Partial Debt Repayment

Rurelec

14/09/2020 16:39

RNS Number : 9469Y

Rurelec PLC

14 September 2020

 

14 September 2020

 

Rurelec PLC

("Rurelec" or the "Company")

 

Partial Debt Repayment

 

 

Further to the announcement of 10 July 2020 (the "Announcement"), the Directors of Rurelec PLC (AIM: RUR) note that Rurelec have received a further US $384,000 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 $20.442 million with the first US $1.57 million of the remaining US $20.442m  to be 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 $14.817 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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