Separation of subsidiary from Rurelec PLC

RNS Number : 6262Q

Rurelec PLC

19 June 2015

 

19 June 2015                                                                

Rurelec PLC

("Rurelec" or "the Company")

 Separation of subsidiary from Rurelec PLC

The Directors of Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, announce the separation of the two main parts of the business of Rurelec being the owning and operating of power plants and the development work that is currently undertaken by its wholly owned subsidiary, Independent Power Corporation PLC (IPC) which is being sold to Peter Earl for a nominal sum after all the assets and liabilities of IPC have been repositioned into Rurelec.  Mr Earl having resigned today from the Board of Rurelec will take IPC and in excess of £500,000 worth of overheads out of the Rurelec Group.  This has the positive effect of ensuring that Rurelec can concentrate on developing its relationships with other developers and operators of power plants whilst also reducing overhead costs.

For further information please contact:

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

 

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