Rurelec PLC Replacement: Spin-out of subsidiary from Rurelec (6774Q)

TIDMRUR

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 GBP500,000 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,   Paul Shackleton and   Ana Ribeiro, 
  Director         James Bavister        Director 
 Tel: 020 7793    Tel: 020 7220 1666    Tel: 020 3219 
  5600                                   8818

This information is provided by RNS

The company news service from the London Stock Exchange

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