REG - Rurelec PLC - Completion of Disposal &Special Dividend timetable

RurelecAnnouncement

12/06/2023 07:00

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RNS Number : 3259C  Rurelec PLC  12 June 2023

12 June 2023

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), and is
disclosed in accordance with the Company's obligations under Article 17
of UK MAR.  The persons taking responsibility for this announcement are the
Company contacts named below.

 

 

 

Rurelec PLC

("Rurelec" or the "Company")

 

Completion of Disposal and Special Dividend timetable

 

 

Further to the announcement on 1 June 2023, the Company is pleased to announce
that all outstanding conditions have now been satisfied, and the disposal of
Rurelec's Argentinean Interests (as defined and detailed in the Company's
announcement of 16 May 2023) completed, with effect from 9 June 2023.

 

Accordingly a special dividend of 0.20p per ordinary share will be paid on 14
July 2023 to shareholders on the register as at 23 June 2023. The associated
ex-dividend date will be 22 June 2023.

 

Rurelec will continue to explore its options for the 701 DU 125MW Turbines,
including a potential sale. One option under consideration is whether it is
possible to ring fence the value of the turbines for shareholders whilst at
the same time making the Company attractive for new business opportunities
through which it can create shareholder value. Further updates on this
proposal will be provided in due course if it progresses. The Directors will
also be reviewing potential acquisition opportunities as they arise.

 

AIM Rule 15

As previously announced the disposal of the Argentinean Interests is a
fundamental disposal pursuant to Rule 15 of the AIM Rules for Companies. In
addition, as it is deemed to be a disposal that divests Rurelec of all, or
substantially all, of its trading businesses, activities or assets, Rurelec is
now regarded as an AIM Rule 15 cash shall. Accordingly, before 11 December
2023, being six months since Rurelec became an AIM Rule 15 cash shall, Rurelec
must make an acquisition or acquisitions which constitutes a reverse takeover
under Rule 14 of the AIM Rules for Companies otherwise Rurelec's Ordinary
Shares will be suspended from trading on AIM. Furthermore, if a qualifying
acquisition is not completed by Rurelec by 10 June 2024, the admission of the
Company's ordinary shares to trading on AIM will be cancelled.

 

For further information please contact:

 

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

 

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