3rd Dec 2007 16:48
Symphony Environmental Tech. PLC03 December 2007 SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC Placing of 14 million Ordinary Shares to Ethical Fund - Hunter Hall EGM Notice Symphony Environmental Technologies Plc ("Symphony" or "the Company"), thedegradable plastics and waste-to-energy Group, is pleased to announce a placingof up to 14,000,000 new ordinary shares in Symphony with Hunter Hall's unittrusts, including the recently launched Global Deep Green Trust ("Hunter Hall"),at a price of 5p per ordinary share, the gross proceeds of which will be up to£700,000. Seven million of these new ordinary shares will be issued and allottedat 5p per ordinary share to Hunter Hall on 5th December 2007 and, subject toshareholder approval at an Extraordinary General Meeting of the Company, afurther seven million ordinary shares at 5p per share are to be issued andallotted on 28th December 2007. Hunter Hall is a leading international ethical fund manager, based in Australia,with $AUD 2.8 billion under management. The Hunter Hall Global Deep Green Trustimplements its positive ethical investment policy by investing only in companieswhich make a positive impact on environmental, humanitarian, social, andsustainability issues. In addition, it excludes investment in countries whichsupport commercial whaling and donates one third of management fees to charity,including projects which support biodiversity.Hunter Hall's Executive Chairman, Peter MacDonald Hall, said today: "We areinvesting in Symphony because we want to see its cost-effective degradableplastic technology used to reduce the appalling problem of plastic waste whichfloats on the oceans and pollutes the rivers, fields and streets of the world.We also support the work it is doing in the field of waste-to-energy. Our generation of humanity has the responsibility to take up the struggle tounderstand the issues and to use our rationality to change human behaviour tore-create a sustainable and balanced world." Symphony's Chief Executive, Michael Laurier, said "Hunter Hall's investment willenable Symphony to progress rapidly our plans for research and development, forexpansion of our international network, and for strengthening the financial andadministrative base of the Group. The source of the investment is just as important as the funds themselves. Weare much encouraged that a major ethical investment fund with a commitment tothe environment has chosen to invest in Symphony." If the Placing is completed in full, Hunter Hall will hold 19,036,217 ordinaryshares (5,036,217 million ordinary shares having already been bought on themarket). Their total shareholding will represent 19.13% of the Company'senlarged issued share capital. The new ordinary shares to be issued pursuant to the Placing are conditionalupon Admission and, in the case of the second tranche of seven million ordinaryshares, upon certain authorities required to enable the Board to issue and allotthe new ordinary shares pursuant to the Placing being approved by shareholdersat an Extraordinary General Meeting ("EGM"). The new ordinary shares will rank in full for all dividends or otherdistributions hereafter declared, made or paid on the ordinary share capital ofthe Company and will rank pari passu in all other respects with all otherordinary shares in issue Application will be made to the London Stock Exchange for the new ordinaryshares to be admitted to trading on AIM. It is expected that in the case of thefirst seven million new ordinary shares, admission will be effective and thatdealings in such shares on AIM will commence on 7 December 2007 and, in the caseof the second tranche of seven million new ordinary shares, admission will beeffective and that dealings will commence on 31 December 2007. EGM Notice is given today to convene an Extraordinary General Meeting of the Membersof Symphony on 28 December 2007 at 9.00am at Elstree House, Elstree Way,Borehamwood, Hertfordshire, WD6 1LE, to approve certain authorities required toenable the Board to issue and allot the new ordinary shares pursuant to thePlacing and to approve the issue of 10 million ordinary shares for theDirectors' share option programme announced on 26th November 2007. For further information, please contact: SymphonyMichael Laurier, CEO Tel: 020 8207 5900 Ian Bristow, FD HB CorporateRod Venables Tel: 020 7510 8600 Further information on the Symphony Environmental Technologies Group ofcompanies: SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradableplastic technology. The technology is recognised by the d2w(R) droplet logo onthousands of tonnes of oxo-biodegradable plastic products. Symphony develops andsupplies environmentally-responsible d2w(R) pro-degradant additives as well asd2w(R) oxo-biodegradable plastic film, and rigid packaging products. Symphony has a diverse and growing customer base in the UK and has successfullyestablished itself as an international business after signing distributionagreements for Argentina, Australia, Brazil, Canada & USA, the Caribbean, Chile,Colombia, France, India, Israel, Mexico, New Zealand, Peru, Portugal, SouthAfrica, Saudi Arabia, Turkey, Uruguay, Qatar and other countries. Its d2w(R)products can already be found in more than 50 countries. Symphony is also developing innovative waste-to-energy technology and isexploring opportunities where there is a demand to convert plastics, tyres andother waste streams into valuable products by cost effective processes. Further information on the Symphony Group can be found atwww.symphonyplastics.com and www.degradable.net and on Hunter Hall atwww.hunterhall.com.au This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Symphony Env.