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10th September 2009
Rurelec PLC (AIM:RUR), the developer, owner and operator of power generation capacity in Latin America, announces that Independent Power Corporation PLC ("IPC"), a company controlled by Peter Earl, Chief Executive Officer of Rurelec, has today sold 5,588,235 million Ordinary Shares at a price of 17 pence per share to institutional investors. In addition, IPC has sold a further 280,000 Rurelec shares to members of the Rurelec management team and others, including Elizabeth Shaw, Finance Director of Rurelec, who has acquired 25,000 on behalf of a minor at 17 pence per share and is now interested in 275,000 shares, representing 0.13 per cent. of the Company.
As a result of the sale, IPC's share holding in Rurelec now stands at 19,131,765 Ordinary Shares representing 9.31 per cent. of the issued ordinary share capital of the Company. Peter Earl's interests, which include the holdings of IPC and of his wife, now stand at 30,944,486, representing 15.06 per cent. of the Company.
IPC's sale follows its subscription of £700,000 unsecured 12 per cent. convertible loan notes due in March 2011 announced by Rurelec earlier today.
Enquiries:
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Peter Earl, Managing Director, Rurelec PLC |
Tel: + 44 (0) 20 7793 5610 |
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Paul Shackleton, Daniel Stewart & Co plc |
Tel: + 44 (0) 20 7776 6550 |
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Nicholas Malins-Smith, Religare Hichens Harrison plc |
Tel: + 44 (0) 20 7382 7771 |
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Ana Ribeiro, Account Director, Blythe Weigh Communications |
Tel: +44 (0) 20 7138 3206 |