wind farms when an MP…until I busted her. ? Read more »

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