Issue of Equity

RNS Number : 6796T

Accsys Technologies PLC

26 March 2021

 

 

AIM: AXS

Euronext Amsterdam: AXS

26 March 2021

Accsys Technologies PLC

("Accsys", the "Group" or the "Company")

Exercise of Options and Total Voting Rights

Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces the exercise of options over a total of 4,655,667 ordinary shares in the Company ("Ordinary Shares") by Lombard Odier Asset Management (USA) Corp acting in its capacity as discretionary investment manager for and on behalf of 1798 Volantis Catalyst Fund II Ltd ("Volantis") (the "Options").

As announced by the Company on 29 March 2017, the Options were granted in two tranches from that date to Volantis as part of their €7.6 million net investment (alongside Business Growth Fund) in the Company and Tricoya Technologies Limited ("TTL"). TTL is a consortium company established by Accsys to benefit from Accsys' valuable Tricoya^® wood chip technology on a global basis, which includes the construction of the world's first Tricoya^® plant in Hull, UK.

The Options have been exercised by Volantis in full for a total consideration of £2,779,898.77 payable to the Company, representing an exercise price per Ordinary Share of £0.62 as agreed on 29 March 2017 (adjusted to £0.5971 following a subsequent share issuance in April 2017).

Issue of equity

Application has been made for the admission to trading on AIM and Euronext Amsterdam ("Admission") of the 4,655,667 Ordinary Shares issued pursuant to the exercise of the Options and it is expected that Admission will occur on 29 March 2021.

Total voting rights

The total number of issued Shares following Admission will be 169,324,264 Shares. The Company does not hold any shares in treasury. Therefore, the total voting rights in the Company following Admission will be 169,324,264. This figure may be used by shareholders as the denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company's securities under the FCA's Disclosure Guidance and Transparency Rules.

Ends

For further information, please contact:

Accsys Technologies plc Sarah Ogilvie, Investor Relations	[e-mail]
Numis Securities (London) Oliver Hardy (NOMAD), Ben Stoop	[phone]
Investec Bank plc (London) Carlton Nelson, Alex Wright ABN Amro (Amsterdam) Richard van Etten, Geertje Cornelissen	[phone] [phone]
FTI Consulting (UK) Matthew O'Keeffe, Alex Le May	[phone]
Off the Grid (The Netherlands) Frank Neervoort, Yvonne Derske	[phone]

Notes to editors:

Accsys (Accsys Technologies PLC) is a fast-growing business with a purpose: changing wood to change the world. The company combines chemistry, technology and ingenuity to make high performance wood products that are extremely durable and stable, opening new opportunities for the built environment and giving the world a choice to build sustainably.

Accsys transforms fast-growing, certified sustainable wood into building materials with characteristics that match or better those of man-made, intensely resource-depleting and heavily carbon-polluting alternatives. 

The company's primary focus is on the production of Accoya^® wood and Tricoya^® wood elements, as well as technology licensing via its subsidiaries Titan Wood Limited and Tricoya Technologies Limited.  Accsys has its head office in London, UK, production operations in Arnhem, the Netherlands, an American office in Dallas, Texas, and is constructing the world's first Tricoya^® plant in Hull, UK.

Accsys is committed to a more sustainable world, and uses abundantly available wood sources that are certified as sustainable. With our business model already aligned with several UN Sustainable Development Goals, Accsys is currently working on identifying further strategic ESG priorities to have an even greater positive impact on the world.

Any references in this announcement to agreements with Accsys shall mean agreements with either Accsys or its subsidiary entities unless otherwise specified.  Accsys Technologies PLC is listed on the London Stock Exchange AIM market and on Euronext Amsterdam, under the symbols 'AXS'.

More information about Accsys can be found at www.accsysplc.com  

Accoya^® wood is a sustainable, durable and stable solid wood product with exceptional performance, finish and sustainability. Accsys' proprietary acetylation process makes the wood more dimensionally stable and, because it is no longer easily digestible, extremely durable. Produced from certified (e.g. FSC^®) sustainable sources, Accoya^® wood has many environmental credentials and ecolabels, and is one of very few building materials to be Cradle to Cradle Certified™ at the Gold level, with a Platinum rating for Material Health, confirming that no harmful or toxic additives or chemicals are present to leach out into the environment.

With an up to 50 year warranty and 70+ year service life, the combination of sustainability, dimensional stability, durability and retained strength means that Accoya^® wood offers a wealth of new opportunities to architects, designers, specifiers, manufacturers and homeowners. These benefits result in lower maintenance and total cost of ownership while also offering significant sustainability benefits. For more information about Accoya^® wood, visit www.accoya.com.

Tricoya^® wood elements (www.tricoya.com) are produced using Accsys' proprietary technology for the acetylation of wood chips and particles for use in the fabrication of panel products such as medium density fibreboard (MDF) and particle-board.

Panel products made with Tricoya^® wood elements are truly durable and stable enough for use outdoors and in wet environments. Combining the sustainability, durability and stability from our acetylation process with the ease of use and quality finish of wood panel products, the enhanced durability and dimensional stability opens new opportunities for the use of these products, making them suitable in applications and environments that previously required solid wood, synthetic or unsustainable materials.

Tricoya^® wood elements have been lauded as the first major innovation in the wood composites industry in more than 30 years. For more information about Tricoya^® wood elements, visit www.tricoya.com.

In March 2017, Accsys announced the formation of the Tricoya^® Consortium to fund, build, own and operate the Tricoya^® plant in Hull, UK, through its subsidiary Tricoya Ventures UK Limited.  Members of the consortium include BP and the leading manufacturer of sustainable wood-based panels, MEDITE Europe DAC.

Wood acetylation is a process which increases the naturally occurring acetyl content of wood, thereby changing its physical properties. When carried out to a sufficient degree throughout the wood, as with Accsys' proprietary process, it significantly reduces the ability of the wood to absorb water without adding any toxic or harmful compounds, elements or substances that were not already present in the wood. This makes it much more dimensionally stable and, because it is no longer easily digestible to most organisms, extremely durable.

'Accsys' and 'Accsys Technologies' are trading names of Titan Wood Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC. Accoya^®, Tricoya^® and the Trimarque Device are registered trademarks owned by TWL, and may not be used or reproduced without written permission from TWL, or in the case of the Tricoya^® registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya^® brand.

 

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