Rurelec PLC Appointment of Directors (4729T)
July 20 2015 - 3:10AM
UK Regulatory
TIDMRUR
RNS Number : 4729T
Rurelec PLC
20 July 2015
20 July 2015
Rurelec PLC
("Rurelec" or the "Company")
Appointment of Directors
Further to the announcement made on 24 December 2014, Rurelec
PLC (AIM: RUR), is in default on the loan facility granted by Radix
Investment UK Limited ("Radix"). The Directors are in discussions
with Radix to negotiate a settlement of the amounts still owed by
the Company. In order to satisfy the lender, the Board appointed
two Executive Directors to the Board of the Company on 19 July
2015, with immediate effect, to assist the day to day running of
the Company. There can be no certainty as to the outcome of these
negotiations. The two new directors are Simon Morris, a chartered
accountant and Mark Keegan, an experienced executive with over ten
years' experience living and working in Argentina, the location of
the Company's main asset. Mark Keegan is a director of Sterling
Trust Limited, a majority shareholder in the Company.
Further information to be disclosed pursuant to Rule 17 and
Schedule 2 Paragraph G of the AIM Rules will be announced shortly,
and separately the Company's Nominated Adviser will undertake due
diligence on the new Directors in accordance with the AIM Rules for
NOMADs.
For further information please contact:
Rurelec PLC W H Ireland CNC Communications
Colin Emson, Paul Shackleton Ana Ribeiro,
Chairman and and James Bavister Director
Non-Executive
Director
Tel: 020 7793 Tel: 020 7220 Tel: 020 3219
5600 1666 8818
This information is provided by RNS
The company news service from the London Stock Exchange
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