17 Jun 2010 15:02
17 June 2010
Rurelec PLC
("Rurelec" or "the Company")
Director's dealing
Rurelec PLC (AIM: RUR), the developer, owner and operator of power generation capacity in Latin America, announces that as part of a family settlement agreement the holdings of the Independent Power Corporation PLC, a company controlled by CEO Peter Earl, together with the personal holding of Peter Earl and all but 10,000 shares held by Emma Earl have been sold. The combined shareholding of 33,434,486, 15.45 per cent. of the Company, has been acquired by Sterling Trust Limited, a UK private investment company, at a price of 10 pence per share. As a result of this series of transactions, Peter Earl no longer holds any interest in shares in the Company. IPC continues to hold £700,000 of convertible loan notes, warrants to subscribe for new shares of Rurelec and a loan to Rurelec.
Andrew Morris, Chairman comments: "It is unfortunate for Peter that personal considerations have forced the sale of these interests. However, I am confident of the ongoing support of Sterling Trust for the Company and I am looking forward to working with Peter on the important tasks of refinancing our Argentine subsidiary and negotiating satisfactory compensation arrangements with the Bolivian Government."
For further information contact:
| Peter Earl Managing Director | +44 (0)20 7793 5610 |
| Paul Shackleton/ Tessa Smith Daniel Stewart & Company | +44 (0)20 7776 6578 |
| Daniel Briggs Religare Capital Markets | +44 (0)20 7444 0500 |
| Richard Swindells/Andrew Craig, Ambrian Partners | +44 (0)20 7634 4700 |
| Ana Ribeiro Blythe Weigh Communications | +44 (0) 20 7138 3206 |