...whilst most investors were either binge drinking or comatose after binge drinking (apparently there's a direct correlation with investing and binge drinking)
In the small hours of 1st February 2014, the Permanent Court of Arbitration in The Hague finally released the long expected arbitration award of compensation to Rurelec, finding in favour of Rurelec. The Board of Rurelec will issue formal summary of this award on the Company website over the course of the weekend. This formal summary will be released verbatim as an RNS announcement at 7 am on Monday 3rd February.
Speaking today, Peter Earl, CEO of Rurelec, said, “I am delighted that the waiting is now over and we can at last analyse all 199 pages of the judgment and see what this award is worth in monetary terms to Rurelec . The greatest gift we have received overnight from the Arbitration Panel is certainty so that we can at last fulfil our primary objective of building in Chile and Peru the new power plants which replace the net 270 MW of generation capacity which were taken from us, against our will, almost four years ago. That wound can now heal. The result is a complete vindication of the long and difficult hours we have put in to get compensation for our shareholders who had suffered a great wrong.”
Have a very good weekend!
Atb Fraser
Fraser
ReplyDeleteHope you weren't burning the midnight oil after your long week. Pity Peter couldnt release the summary page but he is no doubt playing the drama card for all its worth and lets hope we get what we deserve when the news is finally released to the world. Nothing on the PCA site so I guess they have agreed to keep it under wraps until 7am on Monday.
Back to my Times crossword and weekend now.
Cheers. The Leggie
you cunning bugger you. Would never believe how many of us have been looking for your commentary since advfn. bring on the full website fraser a force to be reckoned with. surprised tom W won't have you in his crew. keep up mlav salutations Jim.
ReplyDeleteGiven £25m award according to the sunday times, 12p anyone !
ReplyDeleteThat size of award is a concern, you don't pay the £18m down and you run at a loss for a while and have probably a year to year and a half cash flow with no major capex.
Or
Use all the money on capex and try and spend your way out the loss. Either way, I wouldn't be surprised to see further dilution given that level of award. Guess we shall find out !
Im atleast happy I worked on a no win factor when I bought in, so Im pretty confident I can escape without too much of a hit.
I could off course be reading it incorrectly, but gut feeling and number crunching puts me at 12p and 13-13.5p if they release Santiago listing to counteract.
Interesting Times !