TEG Group (The) PLC
30 April 2008
For release 11:20 a.m. 30 April 2008
The TEG GROUP PLC (TEG)
('TEG' or 'the Company')
Greater Manchester PFI Update
TEG Secures £3.78m Next Order
Further to the contract update reported on 9 January 2008, the TEG Group PLC,
the AIM-listed cutting edge green technology company, which converts organic
wastes into natural organic fertiliser, confirms it has secured a further
Advanced Works Order ('the Order') from its customer Costain, the company
retained by the Viridor-Laing consortium to manage the construction projects
for the PFI Contract.
The purpose of the Order is to allow TEG to proceed with the first scheduled
construction projects under the PFI contract. The Order has been placed now as
part of a process to ensure there are no delays to the installation programmes.
Work will continue to proceed to schedule in advance of Financial Close, which
is expected to be concluded in the immediate future.
The design work for the plants is largely complete, funded under the Advanced
Works Order announced on 9 January 2008. The Order announced today covers the
initial procurement requirements for the two TEG Silo Cage plants. The Order is
in line with keeping critical facilities on track whilst documentation is
completed for Financial Close. This Order will form part of the PFI contract to
be awarded under this Financial Close process. TEG expects the overall value of
that contract to be in excess of £35m and does not anticipate any change to its
scope of supply.
Commenting for TEG, Chief Executive Mick Fishwick said:
'This order is a further significant step forward in the development of the
Greater Manchester PFI contract and it allows us to maintain the project
schedule.'
'It further underlines the commitment all parties have in ensuring the PFI
process is completed and key projects are developed on time.'
ENDS
Contact:
The TEG Group Plc Tel: 01772 314100
Michael Fishwick, Chief Executive
Adventis Financial PR Tel: 020 7034 4758
Tarquin Edwards
Canaccord Adams (Nomad) Tel : 020 7050 6500
Robert Finlay
Editor's Notes:
TEG
TEG provides an in-vessel composting technology, which is one of the few
approved technologies capable of treating animal by-product (ABP) waste. Plant
economics are predominantly driven by the gate fees charged, rather than the
value of the end product (compost). The TEG process is an economic alternative
to landfill.
The Silo Cage system, one of the few technologies in Europe capable of treating
this waste, is a natural process producing compost as an end product, used as an
excellent soil conditioner that fertilises, retains moisture, provides structure
and reduces the incidence of plant disease. TEG's Silo-Cages are housed in
self-contained buildings, are not unsightly and are environmentally friendly.
Customers include local authorities, waste management companies, food
processors, farmers and landowners. The Company's expanding market is driven by
increasingly stringent EU and UK legislation regulating the treatment and
disposal of organic waste. Statutory targets for the diversion of waste from
landfill increase annually through to 2020, increasing TEG's market opportunity
year on year. The Waste Resource Action Programme estimates that 450 composting
plants will be needed by 2020 to satisfy local authority requirements alone, and
there is increasing demand from the private sector driven by ABP legislation.
NOFCO is a marketing company specialising in the development of end markets for
compost products, an important aspect of all plant developments and key to local
authority development. The company has an expertise in the development of
agricultural and horticultural markets and this capability is to be provided to
customers to enhance TEG's overall service offering.
This information is provided by RNS
The company news service from the London Stock Exchange
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