AIM 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.

Rurelec is trading below the moving 50 day average and below the moving 200 day average on below-average volume.
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  • Canchayllo by MrNoProfit
    Tue, 30 Sep 2014 20:50:00 GMT

    In the 16th September trading statement, Canchayllo is expected to enter service by the end of the month.

    Quote "Rurelec's Peruvian run of river hydro subsidiary, Cascade Hydro, has completed construction of its Canchayllo project, which is expected to enter service at the end of this month."


    Just 2 weeks later, that has slipped to November.

    Quote "Rurelec's Peruvian run of river hydro subsidiary, Cascade Hydro, has completed construction of its Canchayllo project, which is expected to enter service in November."


    Originally the plant was supposed to be operational in Q2 of 2014. They really need to get to grip with their projects and forecasting as it is having a negative effect of their credibility. By MrNoProfit
  • A strategic perspective by oldie1
    Tue, 30 Sep 2014 17:10:00 GMT

    I have made an almost identical post to this on LSE. I hope that repeating it here is helpful to those who favour iii.

    There follow a few comments, further to some I made on LSE on 1/7/14, shortly after the AGM, which I attended. They reflect solely my own opinions. I hope that you find them useful:

    (1) The stated strategy of RUR (using my words, not its) is to become an electric utility company in the long term and to achieve that through conventional project development and financing techniques.

    (2) Project development and financing involves, initially, cash outflow and, normally, losses on each project. Once the project is constructed and then, in the case of a power generation plant, comes on stream, profit and, most importantly, cash start to flow in. As this happens, the value of the asset should swiftly rise and leave the book cost well behind. This is particularly so in cases, such as RUR’s projects, where long term contracted revenues are involved. Each project thus follows a J-curve or hockey stick trajectory in cash and value terms.

    (3) Frequently, it will prove optimal (and/or indeed, essential, if internal finance is insufficient) to sell a stake in a project to a third party at some point along the J-curve. The challenge is to get the timing of this right: too early and there will be little value to realise; too late and the company’s own resources will not have been optimally leveraged.

    (4) To call this selling of project stakes “asset sales” would, I suppose, be accurate but a little misleading. Projects are commenced with, from the very outset, the intention of being sold or part sold. “Asset sales” carries connotations of things having gone wrong.

    (5) In the context of the uncertainties (such as the disappointing outcome of the Bolivian arbitration) which real business (as opposed to the theory of project development) throws up, RUR seems to be developing its projects well. I would expect this in a company led by someone with the extensive and relevant experience of Peter Earl (supported by the in-house expertise of IPC). It is using moderate amounts of debt and the cash flow from Argentina to develop its other projects to the point where (a) it can optimise its return from those projects and thereby (b) generate the funding for yet more projects. This will be achieved by selling stakes which we are told will be around 50% for the thermal plants. My guess is that, because the capital cost per MWh generated will be so much higher than for the thermal plants, the stakes sold in the hydro plants will be larger (perhaps leaving RUR with something more akin to a carried interest in those).

    (6) For an interesting contrast to RUR, look at REAC. It is developing renewable energy projects in the UK and Ireland. I think that it may now be getting its act together but, at least in the past, it did not play the J-curve well and its balance sheet has been far too stretched to allow it to progress. RUR is no REAC.

    (7) While RUR remains predominantly a project developer and is still in the transition phase towards being substantially a utility company (and rated by the stockmarket as such), cash and cash flow are the key variables. Profit is less relevant and tends to mask what is really important. Equally, on the balance sheet, asset values, being primarily about cost and backward-looking, are not very helpful indicators at this stage.

    (8) While it remains an AIM penny share, the short term movements of the share price tell us almost nothing: “Mr Market” tends to be myopic in these situations. The company is too small to be on the radars of institutional investors (they could simply not buy what would be, for them, a meaningful stake). Equally, to worry that the market makers are manipulating the share price is, I suggest, to misunderstand the situation and the operation of the market. Certainly, trying to work out if a particular trade was a “buy” or a “sell” is pointless.
    By oldie1
  • Re: NAV 9.6p ... INTERIMS OUT by Shasam
    Tue, 30 Sep 2014 14:53:00 GMT

    Hi GFD

    I agree wth you that these Interims are not too bad, given the devaluation in Argentina.

    They have recognised the reduction in the plant value, and of course the Revenue would have been the same without the reduction of £1.8M for the Exchange Rate. In fact in Arg $, it looks like the revenue increased by 10%.

    As you say, there is good news to come, and I suspect it will be bit by bit as each deal is completed.
    Once again, patience will be rewarded.

    GLA

    Sam By Shasam
  • NAV 9.6p ... INTERIMS OUT by goodflyingduck
    Tue, 30 Sep 2014 07:55:00 GMT

    A bit of a mixed bag in as much as the overall operating profits have been hit by a devaluation in the Argentinian plant caused by the devaluation of that Country's currency. But for that (paper loss) we would have been showing good profits.

    IMHO when the Chilean & Peruvian projects complete, these will enhance the Co's NAV quite significantly such that the current 9.6p will look like chicken-feed. Even so, the current NAV means that the shares are trading at around 50% discount to NAV when they should be in excess of NAV (for the Sector).

    It's likely, is it not, to be a slow process of recovery for the sp as each project completes, adding value to the NAV and the profits generated by the Co. News of a marriage will also enhance the Co's sp as that will unlock capital for those other projects for which they have already placed tenders/bids.

    Also good to see IPC breaking new ground in West Africa. They are the standard-bearers for this Co. Hopefully their activities will heighten the Co's profile internationally and we'll see more projects elsewhere in the world than South America as a consequence.

    Of course neither Chile nor Peru are as parlous as Argentina so there ought not to be any prospects of currency devaluations there.

    My forecast is at least 10p by Christmas ! But, then, I do still believe in Santa Claus !

    GFD By goodflyingduck
  • Re: Just when one thought ... by daw2905
    Wed, 24 Sep 2014 18:32:00 GMT

    At the moment, not so much RUR as AARGH By daw2905
  • Just when one thought ... by goodflyingduck
    Wed, 24 Sep 2014 17:52:00 GMT

    ... things couldn't get any worse, my long term holding in Mothercare's going to stretch me on a 9:10 Rights Issue !!!

    Time long overdue to get shot of ....

    Investec !!!

    Certainly NOT RUR.

    GFD By goodflyingduck
  • Re: So sweet ! by goodflyingduck
    Tue, 23 Sep 2014 07:40:00 GMT

    My recollection LB is one of a 9.5p rebase but no matter - 0.5p isn't going to make much difference one way or the other.

    I'm coastal too, at the moment. North Wales. Also very hush, hush but not quite as exotic as Kenya. Nor, I suspect, as warm.

    Interims out soon. "The State of the Nation" Speech from the President. Good healthy financials (allowing for marriage announcement then or sooner) and, yes, the sp should tickle-up nicely.

    Fun ride to be on, this one ! GFD By goodflyingduck
  • Re: So sweet ! by Leicesterboy
    Tue, 23 Sep 2014 07:00:00 GMT

    Hi GFD stuck in Kenya on the Coast, cant tell you what I am doing all hush hush, but cheese is not involved ! Very quiet tourist wise very sad ! Great email back from Ana, you have a good touch, I think the next couple of months could be interesting, need to get back to paying Dividends, and I am sure Sterling want that as well plus Santiago listing, Cost price of over 9 pence and they own over 50%of business.
    I would say 9 pence first base !
    LB By Leicesterboy
  • We only need ONE happy .... by goodflyingduck
    Fri, 19 Sep 2014 14:27:00 GMT

    .... MARRIAGE for the sp here to go up dramatically. Yet, here we are, a-courting two potential Brides (or maybe the same Bride in two countries ?) & what happens ? The sp slips again ! OK, I know that this is NOT the sexiest stock on AIM but, crikey, it's an incredibly good Co with great assets both in terms of generating electricity AND, more especially, the technological know-how with proven application !

    What do I have to do to capture investors' attention ? De-feather and streak through London (avoiding Chinatown, obviously !) ????.

    GFD & SASB because ... Suffering A Sore Beak !!!!

    By goodflyingduck
  • So sweet ! by goodflyingduck
    Fri, 19 Sep 2014 12:07:00 GMT

    "Hi [GFD],

    Thank you for your kind e-mail, which I have passed on to the board. We are hopeful that we will be able to announce more on the JV partners in the not so distant future. Meanwhile we will have the interims at the end of the month.

    You're also right about the benefit of announcing news one at a time instead of combining it all in a trading statement. However, this was not done purposely. Delays in Chile and Peru, mainly due to holiday season - resulted in things taking a little longer than we would have liked.

    Going forward, we certainly hope to be more regular with our news. Always good to hear from you and please do keep in touch.

    Kind regards

    Ana " And that, ladies & gentlemen, is why I'm totally infatuated ! GFD SASB Because I think that once we've got all RUR's marriages out of the way, there may be another one to look forward to ! [She IS single, isn't she ????!!!!] By goodflyingduck
  • It may be a case of teaching Grandma ... by goodflyingduck
    Wed, 17 Sep 2014 12:20:00 GMT

    ... to suck (Duck) eggs BUT here's the text of another email I've just sent to the love of my life:

    "Hi Ana

    I write to express my thanks to Peter Earle & the BoD for the recent RNS Trading Statement which has served to reverse the downward trend in the Company's share price. Please do convey to them my sincere thanks (and that of my Bank Manager, too !).

    On the "bridal" theme, it would be great news were the Bride in Chile to be bringing with her the key to unlocking the door to the matrimonial home ... a secondary listing on the Santiago Bourse but I guess we'll just have to wait and see who the Bride is and whether or not she brings that dowry with her !

    Might I prevail upon you to ask one more favour of the BoD ?

    I know that it's tiresome but News is what the markets and investors alike are hungry for. They thrive on it, as do the fortunes of companies like Rurelec in terms of their share price.

    It would make much more sense and serve to enhance the Company's share price, in a sustained way, were the BoD to release RNS News on the happening of each event (e.g. project completion, "marriage" etc) rather than issuing a consolidated Trading Statement, comprehensive of all the Company's achievements. In this way, the market can analyse the value added to the Company on the happening of each event, adjust, stabilise and move forward, through the same process, with each announcement.

    Added to which, it will serve to keep you busy, even if I'm failing to do that !

    Finally my thanks to you, of course for being so tolerant and polite. You are a veritable credit to your profession.

    Best regards"

    Yes, I know ... I have no shame ! I am not in any way, shape or form, related to Donald who, I seem to recall from my childhood, could do a pretty mean "Aw, shucks" type gesture, looking quite embarrassed on account of his great deeds. The only great deeds I've executed are in lengthy legal prose !

    GFD and SASB despite the Buttons still being missing !

    By goodflyingduck
  • Strong BUY ... no buttons, again !!! nm by goodflyingduck
    Wed, 17 Sep 2014 10:20:00 GMT

    nm By goodflyingduck
  • The strategy adopted by RUR ... by goodflyingduck
    Wed, 17 Sep 2014 10:19:00 GMT

    ... makes perfectly good sense to me. And I very much doubt that anyone will be buying a 50% stake in an unfinished project at book value plus. Both RUR & the investor will want to see it up & running & generating electricity.

    New projects (those not actually begun) are an entirely different matter; they can (and, it seems, will) be funded ab initio through the putative partnership deals announced. I say "putative" ONLY because it seems that ink has yet to be put to paper.

    As each of those marriages takes place, the sp will increase dramatically - as indeed it should. And that will happen on account of both the cash being restored, profitably, to RUR on the sale of a 50% stake & the cementing of the partnership that will ensure that future projects in that country (be it Peru, Chile and/or Argentina) are funded at least 50:50 by the new partner, with RUR then taking the profits on account of IPC's technological know-how.

    Plus, going forward, RUR will have a very nice portfolio of generating plant in South America with a good geographical spread, thereby reducing risk; Peru may be (and from what I read, very probably will be) the next Brazil in that sub-continent.

    And as RUR continues to do in South America, is it not plain to see, even now, that they are going to be expanding the purview of their operations. We already have a toe-hold in Asia (Bangladesh) & South Africa (through Peter Earle's substantial shareholding in IPSA & the inter-play between RUR and IPSA - already a "marriage" of sorts ... a "civil partnership" if you prefer). They are just the beginning in those areas of the world.

    And Europe where Hungary & various Balkan states have already expressed an interests in RUR's technological know-how. I'm confident that it will not be long in coming, once the SA partnerships are cast in concrete, before new European projects are announced. And would it not be daft for the contractor, if you will, to sit back & wait for completion of the project there before buying a 50% stake when they could (and will, if RUR deems it apposite) buy a 50% stake from the start ?

    The only real question is just how far IPC can meet the demand. Presumably that (already profit-making) limb of RUR (IPC) can expand by taking on more, highly qualified, staff to attend to projects local to them (i.e. the new employees), so that IPC doesn't get spread too thinly on the ground as RUR's web stretches over four Continents.

    We're off ! We're out of the gates & the race is on. The Santiago Listing will follow the marriage made in Chile, IMHO, especially if the Bride is one of some real substance in that country. What a dowry that would be !

    Fasten seat belts chaps (sorry about the mixed metaphors, by the way) ... we're about to go stellar !

    GFD SASB because, now, the future is crystal clear, or should be, to one and all. By goodflyingduck
  • info by forwardloop
    Tue, 16 Sep 2014 22:21:00 GMT

    link

    By forwardloop
  • Re: Sense of Perspective by swooped
    Tue, 16 Sep 2014 19:19:00 GMT

    No, as already stated there is no change in strategy, actually what you should be thinking is how good at negotiating Rurelec have been to have managed to get themselves into such a position that they have so many attractive projects with which to 1. raise cash and 2. start bringing in revenue.

    If you have any doubt as to the strategy have a look at previous RNS's going back years you will note the strategy they have discussed today is exactly in every way what they have always said.

    Yes I agree that Rurelec need cash but the selling off IS the stated strategy for raising that cash, you will also note from today's RNS that there is no intention to come to the market for cash, in fact if you read the post below you will note that they may have a strategic alliance that will fund ongoing builds. If this becomes the case and we see an RNS stating the fact, then the share price will rocket and I really mean fly hard, as the most difficult part for all these type of companies is finance, if that becomes assured through a rich strategic alliance then as I have stated the sky's the limit.

    Personally I am very happy at today's update and I guess the 19% rise on no actual deal signing shows are a few others are also. Imagine what will happen to the sp as these deals start coming through, based on the RNS we should have a very newsworthy year ahead of us. By swooped
  • Oldie's Perspective by EM202020
    Tue, 30 Sep 2014 21:37:47 GMT

    Oldie - thank you, a very good summary of where we are on this one, a useful post for all newbies and wannabes - I would only add that from my perspective, PE and his mates have on the whole over promised and under delivered over the last few years (for whatever reasons) with quite a few false dawns along the way - however, we shall see shortly, whether or not their latest list of intended deliverables per today's RNS materialises or not in the short term - personally, I am waiting to find out and still reasonably optimistic or, maybe they won't make it happen and the SP drifts further south.
  • spacey by All-is-fair
    Tue, 30 Sep 2014 19:03:56 GMT

    We're on the same wavelength there, same with IPSA there's just a stream of carrot n stick rns but it just fizzles out and comes to nothing. This latest trading update and finals are nothing other than more elaborate "we're gonna do this that and the other" that they spoke about in March n April. With IPSA it's like they are running the company down. What value left once they sell all this debt etc. Its just endless "tomorrow will be a better day" fluff
  • AIF by Spac3y
    Tue, 30 Sep 2014 18:58:53 GMT

    For me, it will be a teller on the releases for the stake sale. PREMIUM is the word, not just a stake sale.. "Rurelec is considering offers for a 50 per cent stake in Termonor and expects to complete a sale at a premium to book value." "Rurelec is also considering offers for 50 per cent of its Central Illapa project, where it also expects to complete a sale at a premium to book value" I also note Canchayllo... "Rurelec's Peruvian run of river hydro subsidiary, Cascade Hydro, has completed construction of its Canchayllo project, which is expected to enter service at the end of this month." (Sept 16th) "Rurelec's Peruvian run of river hydro subsidiary, Cascade Hydro, has completed construction of its Canchayllo project, which is expected to enter service in November." (Sept 30th) Theirs also a difference in the following... "Cascade Hydro has agreed terms for the sale of a substantial share stake in the Canchayllo project"I do note theirs no mention of significant to book value against Canchayllo like the other projects. Perhaps I am reading to much into that one. The point I guess I`m struggling with is, its all in the information. Statements are not adding up...Mixed messages. RUR are "exploring" alliances....I`m exploring the oil well in my back garden, at the moment, I haven't found anything but I shall let you know if I do. It ll all come down to what you believe I guess. I`m well aware of what RUR are trying to do in so much as sell stakes, but unless they are significant premium to NBV, it will all be wooden dollars.
  • spacey by All-is-fair
    Tue, 30 Sep 2014 18:39:44 GMT

    Similar to the IPSA finals I thought the mm's were quite generous today letting pi's sell in the 5's. Like you I grew extremely tired of the endless missed deadlines and fluff. Its just carrot dangling, nowhere have they said they are gonna make any profit from these asset sales and surely the book value is low currently. Argies in default, peru in recession etc etc. There's only so many times you can kick something before it just stays down. The execs doubled their salaries last year, that is key imho.
  • Good Evening by Spac3y
    Tue, 30 Sep 2014 18:34:25 GMT

    All and I hope we are all well. Tis been an interesting time as of late watching this board go back and forth. Whether your positive or negative on the stock, its an interesting read. For me at the moment, Ive not seen anything that would make me want to buy any more and its quite simple. I have learn over the years that after 3 releases of not much information, and to be honest, the interim, the last statement, and probably the last 10 releases don't tell me anything more materially that we knew....Remember that number, 3 crap result RNS or 3 of nothing, sell on the spike.... We continue to miss deadlines, which is the long and the short for me. I`m quite sure that over time their is potential for a decent reward....but....how many stocks have I watched with that potential only to see them sub 1p ! As an example, here is Canchayllo. 17/9/14 - "Completion of that share sale is expected to occur in early October..." 30/9/14 - "Completion of that share sale is expected to occur in early November..." Cash flow for Argentina sounded really positive, indeed "The strong cash flow from EdS has permitted the continued monthly repayment to Rurelec London"... However, revenue down by £1.8m due to the peso....which..in my view, is not going to improve anymore in the next 12 months. Fixed asset value up, carry value, reduced. That`s my thoughts, long and the short (and no I`m not short but I`m bet a few were at that 15% last spike) I will keep an eye open for the stake sales, those are KEY milestones and the market will be quick to react. To be honest, Ive written off the listing as that just seems like pie in the sky to me now, but thats just my own personal take. Happy hunting :)
  • read the interims by All-is-fair
    Tue, 30 Sep 2014 18:27:47 GMT

    And then read the last finals and all the others for the last few years. Dunno how you can go to an agm and read all those and then come up with a post like that. Its the very definition of being in denial.
  • RE: A strategic perspective (part 3) by Swooped
    Tue, 30 Sep 2014 17:54:49 GMT

    Oldie1, a brilliant post and thank you for the time taken, it is insightful and mirrors my own opinion.
  • A strategic perspective (part 3) by oldie1
    Tue, 30 Sep 2014 17:03:13 GMT

    (11) I respect the views of those who are bearish on RUR. Their views may, in the end, be borne out. I tend to ignore the volatility of the share price, which is one of the concerns of some bears, and concentrate on what I hope is my correct understanding of what RUR is trying to achieve and its progress in that endeavour. Having that perspective, I regard myself as fortunate to have come across RUR at a time when, for various reasons, I could buy into it at a very modest valuation. Its strategy has been obscured and its share price has been kept severely depressed by the Bolivian excitements. Bearish views have also been very helpful in keeping down the share price while I increased my holding by over 3x since the AGM (to a level that is certainly material in the context of my overall portfolio). If my analysis is right, the fog will slowly lift as real news of milestones along the strategic path which I have outlined are passed. The share price will then, almost inevitably, rise – by multiples, over time, I expect. Thank you to the bears for your views and for keeping the share price down: I hope you are not proved right but well done if you are. Good luck to the bulls: I have rarely been more confident in a holding.
  • A strategic perspective (part 2) by oldie1
    Tue, 30 Sep 2014 17:02:10 GMT

    (6) For an interesting contrast to RUR, look at REAC. It is developing renewable energy projects in the UK and Ireland. I think that it may now be getting its act together but, at least in the past, it did not play the J-curve well and its balance sheet has been far too stretched to allow it to progress. RUR is no REAC. (7) While RUR remains predominantly a project developer and is still in the transition phase towards being substantially a utility company (and rated by the stockmarket as such), cash and cash flow are the key variables. Profit is less relevant and tends to mask what is really important. Equally, on the balance sheet, asset values, being primarily about cost and backward-looking, are not very helpful indicators at this stage. (8) While it remains an AIM penny share, the short term movements of the share price tell us almost nothing: “Mr Market” tends to be myopic in these situations. The company is too small to be on the radars of institutional investors (they could simply not buy what would be, for them, a meaningful stake). Equally, to worry that the market makers are manipulating the share price is, I suggest, to misunderstand the situation and the operation of the market. Certainly, trying to work out if a particular trade was a “buy” or a “sell” is pointless. (9) All that matters ultimately are the achievements in terms of project development (including stake sales) that RUR succeeds (or fails to succeed) in delivering over the coming months. If these are delivered as I expect, the shares will lift out of penny share territory, volatility will probably reduce and the conversation will move from, as it rather seems to be now, “will RUR succeed or will it implode?” to “how successful will RUR be in developing further projects and transitioning to utility status?”. As it become more of a utility company and less of a developer, healthy dividends should also commence. (10) RUR itself has perhaps not managed the news flow as well as it could. For example, the start of generation by the Canchayllo and the sale of a stake in it, moved, without comment, from “early October” in the 16/9/14 trading update to “early November” in today’s interims. This is frustrating but, in my view, little more than that. It reflects, as much as anything, the uncertainties of doing business, particularly in less developed economies.
  • A strategic perspective (part 1) by oldie1
    Tue, 30 Sep 2014 17:00:54 GMT

    I apologise for a very long post – indeed one which I have had to split into several posts – but I hope that you find it interesting. I commented here on RUR just once previously, on 1/7/14, shortly after the AGM, which I attended. Here are a few further comments, reflecting solely my own opinions, which others may find useful: (1) The stated strategy of RUR (using my words, not its) is to become an electric utility company in the long term and to achieve that through conventional project development and financing techniques. (2) Project development and financing involves, initially, cash outflow and, normally, losses on each project. Once the project is constructed and then, in the case of a power generation plant, comes on stream, profit and, most importantly, cash start to flow in. As this happens, the value of the asset should swiftly rise and leave the book cost well behind. This is particularly so in cases, such as RUR’s projects, where long term contracted revenues are involved. Each project thus follows a J-curve or hockey stick trajectory in cash and value terms. (3) Frequently, it will prove optimal (and/or indeed, essential, if internal finance is insufficient) to sell a stake in a project to a third party at some point along the J-curve. The challenge is to get the timing of this right: too early and there will be little value to realise; too late and the company’s own resources will not have been optimally leveraged. (4) To call this selling of project stakes “asset sales” would, I suppose, be accurate but a little misleading. Projects are commenced with, from the very outset, the intention of being sold or part sold. “Asset sales” carries connotations of things having gone wrong. (5) In the context of the uncertainties (such as the disappointing outcome of the Bolivian arbitration) which real business (as opposed to the theory of project development) throws up, RUR seems to be developing its projects well. I would expect this in a company led by someone with the extensive and relevant experience of Peter Earl (supported by the in-house expertise of IPC). It is using moderate amounts of debt and the cash flow from Argentina to develop its other projects to the point where (a) it can optimise its return from those projects and thereby (b) generate the funding for yet more projects. This will be achieved by selling stakes which we are told will be around 50% for the thermal plants. My guess is that, because the capital cost per MWh generated will be so much higher than for the thermal plants, the stakes sold in the hydro plants will be larger (perhaps leaving RUR with something more akin to a carried interest in those).
  • partnerships to have little impact by All-is-fair
    Tue, 30 Sep 2014 13:36:28 GMT

    ...To nav. End of the day rurelec have stated, they are selling debt and will own at least 50 percent less of current assets. Ergo they are merely balancing the books with asset sales in the hope that the money raised will be enough to fund their half of the projects. Its more of a swap than anything that will impact nav. Seems none of their projects have moved much as they sort this all out. Argie situation looks like it will rumble into 2016. I'm not negative, this just looks to be the reality for rur. Its a shame as this time last year both rur and ipsa were on the cusp of something exciting. That's business tho, one minute you are thumbing thru aston martin catalogues and the next you are thumbing through auto trader. I'm looking to 2015 after some quite nasty finals and this is all kitchen sinked. Clearly no ii's are piling in so this is it for a long while.
  • the interims are clear by All-is-fair
    Tue, 30 Sep 2014 12:20:48 GMT

    The argie situation has created a big loss, they are clear as a bell, the plant is worth less etc etc. The rest of it is asset sales, I can't see anything positive in there. The listing aint happened, canchallyo aint live, I just don't see anything in there that is totall positive. The statements reinforce that the arbitration has hit very very hard.
  • jeddicat by jeddicat
    Tue, 30 Sep 2014 11:53:01 GMT

    Swoop - Yes, I totally agree with your sentiments. One good thing though, I am more than happy with the reported NAV of 9.60p, and when we get there I will be in PROFIT! Worth looking forward to! Regards
  • Jeddicat by Swooped
    Tue, 30 Sep 2014 11:42:28 GMT

    I made my arguments as strongly as I could but it seems other board members were not happy about that, they, it seems only wanted to hear mistruths's and the most negative aspects of Rurelec. Thus I have given up responding to AIF. It's enough to say that I am positive about Rurelec future and continue to hold firm until partnership deals are announced and will then let the sp talk for itself.
  • jeddi by All-is-fair
    Tue, 30 Sep 2014 09:09:43 GMT

    Interims and the ft are my sources. You can't argue against reality.