Replacement: Spin-out of subsidiary from Rurelec

RNS Number : 6774Q

Rurelec PLC

19 June 2015

 

The headline for the Rurelec PLC announcement released on 19 June 2015 at 07:03 under RNS No 6262Q should read "Spin-out of Independent Power Corporation from Rurelec PLC". The text of the RNS has also been amended to state the Independent Power Corporation PLC is being spun-out of Rurelec PLC, rather than separated. All other details remain unchanged. The full amended text is shown below.

19 June 2015                                                                

Rurelec PLC

("Rurelec" or "the Company")

 Spin-out of Independent Power Corporation from Rurelec PLC

The Directors of Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, announce the spin-out of Independent Power Corporation PLC ("IPC") from the Company. The separation of power plant development from the core Rurelec business of owning and operating of power plants in Latin America is being effected through the sale to Peter Earl, Rurelec's former CEO, of all of the issued share capital in IPC for a nominal sum once all the principal assets of IPC have been transferred to Rurelec. 

The net effect of the spin-out is to reduce overhead at Rurelec by more than £500,000 per annum.  This has the additional benefit of allowing Rurelec to work with other developers and operators of power plants whilst also reducing fixed costs.

For further information please contact:

Rurelec PLC	WH Ireland	CNC Communications
Andrew Morris,  Director	Paul Shackleton and James Bavister	Ana Ribeiro, Director
Tel: [phone]	Tel: [phone]	Tel: [phone]

 

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