Issue of Equity

RNS Number : 6855Y

Rurelec PLC

28 January 2014

 



28 January 2014                                                        

Rurelec PLC

("Rurelec" or "the Company")

Issue of Equity

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally,  today  announces the issue of 2,000,000 new ordinary shares of 2 pence each in the Company ("New Ordinary Shares")  The New Ordinary Shares have been issued at a price of 13.25 pence per share, for an aggregate consideration of £265,000 to fund unbudgeted expenditure to settle the fees of the Permanent Court of Arbitration (PCA) in connection with the claim against the government of Bolivia following the nationalization of the Company's interest in Empresa Guaracachi S.A. in May 2010.  Payment of the PCA fees was a condition precedent for the release of the arbitration award, which is now expected during the course of this week.  Application has been made for these New Ordinary Shares to be admitted to trading on AIM on 3 February 2014 ("Admission").

Brian Rowbotham, a non-executive director of the Company, has agreed to purchase 100,000 of the New Ordinary Shares at a price of 13.25 pence per share. Following Admission, Brian Rowbotham will be interested in 370,000 shares representing 0.066 per cent of the issued share capital of the Company.

Following Admission, the Company will have in issue 561,387,586 ordinary shares of 2 pence each ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares with voting rights in the Company will be 561,387,586. This figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

-     Ends -

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]
Jon Belliss & Guy Peters, XCAP Securities	Tel: [phone]
James Joyce and Nick Field, W. H. Ireland        Tel [phone]

 

END

 

 

IOEBDGDBGBDBGSI