Update on Bolivian Award and Birdsong Loan

RNS Number : 9145F

Rurelec PLC

30 April 2014

 



30 April 2014                                                  

Rurelec PLC

("Rurelec" or "the Company")

Update on Bolivian Award and Birdsong Loan

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces that in recent days, as widely reported in the Bolivian Press, the Company has held meetings with the Attorney General of Bolivia and his technical team.

Based on these meetings, the Board of Rurelec is satisfied that it has reached a comprehensive agreement with Bolivia for an expedited payment of the arbitration award issued on 31 January 2014 by the Permanent Court of Arbitration in The Hague, subject only to documentation.

Under these terms Rurelec will agree to waive part of its entitlement under the award, including an agreement to forego any unpaid dividends from Empresa Guaracachi, in return for rapid payment of the award during the first part of May.

In the meantime Rurelec now expects to be in a position to repay in full the Birdsong loan facility, due to be repaid today, in the first two weeks of May and will request the lender for its forbearance in the light of these new and positive developments.

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For further information please contact:

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

 

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