Appoints BICE for Santiago Listing

RNS Number : 1689J

Rurelec PLC

12 July 2013

 



12 July 2013                                                   

Rurelec PLC

("Rurelec" or "the Company")

Rurelec Appoints BICE for Santiago Secondary Listing

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces that it has appointed BICE Chileconsult Asesorías Financieras S.A ("BICE") to arrange a secondary listing of its shares on the Santiago Stock Exchange.  BICECORP is one of the leading Chilean financial institutions and has strong knowledge of the power sector.

An application will be made to the Foreign Securities Registry of the Chilean Securities and Insurance Supervisor ("SVS").  This process is expected to take between two and four months.  Rurelec does not intend to issue any new shares as part of its Santiago listing.  However the new secondary quotation, to be executed via an introduction, is expected to improve the liquidity of Rurelec's shares and permit arbitrage between the London and Santiago markets for power company shares.  It will also provide future access to the attractive Chilean corporate debt market for long term fixed rate bonds as Rurelec rolls out its programme of new thermal power plants in the north of Chile.

Commenting on the appointment of BICE, Peter Earl, CEO of Rurelec said:

"We are delighted to have the assistance of Chile's leading bank group as we apply to the SVS for our shares to be traded in Santiago. Power company shares in Chile are well supported and we expect this to be a positive factor as we seek to have Rurelec re-rated through the construction of our 295 MW of new power projects in Arica and Mejillones.

"Chile's demand for power continues to grow, and we remain committed to help meet that demand.  Our target is to own 50 per cent of over 1,250 MW of New Clean Tech generation capacity in Chile in the coming years: obtaining a quotation on the Santiago Stock Exchange plays a key part in meeting that objective."

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For further information please contact:

Peter Earl, CEO, Rurelec PLC Ana Ribeiro, Head of Communications	Tel: [phone]
Paul Shackleton, Daniel Stewart & Company Plc	Tel: [phone]
Halimah Hussain/Jon Belliss, XCAP Securities	Tel: [phone]

 

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