Issue of Equity

RNS Number : 2825X

Rurelec PLC

09 January 2014

 



9 January 2014                                                          

Rurelec PLC

("Rurelec" or "the Company")

Issue of Equity

IPC Becomes Lead Developer in 191 MW Plant in Ghana

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally,  Today  announces the issue of 2,151,094 new ordinary shares of 2 pence each in the Company ("New Ordinary Shares") as payment for the remaining portion of the Arica buy out debt. The New Ordinary Shares have been issued at a price of 13.25 pence per share, an aggregate consideration of £284,996.10, and placed with trade partners in Chile.  Application has been made for these New Ordinary Shares to be admitted to trading on 15 January 2014.

Following the admission of the New Ordinary Shares to AIM, the Company will have in issue 559,387,586 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 559,387,586. 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.

In addition the Company is pleased to announce that its wholly owned power development subsidiary, Independent Power Corporation PLC ("IPC"), has been selected as lead developer for the proposed 191 MW Takoradi gas fired open cycle project in Ghana.  Takoradi is located to the east of the Ghanaian capital, Accra, and is an important step in the expansion of Ghana's installed generation capacity.  IPC's selection is based on its 18 year track record in development of gas fired power plants across the globe.  The project is expected to achieve financial close in 2014.  IPC intends to assist in the syndication of the equity and debt for the project with regional investors and multilateral lenders.

Commenting on the project in Ghana, Peter Earl, CEO of IPC and of Rurelec, said:

"We have a strong track record worldwide in developing gas fired power plants and are excited and honoured to be working on this important project. This is another opportunity for the Rurelec Group to show its strength and depth in developing CCGT power projects worldwide."

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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]
Jon Belliss & Guy Peters, XCAP Securities	Tel: [phone]

 

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