Member Info for mrc_mrc_mrc_mrd

The cash is flying out the door.

Sounds like a fundraise is on the horizon.

Very sad to see people throwing good money after bad. Sometimes you just have to cut your losses, especially when it comes to bad management. AIMHO.

Good money after bad?

Well it obviously was priced in (at least partly) when this traded at 70p plus not so long ago.

Platypus has been relinquished.

Perth was worth 119.4p of the NAV.

Not much more to say really. It is a massive loss.

Lol yeah right

Tom and his associates have been taking a monster wage for the last 12 years.

They don’t have £20m cash to spend. It will mostly disappear for decomm and won’t even cover skerryvore drill.

If lucky then PMG will be bought by another player that needs the tax losses. TC could buy an end of life production asset to utilise tax losses…but where is the cash coming from for that??

Lol are you still bullish on this SoTB??

Looks like castle had some insider info all along

There are certainly some hopes and dreams. Nothing as concrete as a plan in my opinion. Perhaps someone could get to work on a name change.

I do wonder what old Tom does with his days?

Ariel

Yes great plan. Fail at one enterprise then use what is left of shareholder funds to move onto a new money making scheme.

Sjab- the company has just admitted that they don’t have a plan!!

Seems there is a family feud going on? Very poor judgement to appoint family members to the board of a PLc. Young Ryan now sailing off into the sunset.

The rest of the RNS reads like TC has run out of ideas sadly.

He is Scott240 isn’t he?

Therapist - either damp or hot.

If it is a transformer issue then they don’t have many components that can fail. My guess is that these are cast resin transformers that haven’t been looked after very well / put in the correct location initially.

It could be that one failed, they saw the state of it, tested the other ones and condemned them.

Perhaps one or more of them is salvageable if they put some heaters on them, dry out and re test.

More speculation! I know nothing

Transformer lead times from the likes of ABB and Schneider are 12 months minimum. Supply chains are very stretched the last 12 months.

Also these sound like “special” unit transformers.

If one failed a while ago then there might already be one on order.

This assumes that like-for-like can be ordered. This might not be the case if there is some design flaw that has caused the failures.

What a mess. We need both gas and oil to drop below “normal” levels for a sustained period. I doubt this will make any difference to our RBL capacity.

It’s a big if Crusty!

Jan - you don’t know what you are talking about.

Have you got a source Castle? Or just going off SP drop?