26th Feb 2008 17:03
Ludgate Environmental Fund Limited26 February 2008 Ludgate Investment Update: 26.02.08 Ludgate Environmental Fund makes further investment into Hydrodec Group plc Ludgate Environmental Fund invests £492,000 in Hydrodec Ludgate Environmental Fund ("LEF" or the "Fund"), a closed-ended investmentcompany listed on AIM has announced it has made a further investment of £492,000in Ordinary Shares of Hydrodec Group plc ("Hydrodec" or the "Company"). TheFund purchased 1,200,000 shares at a price of 41p per share. This follows anearlier investment of £3 million in Hydrodec in November 2007, then through theplacing of unsecured convertible loan notes and an investment of £500,000 inDecember 2007 in Ordinary Shares at a price of 20p per share. Following this newinvestment, the Fund will hold 7.31% of the Company's share capital assumingfull conversion of all the convertible loan notes. About Hydrodec Hydrodec is listed on AIM - symbol "HYR" Hydrodec's technology is a patented sustainable oil refining process that takesexisting spent oil as feedstock to produce new specialty oils thus creating avirtuous "green" cycle. The process is closed loop and produces no harmfulemissions. It can indefinitely return "as good as new" oil ("Superfine") toutilities and transformer manufacturers (who supply the utilities) and at thesame time removes their lifetime stewardship liabilities for these harmfulsubstances. Hydrodec's first commercial process re-refines the used transformeroils that insulate and cool utility transformer boxes. It currently has oneoperating plant in Young, New South Wales in Australia, and is now expandinginto the USA with the construction of production plants in Canton, Ohio andLaurel, Mississippi. Ludgate Environmental FundNick Pople / Nigel Meir +44 (0)20 7621 5770 Media Enquiries: Carbon InternationalDavid Hopkins +44 (0)20 7483 [email protected] Samantha Hill +44 (0)20 7483 [email protected] NOMAD PricewaterhouseCoopers LLPMelville Trimble +44(0)20 7213 8898 About Ludgate Environmental Fund: Ludgate Environmental Fund ("Ludgate Environmental" or the "Fund") is a Jerseydomiciled closed-ended investment company, listed on AIM. The Fund was launchedin August 2007, raising £26.7 million at listing. The Environmental/Cleantech sector is characterised by products and serviceswhich optimise the use of natural resources while reducing environmental impactin ways that enhance economic value. Opportunities include: energy efficiencyand alternative energy sources including renewable energy; water treatment andmanagement; waste management and resource recovery; industrial process advances;and emission reduction technologies. Ludgate Environmental has been launched to enable experienced and sophisticatedinvestors to participate in a diverse portfolio of investment holdings inEnvironmental/Cleantech companies. Ludgate Environmental believes that there area number of key drivers of growth, both in terms of business and investmentactivities, within this sector including: • increasing demand for, and decreasing supply of, natural resources; • rising concern over the economic costs of waste accumulation and pollution; • growing awareness of environmental issues amongst the public; and • environmental technology advances in recent years. The Fund's Investment Adviser, Ludgate Investments Limited, has significantexperience and a successful track record of investing in and helping to buildcompanies within this sector. www.ludgateenvironmental.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LEF.LHYR.L