Investor Soiree Butler Rurelec RUR.L

RurelecRurelec PLC was established to develop, own and operate power generation capacity in Latin America. Rurelec is managed by a team with a strong track record in developing power projects worldwide and with considerable experience in the electricity sector in Latin America. Rurelec's main business consists in the ownership and development of power generation facilities on the national grid and in isolated areas, selling electricity on commercial terms. The Company is now a significant power generator in Bolivia and Argentina.
Take me straight down to the chat Rurelec is trading below the moving 50 day average and below the moving 200 day average on below-average volume.
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  • Re: Pablo Galante by Leicesterboy
    Sun, 05 Jul 2015 11:45:00 GMT

    Lets see what the AGM has to say on 14th July 2015, they must be very close to doing deals ! Must not they ? LB By Leicesterboy
  • Re: Pablo Galante by TheGreatGame
    Fri, 03 Jul 2015 21:19:00 GMT

    Well. This doing well ain't it?
    No more PE

    Who do I complain about now? By TheGreatGame
  • Re: Pablo Galante by TheGreatGame
    Fri, 26 Jun 2015 19:50:00 GMT

    Looking at the results and transparency LB. Not much of either imo.
    By TheGreatGame
  • Re: Pablo Galante by Leicesterboy
    Fri, 26 Jun 2015 09:22:00 GMT

    Hi GG, I do tend to agree with you on all aspects, and the $12 million bridging loan will be expensive if they cant get the Sale of the Peruvian Assets, but in Annual Report it states that a Replacement Sale agreement was in place for the Peruvian run of the River Hydro on 15th May 2015 at £4.4 million which is slightly more than the $6.6 million they talked about before, but one may have been for part sale and this is for the lot ! 10 shareholders own 78% of the Share Capital so the PIs are an irrelevance really.
    I still think they will pull through, but as we all know Cash is KING !
    LB By Leicesterboy
  • Re: Pablo Galante by Leicesterboy
    Fri, 26 Jun 2015 08:44:00 GMT

    IPC made a Loss to 31st December 2014 of £4.2 million where 2013 it made a Profit of £2.1 million, I think they have struggled with many factors outside their control, a slow down in Power Projects on a change in Government in Peru, so struggled to find an Equity partner hence the Sale of Projects in Peru.
    I am not quite sure that you will see PE making a fortune, he is still to be on a Consultancy till the outstanding Sale of the Peruvian Assets are done, Colin Emson who is Chairman takes 29000 in Salary he is Sterlings Man who own over 53% will not want any under handed activity they are staring at an £18 million loss on their Investment.
    LB By Leicesterboy
  • Re: Pablo Galante by TheGreatGame
    Thu, 25 Jun 2015 21:15:00 GMT

    From Share Prophets last month

    Cesspit !

    It is always worth a gander through the after-hours RNSs to see what is being slipped out when no-one is looking. It is a common way for companies – especially those on the AIM Cesspit – to try to hide bad news from their shareholders. It simply doesn’t work, so why they bother is beyond me. But it is an immediate Red Flag. And that brings me to Rurelec plc (RUR). On Tuesday at 4.30pm – bang on market closing time - it released an RNS entitled ‘Extension of Radix Facility Agreement’. Gosh what an exciting life I lead: I just had to take a look…

    The first thing which caught my eye was that this had already been released through the RNS system at 4.15pm. Seems a tad clumsy, and so two red Flags are clocked up here: one for carelessness and another for an out-of-hours RNS. Oh, and there was a third Red Flag: the Nomad here is WH Ireland, naming a certain Mr Paul Shackleton, of Naibu and Rangers fame to mention just a couple of items on his CV, as a contact.

    The company had - as per the title of the RNS – extended a loan facility from Radix Investments UK Ltd, which had agreed to delay the repayment date to the end of June 2015 and advanced a further £340k. Now this raises a few questions such as when was the loan supposed to have been paid off?, and why Rurelec needed additional lending? What were the terms demanded by Radix – to whom the RNS tells us that the Directors are grateful – for this act of leniency? That we are not told sticks out like… well, another Red Flag.

    So what has been going on here? Wind the clock back to April Fool’s day and we have an RNS entitled ‘sale of Canchayllo Hydroelectric Plant’. Actually, the RNS was reporting that sale proceeds had not been received. Ah, so perhaps this should have been called ‘non-sale of Canchayllo Hydroelectric Plant’. Shall we call that Red Flag number 5? The RNS cheerily continued that the company expected to receive the $6.6m sale proceeds ‘shortly’ but had been subjected to administrative delays. Mr Godot was definitely going to turn up tomorrow.

    Well we’ve had no update on that since, other than the extension of the Radix loan repayment date and additional funds drawn. Might one conclude that the cash has still not arrived, then? How long a period is ‘shortly’? A day? A week? A month? As it is now, over six weeks? But of course there was no mention of this in Tuesday’s duplicate RNSs. Why not? Oh alright, then, Red Flag number 6.

    If we now turn the clock back to an RNS of 2 March 2015 we find the company stating that the Radix loan has reached £550k and “will be repaid on 31 Mar 2015” out of the proceeds of the Canchayllo sale. A further loan (due to IPSA Group plc – whose Acting CEO on 29 Dec 2014 was one Peter R S Earl, surely an almighty coincidence, or the very same person as the CEO of Rurelec) was also due to be repaid from that cash – supposed to be $6.5m (except that the 1 April RNS asserts that the figure is $6.6m). Again, we are told that the directors are grateful to Radix for their patience. Oh dear, that’ll be Red Flags 7 and 8.

    So what has happened to the sale of Canchayllo? When is the cash now expected to arrive? And what happens if Radix gets fed up waiting for its cash? I mention this because according to an RNS back in Dec 2014 the Radix loan facility was secured – although we are not told what on. Mind you, no charge against the assets of the company has been registered with Companies House dating from that time. This means that, as I understand this small corner of company law, should Rurelec become insolvent the security would lapse. I’m sure that Radix will be delighted to find that out. Red Flag number 9?

    And so one might wonder whether there is any danger of insolvency: according to the last set of numbers (H1 2014, released on 30 Sept 2014 – the last possible date for publication) current assets totalled £15.7m and current liabilities totalled £16.3m. Now this doesn’t suggest By TheGreatGame
  • Re: Pablo Galante by TheGreatGame
    Thu, 25 Jun 2015 21:03:00 GMT

    'There must be an end game here.'

    Yes I agree.
    Only the end game is the BOD and PE screwing over shareholders.
    I will keep tabs on that part of the company PE took and I am willing to bet he does pretty well out of it now it is in his hands for a pittance. By TheGreatGame
  • Pablo Galante by Leicesterboy
    Thu, 25 Jun 2015 16:32:00 GMT

    His shareholding is 13,000,000 which is no small shareholding !
    The BOD plus 3 major shareholders own 78% of Rurelec.
    Any ideas on the percentage needed to take a company back into a Private Company.
    Not sure this would work here though.
    There must be an end game here.
    By Leicesterboy
  • Re: Mixed views by Leicesterboy
    Sun, 21 Jun 2015 10:37:00 GMT

    Hi GFD, I am sorry to see Peter Earl go, but as a few have said his timescales are appalling, and in a one of his video interviews he states that the it was like a " beauty contest" in choosing the partners for the projects, as if we were in charge of who we got into bed with ! His statement on the Annual Results was they have had to sell the Peruvian Assets ! The bridging loan appears to be a good move but at what rate they always tend to be expensive, but hopefully the Sales will go through very soon, and why cant they tell us why there is a delay ? or are they just sorting out the finer details of the Sale of Rurelec !
    All will be revealed shortly. I still believe they will get back on track, Sterling paid over 9 pence per share !
    LB By Leicesterboy
  • Re: Hands UP ! by TheGreatGame
    Fri, 19 Jun 2015 17:07:00 GMT

    LG - Oh the modesty and humility lol

    By TheGreatGame
  • Re: Mixed views by TheGreatGame
    Fri, 19 Jun 2015 16:17:00 GMT

    The only person who should be apologising is the useless individual responsible for steering this company to where it is today.
    But I imagine he has been lining his pocket quite nicely in the process...

    By TheGreatGame
  • Re: Mixed views by goodflyingduck
    Fri, 19 Jun 2015 14:35:00 GMT

    It certainly is testament to RUR's fundamentals that it is recovering from the news that Peter Earl is leaving RUR. For my part, I think that I really must apologise for having been so confident in Peter's ability to deliver on his expectations as framed in RNS's - especially to MrNP. It has to be difficult for companies on AIM that feel driven to make announcements, in order to stop the sp drifting ever lower, only to find themselves hoist by their own petard. Maybe we should take a leaf out of the Toronto Stock Exchange's way of doing things and have every company make a quarterly trading statement; there would still be scope for "extraordinary" news but, at least, investors would not be driven to distraction or antipathy simply by virtue of there being no "News" ?

    Anyway, I'd like to believe that RUR can (and will) pick up the pieces and move forward with their remaining assets and the new co-operative "partnership" that will keep them in the energy production arena in South America, focusing now on thermal production. Either that or they are takeover by some other company that can make a better fist of it.

    GLA GFD By goodflyingduck
  • Mixed views by swooped
    Fri, 19 Jun 2015 10:51:00 GMT

    Mixed views to be honest, on the face of it Peter seemed like the driving force however, his bullishness and continual failure to meet timescales has imo been one of the biggest driving forces in share price depression. It seems obvious that the one thing the market hates more than anything is missed deadlines, Peter Earl missed so many deadlines that I believe the market had begun to mistrust him and at best certainly not believe his continual hyperbole. Rurelec have all the assets with Arica being the biggest and could easily be a game changer here if we get a good partnership deal, I will be interested to see who takes on the role and I would not be surprised to see a buyout on the cards now, with Sterling are up to their neck in it, they will I expect now push for great change and do whatever they can to create a rise in the SP to recoup some of the huge investment they have placed in the company.

    Vitoil is an interesting thought, as much as this looks a bit of a mess at the moment there is no denying the assets that are tied p in rurelec and with them now trading at a third of the NAV I agree that this could relate to the best possibility for a long time to get in at a very attractive price, I can understand why we are seeing buying today, I also have to take heed of the fact that Pablo Escobar would not have purchase such a huge holding without a very good understaning of latin America and his direct tie up with Vitoil should not be overlooked, they can propel Rurelec to great heights if they wanted to out of small change, they are truly a monster company with financial strength to do anything they desire. Perhaps Pablo may be the next CEO? Interesting times afoot but it can never be nice for a CEO to depart and then see that now people want to buy in. By swooped
  • Re: RNS by broomfielder
    Fri, 19 Jun 2015 09:23:00 GMT

    As others have commented - a lot of information suddenly to go through after a prolonged famine.

    My initial thoughts. Can't help but indicàte this is a salvage operation now with a sale or absorption by one of their intended 'partners'. Moreover as they will be privvy to all the financial minutae they will not offer over the odds. In fact aware of how weak Rurelecs position is in terms of liquidity, no doubt will be after a bargain.

    With hindsight, the Arbitration award was the beginning of the end when we PIs all thought it would be a new beginning. Hindsight I appreciate is always a wonderful thing (sic).

    Yet another AIM investment on my part that I now seriously question my own judgement.

    As for PE, his involvement I always viewed as positive. Now I feel despite no doubt working hard to achieve delivery of his plans, he clearly has misled investors. Over optimism on so many issues meant his departure was inevitable.

    Now we have to scramble to see what our prospects REALLY are.

    B By broomfielder
  • Re: Hands UP ! by lambrini girl
    Fri, 19 Jun 2015 09:00:00 GMT

    >>she just posts negatives on many II BB sites ! To be ignored as I did, it all sounds very promising for 2015, <<<nice LB...
    >>Just a cheap shot LB, smoked him/her/it/them out on QFI bb.<<<even nicer welloiled..I predicted its drop to 10p..BANG ON!! By lambrini girl
  • RE: Unanswered letter to PE in Feb 2015 by KAMEL17
    Fri, 03 Jul 2015 14:50:47 GMT

    GFD, Unfortunately I shall not be available to attend, although I would have liked to, I am going to be away on business in Uruguay at the time of the AGM and as such, i'll have to rely on the reports of any others who may be attending. My feeling on this are pretty clear amd my ire would be directed at Colin Emson who is supposed to look out for the interests of all shareholders and not just his own interests through Sterling. A shortage of capital is not the end of the world and can be fixed - if there are returns to be made, but this BoD has in effect sat on its hands for two years whilst dishing out utter drivel to the rest of the shareholders in the meantime and incurred overheads and interest charges all the while. The fact that my letter was ignored is bad enough, what is worse though that an announcement was made only a matter of a few days later that the passage of time has shown to be extremely misleading (polite version). There is no way to sugar coat this - any dispassionate observer could easily be forgiven for coming to the conclusion that the BoD had just issued announcements in March and April that were simply untrue.
  • 4 UK Shares to Buy in 2015
  • RE: Unanswered letter to PE in Feb 2015 by goodflyingduck
    Fri, 03 Jul 2015 08:43:35 GMT

    Kamel - there's nothing more annoying than spending time drafting a letter such as yours to PE only to have it lay unanswered. Apart from anything else, it's rude for the recipient not to have responded. Have you thought about re-sending but addressing it to Andrew Morris and explaining to him that it is substantially the same letter that you sent to PE back in February which he failed to answer ? Are you going to the AGM ? Swooped ? As I've already said, I'll not be able to make it but, short of the kind of announcements speculated upon by Swooped, I really wouldn't want to be sitting at the top table ! GFD
  • RE: Unanswered letter to PE in Feb 2015 by KAMEL17
    Fri, 03 Jul 2015 07:37:13 GMT

    I do of course appreciate that you are bound by very stringent rules with regard to the release of any information however any update, however small, that could be provided to ease my anxieties would be very much appreciated. Kind Regards Concerned Shareholder
  • Unanswered letter to PE in Feb 2015 by KAMEL17
    Fri, 03 Jul 2015 07:35:54 GMT

    Dear Mr Earl, I hope that you do not mind me writing to you directly as there do not appear to be any contact details on the Rurelec website specifically for Investor Relations. As a long term shareholder in Rurelec I have become increasingly concerned of late at the lack of progress and the reduction in the Company’s share price to a matter of only a few pence each. I am simply a shareholder who has invested in your Company and wishes to know the risks attached to that investment. Despite all of the problems encountered by the Company I had persevered and in doing so illustrated my faith in the Rurelec team. At the present time though, I am finding it extremely difficult to ascertain the level of risk that I am suffering. Perhaps I have been unsettled by the reduction in the price of the shares. There seems to have been much comment on the “beauty parade” and strong interest of potential suitors however none of this detail is available to me outside the scope of the rather routine announcements made by the Company. I must also say that I was most surprised to see that lending from a newly incorporated Company called Radix had been required. Was it not possible to obtain lending from a traditional lender based upon the upcoming deals? The fact is that if agreements were genuinely close to delivery then the need to approach non-traditional lenders should not have been necessary at all. Here we are at almost the end of February and the narrative in the RNS dated on Christmas Eve last year stated the following “Outline terms have now been agreed for the sell down of interests in Chile and Peru with detailed binding agreements expected to be entered into and announced early in 2015.” I am genuinely concerned that these agreements are not capable of being delivered as there had been indications as early as June last year that announcements may be made in a few weeks. That was eight months ago. During the last few years especially, the Company has continually burned overheads and incurred some almighty foreign exchange losses and there is little to suggest that the same pattern and cost structure has not endured in the intervening period. Put bluntly, my fear is that the Company is now either unable to deliver the partnerships/ partial asset sales or even upon achievement of any agreements that the eventual outcome of any deal shall be underwhelming. This may be as a result of the lack of ready funding as the bargaining position may not be as strong as it otherwise ought to have been. If funding is indeed an issue then I’d personally have preferred to have been asked to support the Company rather than be exposed to a weak bargaining position that prolonged the progress even further. I do of course appreciate that you are bound by very stringent rules with regard to the release of any information however any update, however small, that could be provided to ease my anxieties would be very much appr
  • RE: Well considering that by KAMEL17
    Fri, 03 Jul 2015 07:32:46 GMT

    I admire your continued optimism, however, it is based totally upon supposition that the make up of the current BoD is any better than before -it is essentially the same people. They have chased rainbows for the last two years and it seems that even Wonga would not lend them any cash. Hello! On that basis the correct thing to do is to realise the assets and reduce the costs.Why has it taken a guy withy a "pretty sucessful career" years to come to this conclusion?
  • Well considering that by Swooped
    Thu, 02 Jul 2015 22:08:59 GMT

    Colin Emson is the chairman of Sterling Trust and they hold 303,092,303 shares all purchased at over 9 pence per share, so with approximately £30 million invested, I wouldn't slam him just yet, you wil probably find he was responsible for Peter Earl's sudden departure. I am sure Colin has a plan to see his money back and I bet (as I am doing) that he has a plan on how to do it, this guy has a pretty succesful career behind him and I guess he was just as fed up as the shareholders were with Peter and probably thought, as we did, that whilst Peter was free to continue with his rhetoric, Rurelec would continue to be held back. With Monday being the 6th July I shall not at all be surprised to start seeing positive news being released, the BoD stand to be slaughtered at the AGM if they don't announce something major to placate the shareholders, its only 12 days away, a wait I can happily bare.
  • RE: I hardly dare ask ... by KAMEL17
    Thu, 02 Jul 2015 17:13:47 GMT

    I shall be out of the UK at the time, which is probably just as well. Otherwise, I may have been tempted to use a few of the swearwords in english that I have learned over the years whilst i have resided here. EM202020's post was good and well thought out, however, my view is that whilst Colin Emson is involved - there can be little trust. He's been around to oversee PE's pronouncements to shareholders and in my view, he may actually be equally guilty of misleading the shareholders. This whole thing reeks of stitch up and i'm not sure if one deluded fantasist being replaced by another one who pulled the strings of the first one is any improvement.
  • I hardly dare ask ... by goodflyingduck
    Thu, 02 Jul 2015 16:05:51 GMT

    ... whether anyone has finally decided to attend the AGM on 14th July ? I realise that by simply asking the question, the sp might drop by 10% tomorrow, only for it to rise by the same amount on Monday. I had meant, sooner, to applaud EM202020's post of 20th June, having previously recommended it. I make amends for that omission now. GFD
  • KAMEL by escorter11
    Tue, 30 Jun 2015 18:54:57 GMT

    Not printable? Two cases of the most severe hemorroids known to man would not go amiss.
  • SP by jeddicat
    Tue, 30 Jun 2015 17:55:13 GMT

    i can not see how today's trading can justify a drop of 0.25p (-8.33%), on roughly equal buy/sell trades, amounting to low quantity! Not that i care, I'll be buying again tomorrow, and in the c2p prices.
  • RE: Benefit of being rock bottom by KAMEL17
    Tue, 30 Jun 2015 09:31:37 GMT

    GFD, I've confined this stock to the dustbin now. Getting anything at all back will be a bonus. The total stitch up that has just occurred and the likelihood of a further stitch up 6/12/18 months down the line is almost inevitable. My thoughts on both Peter Earl and Colin Emson are not printable here.
  • RE: Benefit of being rock bottom by goodflyingduck
    Tue, 30 Jun 2015 08:27:16 GMT

    You were saying .... ? GFD
  • Benefit of being rock bottom by KAMEL17
    Mon, 29 Jun 2015 15:47:51 GMT

    Even those pesky Greeks can't drive this any lower. Just saying hi to one and all. Kamel
  • RE: GFD by goodflyingduck
    Thu, 25 Jun 2015 07:27:03 GMT

    You're quite welcome madchick. I think we've all been exercising our minds over what to say and do following the mini-avalanche of RNS's. There really isn't much to say that hasn't already been said - we're once again playing the waiting game. And that's what I'm doing - just holding and waiting, as ever before. And, judging by the volumes of shares sold since the announcements, that seems to be what most investors have decided to do. Most definitely "jam tomorrow" ! GFD
  • GFD by madchick
    Wed, 24 Jun 2015 17:34:27 GMT

    Meant to re-read the RNS and try to say something sensible ages ago in reply to your post, but still haven't managed to do that, so to avoid any further delay (I'm getting like PE!), I'll just say a huge thank you now for your reply - you are quite right!!