Bolivian Subsidiary Guaracachi: Record Results for Year to 31 December 2005. Rurelec to Receive US$3.3 million in Net Dividend
Rurelec today announces that its Bolivian power generation subsidiary, Empresa Guaracachi SA ("Guaracachi"), has released record financial results to the La Paz Stock Exchange for the year ended 31st December 2005. In its 2005 financial year, Guaracachi reported net income before extraordinary items of US$8.41 million. After an extraordinary write down of deferred tax, net income for the period was US$7.92 million, in line with analysts' forecasts. This is Guaracachi's best financial performance since the company was privatised in 1995.
Rurelec PLC, the AIM-quoted power developer and owner of power plants in Latin America, today announces that its new General Electric 6FA open cycle gas turbine in Santa Cruz, Bolivia has reached Full Speed No Load ("FSNL") during the current testing and commissioning cycle. The turbine, owned by Rurelec's Bolivian subsidiary, Empresa Guaracachi SA, was installed in less than 15 months and constitutes capacity equivalent to 10 per cent. of Bolivia's total demand for electricity.
Rurelec is pleased to announce the appointment of Frederick G. Fisher III as an independent non-executive Director of the Company with immediate effect.
Energia del Sur signs loan agreement with Standard Bank of London
Rurelec PLC, the AIM quoted power developer and owner of power plants in Latin America, today announces that Energia del Sur ("EdS"), Rurelec's Argentine power generation business, has signed a loan agreement with Standard Bank of London for US$18 million. The loan is believed to be the first financing for power generation in Argentina since the Peso crash of 2001 and has a limited recourse facility of five years for the conversion to combined cycle gas turbine ("CCGT") operation of the existing 78 MW open cycle gas turbine gas-fired power plant in Commodoro Rivadavia, Patagonia.
Rurelec PLC announces that its Bolivian power generation subsidiary, Empresa Guaracachi SA ("Guaracachi") has today announced its preliminary results for the year ended 31st December 2006. Rurelec PLC owns 50.001 per cent. of Guaracachi. The shares of Guaracachi are listed on the Bolsa Boliviana de Valores.
The 2007 Annual General Meeting will take place at 10.00am on Friday 22 June in London. A number of resolutions will be put to shareholders including the approval of the proposed final dividend of 2 º pence per share. A formal notice convening the AGM will be sent to shareholders together with the Report & Accounts for 2007 shortly.
Rurelec announces that on Tuesday 15th May funds managed by Tudor Capital (U.K.) Limited ("Tudor") agreed to subscribe for a total of 5,000,000 ordinary shares of 2 pence each of the Company ("Ordinary Shares") in placings for cash to occur in two separate subscriptions.
Placing of Shares
The Board of Rurelec plc ("Rurelec" or the "Company") is pleased to announce that all resolutions at the Company's Annual General Meeting held in London earlier today were duly passed.
For further information, please contact:
Managing Director Tel. 020 7793 5610
Daniel Stewart & Company Tel. 020 7776 6550