5th Sep 2024 13:58
Majestic Corp PLC - Deeside, Wales-based recycler of precious and non-ferrous metals from used electronics and batteries - Agrees to buy Telecycle Europe Ltd, a recycling peer also based in Deeside. Majestic will pay up GBP2 million in cash. The deal is conditional on Telecyle delivering an agreed quantity of containers of recyclable materials by the end of December. The agreement is a related-party transaction, as Peter Lai, the 72% owner of Majestic, is the sole owner of Telecycle, which recorded GBP175,000 in profit after tax in calendar 2023.
Majestic also hires Andrew Male as an independent non-executive director, starting immediately. Male currently is interim chief executive officer of London-listed Cloudbreak Discovery PLC, a Vancouver, Canada-based natural resource project generator.
Majestic separately notes that UK tax collector HMRC has granted Enterprise Investment Scheme status. The EIS scheme grants tax benefits to investors in start-up companies.
Current stock price: quoted at 90.00 pence on AQSE in London; last traded on July 30 at 60.00p
12-month change: up from 40.00p
By Tom Waite, Alliance News editor
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