Rurelec CEO Keegan throws in towel

Following the collapse of a major shareholder and resignation of its chairman, Rurelec's chief executive Mark Keegan has also resigned with immediate effect.

In late November, Keegan and the board said they would continue to try and drum up financing for the South America-focused power plant developer after shareholders voted against a fundraising via a share issue after main shareholder Sterling Trust went into administration in October.

Colin Emson, chairman of Rurelec and Sterling, resigned in order to give executive directors in the AIM-quoted company more control.

Shares in Rurelec were down 7% to 1.3p at 1150 GMT on Monday.