30th Jun 2010 13:59
Environmental Recycling Technologies plc (the "Company")
Additional Listing and Directors' Dealings
The Company announces that it has agreed to issue 50,696,920 ordinary shares of 2.5 pence each in the Company ("Ordinary Shares") in settlement of amounts due to creditors. The Ordinary Shares will be issued at par value, reducing the creditors of the Company by £1,267,423.
Of the £1,267,423 reduction in amounts due to creditors, £221,750 represents amounts owing to the Board of Directors in lieu of expenses and unpaid wages and bonuses, to be satisfied by the issue of 8,870,000 Ordinary Shares. The direct beneficial interests of the individual Directors following the issue of shares are set out as follows: -
|
Name of Director |
Position |
Amount owed |
Number of Ordinary Shares being issued |
Total number of Ordinary Shares held following the issue
|
Total number of Ordinary Shares held as a percentage of the enlarged issued share capital
|
|
Ken Brooks
|
Chairman |
£105,000 |
4,200,000 |
5,222,000 |
1.21 |
|
Roger Baynham
|
Managing Director |
£82,500 |
3,300,000 |
3,300,500 |
0.76 |
|
David Shepley-Cuthbert |
Finance Director |
£34,250 |
1,370,000 |
1,492,500 |
0.35 |
In addition, of the £1,267,423 reduction in amounts due to creditors, £44,061 represents amounts owing to Philip Tyler Polymers Limited which will be satisfied by the issue of 1,762,440 Ordinary Shares, representing 0.41 per cent. of the enlarged issued share capital of the Company. Both Ken Brooks and Roger Baynham are directors of Philip Tyler Polymers Limited and 25 per cent. and 6.8 per cent. shareholders of the holding company Philip Tyler Plastics Limited, respectively.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company. Application has been made for the 50,696,920 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective on 6 July 2010.
Following Admission the issued share capital of the Company will consist of 431,904,293 Ordinary Shares each with equal voting rights.
30 June 2010
Enquiries:
|
Environmental Recycling Technologies Plc |
Tel: 0845 071 1394 |
|
Roger Baynham (Managing Director) |
|
|
Ken Brooks (Chairman) |
|
|
|
|
|
Evolution Securities |
Tel: 020 7071 4300 |
|
Tim Worlledge |
|
|
Bobbie Hilliam |
|
Related Shares:
ENRT.L