16th Feb 2016 12:13
LONDON (Alliance News) - Environmental Recycling Technologies PLC on Tuesday said it has issued shares after agreeing to convert a loan owed to its former chairman into equity.
The company, which owns the patented rights to the powder impression moulding process, has issued 90.2 million shares to cover the GBP200,000 owed to former chairman Ken Brooks. That equates to a price of around 0.17 pence. Shares in Environmental Recycling Technologies were up 5.3% to 0.079p.
Following the conversion, Brooks will own 115.4 million shares in the company, or a stake of around 12%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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