RUR Rurelec Plc

TIDMRUR

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 GBP18,000 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 GBP25,000. 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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END

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