liso
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Post by liso on Apr 30, 2018 13:37:36 GMT
From 26th April 2018 email:
".....As well as being clear we cannot repay your capital and the additional interest we owe you on 30 April, we are no further forward in being able to propose a course of action to minimise the impact to you as our investors....."
Disappointing, to say the least.
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Steerpike
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Post by Steerpike on Apr 30, 2018 16:19:59 GMT
From 26th April 2018 email:
".....As well as being clear we cannot repay your capital and the additional interest we owe you on 30 April, we are no further forward in being able to propose a course of action to minimise the impact to you as our investors....."
Disappointing, to say the least.
I haven't seen this, who sent the email?
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liso
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Post by liso on Apr 30, 2018 16:45:47 GMT
From 26th April 2018 email:
".....As well as being clear we cannot repay your capital and the additional interest we owe you on 30 April, we are no further forward in being able to propose a course of action to minimise the impact to you as our investors....."
Disappointing, to say the least.
I haven't seen this, who sent the email? The email came from Abundance, an update to investors from the directors of M****** V***** CHP following their meeting with Ofgem on 25th April, at which nothing much appears to have been clarified, let alone decided. More delay.
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Steerpike
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Post by Steerpike on Apr 30, 2018 17:19:36 GMT
I suggested that they remove the "Today is pay day" and "100% performance" messages from this "default".
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Steerpike
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Post by Steerpike on May 8, 2018 11:49:17 GMT
Presumably the continuing absence of an agreement with OFGEM signposts an increasing likelihood of an outcome with no ROCS (21% revenue) and no RHI (32% revenue).
Hopefully we will hear more within the next week or so, in preparation it may be best to assume brace position.
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Post by johnny on May 9, 2018 19:31:57 GMT
Presumably the continuing absence of an agreement with OFGEM signposts an increasing likelihood of an outcome with no ROCS (21% revenue) and no RHI (32% revenue). Hopefully we will hear more within the next week or so, in preparation it may be best to assume brace position. You are probably correct, it's difficult for me to believe that OFGEM after blocking for so long will give it up and announce they were only joking!!
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scc
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Post by scc on May 10, 2018 14:18:01 GMT
Personally, I'm expecting some compromise solution either a yes with conditions, or a no, but open to appeal if they can do x/y/z.
Of course, it could just be that Offgem are trying to figure out if they can live with the resulting sh*tstorm a No answer might bring. Doubtless this would not be the only project affected.
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Steerpike
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Post by Steerpike on May 18, 2018 9:20:41 GMT
Support 18-May-18
"Please can you state when you expect to issue the next update? The message on 30-Apr-18 mentioned a meeting in the first two weeks of May, did this meeting go ahead?"
"We are planning on sending a further update today."
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Steerpike
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Post by Steerpike on May 18, 2018 15:06:20 GMT
Continuing downward spiral, fingers crossed for good news in the next update in 2-3 weeks.
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liso
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Post by liso on May 18, 2018 16:09:23 GMT
It's good to see Abundance taking a proactive role with this, but as for the eventual outcome.....
I don't know what to think.... 
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beh
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Post by beh on May 18, 2018 18:07:56 GMT
Aye, was good to see the second email - "Additional update from Abundance"
Ofgem sound very frustrating to deal with.
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Steerpike
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Post by Steerpike on May 24, 2018 18:54:03 GMT
14-May-18: "Dear Ofgem, In December 2016 I invested in a debenture issued by M***** V***** CHP through the Abundance website. This was due to repay by April 2018 at the latest, however, I now learn that there are delays in handling the associated RHI application. I could not find information relating to this on your website and wondered if you can provide information on this case? Regards Steerpike" 24-May-18: "Dear Steerpike, Thank you for your email.
For data protection, reasons we are unable to comment on Renewable Heat Incentive applications without the consent of the authorised persons named on the application.
As scheme administrator, Ofgem’s role is to the assess the eligibility of applications for the scheme; based on the information supplied by applicants. We are unable to comment on the individual relationships or interactions between applicants and third parties with whom they conduct business.
We are sorry we cannot supply more information in regards to your request.
Kind Regards, Assistant manager, Non domestic RHI Team, Ofgem, www.ofgem.gov.uk/rhi" |
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scc
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Post by scc on May 25, 2018 17:58:19 GMT
Good effort, but a carefully worded freedom of information request may yield better results. They won't give you any information that involves data protection with third parties or commercially confidential info but...
I wonder what asking for copies of any emails/meeting notes from the last six months relating to changes in how they are applying eligibility criteria might surface.
My suspicion is what one or both parties have interpreted and applied the eligibility criteria differently from previously.
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scc
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Post by scc on Jun 1, 2018 17:49:26 GMT
Another update of waiting to hear from Offgem's legal team.
Anyone getting suspicious that Offgem are simply hoping they'll starve them out?
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Post by optymystic on Jun 17, 2018 10:29:08 GMT
Update from the directors of M***** V***** CHP 15th June 2018
Dear Investor,
Since we were last in touch with you, we have continued to be in communication with Ofgem regarding progress directly, and through our MP. In addition, Abundance was able to reinstate and hold its meeting with BEIS. We have been assured through all 3 routes that our applications are being prioritised, and Ofgem has advised that our case will be the focus of the relevant member of the legal team on his/her return next week.
We will provide another update in 2-3 weeks irrespective, but we hope sooner.
According to my calculations the one year bond matured at the end of January at which point interest was last paid. I am old. I don't understand this universe of t'internet, the cloud, social media, facebook, Whatsapp and twitter, but this isn't the first time I have come across a state of affairs in which there is a major communications lacuna, a complete silence, none of the hundreds of investors knows what is going on, yet the twittersphere and social media are completely silent. My internet searches for abundance, for M***** V***** CHP are not throwing up, ![]() "Where the hell is our cash?"or anything of the sort.
I assume the problem with OFGEM is that it is trying to avert a repetition of Arlene Foster's notorious Cash for Ash programme through which the subsidies got paid irrespective of the generation of electricity. What I don't understand is the absence of debate, discussion, rage etc. This feels like social media failure, just as it did when Coop Energy went into meltdown with its Oracle 'upgrade'.
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