Rurelec Share Discussion Threads

[grahamg8] 20/7/2015 08:36

Here we go again. Sell assets for $6.8m supposedly completed. RNS says cash will pay down debts. Radix loan of $550k (1 April) overdue, and still outstanding. So where did the cash go, or was it all smoke and mirrors as usual.

EDIT
Plus the £2.91m owed to IPSA also outstanding.

[kinbasket] 20/7/2015 08:20

IPSA announcement. You couldn't make it up..



"the left hands connected to the right hand, the right hands connected to the left hand..."

Join in if you know the words.....

[grahamg8] 17/7/2015 18:29

On reflectin I think you are right. At 1 April the funds were outstanding but the contract to sell firm. So there should only be one interpretation of today's RNS. The money should be in the bank. But with RUR you never can tell. $200k seems to have gone AWOL in the meantime.

[vyke82] 17/7/2015 11:51

Most important is the sale gives them breething space not to be dependent on the Redix loan.

[mortimer7] 17/7/2015 10:22

The narrative in 31 Dec Annual report stated this was for sale at £4.4mill. So assuming that figure to be the book value, todays $6.8mill dollars is about £4.35mill.

[kramch] 17/7/2015 09:44

Is this a good or bad price?

It would be helpful if management said what it's book value is, and the effect on group debt.

K

[gerhart] 17/7/2015 09:21

I hope some non-holders won't view this as negative, thinking that following the share share price collapse that this is a "fire-sale". When it is actually very positive!

[gerhart] 17/7/2015 09:21

I hope some non-holders won't view this as negative, thinking that following the share share price collapse that this is a "fire-sale". When it is actually very positive!

[vyke82] 17/7/2015 08:45

Yes to me RNS implies money in.

[gerhart] 17/7/2015 08:31

Graham I think we have to take the word "completed" at its word!

[grahamg8] 17/7/2015 08:24

My worry would be that we have seen deals and sales announced before which stalled. It's not over till the fat lady sings. In this case when the cash hits the bank account.

[empirestate] 17/7/2015 07:59

should be a decent premium.

[vyke82] 17/7/2015 07:16

Great news!!! We should see 3p again

[gerhart] 16/7/2015 21:11

I don't think they will Vyke. There is not much left to short, and they, like us, know there is a good company with assets just struggling to "get out"! And it will. Hopefully soon we'll see a couple of strong new appointments.

[vyke82] 16/7/2015 18:13

Shareprophets picked this up so will now scream to short this

[giant steps] 16/7/2015 13:56

Beneath the mess is value

[loverat] 16/7/2015 13:12

Just taken another look at this company and recent events.

I think the word I would use to describe this is a mess. Seems everyone is out to screw this company.

[giant steps] 16/7/2015 11:24

To make a 5p offer for entrants @ 1.75p will seem like a dream ticket

Best strategy may be to sell all the assets to release value.


edit:
market valuation is only 20% of book value

[bam bam rubble] 15/7/2015 19:53

The ousted non-exec Pablo Escobar held 13m shares but must have voted yes to all.
If the 15m who voted in favour of share issuances were Escobar's 13m +2m others,
that suggests Earl who held 7m and some other person(s) on 6m were the ones who
vetoed the ability to issue stock, so while they may be in concert with whatever
Sterling Trust is doing they perhaps didn't agree with ousting former colleagues.

[giant steps] 15/7/2015 19:40

It's a mess

[bam bam rubble] 15/7/2015 19:30

Anyone come up with an explanation why a 13,000,000 block voted yes to re-elect
the directors but no to the ability to issue shares?

Results w/o the 303,942,303 no votes of Sterling Trust

receive accounts: 28.4m yes ... 23,000 no
appoint non-exec: 28.4m yes ... 47,560 no
reappoint the FD: 28.2m yes ... 47,560 no
reappoint the MD: 28.4m yes ... 61,020 no
shares authority: 15.2m yes 13,061,020 no
-disapply rights: 15.4m yes 13,047,460 no

[here and there] 15/7/2015 09:25

Been badly let down by this company's management. I don't think we will ever find out how much of what they said was lies, wishful thinking or fact.

I have sold out today , very bad smell

[kinbasket] 15/7/2015 09:08

Swooped

You need to check your information on Sterling. It definitely isn't and never has been any kind of "fund". As I've mentioned here before, it is owned via a series of holding companies by John K Farrell.

He and Clive Emson have been pulling the strings here for years. I don't know what Peter Earl and Elizabeth Shaw did to upset them in the end and I suspect we never will. However, I wouldn't be surprised to find all four of them popping up on a shareholder register of whatever is left of this company at some later date.

This company has aways been the dodgiest smoke and mirrors company I've ever looked at.

[vyke82] 15/7/2015 09:07

Strerling can take this private on the cheap.