Peter Earl Led Consortium Plans to Acquire Rurelec

Published: Oct 11 2017
Deal Summary

A consortium led by Peter Earl, former chief executive of Rurelec, IEH Limited (IEH), a company connected to Rurelec's joint venture partner in Patagonia Energy Limited, intend to acquire Rurelec Plc, a company engaged in the acquisition, development and operation of power generation projects in South America.

The company is in early stages of discussions with a consortium which may or may not be funded by IEH. The discussions are at an early stage and there can be no certainty that any offer for Rurelec will ultimately be made, nor as to the terms of any such offer, should one be forthcoming.

As a consequence of the announcement, an ‘offer period' has now commenced in respect of Rurelec in accordance with the rules of the code. The attention of Rurelec's shareholders is drawn to the disclosure requirements of rule 8 of the code. In accordance with rule 2.6(a) of the code, the consortium must, by not later than 5 pm. on November 8, 2017, either announce a firm intention to make an offer for Rurelec in accordance with Rule 2.7 of the code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the code applies. This deadline will only be extended with the consent of the Panel on takeovers and mergers.

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