broomfielder
06 Nov 2015
Short Term Facility From a survival perspective, its good news that the BoD have bought themselves a few months with which they can buy in the expertise to keep the Company operating. We don't have details on the cash burn to determine how tight liquidity still is but from previous announcements its likely going to continue to be a struggle.No terms disclosed for the Radix facility but it won't be cheap despite it being secured (and after all we are finding difficulty in realising asset values so a lender is likely to discount these very heavily).I guess if it's a liferaft we can't be too choosey.B
broomfielder
30 Oct 2015
Share Price With the SP reducing to the extent that M Cap is now well below the latest adjusted (ie reduced) Net Asset value, the volatility will I guess naturally increase.However on the back of some sustained buying today, we are at the time writing UP apparently 80% and nudging 1p per share.A leaky ship perhaps????While we all hope there may be confirmation of borrowing facilities being renewed or other significant positive development, should this be confirmed 'after hours' then some of these earlier purchases may merit investigation.However the main thing is we get some good news for a change.B
legionrider
21 Oct 2015
If the offer is considered too low, they can then start to sell the shares into the market which will obviously create a fall in the share price, but will still be the only option they have if a buyer cannot be found.
legionrider
21 Oct 2015
This means initially having discussions with various potentialy interested parties to see what the best off is.
legionrider
21 Oct 2015
The administrator will have a duty to get the maximum value from Sterlings holding in RUR.#
TX2
20 Oct 2015
Re: Sterling Trust in Administration Sterling Trust main creditor,who is owed around £36m, is probably its Directors or at least entities influenced by its Directors.
broomfielder
20 Oct 2015
Sterling Trust in Administration Perhaps someone with a Corporate Law background could clarify just what this latest event means for the possible future of Rurelec, if of course we still have one.To my mind, since the disgraceful Bolivian settlement, ST like the rest of shareholders witnessed the progressive destruction of their investment. They were never likely to be able to effect financial control of R despite the scale of their shareholding, so any hope of a capital restructure involving ST was never realistic.It looks more likely that either Rurelec's assets or its shares will be sold at a further discount (as part of any takeover) although it may be that ST's Administrators will be quicker to bite the bullet and accept the material losses on their shareholding (than were ST themselves).Assuming of course there is an interested party out there to effect such purchase(s); and also assuming our working capital facilities hold out long enough etc.So if there are any interested parties, they won't be in any rush as the eventual price they pay is only going down it seems.B
TheGreatGame
20 Oct 2015
Re: Screwed by PE So it looks like PE did pretty OK at the expense of everyone else,the low life skum bag.
TheGreatGame
01 Oct 2015
Screwed by PE [link]
forwardloop
01 Oct 2015
info [link] (LON:RUR) said it is confident of raising cash to keep going as it reviews the company’s operations.The Latin American power group is focusing on reducing overheads and assessing the value of its project pipeline, said Colin Emson, chairman.“While the medium term prospects for the group are reasonable, the company is acutely short of cash resources; the board is confident that the company will secure short term funding,” he added.Its 50% owned operating asset, the generator Energia del Sur, and its parent company, Patagonia Energy, owe Rurelec £30.7mln. Meanwhile, in Chile, on-going development has brought one of its two projects to the financing stage, which may enable Rurelec to recover some value, Emson added.Rurelec made a £14.1mln loss for the first half including write-offs in Peru and Chile and impairments on loans in Argentina.Emson said: “This is an extremely difficult time for the company for the reasons outlined above. The directors consider that the coming months will be challenging but they are determined to repair shareholder value.
Leicesterboy
30 Sep 2015
Re: Interim Results - An Unmitigated Dis... Hello ! We are still here just, as you say it is an unmitigated disaster, but it maybe just the bottom, all the bad News out of the way ! New CEO etc ! But I think we shall have to wait for Funding News, but there would appear to be no rush for the exit, Peter Earl still has his shares even though now running IPC, presumably from the Accounts, that the other Directors are no longer Blanco and Elizabeth Shaw ( Project Finance Director) god knows what she did ? No wonder Sterling voted against the re-appointment ! Some one bought a 1,000,000 costing £14750 so must have some idea of what is going on ! I hope for better news in the future, but to be honest I am very disappointed.LB
Chard Nick
30 Sep 2015
Re: Interim Results - An Unmitigated Disaste... I can't really argue with your assessment broomfielder. I just hope that all of the bad news is out of the way and that the NAV of around 7p is accurate and achievable in the event of RUR's demise...Where are all the other loyal RUR shareholders? I'm surprised that we haven't had more discussion today.
broomfielder
30 Sep 2015
Interim Results - An Unmitigated Disaster I think even the most seasoned analyst will struggle to have seen a Company suffer from the scale and extent / diversity of risk associated losses incurred by Rurelec.With Exchange rate / currency, political and operative risks, the ultimate must surely be the embarrassing admission that the Company don't even have the industry expertise to run their own operations.Oh, perhaps I should also have said the Company is insolvent and while it MAY have a future it is clearly dependent on the short term desperate need to raise funds be they debt or equity. They have admitted to difficulty here with there being no guarantee of success.Ii is not disclosed what if any headroom exists within current borrowing facilities but with Overheads continuing to be 'disproportionately high' the level of cash burn would suggest time is certainly not on the Company's side.Make no mistake, this Company is at the edge of the precipice an I take no satisfaction in witnessing the debacle that is Rurelec over the past few years acknowledging that the farce of the Bolivian settlement was catalyst for its plight. However even that situation simply reflected the scale and type of risk the Company was prepared to undertake in its countries of operation.I have long ago written off this investment and getting any meaningful value going forward would need investment from someone prepared to face similar risks to those which have already brought the Company to its knees. That rather limits the field somewhat in my view!B
broomfielder
04 Sep 2015
Re: 8.4m share purchase at close I have to say my initial thoughts were along the lines you mention Leicesterboy as otherwise we may have seen a distinct uptick in the SP.However I must say I rather like Anak's reasoning - just the sort luck Rurelec's shareholders are well used to after all.Back to reality, given the continuing media silence you would almost be excused for thinking we are not a Public Company. So lets hope something indeed is happening behind the scenes.Anyway keep holding until our noses bleed seems the only course (probably little choice as surely most of us have already lost the bulk of our investment).B
Leicesterboy
04 Sep 2015
Re: 8.4m share purchase at close Are we sure its not a matching trade one being a sell and the other being a buy, and bit of B and B maybe transferring into a Pension Fund who knows its all a mystery but one thing for certain the BOD and Sterling know a lot more than us !
