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RUR Rurelec Plc

0.425
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Rurelec Plc RUR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.425 01:00:00
Open Price Low Price High Price Close Price Previous Close
0.425 0.425
more quote information »
Industry Sector
ELECTRICITY

Rurelec RUR Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
16/05/2023SpecialGBP0.00222/06/202323/06/202314/07/2023

Top Dividend Posts

Top Posts
Posted at 22/6/2023 16:20 by neo26
I thought ex divi tomorrow, so if you buy today u get 0.2p divi..
Posted at 22/6/2023 15:47 by guy553
Hence the 25% drop today, effectively no dividend as that was 25% as they were @.8 yesterday
Posted at 17/5/2023 15:52 by golden prospect
d4545,

The deal may be up to USD 5m (cGBP4m), however "The Purchasers will pay Rurelec USD 3m (cGBP2.4m) upon Completion".

The balance $2m may never happen.

In summary, ignoring other assets to sell, the EdS deal is derisory.

The 0.2p special dividend is a very low outcome.

The market is behaving on this basis - a disappointing exit from Argentina.
Posted at 17/5/2023 10:31 by dave4545
Welcome back.

More idiots looking for instant profits selling for a whopping losses.

£3 mil market cap £4 mil disposal, special dividend of 0.2p, loads of working capital and loads more assets left

But tell that to people that cannot hold a stock more than 2 days

693k paid 0.62p sold for 0.516p, good, sooner these people get wiped out the better
for the penny share market recovers
Posted at 16/5/2023 12:16 by dave4545
GP

Can you post here the remaining assets RUR will have.
Posted at 16/5/2023 08:30 by gerhart
Well I have held for a long time, and bought some more.

Apart from any price rise, we'll have a small Divi in due course; and then the value of remainder of Co. (and now clear of debt issues)

So in sum total, worth a lot more than current share price
Posted at 10/5/2023 08:31 by dave4545
Here we go 1 share trade in RUR come on :-))

I'm not a believer but this is a very quiet stock
Posted at 22/4/2023 08:00 by golden prospect
The Sterling Trust administrator report from 20th April 2023 makes for most useful reading and provides confirmation their 54% stake in Rurelec holds substantial value. The process of asset realisation beckons.

In summary, the debt free but near out-of-cash Rurelec (awaits debt payment receipts) has a 50% stake in an Argentine gas-powered electricity provider. RUR are owed over $13 million from this JV. Plus RUR has two turbines available for sale worth over $8 million. One could argue there is $21m up for grabs before considering any divestment. Getting any deal may require a temporary bridging loan from parties associated with ST; history indicates they may oblige. It's also clear that ST have blocked ( for many years ) any mechanism for RUR to raise funds via equity.

The court order reduction in capital from 26 August 2020 has granted Rurelec the capability to distribute from Reserves £14.6 million.

At 0.3p the market valuation for Rurelec at $2 million is clearly well-detached from the latest balance sheet values.

Looks like the end game is in play.
Posted at 14/7/2021 10:50 by tomboyb
Rurelec PLC Partial Debt Repayment
14/07/2021 10:25am
UK Regulatory (RNS & others)

Rurelec (LSE:RUR)
Intraday Stock Chart

Wednesday 14 July 2021

Click Here for more Rurelec Charts.
TIDMRUR

RNS Number : 2249F

Rurelec PLC

14 July 2021

14 July 2021

Rurelec PLC

("Rurelec" or the "Company")

Partial Debt Repayment

Further to the announcement of 23 October 2020 the Directors of Rurelec PLC (AIM: RUR) confirm that Rurelec have now received a further payment US $480,000 from Patagonia Energy Limited ("PEL") by way of partial repayment of the Amended and Restated Loan Notes (the "Loan Notes").

Since the announcement on 21 November 2019, when the Loan Notes were executed, PEL has received repayments from Energia del Sur, S.A. totalling US $4.4 million. To date PEL has made repayments of US $4.3 million on the Amended and Restated Loan Notes of which Rurelec has received US $3.4 million. The total balance outstanding on the Loan Notes is now approximately US $19.6 million and it is agreed the next payment of US $0.7 million will be shared 80:20 between Rurelec and Basic Energy Limited ("Basic") (the ultimate shareholders of PEL) and then the balance paid 72:28 thereafter (Rurelec:Basic).

The total amount owing to Rurelec is US $14.1million.

There can be no guarantee as to when any further loan repayments will be made and as set out in the announcement of 28 June 2021 the Company's working capital position remains under review pending the resolution of the Argentine spot energy tariffs for electricity. Further updates will be provided in due course.

For further information please contact:
Posted at 21/11/2019 07:33 by novicetrade68
Good development..

21 November 2019

Rurelec PLC

("Rurelec" or the "Company")

Agreements with Basic Energy Limited and other parties, and note on foreign exchange controls in Argentina

New Agreements

The Directors of Rurelec PLC (AIM: RUR) announce that on 20 November they have signed (1) an Amended And Restated Shareholders Agreement ("SHA") with Basic Energy Limited ("Basic") and Patagonia Energy Limited ("PEL"), and (2) an Umbrella Agreement ("UA") with PEL, Basic, Rurelec Project Finance Limited ("RPFL"), Energia del Sur SA ("EdS"), Electrica del Sur S.A. ("Electrica"), and Rurelec PLC Sucursal Argentina.

-- The SHA amends the constitutional relationship between Rurelec and Basic, who are both 50% Joint Venture ("JV") partners in PEL.

-- The UA sets out a new schedule for the repayment of unsecured debts owed by PEL to both Rurelec and Basic by way of the Amended and Restated Loan Notes ("ARLNs"), the terms of which are set out below.

-- By joining EdS and Electrica into the agreement, the UA also regulates the cash distributions to be made by EdS and Electrica to PEL.

-- Finally, by joining RPFL into the agreement (a wholly owned subsidiary of Rurelec) the UA sets out the basis for the release of the secured Facility Agreement between EdS and RPFL. This is the same EdS Senior Debt acquired by Rurelec Project Finance Limited from Standard Bank in March 2011 and repaid in full on 30 May 2019.

The objective in signing these Agreements has been to enhance and maximise the flow of cash remittances from EdS (PEL's operating subsidiary) to Rurelec via PEL by formalising arrangements governing the flow of funds from Argentina and by more closely aligning the interests of Rurelec and Basic.

Summary of Changes

The key constitutional changes to the SHA are:

-- Permitted share transfers;
o To allow part of Basic shareholding to be transferred within Basic stakeholders without triggering the right of first refusal;

o Payment to shareholders:

-- PEL group cash position to be reviewed on a monthly basis to consider making repayments or distributions;

-- ARLNs to be repaid in accordance with their respective terms and the UA;

-- Dividends will not be paid out until the ARLNs have been repaid in accordance with their respective terms and the UA;

-- The first $5.7 million of dividend distributions by PEL will be split in the ratio 72:28 (Rurelec:Basic);

-- After that, further dividend distributions to the JV partners will be on a 50:50 basis.

The key provisions of the UA are:

-- Formal monthly obligations on EdS to review cashflow and to remit all permissible surplus cash to PEL and in turn on PEL to remit such funds to Rurelec and Basic in accordance with a "waterfall" arrangement of the UA as follows:

o The first US $5.0 million of debt repayments by PEL will be split in the ratio 80:20 (Rurelec:Basic); and The next US $18.9 million of debt repayments by PEL will be split in the ratio 72:28 (Rurelec:Basic).

-- Customary default provisions for both Rurelec and Basic having the right to default interest.
-- Rurelec and Basic agree to waive any claim to interest on past monies loaned to PEL and for there to be a global release of past debts, obligations and liabilities. The Board of Rurelec has for many years provided in full for the uncertain interest on these monies.

-- Debt capital to be defined by the establishment of new ARLNs.
-- If EdS/Electrica/PEL is unable to pay either of the JV parties due to exchange controls in Argentina, it will set aside the funds until it is able to pay both parties.

-- The release of the secured Facility Agreement referred to the Company's announcement of 30 May 2019.

Whilst these new provisions determine how funds generated by PEL will be distributed, the timing of these payments is not certain as it is dependant inter alia on the potential future cash generation ability of EdS and the potential future existence of exchange controls that may restrict the ability of EdS to transmit funds to PEL (see below).

The key provisions of the ARLNs (in accordance with the terms of the SHA and the UA) are:

-- No interest accruing;
-- Events of Default and Default Interest of 14.32%;
-- Repayment by PEL of outstanding principal on the maturity date (31.12.2039); and
-- Prepayment of outstanding principal is permissible to both lenders (Rurelec and Basic) without premium or penalty.

Exchange controls imposed by the Argentine Central Bank

The Directors note that exchange controls have been imposed in the wake of the latest financial crisis in Argentina, where the Company operates. Due to the exchange controls imposed on US dollars by the Argentinean Central Bank ("BCRA"), any repayment of debt between a subsidiary and its parent company needs the approval of the BCRA. As a result, the local management team of EdS is looking at alternative ways to purchase US dollars to fulfil their obligations under the UA. The local management team is also receiving legal and banking advice in Argentina. EdS management expects to be able to transmit further debt repayments and dividends to PEL (which is based outside of Argentina) but Rurelec's Board notes there can be no guarantee that any route will not also be blocked by further exchange controls measures introduced by the new Argentine government. Accordingly, there can be no guarantee that any cash can be remitted to PEL in the foreseeable future, nor that any monies can, in turn, be remitted to Rurelec. Whilst this is not a problem for the Company in the short term, it could ultimately result in liquidity problems for Rurelec if it was not resolved.

The Directors will continue to keep the situation under review and further updates will be made as appropriate.

For further information please contact:


Rurelec PLC W H Ireland (Nomad & Broker)
Simon Morris, Director Katy Mitchell
Andy Coveney, Director Lydia Zychowska
Tel: 020 7549 2839/40 Tel: 020 7220 1666

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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