Last checked at 12 Jun 2023 07:00
12 June 2023
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of UK MAR. The persons taking responsibility for this announcement are the Company contacts named below.
Rurelec PLC
("Rurelec" or the "Company")
Completion of Disposal and Special Dividend timetable
Further to the announcement on 1 June 2023, the Company is pleased to announce that all outstanding conditions have now been satisfied, and the disposal of Rurelec's Argentinean Interests (as defined and detailed in the Company's announcement of 16 May 2023) completed, with effect from 9 June 2023.
Accordingly a special dividend of 0.20p per ordinary share will be paid on 14 July 2023 to shareholders on the register as at 23 June 2023. The associated ex-dividend date will be 22 June 2023.
Rurelec will continue to explore its options for the 701 DU 125MW Turbines, including a potential sale. One option under consideration is whether it is possible to ring fence the value of the turbines for shareholders whilst at the same time making the Company attractive for new business opportunities through which it can create shareholder value. Further updates on this proposal will be provided in due course if it progresses. The Directors will also be reviewing potential acquisition opportunities as they arise.
AIM Rule 15
As previously announced the disposal of the Argentinean Interests is a fundamental disposal pursuant to Rule 15 of the AIM Rules for Companies. In addition, as it is deemed to be a disposal that divests Rurelec of all, or substantially all, of its trading businesses, activities or assets, Rurelec is now regarded as an AIM Rule 15 cash shall. Accordingly, before 11 December 2023, being six months since Rurelec became an AIM Rule 15 cash shall, Rurelec must make an acquisition or acquisitions which constitutes a reverse takeover under Rule 14 of the AIM Rules for Companies otherwise Rurelec's Ordinary Shares will be suspended from trading on AIM. Furthermore, if a qualifying acquisition is not completed by Rurelec by 10 June 2024, the admission of the Company's ordinary shares to trading on AIM will be cancelled.
For further information please contact:
Rurelec PLC | W H Ireland (Nomad & Broker) |
Andy Coveney, Director | Katy Mitchell |
Tel: 020 7549 2839/40 | Tel: 020 7220 1666 |