Rurelec PLC Partial Debt repayment (9270U)
28 Novembre 2019 - 08:01AM
UK Regulatory
TIDMRUR
RNS Number : 9270U
Rurelec PLC
28 November 2019
28 November 2019
Rurelec PLC
("Rurelec" or the "Company")
Partial Debt repayment
Further to the announcement of 21 November 2019 (the
"Announcement"), the Directors of Rurelec PLC (AIM: RUR) have now
received $0.64 million by way of partial repayment to Rurelec of
the PEL Amended and Restated Loan Notes ("Loan Notes") (which total
approximately US$24million and the first $5 million of repayments
of which are shared approximately 80/20 and then the balance paid
72:28 thereafter (Rurelec: Basic Energy Limited)).
The Loan Notes are payable in accordance with the terms of the
Amended And Restated Shareholders Agreement with Basic Energy
Limited ("Basic") and Patagonia Energy Limited ("PEL"), and an
Umbrella Agreement with PEL, Basic, and others, the details of
which are set out in the Announcement.
As also set out in the Announcement, whilst the new agreements
determine how funds generated by PEL will be distributed, the
timing of any future payments is not certain as it is dependant
inter alia on the potential future cash generation ability of EdS
and the potential future existence of exchange controls that may
restrict the ability of EdS to transmit funds to PEL.
For further information please contact:
Rurelec PLC W H Ireland (Nomad & Broker)
Simon Morris, Director Katy Mitchell
Andy Coveney, Director Lydia Zychowska
Tel: 020 7549 2839/40 Tel: 020 7220 1666
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contact rns@lseg.com or visit www.rns.com.
END
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