UK 17:49 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
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Comments
John Newcombe
What a sensationalist load of rubbish in this article, it shows just how little the ‘reporters’ on this site do any research, if they did they will see that ‘all’ of the so called votes againsts the AGM resolutions were conducted by one person or group of persons, that being Sterling trust that hold almost 54% of the shares in Rurelec, it was them alone that voted against the resolutions as it is they that are most heavily underwater and want change, the thought that this was some PI revolt just goes to show the idiocy of the lax, sensationalist reporting on this site
nigel somerville
John Newcombe – thank you so much for your kind thoughts, I’m sure that all of us on the team are very appreciative of your generous spirit. I am so glad that you recognise, therefore (and I have no reason to doubt what you say) that the board had so completely failed to engage with its major shareholders that it went ahead with a doomed AGM utterly unaware of the discontent of its controlling shareholder. Yes, that really casts the board of directors in a better light, doesn’t it?
How much shareholders’ cash (given today’s news) that they don’t have, has the board spunked away on this disaster of an AGM?
According to Rurelec’s AIM Rule 26 webpage, it appears that the BoD accounts for less than 3% of the company. Not exactly a case of interests aligned with shareholders’, is it?
If Rurelec’s AIM Rule 26 page is correct, it means that every single resolution saw other shareholders join with Sterling in the way they voted. So they were not alone as you claim. Even without Sterling, resolutions 6 and 7 would have been embarrassingly (for the board) close.
One of the problems of failing boards of directors is that institutional and/or major shareholders do nothing about it. In this case, it seems that is not the case. Good.
AB
The Rule 26 page of the website does not disclose the Chairman/Director as holding the Sterling Trust shareholding indirectly. Surely this is wrong as the Robert Fraser website still seems to show him as the main man at Robert Fraser and so controlling Sterling Trust (http://www.robertfraser.co.uk/robert-fraser-a-partners-llp/rfpsterlingtrust) and therefore the director’s interests/control was over 57% of shares? And the REAL story perhaps is: why is the Chairman so publicly throwing out and humiliating his directors? Curiouser and curiouser, but the shareholders are being told nothing.