RUR Rurelec Plc

TIDMRUR

RNS Number : 3129W

Rurelec PLC

11 December 2023

 
   11 December 2023 
           AIM: RUR 
 

Rurelec PLC

("Rurelec" or "the Company")

Scheduled Suspension of trading on AIM pursuant to Rule 15

Trading in the ordinary shares of Rurelec has been suspended this morning in accordance with Rule 15 of the AIM Rules for Companies, and in line with the timetable previously announced.

Background

The disposal of the Argentinean Interests was a fundamental disposal pursuant to Rule 15 of the AIM Rules for Companies. Since 12 June 2023 Rurelec has been regarded as an AIM Rule 15 cash shell. Accordingly, today, being six months since Rurelec became an AIM Rule 15 cash shell, Rurelec's Ordinary Shares are being suspended from trading on AIM pending the publication of an admission document detailing an acquisition or acquisitions which constitutes a reverse takeover under Rule 14 of the AIM Rules for Companies. If a qualifying acquisition is not completed by Rurelec by 12 June 2024, the admission of the Company's ordinary shares to trading on AIM will be cancelled. At the current time no such qualifying transaction has been agreed.

Update

As reported in the interim results on 28 September 2023, Rurelec continues to focus upon the sale of the 701 DU 125MW Turbines. A number of separate discussions are ongoing with credible third parties with a view to selling the Turbines into power projects in Europe, Africa and the Middle East. No significant progress has been made since then, and there can be no guarantee that any sale will progress but the board is continuing to pursue all credible avenues.

The board also continues to consider potential acquisition opportunities as they arise. If a transaction were to progress it is likely it would be subject to, amongst other matters, shareholder approval.

Further updates will be provided in due course.

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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December 11, 2023 02:30 ET (07:30 GMT)

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