23 Dec 2008 07:00
Nature Technology Solutions Ltd
("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 Limited ("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 of Richard Eldridge, the Chairman of Nature, has a potential beneficial interest. Following these transactions, WOMS will retain an interest in 11,654,486 ordinary shares, representing 29.99% of the enlarged issue share capital of Nature, and the interests of Richard Eldridge and his family will amount to 4,086,000 ordinary shares (10.51%). On completion of this transaction Darren Laguea, the Managing Director of 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 the Gibraltar operations it commenced in 2001 and is an exciting step forward for Nature, complementing its successful wholly owned businesses in Norway 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 30th June 2008, the Gibraltar operations achieved a net profit of £436,501 on a turnover of £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 been made for the 14,040,486 new ordinary shares to be admitted to trading on AIM and admission is expected to occur on 29 December 2008.
Note:
As required to be disclosed under the AIM Rules, Darren Paul Laguea, aged 42, is a director of SORT and of Java Oil Limited.
For further information, please contact:
Nature Technology Solutions Limited
Richard Eldridge, CEO Tel: 07989 405181
Nature Technology Solutions Limited
Peter Snell Tel: 07702 256001
Seymour Pierce Limited
Jonathan Wright, Director Tel: 020 7107 8000