Last checked at 31 Mar 2009 08:36
The following replaces the announcement released at 7am
No changes have been made to the text. The headline has been amended to show 'Euro' in place of '?' in earlier version
AIM: AXS
NYSE Euronext Amsterdam: AXS
Accsys Technologies PLC
Accsys secures €20 million equity line of credit
Accsys Technologies PLC, ("Accsys" or "the Company") announces that it has secured access to a €20 million line of funding.
Under an agreement signed yesterday, GEM Global Yield Fund Limited ("GEM Global"), the UK based private investment group, has agreed to provide the Company with up to €20 million over the next three years in the form of an equity line of credit. Accsys will control the timing and maximum amount of any draw down under this credit line and is not obliged to draw on the funds on offer.
On drawdown, Accsys will issue ordinary shares to GEM Global at a price per share which represents a 10% discount to the average closing price of Accsys ordinary shares over a 15 trading day period prior to drawdown.
Accsys has also agreed to issue 3,120,000 warrants. The warrants will be issued upon the earlier of a first draw down of funds, or one year after the date of the agreement. The warrants will be exercisable for a period of three years from the issue date at an exercise price of €1.00 each.
Global Emerging Markets Limited ("GEM"), www.gemny.com was founded in 1991. The firm is a US$2.7 Billion alternative investment group that manages a diverse set of investments vehicles across the world.
Willy Paterson-Brown, Executive Chairman of Accsys, said, "This arrangement gives us some strong options and alternatives regarding capital requirements as it secures funding for continued growth and development of the Company, if necessary, over the next three years. This therefore places Accsys in a strong position to continue its expansion plans. While Accsys has a strong balance sheet, in an unpredictable financial world, the Board deems it prudent to put in place a financial instrument to give greater flexibility for future growth."
ENDS
For further information, please contact:
| Accsys Technologies PLC | William Paterson-Brown, Executive Chairman | +44 20 8150 8835 |
| Matrix Corporate Capital LLP | Stephen Mischler Anu Tayal | +44 20 3206 7000 |
| Threadneedle Communications | Graham Herring Josh Royston graham.herring@threadneedlepr.co.uk josh.royston@threadneedlepr.co.uk | +44 20 7653 9850 |
| Citigate First Financial B.V. | Wouter van de Putte Laurens Goverse | + 31 20 575 4080 |
Notes to Editors:
Global Emerging Markets Limited, www.gemny.com was founded in 1991. The firm is a US$2.7 Billion alternative investment group that manages a diverse set of investments vehicles across the world.
GEM's funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund; Kinderhook; GEM India and Banco Pine/GEM Funds.
Accsys Technologies PLC (www.accsysplc.com) is an environmental science and technology company whose primary focus is on the production of Accoya® wood and technology licensing via its 100% owned subsidiary, Titan Wood Limited (www.titanwood.com), which has manufacturing operations in Arnhem, the Netherlands, a European office in London and an Americas office in Dallas, Texas. Accsys' operations comprise three principal business units: (i) the Accoya® wood production facility located in Arnhem, The Netherlands; (ii) technology development, focused on a programme of continuous improvements to the process engineering and operating protocols for the acetylation of wood which are currently under development and the development of technology for the acetylation of wood fibre; and (iii) the licensing of technology for the production of Accoya® wood and Tricoya™ wood elements across the globe.
Accoya® Wood (www.accoya.info) is produced by using a patents-pending non-toxic process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a "new wood species" via acetylation. Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya® wood is particularly suited to exterior applications where performance and appearance are valued. Unlike most woods, its colour does not degrade when exposed to sunlight. Moreover, the Accoya® wood production process does not compromise the wood's strength or machinability. The combination of UV resistance, dimensional stability, increased coatings life, durability and retained strength means that Accoya® wood offers a wealth of new opportunities to architects, designers and specifiers. Leading applications include external doors and windows, shutters/shading, siding and cladding, decking, outdoor furniture/equipment and glulam beams for structural use.
Tricoya™ Technology (www.tricoya.com) is Titan Wood's proprietary technology for the acetylation of wood fibres, chips, and particles for use in the fabrication of wood based composites, including panel products. These composites demonstrate enhanced durability and dimensional stability which allow them to be used in a variety of applications which were once limited to solid wood or man-made products. Tricoya™ is lauded as the first major innovation in the wood composites industry in more than 30 years.
Wood Acetylation is a process, which increases the amount of 'acetyl' molecules in wood, thereby changing its physical properties. The environmentally responsible process protects wood from rot by making it "inedible" to most micro-organisms and insects, without - unlike conventional treatments - making it toxic. It also greatly reduces the wood's tendency to swell and shrink, making it less prone to cracking and ensuring that when painted it requires dramatically reduced maintenance. Acetylated wood's increased durability offers major carbon sequestration advantages, compared to other woods and man-made building materials such as steel, vinyl, and plastic.
Wood Composites include a range of derivative wood products which are manufactured by binding together the strands, particles, fibres, or veneers of wood, together with adhesives, to form composite materials. These products are engineered to precise design specifications which are tested to meet national or international standards.
Accoya® and the Trimarque logo are registered trademarks owned by Titan Wood Limited. Tricoya™ and the Elements logo are trademarks owned by Titan Wood Limited. These may not be used or reproduced without written permission.