HYR.L Regulatory News (HYR)

11 Nov 2005 07:29

HydroDec Group plc11 November 2005 Hydrodec Group plc placing conditionally raises £3.5 million before expenses Hydrodec Group plc ("Hydrodec" or the "Company") has raised approximately £3.5million gross (£3.4 million net of expenses) through a placing (the "Placing")with institutions arranged by Numis Securities Limited ("Numis"). The proceedsfrom the Placing will be used to fund a new transformer recycling plant,refurbishment of the recently acquired plant in Young, New South Wales and theexpansion of Hydrodec's global sales and marketing infrastructure. The Company came to AIM on 21st December 2004. Hydrodec's technology is an oilre-refining process that regenerates oil and removes dangerous contaminants suchas PCBs. The technology can also treat a number of chlorinated organic wastes,known as POPs. The Company has operations in Young, New South Wales, Australia,with its corporate headquarters in London. Under the Placing, the Company has conditionally placed 14,645,402 new ordinaryshares of 0.5p each (the "New Shares") at a placing price of £0.24 per sharewith a number of institutional investors to raise £3,514,896 (gross),approximately £3,360,000 (net). Immediately following the Placing, the totalnumber of shares in issue will be 178,645,402. The Placing has been arranged by Numis who have also underwritten the issue. ThePlacing is subject to a Placing Agreement between Hydrodec and Numis becomingunconditional and not being terminated prior to 16 November 2005, the expecteddate of Admission or such later date (being no later than 30 November 2005)which the Company and Numis may agree. The New Shares will rank pari passu inall respects with the existing Hydrodec shares in issue. It is expected thatdealings in the New Shares will commence on AIM on 16 November 2005. Commenting on the announcement, John Gunn, Hydrodec's Chairman, said "The fundsfrom the Placing will allow Hydrodec to develop a Centre of Excellence for oilre-refining at our plant in Young, New South Wales and continue the globalroll-out of our technology". For further information please contact: John Gunn, Chairman HydroDec Group plc Tel: 020 7236 6236 David Poutney Numis Securities Tel: 020 7776 1500 This information is provided by RNS The company news service from the London Stock Exchange