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24th July 2007
The Board of Directors announces the repayment of the remaining LIBOR+5 per cent. loan notes 2011 issued in connection with the Group's acquisition of Empresa Guaracachi S.A. ("Guaracachi") in January 2006.
Repayment of loan notes
The payment to Southern Integrated Energy Limited, a wholly-owned subsidiary of the Independent Power Corporation plc, a company controlled by Rurelec's Managing Director, Peter Earl, consists of US$2,000,000 of principal plus interest to date, amounting to a total of approximately £1.2m. The Directors of Rurelec, other than Peter Earl, having consulted Daniel Stewart & Co, Nominated Adviser consider that the terms of the repayment are fair and reasonable insofar as shareholders are concerned.For further information, please contact:
For further information, please contact:
Peter Earl
Managing Director Tel. 020 7793 5610
Stewart Dick
Daniel Stewart & Company Tel. 020 7776 6550