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Environmental Recyc (ENRT)

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Monday 15 October, 2012

Environmental Recyc

Exercise of option in Delta Waste Management

RNS Number : 6511O
Environmental Recycling Tech. PLC
15 October 2012
 



ENVIRONMENTAL RECYCLING TECHNOLOGIES PLC

(AIM: ENRT)

 

Exercise of option in Delta Waste Management Limited

Environmental Recycling Technologies plc ("ERT" or "the Company") (AIM: ENRT), which has developed and is exploiting the patented rights to the Powder Impression Moulding ("PIM") process capable of converting mixed waste plastics into commercially viable products, is pleased to announce it has exercised an option to acquire a further 20 per cent. of the enlarged share capital of Delta Waste Management Limited ("Delta"), a company in which Lee Clayton, ERT's Chief Operating Officer, together with another shareholder, has a controlling interest.

Delta, in which ERT already owns 20 per cent. of the existing issued share capital, provides consultancy, project management and machinery procurement services to ERT. Exercise of the option will result in ERT owning 40 per cent. of Delta's enlarged issued share capital. The exercise price for the subscription of the new shares under the option is £20,000, which is the same price paid by ERT in November 2011 for its original 20 per cent interest in Delta.

Roger Baynham, Managing Director commented:

"This transaction reinforces the reciprocal commitment between the Company and Lee Clayton to progress the successful development of the PIM process."

The directors (other than Lee Clayton), having consulted WH Ireland, ERT's Nominated Adviser, consider the terms of exercise of the option to be fair and reasonable insofar as the interests of the shareholders are concerned.

Enquiries:

 

Environmental Recycling Technologies Plc                     

www.ertplc.com

Roger Baynham (Managing Director)

T: 0845 071 1394

Ken Brooks (Executive Chairman)




W H Ireland Limited

www.wh-ireland.co.uk

John Wakefield / Marc Davies

T:  0117 945 3470

 

Notes:

 

Environmental Recycling Technologies plc (ERT) is a leading developer of innovative technologies specifically focusing on plastic waste recycling. The company holds the worldwide intellectual property rights to the Powder Impression Moulding (PIM) Process.

 

 

 

 

 

 

 

  


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