Peter Earl Plans to Acquire Rurelec

Published: Oct 11 2017
Deal Summary

A consortium led by Peter Earl, former chief executive of Rurelec, intends to acquire Rurelec Plc, a company engaged in the acquisition, development and operation of power generation projects in South America.

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.

Earlier on October 11, 2017, a consortium led by Peter Earl, IEH Limited (InterEnergy Holdings Ltd), a company connected to Rurelec's joint venture partner in Patagonia Energy Limited, intend to acquire Rurelec. InterEnergy was approached by Peter Earl with a proposal that InterEnergy provide loan finance for an offer for Rurelec which Earl was considering.

On November 6, 2017, InterEnergy, has confirmed that it does not intend to make an offer for Rurelec, either alone or as part of a consortium.

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