Red Flags at Night with Neon Flashing lights: Rurelec in AGM disaster
By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 15 July 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Boy, oh boy - an after-hours RNS from Rurelec. Last time we had one the Red Flag count hit twelve (see HERE). But it got worse when Rurelec dished up five RNSs in a single day (see HERE) which included FY14 results, but buried deep in the notes to the accounts it emerged that a previously announced sale of assets intended to fund the repayment on loans had, in fact, not taken place. Yesterday, on the dot of the end of the day’s trading, the company released a stunning AGM result.