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Environmental Recyc (ENRT)

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Thursday 21 August, 2014

Environmental Recyc

AGM Statement, AGM Result & Directorate Changes

RNS Number : 7370P
Environmental Recycling Tech. PLC
21 August 2014

Environmental Recycling Technologies plc


AGM Statement, Result of meeting and Directorate Changes

At the Company's Annual General meeting held at 12 noon today, the Chairman Ken Brooks will make the following statement:

"I am pleased to say that the significant commercial progress made behind the scenes last year is now bearing fruit. We have been working closely with ARUP for some time and are about to enter into the next stage of our joint endeavour.  Matters are deeply commercially sensitive but shareholders will be advised in due course of the detail of what we believe will be an exciting transformational development.

In the meantime, progress continues with our existing licensees. Brownwater Plastics and Contour Showers are both at maximum production. Sales for their PIM products will reach new record levels this year. North Brook Farms who have developed an improved method of manufacture have advised us that they have manufactured their first commercial products.

Heads of Agreement have been signed with a Chinese consortium and the full form documentation is now in the hands of the respective lawyers.

Our attendance at trade shows and exhibitions has contributed to a level and class of enquiries not seen before. We have worldwide interest which we intend to exploit.

Our joint venture arrangement with Axion Polymers has already proved its worth and relocating our PIM lab line to their facilities, with a dedicated lab technician, has again proved invaluable in addressing the significant number of commercial enquiries and providing technical assistance to our existing licensees.

Obviously, the collapse into administration of our UK flat sheet licensee, 2K, has impacted our performance. The debt write off was one issue. The loss of the minimum royalty going forward was another.  Had 2K continued to trade we believe that ERT would now be in a very strong financial position. However, we have recovered from that deeply disappointing blow and are progressing new enquires for flat sheet manufacture in the UK and abroad.

We have plans afoot to strengthen the management team and as a precursor to this Roger Baynham will become a Non Executive Director with immediate effect. After years of service, Roger will continue to represent ERT in the various trade forums and other associations and assist us with his wide knowledge and contacts in the recycling industry. Likewise our long standing Finance Director, David Shepley-Cuthbert plans to step down with a prospective date of the end of the calendar year and the process of recruitment for his replacement is well in hand.

Your board looks to the future with confidence."

The company is pleased to confirm that all resolutions were duly passed.

For further information:

Environmental Recycling Technologies plc

Ken Brooks, Chairman

+44 (0) 1993 779 468

W H Ireland

Mike Coe and Ed Allsopp  

+44 (0) 117 945 3470

Kreab Gavin Anderson

Robert Speed

+44 (0) 20 7074 1800


This information is provided by RNS
The company news service from the London Stock Exchange

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