7th May 2019 10:08
LONDON (Alliance News) - Shares in Rurelec PLC rose by over a quarter on Tuesday as the company said it extended a loan from Bridge Properties (Arena Central) Ltd to 2020.
Rurelec shares were up 26% at 0.88 pence each following the news.
Rurelec has made a further GBP200,000 repayment to Bridge Properties, with the outstanding amount of the loan now at GBP640,817. The expiration date of the facility has also been extended by one year to the end of June 2020.
As part of the extension terms, an additional one percentage point has been added to the interest rate payable, taking the total interest rate to 13.5%, which will be applied with effect from July 2019. There also will be a GBP15,000 extension fee applied if the loan is not repaid in full by December 2019.
Furthermore, Energia del Sur SA notified Rurelec that it intend sto repay the outstanding loan owed to Rurelec Project Finance Ltd in full by June 30. The outstanding amount owed is USD137,000, together with agreed fees of USD157,000.
Related Shares:
RUR.L