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23 Dec 2008 07:00
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Nature Technology Solutions LtdΒ
("the Nature Group" or "Nature")
Acquisition
The Directors of Nature are pleased to announce that Nature has signed an agreement for the immediate acquisition of the 50% of its Gibraltar port waste operation, Slop Oil Reception and Treatment Ltd ("SORT"), not already owned by Nature.
The consideration for the acquisition will be the issue of 14,040,486 new ordinary shares of 0.2p each in Nature. The vendor, WOMS LimitedΒ ("WOMS") has agreed to contemporaneously sell 2,386,000 of those shares at a price of 20p per Nature share to Trucial Energy Limited, a company controlled by a Trust in which the family ofΒ Richard Eldridge, the Chairman of Nature, has a potential beneficial interest. Following these transactions, WOMS will retain an interest in 11,654,486Β ordinary shares, representing 29.99% of the enlarged issue share capital of Nature, and the interests ofΒ Richard EldridgeΒ and his family will amount to 4,086,000 ordinary shares (10.51%). On completion of this transactionΒ Darren Laguea, the Managing Director ofΒ SORT, will join the Board of Nature. WOMS is owned by a trust in which the family of Mr. Laguea has a potential beneficial interest.
This transaction will result in the Nature Group consolidating 100% of theΒ GibraltarΒ operations it commenced in 2001 and is an exciting step forward for Nature, complementing its successful wholly owned businesses inΒ NorwayΒ which provide waste treatment systems and services primarily to the oil industry. This acquisition will also strengthen the Group's potential expansion into the port services industry in other locations.. In the six months ended 30thΒ June 2008, the Gibraltar operations achieved a net profit of Β£436,501 on a turnover of Β£1,054,983 and in the second half of 2008 are anticipated to achieve similar results, providing a significant increase to Group revenues and profits.
Application has beenΒ made for theΒ 14,040,486Β new ordinary shares to be admitted to trading onΒ AIMΒ and admission is expected to occur onΒ 29 DecemberΒ 2008.
Note:
As required to be disclosed under theΒ AIMΒ Rules, Darren Paul Laguea, aged 42, is a director ofΒ SORTΒ and of Java Oil Limited.
For further information, please contact:
Nature Technology Solutions Limited
Richard Eldridge, CEOΒ Tel: 07989 405181
Nature Technology Solutions Limited
Peter Snell Tel:Β 07702 256001
Seymour Pierce Limited
Jonathan Wright, Director Β Tel: 020 7107 8000Β
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