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1 December 2010
Rurelec PLC (AIM:RUR), the power plant developer and owner-operator of power generation assets in Latin America, announces that, together with its U.S. subsidiary Guaracachi America Inc ("GAI"), it has now commenced arbitration proceedings to secure fair compensation from the Government of Bolivia following the nationalisation in May 2010 of the interest in Empresa Guaracachi S.A., the largest electricity generation company in Bolivia. Confirmation of service of the formal arbitration claim has now been received from the offices of President Evo Morales and Elisabeth Arismendi, Minister of Legal Defence of the State.
A copy of the statement of claim has been posted on the Rurelec PLC website so that shareholders in Rurelec may judge for themselves the strength of their Company's compensation claim for the Guaracachi shares which were expropriated. The Board of Rurelec does not intend to post any subsequent legal documents onto the website until a settlement is reached.
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Company: Peter Earl, Managing Director, Rurelec PLC
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+44 (0)20 7793 5610 |
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Nominated Adviser: Paul Shackleton/Emma Earl, Daniel Stewart & Company PLC
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+44 (0)20 7776 6578 |
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Brokers: |
+44(0)20 7444 0500 |
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Daniel Briggs, Religare Capital Markets PLC |
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Brokers: |
+444 (0)20 7634 4700 |
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Andrew Craig, Ambrian Partners |
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Financial PR: Ana Ribeiro/Tim Blythe, Blythe Weigh Communications Ltd |
+44 (0)20 7138 3206 |