Replacement General Meeting

RNS Number : 7348D

Rurelec PLC

28 March 2011

 



28 March 2011

RURELEC PLC

("Rurelec" or "the Company")

Result of General Meeting

Rurelec, the AIM quoted independent power plant developer with operations in South America, is pleased to announce that at the Company's General Meeting held earlier today, and further to the announcement of 11 March 2011, all resolutions were duly passed. 

Voting on each Resolution was as follows:

Resolution 1 : 99.98 per cent in favour out of the votes cast being 98,215,428 shares voted in favour out of a possible total of 160,411,057 shares eligible to vote on this motion.

Resolution 2:  99.99 per cent in favour being 72 per cent of the 220,671,505 total number of shares in issue with voting rights at this meeting

Resolution 3:  99.99 per cent in favour being 72 per cent of the 220,671,505 total number of shares in issue with voting rights at this meeting

Commenting on the placing and results of the General Meeting, Peter Earl, CEO of Rurelec said: "I am delighted that shareholders in Rurelec have given their overwhelming support to our proposals for the current capital increase which in total amounts to £18 million.  The strength of shareholder support for our plans sends a supremely strong signal to the Government of Bolivia as we look to achieve a just settlement of our expropriation claim, whether by private agreement or at the United Nations sponsored arbitration tribunal under the process which is now under way.

Rurelec from now on will have both the balance sheet strength and the dependable cash flow from its Argentine investment to achieve our goal of a fair settlement of a minimum of Guaracachi's Bolivian book value, which is now around US $75 million.  As a result of the support of Sterling Trust and all of Rurelec's other shareholders who took the trouble to vote on these resolutions, the Directors of Rurelec intend to bring about a settlement which will protect the interests of all Rurelec shareholders"

For further information contact:

Peter Earl, Chief Executive Officer Elizabeth Shaw, Finance Director  www.rurelec.com	[phone]
Nominated Adviser: Daniel Stewart & Company PLC Paul Shackleton	[phone]
Brokers: Daniel Briggs, Religare Capital Markets PLC	[phone]
Financial PR: Ana Ribeiro/Tim Blythe, Blythe Weigh Communications Ltd.	[phone]

 

END

 

 

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