Member Info for Leicesterboy

I am still invested here god knows why no news no nothing from the BOD who quite frankly seem to do nothing except take their Salaries, I am amazed that the Serling administrators are allowing it ! They may never get their exorbitant fees !
If you want to look at something else try Tower Resources, not ramping it at all, but just have a read and make your own decision.
LB

followed by a £10 grand and a £25 grand !
The pressure is building one feels !

The consolidation was done in April 2016
I share for every 250 as for share placing JA said he did not want to dilute existing shareholders investment anymore than it has been with a SP that he considered too low !

I thought it might be too good to be true !

It was 225 pence in 2014 and at one time it was 23 quid ! For LTSH not good but they have a good asset if they can get it production JA owns or will own 25 per cent of the business so either he is a fool or he believes or knows ! It is very cheap but as some one said not for widows and orphans I will keep buying a few not a lot though hopefully below 1 pence

As you say very odd, with 2 x 2 million buys over the last few days, I suspect thery are trying to keep the Price down so they can buy more ! Some one selling small amounts at lower prices just to drag it down !
As always someone knows more than we do !

One of the Directors has put some of his shares into an ISA, I think the maximum, and they are hopeful at inceasing production dramatically, so let us see the Directors always know more than we do !
LB

Just looked at the situation, they are asking for a further extension. They will not be happy, and they are aware of what is going on but do not want to prejudice the eventual outcome, read the Report on Companies House Beta.
LB

I agree GFD, I still have a shareholding here, but as you say any cash that comes in goes towards Directors Salaries and Office Overheads, I would like to know what the hell they do all day ? As nothing seems to happen here, and what is the end game, there must be one or not, jobs for the boys ! Some clients of mine have the remanants of some EZTs nothing happens and the Bank Balances get lower and lower through Professional Fees ! To small for each individual to be bothered !

He has had 13 million for years, I am interested in seeing what Peter Earl still has or not ?

Hi GFD, I totally agree with what you are saying, why do they not sell the Turbines or is there an issue with that, or cant they sell them, what is the incentive while extracting their Salaries from a "struggling" business, when if they could sell the Turbines which have not been impaired, the company would be Cash rich, and then there would be no need for these " Corporate Recovery" guys, I know one who worked for KPMG ! Not much "Recovery" in what he did ! Nicely retired at 55 ! Pleased you see no problem with the Loans, and at least they were getting money from Argentina, but the continuance of that depends on the Insurers lets hope they are not some "tin can" outfit ! LB

Hi GFD I am still here ! We are valued at £8.4 million ! My worry is that the BOD only come out with either bad news or less than positive news ! What is happening to the 2 Turbines, what is happening to the other projects, are there any companies in the frame to buy Sterling Shareholding ? I am sure the Directors are drawing their Salaries ! We have to repay the Loans over the coming months how do they intend to pay them. We have been in the dark for years when will there be light at the end of the tunnel ? Why do they now come out with an RNS it is nearly 2 weeks since it happened are there no lines of communication with the Argies ? LB

Absolutely GFD, I mentioned it in my post sometime ago, in a round about way, why did they move the HQ to a very expensive office 18 Soho Square, and exactly what the hell are they doing for their Salaries, but I am sure Sterling Liquidators are aware, and they aint going to get paid unless Sterling Shareholding is going to be sold or Rurelec is liquidated. Nothing really seems to be coming out ! it will in the end ! LB

GFD I think the 2 Turbines are worth at least 16 million, they were not impaired at the last year end, and that would have been the time to do it ! Directors love to tell you how good they are when they do more than you expected ! Hence the impairments ! Those turbines are quite old I think but they were re-furbished by Ethos to bring them up to date I expect ! But backto what we think they are worth as no impairment £16 million ! LB

You could actually sack all the staff and receive a nice return on your money at 5 pence a share ! Just a thought ! LB

Hi Optimist well put by the way ! I still believe there are issues in Argentina some are still wary of investing there ! Kirchner still has her Peronist friends in certain areas of Argentina ! The Interest payments alone from Argentina are enough to carry the Overheads at Head Office at 18 Soho Square, not quite sure what they all do all day, by the way, but I am sure the Sterling Administrators have a keen eye on that with their man in place. I am looking at a 5 pence plus buy out ! LB

Definitely £1.3 million owed in Deferred Consideration on Turbines as £1.2 was repaid in the year to 31st December 2015 Note 31 on page 43 ! Rurelec Annual Accounts.

GFD thank you that, probably good they are Italy as you said, probably more secure, we only owe £1.3 million on the turbines as per last account so there must something else either Equipment or Storage charges, watching Italy getting thrashed by Ireland rugby in Italy is not going anywhere it is 60 odd points ! Not good ! But things are moving in the right direction, I would like to know what they do all day for their Salaries Loan Interest alone is considerable, I am sure the receivers will be keeping an eye on things hopefully ! Lb

Hi GFD I have just read through IPSA Accounts, there is no doubt they owe Ethos £3.7, but as you say there may be more Plant in Storage as in their report they have £4 million of Plant for Sale not bought by Rurelec, so there could be some of that in Storage, but Rurelec state that they owed IPSA £1.2(£1.3) for the 2 Turbines, so why are they taking on the Debt from IPSA to Ethos for £3.7 if there are not some additional charges like Storage ! These are probably hidden somewhere and in Trade Creditors separate from the Turbines issue ! Having read the last Accounts for Rurelec yet again ! Peter Earl and his associates are heavily criticised for the way they were running the business and financing long term projects with Short term Cash ! Not a good idea ! Obviously though ably assisted by the lawyers that it was an open and shut case re the Arbitration re Bolivia ! LB

Hi GFD, I am assuming that is what has happened as why would IPSA be paying Storage charges, still not clear as why would Ethos keep charging IPSA when they were sold to Rurelec unless their as some lien on the goods, so not the Property of the purchasers until fully paid which Rurelec may not have known ! Just not enough info in the accounts and the Directors have not enlightened us ! Also if you remember when they tried to raise that money which was vetoed by Sterling some of it was I think for Securing some assets and Storage Charges ! As you quite rightly say its a bit of a side issue now as it would appear that funds are flowing more than anticipated plus we own 50% of the Plant in Argentina and that some of the monies that are owed are secured against the Assets that are producing cash ! I think the company are getting there very slowly but we are worth far more than 2 pence just back to the Norminal Vale ! LB