23 Feb 2015 07:00
Nature Group PLC
("Nature" or the "Company" or the "Group")
Sale of waste water collection and storage vessel
New facility agreement
Nature Group PLC (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries, is pleased to announce that it has signed an agreement for the sale of its waste water collection and storage vessel, the M/V Crystalwater (the "Vessel" or the "Crystalwater"), for cash consideration of £1.8 million (the "Disposal"), resulting in a positive cash inflow for the Group in the first quarter of 2015. Completion of the Disposal is subject to a final technical inspection of the Vessel at the place of delivery, which is expected to take place at the end of February 2015.
The Crystalwater was purchased by the Group from its cash resources in December 2011 and was used to assist with the operational challenges that the Group faced in the area following the accident in Gibraltar which disabled the local storage tanks. As previously indicated, in light of the current planned reconstruction of the Gibraltar facility, for which the Group received approval in the summer of 2014, the Crystalwater will no longer be required as a storage facility and its sale is an important step for the Company in normalising its operations in the Gibraltar and Mediterranean area. Alongside the reconstruction of onshore facilities, the Company is evaluating the requirement for a new seagoing barge that is more in line with operational needs and with greater operational efficiency.
In addition, Nature is pleased to announce that it has concluded an important new facility agreement for its Oil & Gas division with Nordea Bank AS in Norway (the "Facility"). The facility will finance the construction of new Sludge Treatment Units ("STUs") and Compact Treatment Units ("CTUs"), which will then be leased to the Group before being deployed to the Group's customers. Three STUs, already funded from the Group's existing cash resources, will now be financed using the Facility and this will have a positive impact on the Group's cash flow in the first quarter of 2015.The Facility reinforces the Group's ability to finance future direct investment in new CTUs and STUs for its Oil & Gas division which will be a key element of the division's, and the Group's, expected future growth.
Andreas Drenthen, Chief Executive Officer, commented:
"Both the sale of the Crystalwater and the new facility agreement are significant steps in our action plan for the recovery in the Group's performance and in underpinning future growth. A return to normalised operations in Gibraltar and having a financing structure for our growth ambitions in our Oil & Gas division are both essential elements in our strategy."
For further information contact:
Nature Group PLC | |
Andreas Drenthen, CEO | Tel: + 31 6532 614 84 |
Kieron Becerra, CFO | Tel: + 350 200 73905 |
Jan Vesseur, COO | Tel: + 31 6462 878 96 |
Nigel Sandy, Chairman | Tel: + 44 (0)1208 816 744 |
Cenkos Securities plc | |
Neil McDonald | Tel: +44 (0)131 220 9771 / +44 (0)207 397 1953 |
Nick Tulloch | Tel: +44 (0)131 220 9772 / +44 (0)207 397 1950 |
Hermes Financial PR | |
Chris Steele | Tel: +44 (0)7979 604 687 |
Trevor Phillips | Tel: +44 (0)7889 153 628 |
About Nature Group
A company with more than 25 years' experience in waste water treatment and a unique corporate social responsibility (CSR) strategy that enables us to be truly a part of Nature and responding to the ever expanding and demanding legislative framework.
Nature Group combines port reception services and facilities, offshore treatment services and the latest sustainable waste treatment technologies in a steadily growing global network. Nature Group is traded on the AIM market, (ticker: NGR). www.ngrp.com