22nd Dec 2010 15:16
22 December 2010
NATURE GROUP PLC
("Nature Group" or the "Company")
Completion of Acquisition, Holding in Company and Lock-in arrangements
The Board of Nature Group, the AIM quoted provider of port reception facilities and waste treatment solutions for the oil, marine and process industries, announces that the acquisition by the Company of International Slop Disposal (I.S.D.) B.V. ("ISD") and Ecoscrub Solutions B.V. ("Ecoscrub") has now been completed ("Completion").
Accordingly, Port Invest B.V.("Portinvest"), the vendor of ISD and Ecoscrub, is now the holder of 16,000,000 Ordinary Shares in the Company representing 20.66 per cent of the enlarged issued share capital of the Company. Andreas Drenthen and Bernard Muller, who with effect from Completion have become the Company's CEO and Deputy Chairman, are interested in Portinvest's shares in the Company by virtue of their indirect holdings in Portinvest.
Under the terms of an agreement dated 22 December 2010 (the "Lock-in Agreement") between the Company, Portinvest, the Company's Nominated Adviser, Northland Capital Partners Limited, and the Company's Broker, W H Ireland Limited, Portinvest has undertaken not to dispose of any interest in its 16,000,000 Ordinary Shares except in certain circumstances for one year from Completion (the "Lock In Period"). It has also agreed, following the expiry of the Lock In Period, to not dispose for a further 12 month period of any of its interests in the Ordinary Shares other than through the Company's broker. In addition, Portinvest has agreed that it will not dispose of its interest in more than one half of its Ordinary Shares before the date which is thirty months after Completion. Portinvest has also charged its interest in its Ordinary Shares as security for its obligations under the agreement relating to the acquisition of ISD and Ecoscrub.
For further information please visit www.naturegroup.org or contact one of the following:
Nature Group Plc Richard Eldridge, Chairman Nigel Sandy
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01841 533 611 01373 473 995 |
Northland Capital Partners (Nominated Adviser) Shane Gallwey Rod Venables
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020 7492 4750 020 7492 4750
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WH Ireland (Broker) Sebastian Wykeham Ruari McGirr |
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020 7220 0473 020 7220 1666
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Hermes Financial PR Chris Steele Trevor Phillips |
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07979 604 687 07889 153 628 |
Related Shares:
Nature Group