Language
5th November 2004
Rurelec announces that Gartmore Investment Management has subscribed for 600,000 new ordinary shares of 2 pence each in a placing for cash on Friday 5th November, 2004 at a placing price of 42.5 pence each. Following the placing Gartmore Investment Management will be interested in 4.76 per cent of the issued share capital of the Company.
Following the placing, Rurelec has 12,600,000 issued and fully paid shares, with an aggregate nominal value of £252,000. The proceeds of the placing will be used for the Company's working capital requirements as it develops generation for rural electrification projects in Bolivia and Argentina.
The new ordinary shares will rank pari passu in all respects with existing ordinary shares. Application has been made to AIM to admit the new ordinary shares. Trading is expected to commence on 11th November, 2004.
Peter R. S. Earl
Executive Director
For further information contact:
Peter R. S. Earl
Tel: +44 (0)20 7793 7676
Rurelec PLC is a British company established to develop rural electrification projects in Latin America. It is managed by a team with a strong track record in developing power projects worldwide and with considerable experience in the electricity sector in Latin America.
Rurelec has two principal businesses:
-Ownership of power generation facilities in isolated areas
-Management of rural electrification expansion projects funded by the World Bank or multi-lateral development agencies.
Rurelec recently floated on the AIM market of the London Stock Exchange.