Partial Debt Repayment

Rurelec

10/07/2020 14:50

RNS Number : 7163S

Rurelec PLC

10 July 2020

 

10 July 2020

 

Rurelec PLC

("Rurelec" or the "Company")

 

Partial Debt repayment

 

 

Further to the announcement of 6 March 2020 (the "Announcement"), the Directors of Rurelec PLC (AIM: RUR) note that Rurelec have received a further US $280,000 by way of partial repayment by Patagonia Energy Limited ("PEL") of the Amended and Restated Loan Notes.

 

The balance outstanding on the loan notes is approximately US $20.92 million with the first US $5 million of repayment shared 80/20 between Rurelec and Basic Energy Limited, the ultimate shareholders of PEL, and then the balance paid 72:28 thereafter (Rurelec: Basic Energy Limited). The total amount owing to Rurelec is now US $15.2 million.

 

There can be no guarantee as to when any further loan repayments will be made.  Further updates will be provided in due course.

 

For further information please contact:

 

Rurelec PLC
W H Ireland (Nomad & Broker)
Simon Morris, Director
Andy Coveney, Director
Katy Mitchell
Lydia Zychowska
Tel: 020 7549 2839/40
Tel: 020 7220 1666

 

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