Rurelec PLC New Short Term Loan Facility (3990P)
February 18 2016 - 2:00AM
UK Regulatory
TIDMRUR
RNS Number : 3990P
Rurelec PLC
18 February 2016
Rurelec PLC
("Rurelec" or the "Company")
New Short Term Loan Facility and repayment of Extended
Facility
The Directors of Rurelec PLC (AIM: RUR), the owner, operator and
developer of power generation capacity internationally, are pleased
to announce that the Company has entered into, and fully drawn
down, a short term loan facility with Bridge Properties (Arena
Central) Limited ("BPAC") for an amount of GBP850,000 (the
"Facility"). The repayment date for the Facility is 30 June 2016,
with interest being charged at one per cent. per month, simple
interest. BPAC is incorporated in the BVI and is wholly owned by
Ballaugh Holdings Limited, which is in liquidation. Simon Morris,
an Executive Director of Rurelec, is a director of Bridge
Properties (Arena Central) Limited.
The proceeds are for working capital and for the repayment of
the Radix Investments UK Limited ("Radix") loan and accrued
interest, as notified on 30 October 2015. Radix has undertaken to
release its debenture over all of Rurelec's assets in favour of
BPAC.
The Loan is intended to allow the Board time to source further,
long term funding. There can be no guarantee that long term funding
will be available to the Company. Notwithstanding the Facility, the
Company's cash position continues to be extremely tight. The
Directors are exploring how best to arrange for the Company to
benefit from the cash generated by the asset in Argentina in which
it has a 50 per cent. interest.
For further information please contact:
Rurelec PLC W H Ireland
Simon Morris, Director Paul Shackleton and James
Bavister
Tel: 020 7793 5610
Tel: 020 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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