Investors who bought a renewable energy company’s corporate bonds promising returns of 7.5pc a year face a nervous wait to find out whether their capital will be returned.
The “mini-bonds” were issued by Wind Prospect Group in 2011.
The first sign of any difficulty came in July 2015 when interest payments were suspended.
Investors who had asked for their capital to be returned were also told there would be a delay. The firm wrote to bondholders to say there would be a “three month moratorium on payments of interest and capital”.
Today neither the interest nor capital has been repaid.
Nowt could go wrong, could it Ritchie?
Investment in windmills goes bad.
Shocking.
Given the subsidies, it was just a crafty way of filching money off our taxes into their pension pots.
“BUT BUT BUT wind energy is FREE!!!!!!”
The return on Richie’s bonds is always going to be a warm glow, nothing else.
What Ben S. said.
No sympathy.
“corporate bonds promising returns of 7.5pc a year”
What could possibly go wrong?
Given the subsidies, it was just a crafty way of filching money off our taxes into their pension pots.
Slightly related. I generally don’t mind the folk on Dragon’s Den, but I got seriously pissed off in one episode when one “entrepreneur” came in with some plan for harvesting taxpayer-funded Green subsidies and they fell over each other to invest.
His Imperial Highness got two mentions in the Tel this morning. At least I assume he was meant” “quack economics” and “slightly thicker”.
A small reduction in the bung is now “a sustained attack on the energy industry”, apparently.
Rob
His response to the question on what the dividend was from schools was ‘you’re a troll’ – you Gita love that calibre of argument
OT – I see the 0.2 professor has been ‘teaching’ today. Economics in the real world apparently’
God help us all.
He doesn’t appear to live in the real world so that should be interesting. I suspect once they started looking at his economic knowledge the college had to find some description for the course that allowed them to say that well yes it doesn’t cover actual real economic theory and knowledge, but is just an alternative view which they are including for diversity and inclusiveness.
http://wattsupwiththat.com/2016/01/23/saturday-silliness-wind-turbine-photo-of-the-year/