recs, page-6

Thanks for that.I had look at the STC clearing house it is a long list.The annual report talks about REC's during the year they lost $2.6mill on loss on sale of REC's.In their trade receivables out of $47mill - $25mill is REC's valued at $36 each - fairly large figures.I can see they have used $8.2mill of REC's to obtain finance of $7mill ie 85%.As Buffett would say never invest in something you don't understand.A clearer picture will show up once we see the half year accounts.