26 Jun 2020 07:00
26 June 2020
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Annual Report and Accounts Extension
Refinancing Update
Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, confirms that the London Stock Exchange (AIM) and the Registrar of Companies have approved an extension, in line with current market practice, to the publication and filing, respectively, of the Company's audited annual accounts for the financial year ended 31 December 2019 by three months due to the impact of, and restrictions imposed by, the COVID-19 pandemic. Furthermore, in line with anticipated changes in legislation, the Company has delayed the convening of its 2020 Annual General Meeting ("AGM").
The Company now intends to release the 2019 annual report and audited accounts, and hold its 2020 AGM, by the end of September 2020.
Refinancing Update
As previously disclosed, the Company continues to work on a refinancing package in respect of the Canton plant and assets and progress continues to be made with several parties. The Company will update shareholders in due course.
For further information, please contact:
Hydrodec Group plc | hydrodec@vigocomms.com |
Chris Ellis, Chief Executive Officer and Interim Executive Chairman |
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Arden Partners plc (Nominated Adviser and Broker) | 0207 614 5900 |
Corporate Finance: Ciaran Walsh Corporate Broking: Simon Johnson |
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Vigo Communications (PR adviser to Hydrodec) | 020 7390 0240 |
Patrick d'Ancona |
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Chris McMahon |
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Charlie Neish |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. The global transformer oil market is projected to reach USD 3.0 billion by 2025 from an estimated market size of USD 2.2 billion in 2020, at a CAGR of 6.9% during the forecast period (source: Markets and Markets). Used transformer oil is processed with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations.
In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Group's proprietary technology and standing as a leader in its field.
Hydrodec's operating plant is located at Canton, Ohio, US.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.