Modern Water plc (MWG), the owner of leading water technologies for the production of fresh water and monitoring of water quality, has continued to grow its global presence with first sales of its trace metal analysers in Scandinavia.
The order for Modern Water’s OVA on-line monitoring product has been received from Tekniska Verken Power Plant in Linkoping in Sweden, a company that will use the equipment for real-time monitoring of zinc, cadmium and lead. Tekniska Verken Power Plant, which uses fuel classified as waste, will be monitoring metal levels in its flue gas condensate. The OVA has been set up to monitor both during the treatment of the condensate and before the treated effluent is released into a local river. The OVA will generate savings by reducing external laboratory costs, as well as making the treatment process more efficient, and by reducing the volumes of water requiring off-site treatment.
Modern Water’s Chief Executive, Simon Humphrey, commented: “We are excited to have sold our first trace metal monitoring equipment in Scandinavia and look forward to pursuing further opportunities for many other waste to energy power plants around the world.” ___Ends
"The funds raised will enable us to increase the level and reach of market activities and invest in our growth strategy in key markets, with a particular focus on activities in China. We intend to invest in further improvements in membrane efficiency for the Membrane Processes Division and to expand the Monitoring Division through acquisitions."
The placing price was at a 17.7% discount to the closing middle market price of 60.75 pence per share on February 11th.
The placing shares will represent 25.2% of the enlarged issued share capital.
Modern Water, a water purifying and monitoring technology company, has placed 20m new ordinary shares with both new and existing shares at 50p each.
The placing has raised 9.5m after expenses, which will be use to pursue opportunities identified by its membrane division to commercialise its Forward Osmosis technology, particularly across China and the Middle East, and to also grow Modern Water's monitoring business by licensing and acquiring innovative, proven products to leverage its international distribution network.
Neil McDougall, Executive Chairman of Modern Water said: "We are delighted by the strong support, demonstrated by both existing and new shareholders, for the fundraising announced today which was oversubscribed. This is a great vote of confidence in Modern Water.
i thought cash had been running low, as they did have £20mln in 2011 and think last results showed c £5mln ish
Modern Water plc (LSE: MWG) announces today that it has raised, subject to certain conditions, £10.0 million (approximately £9.5 million net of expenses) by way of a placing of 20,000,000 new Ordinary Shares (the "Placing Shares") with both new and existing institutional shareholders at a price of 50 pence per Ordinary Share
This is a great company IMO and has slipped down in the past not due to bad performance but due to lack of newsflow. Great shame as it has strong management and a solid plan with a strong USP - roll on 2013 for MWG!
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.