12th Sep 2005 07:00
TEG Environmental Plc12 September 2005 For Release 7:00am 12 September 2005 TEG ENVIRONMENTAL PLC UPDATE RE £3.7M EQUITY ISSUE OFFER FOR SUBSCRIPTION OVERSUBSCRIBED AND SUCCESSFUL INSTITUTIONAL PLACING The Company is pleased to announce that, further to the announcements of 18August 2005 and 24 August 2005, it has received commitments from privateinvestors to subscribe for the 1,000,000 ordinary shares of the Companyavailable under the placing at a price of 37p per ordinary share. Applicationwill be made for these shares to be admitted to trading on AIM on or around 14thSeptember 2005. The offer for subscription was over subscribed and shares will be allotted on apro-rata basis according to existing shareholding of the subscribingshareholders. The subscription for 1,000,000 private shares was in addition to a successfulinstitutional placing of 9,000,000 shares by Canaccord Capital (Europe) Limited,nomad and broker to the Company, announced on 24 August 2005. Michael Fishwick, TEG Environmental's Chief Executive, said: "The Company ispleased to confirm it has exceeded its target for fundraising and is well fundedfor the projects announced in recent months." ENDS +------------------------------------+------------------------------------+|Contact: | |+------------------------------------+------------------------------------+|TEG Environmental Group Plc |01772 422 220 |+------------------------------------+------------------------------------+|Michael Fishwick, Chief Executive | |+------------------------------------+------------------------------------+| | |+------------------------------------+------------------------------------+|Binns & Co PR Ltd |020 7786 9600 |+------------------------------------+------------------------------------+|Peter Binns / Tarquin Edwards |07768 392 582 / 07879 458 364 |+------------------------------------+------------------------------------+| | |+------------------------------------+------------------------------------+ Editor's Notes: TEG provides an in-vessel composting technology, which is one of the fewapproved technologies capable of treating animal by-product waste. Planteconomics are driven by the gate fees charged, rather than the value of the endproduct (compost). The TEG process is an economic alternative to landfill. The Silo Cage system, one of the few technologies in Europe capable of treatingthis waste, is a natural process producing compost as an end product, used as anexcellent soil conditioner that fertilizes, retains moisture, provides structureand restricts weed growth. TEG's Silo-Cages will be housed in a self-containedbuilding, are not unsightly and are environmentally friendly. Potential customers include local authorities, waste management companies, foodprocessors, farmers and landowners. The Company's expanding market is driven byincreasingly stringent EU and UK legislation regulating the treatment anddisposal of organic waste. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TEG.L