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6 Dec 2011 07:00
6 December 2011
Biome Technologies plc
("the Company")
Loan Reclassification
Biome Technologies plc announces that it has completed a reclassification from loan to equity of €1,250,000 of its shareholder loans to Biotec, its joint venture manufacturing facility in Germany.
This reclassification enables the Company to receive accrued interest on its shareholder loans to Biotec. As a consequence of this reclassification, the Company has now received €406,244 in accrued interest.
These monies form all interest accrued but previously unpaid from the inception of the loans up to 31st December 2010. This reclassification has changed the principal of the loans outstanding from €7,623,083 to €6,373,083.
Sphere S.A., Biome's partner in the joint venture, has undertaken an identical reclassification in relation to its interest in Biotec.
Paul Mines, Chief Executive of Biome Technologies, said:
"The Board is pleased to see, following the loan reclassification, the first interest payment on the loans from its jointly owned manufacturing facility, Biotec. This receipt demonstrates the joint venture's improved revenue generation performance and is another milestone reached in the Company's strategy of securing a sustainable business in the fast growing bioplastics market."
For further information please contact:
Biome Technologies plc Paul Mines, Chief Executive Officer Declan Brown, Group Finance Director
| Tel: +44 (0) 2380 867 100
|
Daniel Stewart & Company plc David Hart (Nomad)
| Tel: +44 (0) 20 7776 6550 |
FTI Consulting Oliver Winters Latika Shah | Tel: +44 (0) 20 7831 3113 |
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