Update Following Bolivian Compensation Award

RNS Number : 3539Z

Rurelec PLC

05 February 2014

 



5 February 2014                                           

Rurelec PLC

("Rurelec" or "the Company")

Update Following Bolivian Compensation Award

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, announces that the Permanent Court of Arbitration (PCA) in The Hague has today published on its website the full text of the judgment on Rurelec's recent US $35.5 million Bolivian arbitration award.  A link to the PCA website may be found on www.rurelec.com.

Upon receipt of the award and of the US $5.5 million of declared but unpaid dividends due from Guaracachi, Rurelec expects that it will have a cash surplus of approximately US$16m (£9.8m), having paid off all of the amounts due in connection with the loan to Birdsong Overseas Limited.

Now that the uncertainty surrounding the outcome of the arbitration has been removed and the quantum of the compensation payment to Rurelec is known, the Board of Rurelec reconfirms its previously stated commitment to make a distribution to shareholders by way of dividends once the appropriate distributable reserves are available at the parent company level.

Rurelec continues to await final approval in Chile for its shares to be permitted to trade on the Santiago Stock Exchange under a dual listing arrangement.  A further announcement will be made when the Company receives a firm date for the start of trading.

- Ends -

For further information please log on to our website www.rurelec.com or contact:

	Peter Earl, CEO, Rurelec PLC Ana Ribeiro, Head of Communications		Tel: [phone]
	Paul Shackleton & David Hart Daniel Stewart & Company Plc		Tel: [phone]
	Jon Belliss & Guy Peters, XCAP Securities		Tel: [phone]
	James Joyce and Nick Field W.H. Ireland		Tel: [phone]

 

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