Member Info for optimist13

Whilst the link below relates to the Sterling Trust administrators report from October 2018, it clearly demonstrates what is happening with regard to their 54% interest in Rurelec and is worth reading.

https://document-api-images-prod.s3.eu-west-1.amazonaws.com/docs/sdvEjd0qD24YJHr-0XBXY5a4OxpZu06805IqqA3ePqU/application-pdf?X-Amz-Algorithm=A

As I have stated before, Sterling Trust administrators have previously blocked an attempt by Rurelec to raise fresh equity and are clearly pushing for the sale of the remaining assets.

If you don't think the assets are worth more than £5m, then you should not buy shares, but for me, the current audited information released by the company would suggest the assets are worth a lot more than £5m. Especially when now know that full production has resumed at EdS, Rurelec are receiving funds and the BPAC loan is being paid off.

Ignore the derampers and look at the current facts.

"Update regarding Energia del Sur, S.A.



Further to the announcement of 10 January 2018, the Directors of Rurelec PLC (AIM: RUR) announce that today they made a principal repayment of £200,000 on the remaining temporary loan facilities provided by Bridge Properties (Arena Central) Limited with the amount of principal outstanding now is £1 million. The facilities are due on 30 June 2019. Rurelec envisages making further repayments in the coming months"

Rurelec will probably be debt free by the end of June this year. The derampers would have you believe otherwise.

A one million share sale put through on NEX which accounts for the fall in the share price this morning.

With the results due next week and further news on Comarco promised, someone must have short term liquidity issues.

"Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report."

Ignore the derampers and their innuendos.

Well....we should have the results sometime next week, which will show a significant improvement over last year given that the two trading companies were profitable at the EBITDA level last year.

Having difficulty gaining any real knowledge about the LPG investment, so I would hope that further details are released to coincide with the results.

EdS now back to full power and repaying the outstanding debts to Rurelec:

"In Argentina our 50% owned operating entity, EdS, and its parent company, Patagonia Energy Limited, have outstanding borrowings and interest before impairments of £37.4 million (2017: £37.9 million) due to the Group"

Clueless derampers who can't read a balance sheet.

Current assets £18.8m

Current liabilities now £2m

shaun86, thanks for the updates. Will post again when the results are released and updates given on the investee companies.

Carrefour, I think you should do a little research on the LPG facility. They already have a 9 acre site next to Comarco and from what I can ascertain, they are utilising one of the Comarco slips/jetties. This investment is huge and has been yearshe making.
in t
In my view, the Comarco Port facility will undergo significant investment which in turn will attract other businesses and probably utilise the 4 acre site which is in a prime position.

AAAP appear to have first mover advantage with Comarco, and it remains to be seen whether this results in an RTO or some joint venture relationships.

It could be a few months before we receive any updates on any JV's, but we will have the results in the next week or so and probably plenty of updates on the LPG facility.

I note the MM's have widened the spread again, which has resulted in buys going through as sells this morning.

Carrefour, I think you should do a little research on the LPG facility. They already have a 9 acre site next to Comarco and from what I can ascertain, they are utilising one of the Comarco slips/jetties. This investment is huge and has been years in the making.

In my view, the Comarco Port facility will undergo significant investment which in turn will attract other businesses and probably utilise the 4 acre site which is in a prime position.

AAAP appear to have first mover advantage with Comarco, and it remains to be seen whether this results in an RTO or some joint venture relationships.

It could be a few months before we receive any updates on any JV's, but we will have the results in the next week or so and probably plenty of updates on the LPG facility.

I note the MM's have widened the spread again, which has resulted in buys going through as sells this morning.

993444 - my reading of the RNS was that Dynamic Intertrade was EBITDA positive for the last financial year and not just the quarter:

"The Company’s wholly owned Southern African spice business, Dynamic Intertrade (Pty) Ltd (“Dynamic”) has increased its earnings before interest, tax, depreciation and amortisation (EBITDA) for the financial year ended October 2018 compared to the prior financial year. Dynamic moved from an EBITDA loss to a profit for the period under review. The Board is very pleased with this performance and turnaround."

There is clearly more to the Comarco deal than has been currently released and I don't think it is going to be that long before we receive further updates.

14:16:45 0.6000 500,000 O 0.4500 0.5500 Buy 2,881,490 2,365,806

over the ask now being paid.

bbr391, as you are aware, there are many ways to value a company and of course premiums will be paid if significant growth potential is evident.

Rurelec has two main assets, EdS and the two turbines. We know that both of the assets have been written down considerably to reflect current market estimates, so one could take the current NAV as a good place to start.

Assuming Rurelec is cash flow positive in 2019 and all loans have been repaid, then I feel sure there will be interest in buying the company or the assets.

A key figure for me is how much of the impairment value in those two assets could be reversed given the resumption of full production at EdS and current demand for the types of turbines we hold.

If the NAV is correct and ignoring the impairment, then I would suggest a 20% discount to the NAV would be very attractive to a purchaser providing the agreed wholesale price with CAMESSA now yields an industry return on the capital employed.

Based on the above, I am expecting to see a return of circa 3.5p to 4.00p per share as things stand at the moment.

All IMHO, DYOR.

DL stated that Dynamic Intertrade is now profitable at the EBITDA level and Dynamic Intertrade Agri has also increased GP considerably.

Looking at last years accounts, the company recorded an overall loss of £550k. Depreciation was £52k and interest payments amounted to £17k. There will be no tax payable and I would expect the amortisation to be minimal.

Unless I am reading the figures wrong, I expect the loss for the financial year ending October 2018 to be circa £100k, which is a significant improvement over the prior year.

Looking forward to seeing the accounts in a couple of weeks and hopefully some further updates on the Comarco arrangements.

Bloodshot, given what is happening with the government port in Mombasa, the fact that Comarco have had approval from Kenya's Port Authority to construct the LPG facility is a big deal in my book and well worth the RNS.

Overall, the news today is excellent and confirms the progress that is being made by all parts of the business.

I would agree that there is a lot more to come from the Comarco transaction, and I get the impression we are not going to have to wait that long to find out what the next stage is.

moving up....+2.86%. Buys outweighing sells by a large margin at the moment.

Broomfielder, can't argue with anything you say, but, I very much doubt the BOD will expand that much on the information they are providing as I am sure it meets the basic statutory requirements.

The key change for me is that the company can now repay the loan to BPAC and are now up to date with the repayment schedule. Coupled to this, repayments from EdS should now well exceed the administration costs of the company, which should result in a surplus of cash in the current financial year.

Once the BPAC loan is repaid, I believe the company will be able to sell the remaining assets unhindered and return the surplus to shareholders. Whether we receive a fair price for those assets is debatable, but I feel sure it will be at a significant premium to the current share price.

If nothing else, I would like to see a monthly update on the repayments to BPAC and confirmation of the anticipated loan and interest payments from EdS in the current financial year.

I see delayed buys going through well after the trade has taken place. plus, it is over the ask price as well.

10:59:17 0.9936 982,810 O 0.8500 0.9000 Buy 1,841,821 129
12:25:33 0.8611 129 O 0.8500 0.9000 Sell 859,011 129
12:12:22 0.9000 49,000 O 0.8500 0.9000 Buy 859,011 0
10:48:29 0.9000 332,783 O 0.8500 0.9000 Buy 810,011 0
10:48:03 0.9000 277,228 O 0.8500 0.9000 Buy 477,228 0
09:42:17 0.8750 107,661 O 0.8500 0.9000 ? 200,000 0
09:24:54 0.8750 151,084 O 0.8500 0.9000 ? 200,000 0
08:09:48 0.8975 200,000 O 0.8500 0.9000 Buy 200,000 0

Carrefour - I am sure I read on Twitter that Comarco Group are launching a new website very soon and the AAAP full year results could be released as soon as Friday if you look at previous release dates.

I wouldn't worry about the current share price. There are not many shares in free-float, so I expect the share price will move up very quickly on the release of good news.