REG - Rurelec PLC - Scheduled Suspension of trading on AIM

RurelecAnnouncement

11/12/2023 07:30

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RNS Number : 3129W  Rurelec PLC  11 December 2023

   11 December 2023
   AIM: RUR

Rurelec PLC

("Rurelec" or "the Company")

 

Scheduled Suspension of trading on AIM pursuant to Rule 15

 

Trading in the ordinary shares of Rurelec has been suspended this morning in
accordance with Rule 15 of the AIM Rules for Companies, and in line with the
timetable previously announced.

 

Background

 

The disposal of the Argentinean Interests was a fundamental disposal pursuant
to Rule 15 of the AIM Rules for Companies. Since 12 June 2023 Rurelec has been
regarded as an AIM Rule 15 cash shell. Accordingly, today, being six months
since Rurelec became an AIM Rule 15 cash shell, Rurelec's Ordinary Shares are
being suspended from trading on AIM pending the publication of an admission
document detailing an acquisition or acquisitions which constitutes a reverse
takeover under Rule 14 of the AIM Rules for Companies. If a qualifying
acquisition is not completed by Rurelec by 12 June 2024, the admission of the
Company's ordinary shares to trading on AIM will be cancelled. At the current
time no such qualifying transaction has been agreed.

 

Update

 

As reported in the interim results on 28 September 2023, Rurelec continues to
focus upon the sale of the 701 DU 125MW Turbines.  A number of separate
discussions are ongoing with credible third parties with a view to selling the
Turbines into power projects in Europe, Africa and the Middle East. No
significant progress has been made since then, and there can be no guarantee
that any sale will progress but the board is continuing to pursue all credible
avenues.

 

The board also continues to consider potential acquisition opportunities as
they arise. If a transaction were to progress it is likely it would be subject
to, amongst other matters, shareholder approval.

 

Further updates will be provided in due course.

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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