News & Publications - Press Releases

30th June 2009

Highlights

• Guaracachi - record results in local Bolivian accounting terms and excellent progress on conversion of 96MW "CCGT" capacity
• EdS - 60MW of new capacity now in operation
• Group turnover increased by 29 % to £29.1m (2007: £22.6m)
• Operating loss of £0.2m (2007: profit £2.3m) and loss after tax of £4.2m (2007: loss £0.4m) affected by increased fuel expense in Guaracachi, consolidation of 100% of EdS before new and more efficient capacity has been brought into use, and higher interest charges
• Decision on dividend proposal delayed until 3rd quarter of 2009

Post year end highlights

• Raised £7.3m from issue of new equity
• Sale of 50% of EdS to reduce Group borrowings
• Estimated pro-forma Net Asset Value per share of 29p, based on equity shareholders' funds at 31 December 2008 (£52m) adjusted by 119.6m shares issued after the year-end in respect of capital raising and loan capitalisation conducted at 8p per share.

Jimmy West, Chairman, said: "2008 has seen significant progress despite the difficult economic conditions. The additional capacity which will be brought on-line in 2009 should see a marked improvement in results and the addition of expected income from CERs in 2010 should see the Group begin to generate positive cashflow and increasing dividends for shareholders"

Read more: Preliminary Results for the year ended 31 December 2008 (Audited)

22nd June 2009

The Directors of Rurelec are pleased to announce that the Company's Patagonian power plant, Energia del Sur ("EdS") in Comodoro Rivadavia, has completed its conversion to combined cycle.

Read more: Trading Update: Energia del Sur Generating in Full Combined Cycle

11th June 2009

The Board of Rurelec plc (AIM: RUR.L) has been informed, due to the recent increase in the Company's issued share capital, of the following holdings:

Read more: Holding(s) in Company

Read more: Holding(s) Company

Read more: Holding(s) in Company

4th June 2009

Pursuant to the announcements made on 20 April and 13 May 2009, Rurelec plc (AIM: RUR) announces that the proposed disposal of its 50 per cent. interest in its Argentine subsidiary, Energia del Sur S.A., is complete. The disposal was a condition of the Placing announced on 20 April June 2009.

Read more: Disposal of Interest in EdS and Issue of Equity

22nd May 2009

Rurelec, the AIM listed independent power plant developer with operations in South America, announces the resignation, as a non-executive director, of Frederick Fisher III with immediate effect.

Read more: Director Resignation

13th May 2009

The Board of Rurelec, the AIM listed independent power plant developer with operations in South America, is pleased to announce that at today's General Meeting, held at 5^th Floor, Prince Consort House, 27-29 Albert Embankment, London SE1 7TJ, all resolutions proposed to shareholders pursuant to the Placing of Equity announced on 20 April 2009 were duly passed.

Read more: Result of General Meeting