Ripple energy "strike off"

[Tinbum]

For those in WB this may be useful.

https://blog.whitelawbrae.org.uk

[Moxi]

Thanks Tinbum,

Moxi

[Stinsy]

I haven't been following this. I guess Ripple will fold, shareholders will get nothing and the WTs will be sold off cheap.

Would it be possible for a "collective" of some kind to by the WTs? or will it be some billionaire such as Dale Vince who is only interested in the curtailment payments?

[nowty]

I haven't been following this. I guess Ripple will fold, shareholders will get nothing and the WTs will be sold off cheap.

Would it be possible for a "collective" of some kind to by the WTs? or will it be some billionaire such as Dale Vince who is only interested in the curtailment payments?

The WT's are owned by its owners via the Coop's which are solvent and not folding. Its only the equity shareholders in Ripple Energy itself who will probably end up with nothing.

[Tinbum]

The WT's are owned by its owners via the Coop's which are solvent and not folding. Its only the equity shareholders in Ripple Energy itself who will probably end up with nothing.

and possibly those in WB as it seems no one knows where the money is and their has been no communication at all from COOP 4.

[jonc_uk]

Yes, this is my suspicion.

Dip into the customer deposits to keep the company (Ripple) afloat. Various people unhappy with the situation and subsequently resign.

[Tinbum]

Thankfully I paid for WB on my credit card so I may have some protection their.

[Fueltheburn]

Yes, this is my suspicion.

Dip into the customer deposits to keep the company (Ripple) afloat. Various people unhappy with the situation and subsequently resign.

They have tried to hide the momey situation from WB investors for too long without any confirmation of what they will do with this money.
I will update once I hear more of the section 75.
I would like to think this will be resolved in my favour shortly.

[nowty]

I almost missed the KH Coop online mtg earlier , luckily only missed a bit of the preamble , around 650 of the 15000+ members attended.

Salient points were,

Late last year Ripple asked to increase its management fees because they were not making enough revenue through their business model and were financially struggling.

The accounts were not filed competently with either Companies house and the FCA, as such were rejected, the SPV has until 23rd April and the Coop 7th May to file competent accounts. There is likely to be some leeway on those dates.

Whilst considering the increase request to Ripple, it was discovered that there were also process issues within Ripple, so bad it was likely they would have exited the Ripple management agreement even if they had not gone into administration.

Bruntwood has managed to recruit an ex accountant of Ripple to facilitate the accounts as efficiently as possible, along with a financial investigator and auditor. Initially this is being provided free of charge by Bruntwood as they have as much to lose if it all goes south. The good news is that KH site has been technically inspected and given a clean bill of health in that is a pukka quality wind farm.

It is likely that a new management service would cost more than Ripple so the future savings are likely to be lower and there are inevitable additional short term costs to get through this difficult situation.

Coops UK has been very helpful, especially in terms of legal advice.

They are in touch with the Coops of GF and DW and they may help each other out as their may be economies of scale if they collaborate. But they do not know anything about WB and are very dismayed by that there has been absolutely no communication with WB members, they recommended WB members contact the administrators directly.

Nothing is off the table in terms of how future payments to members are made, an email poll will be sent to members soon to gauge what members want.

[SporranMcDonald]

Nowty : Thanks for the Summary of the online meeting.

The accounts were not filed competently with either Companies house and the FCA.

One of the member questions was an attempt to probe a bit deeper into what was wrong with the accounts, but the given answer just repeated the same words. I noted that the Coop directors had all signed Non-Disclosure Agreements with Ripple on the grounds of access to commercially sensitive information.

Hopefully, we will eventually find out the details. . . . . Just how significant was the accounts issue relative to other problems with the Ripple business model ?