15th May 2007 11:53
Rurelec PLC15 May 2007 15 May 2007 Rurelec PLC ("Rurelec" or the "Company") Placing of Shares Rurelec announces that on Tuesday 15th May funds managed by Tudor Capital (U.K.)Limited ("Tudor") agreed to subscribe for a total of 5,000,000 ordinary sharesof 2 pence each of the Company ("Ordinary Shares") in placings for cash to occurin two separate subscriptions. Initially, Tudor will subscribe for 3,400,000 new Ordinary Shares at 59.25 penceper share. These shares are to be subscribed cum dividend and are expected to beadmitted to AIM on Monday 21st May. Following admission of these shares to AIMthe issued share capital of the Company will be 71,688,775 Ordinary Shares. Tudor has also agreed to subscribe for a further 1,600,000 new Ordinary Sharesat 57 pence each, ex-dividend (the "Conditional Shares"). Allotment of theConditional Shares is subject to resolutions being passed at the forthcomingAnnual General Meeting on 22nd June authorising the directors for the purposesof Section 80 and Section 89 of the Companies Act 1985 to allot up to 15,000,000new ordinary shares and to do so on a non pre-emptive basis. Allotment is alsosubject to the Conditional Shares being admitted to trading on AIM, which isexpected to occur on 29th June. On admission of the Conditional Shares to AIM,the share capital of the Company will be 73,288,775 Ordinary Shares. The proceeds of the placings will be used for due diligence on potentialacquisitions as the Company develops its portfolio in Latin America, inparticular with moves into Chile and Peru, and for general working capitallinked to Rurelec's current expansion programme. For further information, please contact: Peter Earl, Managing Director Tel. 020 7793 7676 Paul Shackleton, Daniel Stewart & Co Tel. 020 7776 6578 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RUR.L