Symphony Environmental Technologies PLC - UK-based plastic technologies provider - In mid-December, company's legal action is a compensation claim for damage to its business caused by the failure of the EU to make it clear that their intended ban of "oxo-degradable plastic" does not apply to "oxo-biodegradable plastic."
Also considers the ban itself illegal due to a "failure to accord due process".
Symphony receives the defences from each of the defendants which are being considered by the company, a process expected to take several weeks.
"The group remains focused on delivering its objective to improve plastic by making it protective against viruses, bacteria, fungi, fire and insects, and reducing its negative impact on the environment by making it biodegradable," notes Chief Executive Officer Michael Laurier.
Current stock price: 17.16 pence, down 7.3%
Year-to-date change: up 4.0%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Symphony Env. (SYM)