22nd Sep 2014 07:00
22 September 2014
Hydrodec Group plc
("Hydrodec" or the "Company")
Further insurance payments and negotiations continue
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce a further interim payment in respect of the Company's insurance claim relating to the incident at the Canton re-refinery that occurred on 1 December 2013. The Company has received confirmation from its insurers of their agreement to make further interim payments of US$ 6.5 million, in aggregate, of which US$ 3 million has been received by the Company as at today's date. As a result the total interim payments received or agreed to be paid are US$ 12 million.
The Company continues to negotiate with its insurers to seek a final settlement of the claim which covers both the replacement value of the production facility damaged and the resulting business interruption.
Progress on the Canton plant rebuilding programme and expansion continues. The plan is being integrated into a single project and remains on target to have all six trains commissioned and operational by the end of Q1 2015.
For further information please contact:
Hydrodec Group plc |
| 020 7907 9220 |
Ian Smale, Chief Executive Chris Ellis, Chief Financial Officer James Hodges, General Counsel and Company Secretary
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Peel Hunt LLP (Nominated Adviser and Broker) |
| 020 7418 8900 |
Justin Jones Mike Bell
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Vigo Communications (PR adviser to Hydrodec) |
| 020 7016 9570 |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. Hydrodec recently acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations, currently serviced by a fleet of more than 90 trucks which collect used oil and other garage workshop waste from over 30,000 customers. Used oil is converted into processed fuel oil at OSS's plant at Stourport and principally sold on to the UK quarry and power industry.
Hydrodec'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