REG - Rurelec PLC - Conditional disposal

RurelecAnnouncement

31/10/2023 14:30

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RNS Number : 9054R  Rurelec PLC  31 October 2023

   31 October 2023
   AIM: RUR

Rurelec PLC

("Rurelec" or "the Company"

And with its subsidiaries the "Group")

 

Conditional disposal of Cochrane Power Limited and its Chilean Subsidiaries

 

Rurelec PLC (AIM: RUR), the AIM Rule 15 cash shell and owner of turbines has
conditionally agreed to dispose of its wholly owned subsidiary, Cochrane Power
Limited ("Cochrane"), and Cochrane's underlying Chilean subsidiaries (Rurelec
Chile SpA, Rurelec Chile Limitada, Termoelectrica del Norte, S.A. and Central
Illapa, S.A.) (together the "Cochrane Group") (the "Disposal"). The Cochrane
Group was originally formed with the intention to develop, own and operate
power stations in Chile but this strategy was not progressed.

 

The Cochrane Group has net liabilities of £18,000 comprising certain land
rights, a transformer and trade creditors, in addition to intergroup debt (all
of which has been fully provided for in the 2022 Rurelec Group Audited
Accounts for the period ended 31 December 2022 and Rurelec's 2023 Unaudited
Interims for the six months ended 30 June 2023). The total consideration for
the Disposal, payable upon completion, is £25,000. The transaction is
conditional on various consents, execution of additional agreements with third
parties and filing of certain documentation. Accordingly, at this stage there
can be no guarantee that the Disposal will be complete, but the Directors have
every expectation it will be.

 

This Disposal is anticipated to reduce future costs as part of the Company's
continuing strategy to simplify the Group.

 

A further announcement will be made when the Disposal completes.

 

For further information please contact:

 

 Rurelec PLC          WH Ireland
 Andrew Coveney       Katy Mitchell

 Executive Director   James Bavister
 +44 (0)7710 836312   +44 (0)20 7220 1666

 

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