Member Info for Broomfielder

As i have noticed with many of my other investments, LSE seems to miss publishing so many RNS' these days.
I haven't a chance to read the latest in detail yet, but disappointed there is not more comment on post year end events which would hopefully sketch out the way ahead a bit better than they appear to.
The share split and subsequent write off of the new 'deferred ord shares are simply part of the mechanism to effect the required reduction in Capital.
Despite the accounting adjustments, there is no pot of cash to distribute. The steps taken are to make that possible in anticipation funds may one day be available for distribution. Its difficult to see where these monies will come from as current Argentine economic conditions are likely to restrain capital outflows due to their stringent Exchange controls. This seems unlikely to change anytime soon given that country's poor financial state.
Its no surprise to suggest that as far as EdS' tariff is concerned, the new terms later this year are likely to be sigificantly lower than the current regime established by a previous Goverment. Any reduction will reduce the loan payback etc. and effectively reduce Rur's only income stream (via EdS etc)
Even then, its not clear how likely future repatriation of funds to Rur, will actually occur given the country's severe Exchange controls and restrictions on Capital outflows.
IMO, the only way out, is probably a fire sale to one of Argentine's own electricity generators but I accept this doesn't address the repatriation of funds issue.
As for other asset sales (apart from EdS shareholding), these don't ever seem likely to happen.
So, unless someone somewhere is playing a very long game of waiting to get the Rur assets for buttons, its difficult to see the way ahead.
And I think that 'difficulty' could also apply to any PI's trying to assess their future as shareholders here.
B

What an excellent RNS!
Infa have previously flagged up a regasification project as being a business opportunity they wanted to explore and clearly have researched this significantly before getting anywhere close to today's agreement.
These projects don't come cheap and partnering was always going to be 'key' going forward. Doubtless, they will have sounded out potential candidates already and received the necessary encouragement before now getting down to serious discussions with Joint Venturers etc.
Shareholders are looked after given the pricing structure of the Warrants etc which is fairly astonishing given the stage we are at with Infa's development.
Long way to go, but boy, these are serious players here, make no mistake.
We are not committed, so Infa have essentially secured an option at no cost AND they can walk away without penalty if the FID doesn't stack up.
OK, the cynical among us could say the vendors must be desperate (and I haven't yet researched their background), but this IMO is as good as it gets for a new business reinventing itself.
We await further details with a great deal of interest I suspect.
B

Probably today's uplift in SP is just down to investors clamouring to make sure they don't miss out on the possibility of a Special Dividend with all this cash that's floating around.
.........OK, well there's no harm in dreaming!
B

I have been in and out of this share (mostly just treading water) for some time, but I have researched it thoroughly and finally believe this is a star in the making.
OK, it won't happen overnight, but its now found its place in my small, but hopefully, perfectly formed portfolio and in for the long term. Its suffered losses in the past, but hopefully it now seems on the way up.
I wasn't sure about posting as I am confused by the various camps on this bb, but suffice to say, I am glad to be on board for the journey ahead.
All the best everyone and Rgds.
B

If the Gov have serious intentions about reinventing the UK economy and, in particular, its manufacturing base / heritage post Covid and post Brexit, then there aren't many better examples than Infa.
Certainly a great one to begin with - the world truly beckons.
B

Couldn't agree more Irl-Investor.
Shame it had to be your first post, but you're right, it should now be the Last Post for Orm.
Rgds.
B

Only a few more weeks before the FY 2019 figs are released - that and another extensive, exciting update on Rur's activities can be looked forward to etc.
The Aud Accts will include coverage of our BoD's extensive AND ongoing efforts to dispose of further assets, preserving cash (sic), and commenting that EdS are / are not still operating and discussions with CAMMESA still ongoing with no certainty if or when they might conclude and what tariff might or might not be agreed etc in whatever currency etc.......
Time to go, I think.
B

I know the RNS stated that publication of the 2019 Prelims have been delayed but would be released 'during May', and we are only half way through that month I hear you say........but I guess I am impatient for a further trading update and, in particular, the results of the d2p tests v Covid 19 virus etc.
I realise that were the testing results imminent, they will want to release all the news simultaneously but I am genuinely unsettled by the Market's apparent indifference to Sym's products and, as a consequence, the drifting of the the SP.
B

All very reasonable in the circumstances that prevail today with genuine limitations arising as a consequence of Covid 19. The need to economise in all areas of overheads should have been a 'given'.
However, I can't help but be underwhelmed by the sentiment of the RNS - could they really be less excited and optimistic about the future relaunch of Orm.........or, is it just me?
B

With the SP seriously testing its £1 Nominal Value, its probably time for another share consolidation......as if that fools anyone.
Before the last such consolidation, the true price today is equivalent to 10p and thats a much better reflection of risk here. For a share that once traded at over £20 to have slumped to 10p shows the true extent of RBS' demise.
Yes, its reasonable to suggest that the only way is up.......more poignant,I think, is to question whether we will ever live long enough to see it.
B

Exactly a month ago, I posted my view acknowledging the added difficulties which Covid-19 introduced to the practical issues of moving forward a prospective aquisition (quite apart from the havoc to everyone's daily lives) and voicing that perhaps, for once, the ongoing delay in releasing any information etc was understandable.
I gave our BoD the benefit of doubt that many PI's here probably didn't think they deserved bearing in mind the sorry tale of Barruecopardo. A view I could fully understand.
However, Orm's exit from its trophy project was mid February, and I think its fair to say that yet again PI's in particular are being routinely ignored as we have not the faintest notion in what direction propse to take our Company.
We are hamstrung by AIM's pathetic rules of governance in trying to further our right to be updated etc and understand what the real prospects for our investments really are.
Given the criticism the BoD have received on this bb and wider afield, I may have thought simply communicating better would have been an obvious step forward from their past track record.
Clearly I was wrong.
B

MM's clearly have had enough of this burst of trading activity reluctantly moving the Bid price up by 0.05p and cranking the spread back to its ludicrous 50%.
B

....the UK's shortcomings in its approach to the Covid pandemic were actually to stimulate a rethink on how we operate as a society and how we approach the running of our economy?
The bright light brought about by our deficiencies has to be shone into every corner, as it is a scary thought that whilst Covid-19 has been a deadly blight, it could easily have been even 10 or 20 times more deadly.
Globalisation has been in gentle retreat for some years, but this pandemic will accelerate the process massively. After all, its a natural human reaction. So, many countries are already looking to become more self sufficient and ours should definitely be one of them.
For the UK, that will be a very tall order, I accept, but they can start by looking at manufacturing in all its guises. I'm not old enough to remember this country as a manufacturing powerhouse and while we will never regain that mantel, as an island, we can start with shipping, offshore infrastructure etc.
When we have struggled to manufacture fairly basic PPF for our NHS, we simply cannot afford to let our manufacturing and skills base shrink further.
To be honest, these were not always my beliefs, but Covid-19 has proved to me its time to reset the UK's economic model as well as a H*ll of a lot else in addition.
Rgds.
B

Is it just imagination or, are the MMs trying a bit to create a market in Rur shares?
A spread of c6% for Rur is as tight as I remember - usually around 40-50% in recent times if my memory serves etc. which on its own hardly encouraged investment.
B

OK, you two - which of you has just bought the Company?
Rgds.
B

I am guessing today's SP downturn is a reaction to Lloyds Q1 figures and a concern it will be more of the same from RBS tomorrow.
I actually think the Q2 figures will in due course be worse once the scale of the lockdown's economic impact really filters through every aspect of the Bank's business.
B

Whoever said if there was any material news tonight, this bb would go mad...........guess they were right!
B

Interesting to note that the sale of 1.6m shares would have generated a value of c£200k around 10 years ago. I recall paying 14.4p per share back in 2010.
Really death by a thousand cuts since then.
As for our largest shareholder, Sterling Trust's Administration, well .......it looks from the latest update that it is indeed an Administration that never ends it seems.
Clearly, the 2 main ST shareholding groups have their eye on something in Rur that keeps this circus on the road.
One can only speculate if its the cash that hopefully Energia del Sur are still generating and hope to do in the future that is prolonging the status quo. Oh, that and the ongoing discussions the Administrator is having with key stakeholders and interested parties. God only knows what they get to talk about over the 5 years of Admin.
B

According to reports over the weekend, analysts are predicting RBS first quarter profits (to end March) to be down 70% on previously predicted levels. This should reduce net contribution to c£200m.
It should be borne in mind the effects of Covid-19 on the economy were only really starting to be felt around mid/end March. The full impact of the lockdown wont start to be seen until the Q2 performance is reflected in the H1 Interims produced later in the year.
They are unlikely to make good reading.
I keep hoping for a sustained upturn in the RBS sp finally putting the 2008 financial crash behind it, but any hope of recovery seems once again a distant prospect, albeit this time, for reasons beyond anyone's control.
The recent loss of dividend I fear is about to pale in significance when compared to the likely impact the impending recession will have on Banks in general and RBS will be no different.
B

Today's FT suggests the Gov are now actively considering launching the Coronavirus Business Loan Interruption Scheme enabling Bank loans that meet appropriate criteria to be 100% backed by Gov guarantee.
This should have been on the stocks long ago as I posted last week. The true extent of the economic turndown isn't yet known but it is obvious that most economies inc the UK will face little short of catastrophe.
This loan arrangement should help liquidity and greatly widen the number of customers who can now access much needed support. It will also help Bank's capital adequacy.
That its taken this long really reflects the lack of quality in the people running this country. And I am NOT trying to make a political point/score here but we, the UK public and commerce really deserve better.
B