Issue of Equity, Directors Dealings and Total Voting Rights
Symphony Environmental Technologies plc ("Symphony", the "Company" or the "Group"), the specialist in advanced plastics technologies including controlled life and anti-microbial products, is pleased to announce that it has placed a total of 9,200,000 new ordinary shares of 1 pence each (the "Placing Shares") with Hong Kong based investment group Quam Limited at a price of 20 pence per share (the "Placing Price") to raise £1,840,000 before expenses (the "Placing"). In addition, and to meet institutional demand, a further 1,184,800 Placing Shares have been issued at the Placing Price to raise a further £236,960 before expenses. The Placing is conditional upon admission of the Placing Shares to trading on AIM.
The net proceeds of the Placing will be used to repay loans of £510,000 and strengthen the working capital of the business.
The Placing will consist of a total of 10,384,800 million new ordinary shares being issued, 8,736,300 of which are being issued pursuant to existing authorities granted at the last Annual General Meeting. In order to satisfy the demand, certain directors, being Michael Laurier and Michael Stephens, have given notice to exercise and sell options in respect of 1,648,500 shares in aggregate. The options will be exercised at 4.5 pence each and sold at a price of 20 pence each as follows:
NUMBER OF OPTIONS EXERCISED
EXERCISE PRICE PER SHARE
TOTAL HOLDING POST EXERCISE AND SALE
PERCENTAGE HOLDING POST EXERCISE AND SALE
Michael Laurier (Chief Executive)
Michael F Stephens (Technical Director)
Application has been made for the admission ('Admission') of the Placing Shares to trading on the AIM market of the London Stock Exchange. It is expected that Admission will become effective and that dealings will commence on 23 May 2011. Upon issue, the Placing Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.
Following the Placing, the total number of shares in issue is 127,794,377. There are no shares held in treasury. The total number of voting rights in the Company is therefore 127,794,377.
The above figure of 127,794,377 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules
Bernard Pouliot, Chairman of Quam said "Symphony is expecting a major expansion programme as nations realise that waste control, particularly the disposal of plastics, is a major environmental issue. We have high hopes for its continued success."
Michael Laurier, the Chief Executive Officer of Symphony said "We are delighted that we have been able to diversify our institutional investor base to Asia.
"Our d2w additive is now distributed to over 90 countries. We recently strengthened our position in America and are focused on ensuring that expansion in all territories continues at pace. Our full year results were highly encouraging and we look forward to building on the momentum achieved to date."
MAC Capital Limited, a Dubai based investment bank, advised Symphony on the placement with Quam Limited.
Symphony Environmental Technologies plc
Michael Laurier, CEO
Ian Bristow, FD
Tel: +44 20 8207 5900
Seymour Pierce Limited
Stewart Dickson / Freddy Crossley (Corporate Finance)
Katie Ratner / Jacqui Briscoe (Corporate Broking)
Tel: +44 20 7107 8000
Tel: +44 20 7562 3350
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a specialist in controlled-life plastic technology and products - a system that works by a process called oxo-biodegradation. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products.
Symphony's d2w® technology turns plastic at the end of its service-life into a material with a completely different molecular structure. At that stage it is no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf.
Symphony has a diverse and growing customer-base and has established itself successfully as an international business. Products made with d2w® plastic technology can now be found in more than 90 countries around the world and in many different product applications. Symphony is a member of the Oxo-biodegradable Plastics Association (www.biodeg.org), the Society for the Chemical Industry (UK), The British Plastics Federation (BPF), and the American Standards Organisation (ASTM). Symphony is also a member of the European Organisation for Packaging & the Environment (Europen) and the British Brands Group. Symphony actively participates in the work of the British Standards Institute (BSI), the European Standards Organisation (CEN), and the International Standards Organisation (ISO) as well as ASTM.
Symphony also owns the trademark d2p for an anti-microbial technology that can be used in most types of plastic products to help protect against infection. Symphony is also developing innovative and cost-effective waste-to-value technology to convert scrap tyres and other waste-streams into valuable products.
The Quam Group is a Hong Kong-based financial services group which was listed as Quam Limited (00952.hk) on the Hong Kong Stock Exchange in 1997. After a series of strategic acquisitions beginning in 2001, the Group is now comprised of seven core businesses namely, Quam Securities, Quam capital, Quam Asset Management, Quam wealth Management, quam Private Equity, Quamnet.com, and Quam Investor Relations. By utilizing the best of both its online resources and solid expertise, Quam strives to become the ideal partner for both corporate and individual investors in Hong Kong and China. Quam also offers premier one-stop financial services to its clients. In addition, Quam provides capital markets services through its representative offices or the wholly-owned foreign enterprise in Shenzhen, Dalin, Shanghai, Shenyang and Ningbo of China and through its Global Alliance Partners network in Japan, Thailand, UAE, the United States, Vietnam, the UK and Africa.
MAC Capital Limited is an investment bank regulated by the Dubai Financial Services Authority. The MAC Group's shareholders include international stock brokers, asset managers, investment banks, private banks and a number of prominent international business men and women. It also has international brokerage arrangements with Patersons Securities (Australia), KT Zmico Securities (Laos, Thailand and Vietnam), Killik & Co (United Kingdom), Thong Cong Securities (Vietnam), Imara Limited (South Africa, Botswana, Kenya, Malawi, Mauritius, Namibia, Nigeria, Zambia and Zimbabwe), Westminster Securities Corporation (U.S.A.), Quam Securities (Hong Kong) and P.R.C.), UOB securities (Singapore, UK, London) and Haywood Securities (Canada).
In the U.A.E., its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
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