Rurelec PLC Comment on Share Price (3645X)
August 27 2020 - 8:31AM
UK Regulatory
TIDMRUR
RNS Number : 3645X
Rurelec PLC
27 August 2020
Rurelec PLC
("Rurelec" or the "Company")
Comment on Share Price
The Directors of the Company note the recent movement in the
Company's share price and confirm that they know of no reason for
the share price movement.
The Directors of the Company would also like to clarify the
position with regards to the previously announced Capital
Reorganisation, Share Premium Reduction and Capital Reduction (see
announcements of 1 June 2020, 4 August 2020, 14 August 2020 and 26
August 2020) (together the "Capital Restructure").
The purpose of the Capital Restructure is to create the capacity
to pay dividends in the future, dependent upon the availability of
future cash flows and the Company's working capital requirements at
the time.
In addition, as previously announced, the year 2019 saw a marked
improvement in the Group's liquidity position and the improvements
in the performance of the Argentinian asset. The relationship with
the Company's joint venture partner, have also been encouraging.
However, uncertainty around the timing of any future material asset
disposals together with the effect of the current poor state of the
Argentinian economy and the uncertainty around the renegotiation of
the Resolution 220 PPA later this year do cast a shadow over future
performance and therefore there cannot be any guarantee as to when,
or if, the Company will have the funds to make a dividend payment
or undertake a share buy-back in the future.
For further information please contact:
Rurelec PLC W H Ireland (Nomad & Broker)
Simon Morris, Director Katy Mitchell
Andy Coveney, Director Lydia Zychowska
Tel: 020 7549 2839/40 Tel: 020 7220 1666
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