Information  X 
Enter a valid email address

Environmental Recyc (ENRT)

  Print      Mail a friend

Tuesday 30 April, 2013

Environmental Recyc

Results of Open Offer , GM and Debt conversion

RNS Number : 5947D
Environmental Recycling Tech. PLC
30 April 2013
 



Environmental Recycling Technologies plc

 

Results of Conditional Open Offer for new Ordinary Shares

and of General Meeting

Debt conversion

 

Environmental Recycling Technologies ("ERT" or "the Company") (AIM: ENRT), which has developed and commercialised the patented rights to the Powder Impression Moulding ("PIM") process which converts mixed waste plastics into commercial end products, is pleased to confirm that it has received valid applications for a total of 55,466,133 new ordinary shares under the Open Offer ("the New Ordinary Shares") which closed for acceptance at 11.00 on Monday 29 April 2013, raising a total of £693,327 for the Company and  representing approximately 67 per cent of the amount available for acceptance under the Open Offer.

 

Of the shares applied for, 30,609,976 shares represented individual shareholders' basic entitlements and the balance of 24,855,157 shares were shares applied for by shareholders in excess of their basic entitlements.

 

At the General Meeting held today, all resolutions were duly passed to give the directors authority to issue the New Ordinary Shares; to consolidate the entire issued and authorised share capital into new ordinary shares of 0.25p per share; and to adopt new Articles of Association and it is expected that dealings in the New Ordinary Shares will begin on commencement of business on Wednesday 1 May 2013.

 

The Company is also pleased to confirm it has agreed with Oxford Capital Limited  ("Oxcap")that £350,000 outstanding debt in the Company owned by Oxcap will be satisfied in full by the issue of a further 28m shares at the Open Offer price of 1.25p per share. Following this repayment, the balance of debt owned by Oxcap (including accrued interest) will be approximately £2,406,250 and Oxcap will own 253,241,928 shares in the Company representing approximately 29.12 per cent of the issued share capital following completion of the Open Offer and this debt conversion. Application will be made for the new ordinary shares arising out of this exercise to be admitted to AIM in due course.

 

           

Enquiries:

Environmental Recycling Technologies Plc

www.ertplc.com

Roger Baynham, Managing Director

Telephone: +44 (0) 845 071 1394

Ken Brooks, Executive Chairman




W H Ireland Limited


John Wakefield

Telephone: +44 (0) 117 945 3470

 

Kreab Gavin Anderson


Robert Speed

Telephone: +44 (0) 20 7074 1800

 

Notes to editors:

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.

For more information about Environmental Recycling Technologies plc please visit www.ertplc.com


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

a d v e r t i s e m e n t