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Rurelec PLC ("Rurelec" or "the Company"), the owner and developer of power plants in Latin America, announces that its Managing Director, Peter Earl, has today sold 9,302,721 Ordinary shares in the Company to Independent Power Corporation PLC ("IPC") at a price of 55 pence per share. This shareholding represents 12.69 per cent. of the issued share capital of Rurelec.
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 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:
Peter Earl
Managing Director Tel. 020 7793 5610
Stewart Dick
Daniel Stewart & Company Tel. 020 7776 6550
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 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 ยบ pence per share. A formal notice convening the AGM will be sent to shareholders together with the Report & Accounts for 2007 shortly.