23rd Feb 2015 08:26
LONDON (Alliance News) - Nature Group PLC shares rose early Monday after the company said it has signed a deal to sell a waste water collection and storage vessel for GBP1.8 million.
The company, which provides port reception facilities and waste treatment services in the oil, marine and process industries, said the sale of M/V Crystalwater would result in a positive net cash flow for the company in the first quarter.
Nature said completion of the sale is subject to a technical inspection of the vessel upon delivery, which is due to take place at the end of February.
The group said it has also secured a new financing facility for its oil and gas arm via Nordea Bank AS in Norway. The financing will back the construction of new sludge treatment units and compact treatment units, it said.
"Both the sale of the Crystalwater and the new facility agreement are significant steps in our action plan for the recovery in the group's performance and in underpinning future growth. A return to normalised operations in Gibraltar and having a financing structure for our growth ambitions in our Oil & Gas division are both essential elements in our strategy," said Nature Chief Executive Officer Andreas Drenthen.
Shares in the company rose 14% to 13.99 pence in early trade, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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