Last checked at 20 Jul 2015 08:10
20 July 2015
Rurelec PLC
("Rurelec" or the "Company")
Appointment of Directors
Further to the announcement made on 24 December 2014, Rurelec PLC (AIM: RUR), is in default on the loan facility granted by Radix Investment UK Limited ("Radix"). The Directors are in discussions with Radix to negotiate a settlement of the amounts still owed by the Company. In order to satisfy the lender, the Board appointed two Executive Directors to the Board of the Company on 19 July 2015, with immediate effect, to assist the day to day running of the Company. There can be no certainty as to the outcome of these negotiations. The two new directors are Simon Morris, a chartered accountant and Mark Keegan, an experienced executive with over ten years' experience living and working in Argentina, the location of the Company's main asset. Mark Keegan is a director of Sterling Trust Limited, a majority shareholder in the Company.
Further information to be disclosed pursuant to Rule 17 and Schedule 2 Paragraph G of the AIM Rules will be announced shortly, and separately the Company's Nominated Adviser will undertake due diligence on the new Directors in accordance with the AIM Rules for NOMADs.
For further information please contact:
Rurelec PLC | W H Ireland | CNC Communications |
Colin Emson, Chairman and Non-Executive Director | Paul Shackleton and James Bavister | Ana Ribeiro, Director |
Tel: 020 7793 5600 | Tel: 020 7220 1666 | Tel: 020 3219 8818 |