Rurelec PLC Partial Debt Repayment (2249F)
July 14 2021 - 5:25AM
UK Regulatory
TIDMRUR
RNS Number : 2249F
Rurelec PLC
14 July 2021
14 July 2021
Rurelec PLC
("Rurelec" or the "Company")
Partial Debt Repayment
Further to the announcement of 23 October 2020 the Directors of
Rurelec PLC (AIM: RUR) confirm that Rurelec have now received a
further payment US $480,000 from Patagonia Energy Limited ("PEL")
by way of partial repayment of the Amended and Restated Loan Notes
(the "Loan Notes").
Since the announcement on 21 November 2019, when the Loan Notes
were executed, PEL has received repayments from Energia del Sur,
S.A. totalling US $4.4 million. To date PEL has made repayments of
US $4.3 million on the Amended and Restated Loan Notes of which
Rurelec has received US $3.4 million. The total balance outstanding
on the Loan Notes is now approximately US $19.6 million and it is
agreed the next payment of US $0.7 million will be shared 80:20
between Rurelec and Basic Energy Limited ("Basic") (the ultimate
shareholders of PEL) and then the balance paid 72:28 thereafter
(Rurelec:Basic).
The total amount owing to Rurelec is US $14.1million.
There can be no guarantee as to when any further loan repayments
will be made and as set out in the announcement of 28 June 2021 the
Company's working capital position remains under review pending the
resolution of the Argentine spot energy tariffs for electricity.
Further updates will be provided in due course.
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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END
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