Director/PDMR Shareholding

RNS Number : 8138N

Rurelec PLC

17 June 2010

 



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	[phone]
Paul Shackleton/ Tessa Smith Daniel Stewart & Company	[phone]
Daniel Briggs Religare Capital Markets	[phone]
Richard Swindells/Andrew Craig, Ambrian Partners	[phone]
Ana Ribeiro Blythe Weigh Communications	[phone]

 

END

 

 

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