No charge

Well the big Z engine turned over slowly and just managed to start. A quick voltage check across battery terminals showed 11.9V and 11.9V running at increased revs. Further checks showed poor phase volts. On inspection of the stator, the coils were very black and accompanied by a burnt smell. New stator and reg/rec ordered. Further update when fitted. 

I've never seen one so crispy! Well done. 

What are you replacing with? Rick's?

The stator windings are oil cooled by a feed port located in the center of the windings. With reference to your picture - The oil port is the boss in the stator housing casing at the 11:30 position. It is fed by a port in the engine casing.  2 things have been found in the past.
1.) Aftermarket stator housing gaskets don't have a hole in the gasket that aligns with the port on the engine casing face where the port in the stator housing face mates.
2.) Some rebuilders don't realize that the port exists and goop sealant all over the gasket faces and block the oil flow through that port. 

I would suggest that failure to cool the stator windings is a big oversight since the charging system  is controlled by a shunt regulator which either pushes the charging current to the battery or shunts it to ground, meaning the stator is running full tilt output 100% of the time. One mod that is advised is to change out the shunt regulator for a series regulator like the Shindengen SH847 . When running this regulator, any current not needed is left open circuit instead of shunting to ground which in effect is opening and closing the output from the stator windings. The stator tends to run cooler when operating this way.

Be aware- The SH847's have many Chinese versions on the market I.E. fake cheap knockoffs. The only reliable source I know of is  Roadster Cycle  selling the "Real Mc Coy" .