broomfielder
29 Sep 2017
RNS - H1 Results Well I guess with no Income whatsoever, losses were inevitable at least at Operating levels but this year ForEx losses emerged on the Group's Argentine operations in contrast to the gains of £2m made in the previous year combining to produce c £1.9m as an LBTax figureHowever, the main risk to RUR's future is its precarious cash flow position. In fact, this continues to improve and provided EdS maintain their loan repayments, will enable RUR's current Working Cap loan facilities to be repaid next year.That said, we are wholly reliant on EdS' ability to meet their loan instalments and the recent (2nd) outage they have suffered this year simply underscores how fragile RUR's cashflow (and future) really is.So we limp on in the hope EdS keep making their payments and that a sale of the Peruvian assets can one day be achieved.If you have real patience, you might just be rewarded eventually - just not sure I will live long enough to see it.B
broomfielder
18 Sep 2017
RNS - Update re: EdS Whilst it may be overly critical of the Directors to expect them to determine the precise extent of cashflow disruption to RUR at this time, it would not be unreasonable to have expected definitive clarity on what exactly happened to EdS' apparent Business Interuption insurance cover.This was mooted as a measure of comfort at the time of the previous incident but strangely received no comment when that particular problem was resolved. It also emerged that loan repayments (to RUR) were in fact deferred suggesting that particular claim had not been covered.Again, not unreasonably, we could have expected the latest damage suffered to the turbines to have been covered with just such insurance but instead we are expecting a shortfall in funds from EdS......or did they (EdS) just forget to pay the premiums?B
broomfielder
08 Sep 2017
RNS Yet another 'headwind' for RUR.As is normal for our BoD, brevity is the watchword, so we can really only speculate on what the impact may be for RUR as the damage sufferred ealier this year at EdS got the same treatment.A concluding statement then, indicated that (despite having business interuption insurance), as a consequence of lost income, EdS had missed some loan repayments and delayed others due to RUR. The extent of the shortfall was never disclosed albeit we were advised repayments did recommence.What will happen this time? Who knows........probably our BoD doesn't know either.B
broomfielder
05 Sep 2017
Awaited H1 Results With the H1 Results expected at the end of the month, the recent glimmers of optimism expressed by some Investors on this and other BB's during 2017, now seem to have evaporated.I guess thats hardly surprising given the absence of any news and the unnerving feeling that Rur are all but moribund.As always, we can but hope and however forlorn that increasingly seems to be, perhaps one day our BoD may just pull that (asset sale) rabbit out of the hat and propel this Group upward and onward..........then again, we might all just win the National Lottery.B
Gold or Silver
23 Jul 2017
Departure of Susan Laker Is surely a good sign that the last of Mr Earl`s Brigade ,with the IPSA connection have gone.Let`s hope Rowbotham & Sterling have Our Interests at heart .Could be quite a long haul though.Best Of Luck A
broomfielder
28 Jun 2017
RNS / Full Year Results Well I guess given the history of this Group, longtermers at least should not be too surprised by yet more bad news on just about all fronts.The lack of informative updates inevitably has given rise to speculation on many aspects of Rur's activities and with recent political change in Argentina being positive to the Group in many ways, allowed some investors to suggest the 2016 figures could be close to being 'transformative', particularly as the recent cashflow crisis has abated somewhat.However, the optimists have unfortunately been well wide of the mark with Rur now solely dependent on its Argentinian JV for income with trading conditions in Chile having deteriorated and the disposals hoped for in Peru having come to nought, despite previously advanced discussions etc.So with the write-downs to its assets (including the ageing generators held in Venice in storage), we are once again looking at very substantial losses with cashflow hanging somewhat by a thread, albeit improving slightly.The further impairments to asset values has impacted on the NAV per share which is now 5.6p (6.7p per share - 2015).While disposal of the Peruvian assets or recovery of Capex already undertaken in Chile would materially alter Rur's position, there is no evidence to suggest either is around the corner and we can only conclude that Rur will at best continue to limp along provided Eds in Argentina can maintain or even improve its own operations and by consequence maintain or improve on its cash payments ultimately to Rur.B
Gold or Silver
26 Jun 2017
Re: Awaited Full Year Results On The 8th of March ,Rurelec hit 2p .Hopefully that will be breached with the upcoming results.Good luck
broomfielder
26 Jun 2017
Awaited Full Year Results If we are to avoid criticising our Auditors or dare I say it, our BoD, I can only surmise it takes more than 6 months (almost) to produce FYE results for a Co such as Rurelec because the Chairman's Statement in the awaited Accounts must be almost Biblical in length.There is, after all, rather a lot to tell - I just hope they remember!B
broomfielder
08 Jun 2017
RNS The almost casual way in which the news of the extension in short term facilities is expressed in today's RNS does rather suggest a material improvement in RUR's cash flows (from the dark days of 2015/16). A bit like reading tea leaves, PI's are left to speculate on the liquidity profile of our investee co, as we are with so many other aspects of their performance. It really isn't good enough for a public company.Without trying to sound over enthusiastic, things do appear to be on an improving trend but we are of course desperate to get more information on so many other topics in order that we can sensibly analyse risk here rather than speculate and guess, albeit we have had no other alternative but to do this for the past 18 months or so.Roll on the AGM.B
Gold or Silver
27 May 2017
Re: Perhaps From a land not so far away .EdS ResultsAt the operating level in Argentina, and therefore based on 100 per cent. of EdS's activities, EdS's revenues increased to £27 million (AR$180 million) this year (2010: £21.7 million/AR$131 million). Gross operating profit also increased substantially, to £10.5 million (AR$70 million) (2010: £7.7 million/AR$47 million). Exchange losses of £2.6 million (2010: loss of £0.9 million) due to weakness of the Argentine Peso reduced operating profits to £1.5 million (2010: profit £2.3 million). Thus the share price will eventually reflect this huge asset. Perhaps .
Gold or Silver
26 May 2017
Perhaps Now Is the time .And May
broomfielder
28 Apr 2017
Offer for IPSA Encor Power plc appear to have reached agreement to aquire the shareholding of IPSA and as of course the approval of Sterling Trust is required it gives a glimpse of what appears to be happening behind the scenes for both IPSA and Rurelec[link] PI's its a bit like trying to complete a jigsaw in the dark - no change there!Will require further research to see if it can be established what implications there are for us given references in the above link doc to agreement being reached with both Rur and EDS etcB
broomfielder
27 Apr 2017
RNS I'm sure if our current BoD were to report receipt of a £10m windfall, they would probably still contrive to issue an RNS that talked about nothing else other than the potentially huge Tax liability.Today, we have positive news that what could have been catastrophic damage to EDS' power plant should in fact be fixable in relatively short order (given the extent of equipment damage). Clearly, as yet, there are no guarantees etc everything will work and optimum capacity (at EDS) can be achieved but that is simply Operator risk. Rurelec are of course are not even direct operators here, so even if payments from EDS are impacted, this should not be material, given the BoD's comments on the Operator's Business Interuption Insurance cover.So it shouldn't be that bad at all unless we are being misled. So how about a general business update BoD?B
broomfielder
17 Apr 2017
Re: Peter Earl Thanks G or S for posting these entries here.Certainly, I have to concede that my view of PE has changed significantly since he left RUR as more of the muddier dealings have emerged.Our latest BoD (which I view as akin to a de-facto Administration), has hopefully the integrity shareholders need, although they certainly arent the quickest out of the blocks as you say.Much as before, RUR shareholders continue to have to scratch around for meaningful news and I guess thats not about to change anytime soon and its a surprise that the SP has held up so well but that appears as you know largely due to a particularly optimistic investor who posts on LSE. B
Gold or Silver
15 Apr 2017
Re: Peter Earl Yesterday afternoon AIM-listed, cash-crisis-hit Rurelec (RUR) announced that storm damage had hit its 50%-owned outfit in Argentina, Energia del Sur, resulting in a fire in a power switch which looks to have knocked out its 136 MW CCGT power plant in Southern Patagonia. But the storm was on 31 March: why did it take until 12 April to ‘fess up?Worse, although the company says that repair work should take about 30 days a shortage of parts may mean that the plant is out of action for 60 days – or more.The company says that Energia del Sur has “business interruption insurance” in place, so perhaps the flow of cash back to the parent (something which has been rather “lumpy” in the past) may be safe, although it is hard to imagine that won’t at least be delayed until insurance claims have been approved and processed.The company says that at this stage the Directors cannot be certain of the effect, if any, that the power outage will have on Rurelec. I guess not, but I also guess that if there was likely to be no effect the company would have said so.Rurelec’s financial position has been on a knife-edge for months and months as the new board has fought valiantly to keep the ship afloat in the face of queues of creditors and precious little in the way of cash, repeatedly reminding us that the company was reliant on the forbearance of its creditors – the hope being that eventual asset sales would pay down the debt (and a raft of keep-the-lights-on short term loans) and leave the company with a future.The asset sales have been slow to arrive – as has the cash: the company finally sold its Canchayllo plant but a $1 million deferred consideration seems to be still outstanding. Meanwhile, the company is owed stacks of cash from its 50%-owned Argentinian venture. Political issues made the flow of cash out of the country difficult before a new regime saw matters improve – except that the flow of cash was still well below what had originally been expected.The company says it will make a further announcement as necessary – one presumes that Nomad WH Ireland will be keen to ensure that this is issued in a rather more timely fashion than sitting on bad news for some 12 days.After all, we wouldn’t want to have people buying the stock in the market unaware of news which would move the share price down by some 15.4% once released, now would we?That would be the sort of thing that brought shame on the AIM Casino…..if anyone at Paternoster Square gave a monkey’s.
