Member Info for optimist13

Not convinced that is the case, but you would think there must be some tacit agreement. Pretty sure they will have to offer other shareholders at least the same as I think they need 75% to force through a takeover.

Having re-read the latest report from the administrators of Sterling Trust, I feel it is worth repeating some very salient points: Sterling Trust hold 54.79% of the shares in Rurelec. Meetings have been held with various interested parties concerning the sale of the holding. Several possible realisation strategies have been followed. Possible action against directors of the company in the 3 years preceding the administration could have a material outcome on the return to creditors. Still a long way to go before we see closure here, but I would not be surprised to see another purchaser enter the ring. It is plainly obvious that the value of the assets is a lot more than the current NAV, which have been written down to reflect the worse possible outcomes IMHO.

They only have 94,012 left to buy to close the short completely.

It appears W H Ireland are closing their short....I wonder why https://investegate.co.uk/w-h--ireland-limited/rns/form-8-5--ept-non-ri-/201710131016485532T/

Yes, that trade looks very strange given the way the MM's are manipulating the price. If it isn't reversed, it just goes to prove how little stock the MM's actually have. Once the remaining day traders depart, I am sure we will see a rise in the share price as we near the deadline of the 8 Nov for PE and his cronies to table an offer.

tonydive, I am a little bit rusty on the full measures of a creditors voluntary liquidation and I am sure an accountant on here will keep me right. Basically it is my understanding that they can move to a CVL because there is an expectation that the sufficient funds will be received to pay out the creditors in full. With a 54% holding in RUR, in my view the administrators hold all the cards.

tonydive - I would recommend you read the latest report from the administrators. They are not time constrained as they are moving to a CVL and they have been appointed to oversee this as well.

The administrators for Sterling Trust speak for 54% of the shares. IMHO the interests of the creditors of Sterling Trust and our interests are aligned. If it wasn't for the administrators we would have had a placing last year at 1.00p. It the administrators are not happy with the offer, then it won't go through.

Interesting...it looks like W H Ireland have or had a short position on Rurelec...what a surprise: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13394899.html

It hasn't even started yet, IMHO. The administrators of Sterling Trust hold all the cards, which is a very unusual situation and according to their reports, they have been in discussions with more than one potential purchaser. I don't know what the take-out price will be, but I feel very confident it will be a lot higher than the current range.

No, it is a different company. Patagonia Energy, who are mentioned in the RNS are the 50% partner in the Argentinian power operation - EdS. Interestingly, Rurelec paid $6m to Patagonia Energy for the 50% stake back in 2009. The plot thickens.

julianb1234 - given the short time scales involved, I think it would be a good idea to find out many shares LTH's on here hold as it may prove to be key in negotiations going forward. I don't mind keeping a list if people want to disclose their holding.

GFD, I am fairly certain that LTH's on here hold a decent percentage of the stock, which IMHO would thwart PE obtaining the 90% unless the deal was 'fair'. As I said earlier, I cannot see the administrators for Sterling Trust accepting anything less than a reasonable offer taking into account the amount of money that has been written off our investments.

I suppose it depends on whether another buyer arrives, but I would encourage people to read the last Sterling Trust administrators report. IMHO, they will want a good price as they have been working on this for a long time, and more importantly, the directors are not able to accept a derisory offer. A few of us on here hold decent sized stakes in the company.

The NAV does not reflect the value of the company as a significant amount of money has been written off the investment in Argentina, which in my opinion, is fully recoverable.

GFD, yes you did. The good thing is, the administrators of sterling Trust are still controlling events and I very much doubt they will sell the 54% holding in RUR at a substantial discount to the NAV. I would also expect to see interest from other parties now that PE has declared his hand.

An offer for the company by Peter earl....who would have thought it: https://investegate.co.uk/rurelec-plc--rur-/rns/statement-re-possible-offer/201710111316333413T/

I don't think the previous link is working. for those interested, try this one and click on the 04/10/17 progress report: https://beta.companieshouse.gov.uk/company/01761400/filing-history

Latest report from the administrators for Sterling Trust who hold 54.79% of the shares in Rurelec. It appears they are making progress and still looking at bringing claims against passed and present directors of the company. https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/sVIGlzFyA6m230oAzLM4mRIMQ32iRAkwlFu1cGYVZ-U/application-pdf?AWSAccessKeyId=ASIAICYW4JJURS6UNJAA&Expires=1507717445&Signature=D%2Bdu8FcKEUB84EW0%2FrdWQywSQR4%3D&x-amz-security-token=FQoDYXdzEND%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaDMtAj%2FqBrSkY1%2FCwaCK3A387WEUj0qWDtBH1SRubgkNRl2GCKrfxE93MKluYnlSTA1mT79t2%2BcK4%2Bt8RDb%2BVDK9ZSwDNuILlFISQU8D5lA30R1mUN1RKArOvJJGZ80otGJqO6IEWJY47IDqW7y7PX9Ad9Lc0YPFbP%2BHkRVNesjtLVUHGt3bU8hERbiayt7J4PPpIvlcc2Qcq2lsG8TMsokh347yzcd0zU2D3QKQ5%2B5VujPVA6Dsc%2B9nAuRmul%2F8kvAt2k%2BZLIqByJkfNKoYbp4%2BXoH2FEjHiH1pYYgbnNIH%2F8PVk86C1ia7dbBwHQR2Y0GM%2Bqw2hd%2BOEuC%2B5wmOEP%2BR0YiG%2BPFL1S1ql2wcm0%2Bwb0ZgFwJOv4MH2ag4IiANUZzzBS6crVpxJDfZYCVZvbj%2BTZvwpIEu7yXOJaJb2vIpMmWNxnQCaksolGz%2BPi9qhvh4Zc09qK9pBb73gvFcmijW5cehCfFPN44c4Bt29wXriGPN%2B4tmYa4OZ0eXCNllNjOHFpVl74IRsHc8PH0%2FmRkOE%2FQN2CHsS8p%2FJDpDEUQe2P2Ey6Ow8KdPhIf9%2Fz9ydANgpPs%2BoxXquMt26piNnE9tQUUvxE%2BUo%2BP%2F2zgU%3D

TopTraderTR, okay, I see where you are coming from. You are very fortunate to have such a low average and should do very well whether this transaction completes or not. The Oyster Oil and Gas investment should provide a pretty good upside for Polemos and we shouldn't have long to wait to find out what the listing price is going to be.