Rurelec PLC Update on Trading / Agreement with Ethosenergy (6541W)
11 February 2017 - 2:45AM
UK Regulatory
TIDMRUR
RNS Number : 6541W
Rurelec PLC
10 February 2017
Rurelec PLC
("Rurelec" or the "Company")
Update on trading / Agreement with Ethosenergy ltalia S.p.A
Rurelec PLC (AIM: RUR), the owner, operator and developer of
power generation capacity internationally, announces that in recent
months the Group has received loan and interest repayments from its
Argentinian Joint Venture operations which have been in line with
its budget expectations and ahead of the previous year when
considering a rolling 12 month period.
This has enabled Rurelec to conclude an agreement dated 10
February 2017 with Ethosenergy Italia S.p.A ("Ethos") ("the
Agreement"). As part of the Agreement, provided Rurelec meets its
payment obligations, Ethos has agreed to assign to Rurelec the
debts it is owed by IPSA. If not assigned, such debts could have
enabled Ethos to take action against IPSA for the sums owed to it,
with an impact upon Rurelec in relation to two Siemens-Westinghouse
TG50D5/W701DS 127.8 MW gas turbine generator packages (which were
originally supplied by Ethos). Such actions would have encumbered
that equipment, prejudicing Rurelec's future ability to realise two
of its major assets.
The payments to Ethos will reduce Rurelec's third party debt by
reducing (i) the sums payable by Rurelec to IPSA under certain
agreements, and (ii) the sums payable by IPSA to Ethos.
For further information please contact:
Rurelec PLC W H Ireland
Simon Morris, Director Paul Shackleton and James
Andy Coveney, Director Bavister
Tel: 020 7025 8026/8 Tel: 020 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
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