8th Mar 2005 15:08
Symphony Plastic Technologies PLC08 March 2005 8 March 2005 SYMPHONY PLASTIC TECHNOLOGIES PLC Conditional £1.7 million Share Placing and Notice of Extraordinary General Meeting Symphony Plastic Technologies Plc ("Symphony" or "the Company"), the degradableplastics company, announces that it is holding an Extraordinary General Meeting"EGM" at 9:00 am on Thursday 31st March 2004, at Elstree House, Elstree Way,Borehamwood, Hertfordshire WD6 1LE. The purpose of the meeting is to approve a placing of 11,666,667 new ordinaryshares of 1p each, at a placing price of 15p each, in the capital of the Company("New Ordinary Shares"), ranking pari passu in all respects with the existingissued ordinary shares in the capital of the Company. Application will be madefor all such New Ordinary Shares, once issued and allotted, to be admitted totrading on AIM. Reasons for the Proposed Placement The Board of Symphony believe that it is in the best interests of the Companyand its shareholders to replace funds that are currently tied up in court and tofinance the anticipated increase in levels of existing business as well as tofacilitate further expansion. The Proposed £1.7 million Placing will strengthenSymphony's balance sheet and the Company will be well placed to meet theexpected high level of demand for d2w (R) totally degradable plastic products invarious markets and market sectors. For further information, please contact: SymphonyMichael Laurier, Chief Executive Tel: 020 8207 5900Ian Bristow Citigate Dewe RogersonPatrick Toyne-Sewell Tel: 020 7638 9571Ged Brumby Ends Information on Symphony: Symphony develops and supplies environmentally responsible plastic packagingproducts, which are distributed primarily to the retail, local authority andhealth related sectors. The Group's main technology, d2w(R), allows plastic todegrade, leaving only water, a minimal amount of carbon dioxide and traceamounts of non-toxic biomass over a controlled time period. The current d2w(R)product range now includes additives, carrier bags, refuse and waste sacks,mailing wrap, stretch film, aprons, and packaging films. Symphony has a strong blue-chip customer base in the UK and has successfullyestablished itself as an international business with agreements in Brazil,Colombia, New Zealand, South Africa, the Caribbean and the Middle East. Furtherinformation on Symphony can be found at www.degradable.net. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Symphony Env.