REG - Rurelec PLC - Partial Debt Repayment

RurelecAnnouncement

27/05/2022 12:30

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RNS Number : 1110N  Rurelec PLC  27 May 2022

27 May 2022

Rurelec PLC

("Rurelec" or the "Company")

Partial Debt Repayment

Further to the announcement of 14 July 2021 the Directors of Rurelec PLC (AIM:
RUR) confirm that Rurelec has now received a further payment US $758,400 from
Patagonia Energy Limited ("PEL") by way of partial repayment of the Amended
and Restated Loan Notes (the "Loan Notes").

 

The Company has been advised that Energia del Sur, S.A. ("EdS") has made a
payment of US$1 million to PEL. Of this sum, US$0.977 million has been used by
PEL to partially repay Loan Note debt to Rurelec and Basic Energy Limited
("Basic"), PEL's shareholders.  As established by the terms of the 2019 Loan
Notes agreement,  the first $0.690 million of this loan repayment has been
shared 80:20  between Rurelec and Basic and the balance paid 72:28
(Rurelec:Basic). For future loan repayments the payment ratio will be 72:28
(Rurelec:Basic).

 

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 $5.4
million.  To date PEL has made repayments of US $5.286 million on the Loan
Notes of which Rurelec has received US $4.206 million.  The total balance
outstanding on the Loan Notes is now approximately US $18.586 million. The
total amount owing to Rurelec is US $13.355 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)
 Andy Coveney, Director  Katy Mitchell / Megan Liddell
 Tel: 020 7549 2839/40   Tel: 020 7220 1666

 

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