goodflyingduck
23 May 2019
Annual General Meeting Efforts are now being made to have a PI nominated for election to the Board of Directors. I’m fully engaged with Gordon Fisher in seeking to pave the way for his appointment for which I will be committing my votes. Quite apart from his outstanding qualities and qualifications for appointment to the BoD, the time is long overdue for PI’s to take action in order that their interests can be protected. This is an essential first step. Although we’re not quite there yet, I am optimistic that we will get there and I would strongly encourage all PI’s to vote for Gordon’s appointment as a Director.
Gold_or_Silver
13 Jan 2019
2019 & The road Ahead The road ahead looks a lot more promising today . Accounts and EDS seem to be heading in the right direction. Though nowt is certain with Rurelec . Best of All
broomfielder
01 Jun 2018
RNS - Audited Accounts - FY 2017 Well, things could be better as they say....and now that I have had a further look at these Aud Accounts released today, I am even more of that opinion.this time, we had hoped (looking back 12 months or so, anyway) that we could/should have been debt free at this stage with regular payments flowing from EdS. Well of course we all know things haven't quite gone as smoothly as we had hoped. Essentially, the reduced monies flowing from EdS (for the reasons outlined on this BB previously) have, at end Dec 2017, left us with c£1.4m of borrowings. Considerably better than previous year, but not as good as we had been promised.RUR, despite our BoD's efforts, also still chew through c £2m annually by way of Admin Expenses and given the difficulty in disposing of our assets/interests, it does rather beg the question of how long can we finance this cash burn which still seems high, especially for a Group with no Sales income.Meanwhile, our Peruvian assets have been sold to Peter Earl on a deferred payment basis (who seems to be the only game in town). Brian Rowbotham's concluding remarks to the AA's suggest our Chilean assets are likely to be disposed of in the very near future.........to PE perhaps?Other than selling off the turbines stored somewhere in Venice, we are supposed to be comforted by the fact that once the Chilean assets are sold off, this would leave the Directors to concentrate on resolving the EdS 'loan problem'. This is after stating that the EdS situation arose from circumstances beyond their control.Quite why the Admin Expenses need to be as high as £2m pa, is anyone's guess but you cant help but get the feeling that PE is getting our assets on the cheap whilst someone is meantime making a very good living out of supposedly running the Group.You really couldn't make this stuff up....!B
broomfielder
01 Jun 2018
RNS - Is criminality now arising? Albeit on a quick glance basis, does this latest diatribe from our supposed BoD really confirm our suspicions that there could be collusion to deceive shareholders?The Peruvian assets, we are now told, were sold in Jan 2018. I must have missed that RNS. So where is the expansive comment on transactional detail in the Aud Accounts? And guess what; yes, the buyer is a Company owned by one Peter Earl!He is clearly still circling and biding his time to pick off as much of RUR as he can without putting his hand in his pocket. From his perspective, he is doing just fine so far.And what about the EdS debacle? Accepting the Insurance settlement is a Post Year end event, it is however significant and merited updating comment. RUR is accounting for its 50% holding in EdS as an equity investment.Nonetheless, in practical terms it is also a subco. We should have been provided with outline costs to repair the damaged turbines and an indication of how much the US $2.5m will be spent etc to allow us to gauge the likely path of the loan repayment.RUR shareholders have effectively been shareholders of EdS for some time, so we should be getting expansive comment From OUR BoD.........! Shareholders should also have been provided with an indicative Cash Flow forecast for the next 6-12 months based on EXISTING (ie impaired) cash receipts from EdS.I could go on........but I now consider our BoD have a serious Case to answer.B
broomfielder
03 May 2018
Joining up the dots Just flying a kite perhaps, but with EdS presumably now in receipt of their Insurance settlement of c US$2.5m gross (per recent RNS), then seeking alternative finance (to that anticipated from the cash-strapped Argentinian Authorities) to repair the long damaged turbine should be that bit easier one would have thought.We have to assume the repair costs are however significant and exceed the Insurance settlement which was, we were told previously, possibly available to recommence EdS loan repayments to RUR. This was possible as EdS were, we were also told, still able to cover all of their Operating costs despite their lower generating income. If this has changed, we have not been informed.Nevertheless, EdS may not quite be in the position they once were when fully operational, but RUR's 50% owned JV now having some hard cash in US$ is significantly better placed than it was.Now even if it doesn't interest our BoD, then it might just interest one Peter Earl who used the excuse of EdS' falling down on their Loan repayments to RUR as the main reason for terminating his potential take over discussions with RUR last year. There is in my view now an opportunity here with the Insurance settlement being the catalyst. The fact that P Earl's 6 month embargo on reviving his interest in RUR expires next week is of course purely coincidental here....B
broomfielder
25 Apr 2018
RNS Well, this RNS at least started with some very positive news.The almost mythical Business Interuption Insurance cover held by EdS does in fact exist and, more importantly, has paid out with a US $2.5m settlement expected within days.Now that should have been our 'starter for 10' but RUR being what it is has contrived to become victim (well EdS has) of the significant geo-political risks of operating in South America (again). The fact the Argentinian authorities look to be running out of cash is nothing new when we look back over history but we had hoped matters had improved following Gov change in recent times.So, RUR look to be still waiting with its begging bowl (for its already reduced loan repayments), as there is no clear idea of when EdS damaged turbine can be fixed and they can recommence loan repayments so we are desperately short of cash. And we have no clear idea of what RUR's monthly cash burn is either.However, EdS will shortly be in receipt of c$2.5m in cash so RUR should get themselves a Partner with some know how, seek to take remaining control of EdS and get us out of this log jam without messing about any longer!B
Gold or Silver
02 Feb 2018
Re: Short Term Funding BUY BUY BUY Good luck with that Brooms.I think we will be waiting .Until the BOD decide to let everyone in on Our secretly large valuation.Best of Luck
broomfielder
30 Jan 2018
Re: Short Term Funding BUY BUY BUY We have been here before G or S of course, but active (share) buying however modest is nevertheless welcome particularly given the information vacuum in which we PI's have to operate.I have tried contacting our BoD again in an attempt to get them to update the Market, at least, to clarify if we still need Short Term Facilities and / or if appropriate Facilities are in place, even on a Standby basis.I shall update here should I get a response.B
Gold or Silver
30 Jan 2018
Re: Short Term Funding BUY BUY BUY Share buying looks positive.Best of Luck A
broomfielder
02 Jan 2018
Short Term Funding Given the 7 Dec RNS stated the BoD were 'actively examining funding options etc' ., we might have thought coming up for a month on, we would have received some sort of clarity on the subject.Then again this is Rurelec.Hopefully todays upward movement in SP (thus far) presages some sort of news on Funding and everything else that the BoD have been up to during the latest 'news blackout' for shareholders. We can but hope.B
broomfielder
07 Dec 2017
RNS With the continued cessation of repayments from EdS, RUR are once again strapped for cash and facing a crisis.Clearly the other assets for sale have not made any progress (well we have to assume thats the case), so once again RUR are hanging by their fingernails scrambling about seeking expensive short term debt until (it is hoped) loan repayments recommence sometime around May 2018 onwards.The uncertainty surrounding EdS business interuption insurance is surely a joke given this would have been explored at the time of the previous incident preventing loan repayments to be made in full to RUR last year.Now as we have been here before, it rather confirms our BoD despite perhaps their best intentions, are simply not up to the task. We need a more dynamic approach but given our position I concede that a degree of ownership in our various assets will have to be 'traded'. Continuing on with the 'bookkeeper' approach is not the role of a BoD.Failing any change at best we will continue as a 'zombie' Co or at worst fail to secure w/cap facilities and be wound up.Then of course we dont need to be too imaginitive to foresee which vultures would appear to get RUR for buttons.B
broomfielder
08 Nov 2017
The Way Ahead If we set aside PE's interest in RUR for the moment (which may stretch to 6 months if there is no other manufactured interest in RUR to comply with UK's Takeover Code), shareholders should rather look to the situation where next year at this time, we could be entirely debt free wuth a surplus cash flow being generated from EdS.I accept that this assumes the recent damage to the turbines of EdS generator can be repaired and the current sutuation whereby generating capacity is compromised can be repaired eithin a reasonable timescale. As a consequence, the loan repayments to RUR are also compromised but only to a relatively short / temporary period.Now we have considerable risks, be they geo-political, foreign currency exposure both transactional and translational, differing legal regimes etc., but the point is that we (ie RUR) will then be a 'shell' Co but one which has contractual income, no debt and a platform on which someone (other than PE) could seek to expand and become an effective Regional Player in energy generation in S America.Surely our Dickensian BoD can finally wake up and exploit, or at least invite others, to exploit the position RUR has found itself in?There really could be a significant opportunity here if it could only be recognised (and of course no further damage occurs to our only source of income ie EdS). 12 months from now, really could alter RUR's position qiuite fundamentally.I accept it will be high risk, but there must be significant players out there who can identify a serious opportunity when it presents itself.B
broomfielder
08 Nov 2017
Takeover Offer from P Earl Its difficult for PI's to look at PE's approach for RUR with any sirt of perspective given that we are kept in the dark by a BoD intent on pretending they don't exist.So that 'modus operandi' has now provided PE with an excuse to abandon his approach and at the same time win some cheap points at our expense by highlighting their inability to quantify the impact of EdS' recent problems as far as their loan repayments to RUR.To be fair this is info all shareholders have also been asking for and its a disgrace that c3 weeks after the RNS (re EdS) we are still awaiting clarity on an issue as central as cash flow and viability of our invested Co.As for PE, we haven't seen the last of him but what we shouldn't expect is any sort of realistic value for shareholders.B
Gold or Silver
06 Nov 2017
Good news If this hits 3p .Another bottle of shampoo wings it to my tally .3 thus far .Plus owning a few myself .Peter owes us some spectacular returns .Best of Luck A
moonie2
03 Nov 2017
Re: Is the phoney war ending? Perhaps leaky leaky - on AIM never.
