Rab Energy Fund confirmed that it interest in Rurelec (AIM: RUR) had increased from 9.64 million shares to 15.93 million shares, or 16.6% in May 2009.
Yesterday Rurelec said it has completed the disposal of its 50 percent interest in its Argentine subsidiary Energia del Sur SA to its former partner, Basic Energy. The disposal was a condition of the placing announced on April 20 2009.
Rurelec in April announced plans to raise approximately £6.5 million before expenses from a conditional placing of 81,562,500 new ordinary shares at a price of 8 pence each.
In conjunction with the placing, IPC, a company controlled by Rurelec MD Peter Earl, chairman James West and finance director Elizabeth Shaw, had agreed to capitalise a total of £2 million of the loans made by it and by Southern Integrated Energy Ltd, a wholly owned subsidiary of IPC, to Rurelec, amounting to approximately £4.4 million principal.