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22nd December 2008
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 acquired 11,802,721 Ordinary shares in the Company from Independent Power Corporation PLC ("IPC") at a price of 28 pence per share. This shareholding represents 13.77 per cent. of the issued share capital of Rurelec.
IPC is 89.9 per cent. owned by Peter Earl.
IPC is a developer and operator of power plants worldwide. Since 1996 it has owned, operated or developed over 4,000 MW of power generation capacity. Today it has some 2,000 MW of thermal and hydro-electric power projects in Indonesia, Holland, the United Kingdom and the former Soviet Union and is finalising management contracts in Kazakhstan, Kenya and the UAE having previously operated gas-fired power generation units in Latin America for a subsidiary of BP.
IPC has sold its shareholding in Rurelec as part of a move to increase its liquidity for its own power developments in view of the current Credit Crunch.
For further information, please contact:
Peter Earl
Managing Director Tel. 020 7793 5610
Paul Shackleton/ Stewart Dick
Daniel Stewart & Company Tel. 020 7776 6550
Ana Ribiero
Parkgreen Communications Tel. 020 7933 8780