Rurelec PLC Update on Bolivian Award and Birdsong Loan (9145F)
April 30 2014 - 7:11AM
UK Regulatory
TIDMRUR
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.
- Ends -
For further information please contact:
Peter Earl, CEO, Rurelec PLC Tel: 020 7793 5610
Ana Ribeiro, Head of Communications
Paul Shackleton, Daniel Stewart Tel: 020 7776 6550
& Company Plc
Jon Belliss/Guy Peters, XCAP Tel: 020 77101 7070
Securities
Tel: 020 7 220 1666
James Joyce and Nick Field,
W.H. Ireland
This information is provided by RNS
The company news service from the London Stock Exchange
END
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