UK 17:49 Wednesday, 7 October 2026
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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.
We have known that the Peter Earl AIM-listed train-wreck Rurelec (RUR) has been in some financial difficulty for some time. Mr Earl departed the scene last June, but the fire-fighting for the new board has been on-going ever since. Last night at no-one-is-watching o’clock (4.55pm) the company gave an update on its funding arrangements and trading in what must be a classic case-study for all MBA students on how to deliver bad news. Over to the ShareProphets RNS Translation service for the low-down on last night’s announcement…..
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Comments
J C
Interesting article and whilst I understand how you see this it is actually much worse. I would recommend you read the IPSA Group (of which Peter Earl is now CEO) RNS from the 29th of March in which Earl states: “This focus is critical to ensure that the Company meets its commitment to pay outstanding sums to its principal creditor Ethos Energy Italia S.p.A (“Ethos”) which is expected to be met in part through receipt of the remaining funds due from Rurelec PLC and in part from the sale of the balance of plant”
These are two contradicting statements, how can we be running on fumes with no money coming in from Argentina (as Rurelec tells us), whilst preparing to pay large sums of money to IPSA? Earl would know more than most seeing as he is VP of Energia del sur. Why hasn’t Rurelec looked into selling it turbines that were never deployed (and were purchased for a combined £18 million)?, why hasn’t the company looked into selling the loan book of Energia del Sur? (£30 million is owed to RUR).
I sincerely hope the FCA look into these matters, it looks like they are all in cahoots to rip off the shareholders.