6th Feb 2007 07:00
Symphony Plastic Technologies PLC06 February 2007 SYMPHONY PLASTIC TECHNOLOGIES PLC Conditional £1.4 million Share Placing and Notice of Extraordinary General Meeting ("EGM") Symphony Plastic Technologies Plc ("Symphony" or the "Group"), the degradableplastics and waste-to-energy company, announces a conditional placing of14,085,000 shares at 10 pence ("Proposed Placing"), EGM notice and proposedchange of name. Reasons for the Proposed Placing Symphony has raised £1.4 million in a placing of 14,085,000 shares at 10 pencesubject to approval at EGM. The Board of Symphony believe that it is in thebest interest of the Company and its shareholders to replace part of itsoverseas finance facilities and other loans and to further invest in theenhancement of sales and marketing, R & D facilities and technical supportservices. Michael Laurier, chief executive officer has purchased 500,000 new ordinaryshares, Matthew Turner, managing director, has purchased 50,000 new ordinaryshares and Ian Bristow, finance director has purchased 50,000 new ordinaryshares as part of the Proposed Placing. Following the Proposed Placing, the directors have the following interest in theshare capital of the Company: Michael Laurier 12.18%Matthew Turner 0.36%Ian Bristow 1.05%Michael Stephens 0.28%Nirj Deva 0.02% The Group anticipates trading in 2007 will be ahead of 2006 and also expects tosee maiden revenues from Symphony Energy Resources in the field of tyre andplastic recycling. The Group expects sales for 2006 to be in the region of£4.3m. Extraordinary General Meeting Symphony is holding an EGM at 9:00 am on Tuesday, 27 February 2007, at ElstreeHouse, Elstree Way, Borehamwood, Hertfordshire WD6 1LE. The purpose of themeeting is, inter alia, to provide the directors with the necessary authoritiesin relation to the Proposed Placing of 14,085,000 new ordinary shares of 1peach, at a placing price of 10p each, in the capital of the Company ("NewOrdinary Shares"), ranking pari passu in all respects with the existing issuedordinary shares in the capital of the Company. Application will be made for allsuch New Ordinary Shares, once issued and allotted, to be admitted to trading onAIM. Shareholder approval is also sought to change the Company's name to "SymphonyEnvironmental Technologies Plc.", to better reflect the nature of Symphony'sbusiness. This reinforces the Company's commitment to the development ofenvironmental technology solutions including oxo-degradable technology and wasteto energy systems. For further information, please contact: Symphony Tel: 020 8207 5900Michael Laurier, CEOIan Bristow, FD Panmure Gordon & Co Tel: 020 7614 8385Andrew Godber Citigate Dewe Rogerson Tel: 020 7638 9571Ged Brumby Further information on Symphony Plastic Technologies plc: Symphony develops and supplies environmentally responsible pro-degradentadditives as well as plastic packaging products. The Group's main technology,marketed under the d2wTM registered trademark, causes plastic to degrade,leaving only water, a minimal amount of carbon dioxide and trace amounts ofnon-toxic biomass over a short time period. The d2wTM product range includespro-degradent additives developed for an increasing variety of applications aswell as a range of finished flexible plastic products. Symphony has a diverse and growing customer base in the UK and is establishingitself as an international business with distribution agreements in Argentina,Brazil, Canada & USA, Chile, Colombia, India, Mexico, New Zealand, Peru,Portugal, South Africa, the Caribbean, Saudi Arabia, and Qatar. d2wTM productscan be found in more than 40 countries. Symphony is marketing and developing innovative waste-to-energy technologyprocessing plants and is exploring various opportunities where there is a demandto increase recycling of waste plastics, tyres and other waste streams by costeffective processes. Further information on Symphony can be found at www.symphonyplastics.com andwww.degradable.net. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Symphony Env.