27 May 2022
Rurelec PLC
("Rurelec" or the "Company")
Partial Debt Repayment
Further to the announcement of 14 July 2021 the Directors of Rurelec PLC (AIM: RUR) confirm that Rurelec has now received a further payment US $758,400 from Patagonia Energy Limited ("PEL") by way of partial repayment of the Amended and Restated Loan Notes (the "Loan Notes").
The Company has been advised that Energia del Sur, S.A. ("EdS") has made a payment of US$1 million to PEL. Of this sum, US$0.977 million has been used by PEL to partially repay Loan Note debt to Rurelec and Basic Energy Limited ("Basic"), PEL's shareholders. As established by the terms of the 2019 Loan Notes agreement, the first $0.690 million of this loan repayment has been shared 80:20 between Rurelec and Basic and the balance paid 72:28 (Rurelec:Basic). For future loan repayments the payment ratio will be 72:28 (Rurelec:Basic).
Since the announcement on 21 November 2019, when the Loan Notes were executed, PEL has received repayments from Energia del Sur, S.A. totalling US $5.4 million. To date PEL has made repayments of US $5.286 million on the Loan Notes of which Rurelec has received US $4.206 million. The total balance outstanding on the Loan Notes is now approximately US $18.586 million. The total amount owing to Rurelec is US $13.355 million.
There can be no guarantee as to when any further loan repayments will be made. Further updates will be provided in due course.
For further information please contact:
| Rurelec PLC | W H Ireland (Nomad & Broker) |
| Andy Coveney, Director | Katy Mitchell / Megan Liddell |
| Tel: 020 7549 2839/40 | Tel: 020 7220 1666 |
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