2nd Nov 2012 07:00
2 November 2012
Hydrodec Group plc
("Hydrodec" or the "Company")
Convertible Unsecured Loan Stock
Hydrodec, the cleantech industrial oil re-refining group (AIM:HYR), confirms that the final conversion date under the terms of its Convertible Unsecured Loan Stock ("CULS") expired on 1 November 2012.
No further conversion notices have been received and therefore the £12,790,000 of CULS outstanding now revert to an unsecured debt obligation of the Company, retaining an 8 per cent per annum coupon but without further rights to convert into ordinary shares. They will rank behind all secured debt obligations of the Company but equally and rateably with all other unsecured debt obligations apart from those preferred by law.
The Company has the right to repay the outstanding amount in full at par, together with any accrued interest, at any time prior to or on 31 October 2014.
Ian Smale, Chief Executive, commented: "This has been a key milestone for the Company and now removes a considerable uncertainty that has been an overhang over the balance sheet. We now have a clear position against which to assess a range of options for the future growth of the Company."
For further information please contact:
Hydrodec Group plc | 020 7907 9220 |
Ian Smale, Chief Executive Officer Chris Ellis, Chief Financial Officer | |
Mike Preen, Head of Corporate and Legal Affairs | |
| |
Numis Securities Limited (Nominated adviser/joint broker) | 020 7260 1000 |
Nominated Adviser: Hugh Jonathan Corporate Broker: David Poutney, Alex Ham | |
Cenkos Securities plc (Joint broker) | 020 7397 8900 |
Corporate Finance: Adrian Hargrave Sales: Christian Hobart | |
Luther Pendragon (PR adviser to Hydrodec) | 020 7618 9100 |
Neil Thapar, Alexis Gore |
Notes to Editors:
Hydrodec's technology is a proven highly efficient oil re-refining and chemical process which is being initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. The Group takes spent oil, including polychlorinated biphenyl ("PCB") contaminated oil, as the primary feedstock, which is then processed at its two plants enabling 99 per cent or greater recovery of oil for reuse while also eliminating PCBs, a toxic additive banned under international regulations, without environmentally harmful emissions.
Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. The Group's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
Related Shares:
HYR.L