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21 October 2010
Rurelec, the owner and operator of power plants in Latin America, announces that it received notification on 19 October 2010 that Sterling Trust Limited has acquired from Independent Power Corporation PLC ("IPC") £550,000 of Rurelec Convertible Loan Notes (CLN) and 2,200,000 Warrants to subscribe for new ordinary shares of 2p each in the Company ("Ordinary Shares"). IPC is a company of which Peter Earl, Elizabeth Shaw and Susan Laker are directors but in which none of them has any beneficial ownership interest.
Sterling Trust Limited already holds an interest in 60,260,448 Ordinary Shares of Rurelec, representing 27.31 per cent of the issued share capital of the Company. If Sterling Trust were to convert its holding of CLNs and exercise its warrants, the resultant holding would represent 29.29 per cent of an enlarged Rurelec share capital, if no other holder converted or exercised their rights; and 26.71 per cent if all other holders of CLNs and Warrants converted and exercised their rights.
For further information contact:
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Peter Earl, CEO, Rurelec PLC |
+44 (0)20 7793 5600
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Paul Shackleton Daniel Stewart & Company plc |
+44 (0)20 7776 6550 |