Renewable Power & Light’s chief blasts at the ‘muddle’

Amid the plethora of Stock Exchange announcements it is highly unusual to see company executives stray from the formulaic and use language which might be considered ungentlemanly.

Soukup and his friends took control of the board in May having built up a 29.8% stake.

Now he reveals what he has discovered: "The company's financial position and past history seem to be worse than shareholders had been led to believe.

"It would appear that, as is often the case when things go wrong, they have been left nursing their losses whilst those who were supposed to be in charge have been paid handsomely and walked away unscathed."

He added: "We are working around the clock to establish who was responsible for the roughly $90 million (£59 million) of losses suffered by the company, which include legal fees in excess of $3.5 million spent on litigation against the former chief executive."

That refers to David Lewis, who brought the company to AIM through a 70p-a-share placing in December 2006.

He left just over a year later. RPL shares are at 1.38p.