Member Info for Leicesterboy

Tried to buy under 1 pence (failed) then broker said 1.09(failed) and then he said 1.149 I am not playing that game ! and some guy buys £75 worth at that price MM manipulation, but still think they are worth buying will have a look tomorrow ! LB

I have been taking a backseat recently as we wait for things to unravel, but the Report on the Accounts to 30th September 2015 intimated that deals will be completed by the end of September 2016, the Report having been written in July 2016 ! They went for more money with I think Bridge, at some high Interest rate, which makes me think it is a "very" short-term loan obviously needed to smooth the transaction or transactions to their close. So for me 30th September is the critical date, lets hope the money borrowed has been used to the greatest effect. Blind leading the Blind maybe. LB

It would appear someone wants our shares ! LB

Some one mentioned that he thought there maybe some underhand things going on here, I am not sure that Simon Morris would be part of anything like that, he was quite involved in Institutes committees and worked for a firm I used to work for many moons ago, he is a Chartered Accountant and would not I believe want to taint his reputation so late in his life. LB

Correct ! Sorry the devil is in the detail ! LB

Hi Gerhart, a company can be in Liquidation for a number of reasons not just insolvency ! The company I assume has sold its assets and now has a lump of Cash which will be distributed to the Shareholders after all Creditors have been paid, and as we speak it would appear they have the Cash ! Hence the subsidiary lending us dosh, maybe a soft Loan from Holding company and a 12% one to us its compound interest 1% per month so its more than 12% annualised !

To be honest I have no idea what is going on they have again told us diddly squat what about the Turbines what about the other projects ! Why have they moved into "fancy" offices if Cash is tight ! Smoke and Mirrors, complete News blackout ! Removal of the Debenture is good News, and good news they were able to borrow some more money unsecured for about 4 and half months so one would assume that we close to resolving many issues ! LB

Hi Flightman I am not sure what you say is going to happen going Private maybe, I was looking at Sterlings Statement of Affairs and they (the Directors) anticipated in December that the Shares in RUR and IPSA were worth £16 million, which as someone stated is about 4 pence for RUR, the Liquidators and Receivers have a duty of care, their Fees for Sterling are limited to £400000 or in that region, god knows how they can get to that as there are just really 2 Shareholdings to sell (including IPSA) and a Debtor, they are "cheap" the partners only charge £243 per hour ! There is an interesting case between Unicorn Worldwide and Bluestone Securities Ltd( Not PLC) where Unicorn had a go at Bluestone last year for a Debt, Bluestone won he Court hearing in the Bahamas, and then Bluestone put a Statutory demand on Sterling which pushed Sterling into Receivership Unicorn are owed about £13 million and Bluestone are owed about £2 million from Sterling all Unsecured, and the Directors of Sterling are saying they are not owed that much as the Loan varied with the Value of the asset for which the Loan was used to buy ! Never heard such rubbish ! and you tell me that the Loans do not stink, who would lend that sort of money unsecured, they must all be mates or members of the same club ! As you rightly say we are not being told the whole picture, one has to remember that there are other shareholders that are pretty large, I thing 3 make up 19% ! They will be watching carefully ! LB

Hi GFD No Valentines meal for me I am divorced ! and my long distance friend got a face time call at 7 am our time but 10 her time, just switched from a Blackberry to and IPhone 6s It has Wifi calling on it, which is fantastic as I live in a Mobile phone desert, the phone call was free ! Oh and just a quick £100 loss on the trade ! Lets hope for brighter News soon ! If Sterling put 4 pence per Share in their Statement of Affairs I would anticipate that the buyer of the 54% will have paid that or better ! I smell PE lurking ! LB

I have closed on 50000 its showing as a Purchase it was actually a Sale ! LB

The trade of about 1.7 million was a SELL ! You cannot tell what is a SELL or a BUY except on the Price at what it is traded at ! One trade does not make a Winter ! LB

Re Change of Registered Office, as you say things must be looking up going forward fancy offices, but I think the business is being run from there as well, not just the Registered Office, I do find it amazing that we are not being kept informed of developments and no comment at all except Mark Keegan saying it was just another Government in the trough, but I think not ! Still have sneaky feeling that PE is still in the background his knowledge of the business must be second to none. We have really not been told the full story since March last year. If they can afford these new offices Cash cant be a problem in the near future ! LB

He has managed to buy the company mainly due to them running out of Funds, I would love to know where he got his backing from he is the sole Shareholder in IPC, and the reason they ran out of money is due to the fact that RUR owe them the balance of the 2 Siemens Turbines, now could it be a fact that PE knows RUR are about to come into Funds and therefore IPSA would still be solvent ! I am not sure everything is transparent !

Flightman I think you maybe getting carried away, EdS is not profitable, that is one of the reasons that RUR is in a Cash Flow mess, the Overheads at the plant have escalated, it must have happened after the RNS in March 2015 where Funds were being repatriated to UK to pay down the Loans at that point, it stopped due to increase in Overheads. I am not sure why that happened but it did, lets hope they have now sorted that out ! The Exchange controls relaxation will help. LB

I have been reading most of the posts, I am always looking for GFDs thoughts as he like me have been in RUR for sometime, in the RNS dated 5th March 2015 it is stated" that it (EdS) has been able to continue its monthly payments to Rurelec London in reduction of Project Loans" therefore Exchange Controls did not affect this, in a further RNS it is stated that EdS had not continued with this, hence the Cash Problem, as the Management there had become bloated and therefore there were insufficient funds to transfer back to London, I am sure the Exchange Controls relaxation will help but its the Cost base in Argentina that is the Problem which I am sure is being addressed by the other Partner and us. But I agree that we are undervalued £16 million in Turbines and £8 million in secured Debt against Argentinian assets. Its getting your hands on the Cash that is the Problem ! LB

Just done a bit of research, we all know that Morris is a Chartered Acc, but Brian Rowbotham just lists himself as a Company Director he is also an FCA, and he has a company or companies that specialise in turnarounds and Corporate Finance and we know that Morris worked for Grant Thornton who worked on " Corporate Recovery" so not quite sure why Mark Keegan seemed to be in charge of the OO ! LB

I agree Kamel, no one has truly explained what has gone on since the March RNS where everything was hunky dory ! Partnerships going ahead funds being received from Argentina etc ! We PIs have been totally ignored I am still amazed, and as for the debacle with the OO, even I a stupid Accountant can see that if you do not have the major shareholder on your side how the hell are you going to get it through on a vote, and the costs involved would have not been small ! What the hell are they on ! As for Rurelec assets they are worth more than our Market Price, and with the restrictions on Foreign Exchange in Argentina that must have been a positive, if the Administrators of Sterling would not go along with the OO, they must see a brighter future, or again games being played ! LB LB

In the RNS dated 2nd March 2015, it states " Energia del Sur continues to perform well and it remains one of the highest availability plants in Argentina. This in turn has meant that it has been able to continue its monthly payments to Rurelec London in reduction of project loans " So there were no exchange controls on that money, it has been the poor management that has allowed the running costs escalate, which has meant they have not been paying London, I am sure the relaxation of the Exchange Controls will help, but there are or have been other issues, which I hope are being sorted, but RUR and their partner, who own it 50% each ! It also talked about being very close to binding agreements on the acquisition of a 50% stake in the Illapa Project, 9 months later where are we ? LB

Just tested the Market spread is massive .85 on the Bid and 1.15 on the Offer ! Mark Keegan was 67 years old, not quite sure what he was doing, the OO was a disaster and why go ahead with it if the Major Shareholders were not going to go along ! The problem I have is if they run out of Cash with nowhere else to go ! Just cant understand why no one has come in to buy it ! With pretty good assets ! LB

Just sold 50000 obviously someone wants then as immediately sold at 1.395 ! Still have quite a few ! LB