Diamond Wood AGM

RNS Number : 4492O

Accsys Technologies PLC

30 June 2010

 



Regulatory Announcement

Company Accsys Technologies PLC TIDM AXS Headline Released    30 June 2010 Number

30 June 2010

AIM: AXS

NYSE Euronext Amsterdam: AXS

ACCSYS TECHNOLOGIES PLC

(the "Company" or "Accsys")

Diamond Wood

Annual General Meeting

Further to previous announcements, Diamond Wood China Limited ("Diamond Wood"), the Company's licensee in China, held its Annual General Meeting ("AGM") on 29 June 2010.

Following Accsys's attendance at that AGM, the Board of Accsys is pleased to report that:

1.  Diamond Wood has confirmed that it is in advanced discussions with two independent parties who have each expressed an interest in investing sufficient funds to enable the construction of the first Accoya^® wood manufacturing facility in Nanjing, China (the "Fundraising");

2.  Diamond Wood has confirmed that it is in receipt of an acceptable signed term sheet in respect of the Fundraising from one of these parties, whilst term sheet discussions are on-going with the other party;

3.  Diamond Wood has confirmed that both parties have now completed their commercial due diligence relating to the Fundraising; and

4.  Accsys has supported resolutions tabled by Diamond Wood to allow the Fundraising to complete. All such resolutions in respect of the Fundraising were unanimously approved by Diamond Wood's shareholders at the AGM.

Accsys is delighted with Diamond Wood's progress on the Fundraising and looks forward to further positive news and completion of the Fundraising in the near future.

Ends

For further information, please contact:

Accsys Technologies PLC	Paul Clegg, Chief Executive Officer Hans Pauli, Chief Financial Officer	[phone]  [phone]
Matrix Corporate Capital LLP Threadneedle  Communications	Stephen Mischler Anu Tayal Graham Herring Josh Royston [e-mail] [e-mail]	[phone] [phone]
Citigate First Financial B.V.	Wouter van de Putte  Menno Delken	+ 31 20 575 4080

 

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