Rurelec PLC Loan Repayment and Extension (0821Y)
07 May 2019 - 4:00PM
UK Regulatory
TIDMRUR
RNS Number : 0821Y
Rurelec PLC
07 May 2019
7 May 2019
Rurelec PLC
("Rurelec" or the "Company")
Bridge Properties (Arena Central) Limited Loan Repayment and
Extension
Further to the announcement of 27 February 2019, the Directors
of Rurelec PLC (AIM: RUR) announce that today they made a further
principal repayment of GBP200,000 on the remaining temporary loan
facilities provided by Bridge Properties (Arena Central) Limited
("BPAC"). The amount of principal now outstanding is GBP640,817.
The remaining outstanding facility which fell due on 30 June 2019
was extended to 30 June 2020 on 2 May 2019. As part of the terms of
this extension, an additional 1% increase in the interest rate
(taking the total interest rate to 13.5%) will be applied with
effect from 1 July 2019 and there will be a GBP15,000 extension fee
applied if the loan is not repaid in full by 31 December 2019
At the same time, the management of Energia del Sur, S.A.
("EdS") has notified Rurelec PLC that they intend repaying the
outstanding loan owed to Rurelec Project Finance Limited ("RPFL")
in full by 30 June 2019. The current outstanding amount owed is US
$137,000 together with agreed fees of $157,000. EdS also has
notified their intention to repay an unsecured debt of $650,000 to
Rurelec PLC, although there can be no guarantee that these
repayments will occur
For further information please contact:
Rurelec PLC W H Ireland (Nomad & Broker)
Simon Morris, Director Katy Mitchell
Andy Coveney, Director Lydia Zychowska
Tel: 020 7025 8026/8 Tel: 020 7220 1666
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END
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