20th Aug 2024 19:34
Sabien Technology Group PLC - London-based company, focused on green technologies such as plastic-to-oil recycling and CO2 mitigation for commercial and residential boilers - Provides update regarding the related party funding announced in July. Agrees to funding arrangements with Parris Group Ltd which will ensure that the group has sufficient working capital for the next 12 months without the need for a placing, based on current sales forecast. Says loan facility announced in February has GBP100,000 remaining available to be drawn down. It is expected this will be required within the next 12 months. Further, PGL agrees to provide a facility whereby it will buy Sabien M2G and M2G cloud connect and related stock in bulk. PGL will then resell that stock to Sabien in the smaller quantities required to meet Sabien customer demand. PGL will take a 20% wholesaler mark up on the stock and be paid by Sabien once cash is collected from the end customer. PGL will take a 5% royalty on M2G sales and be paid by Sabien once cash is collected from the end customer.
Current stock price: 9.90 pence, down 7.0% in London on Tuesday
12-month change: down 7.9%
By Jeremy Cutler, Alliance News reporter
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