19 Oct 2010 07:00
Nature Group PLC
( "Nature Group" or "the Group" )
UPDATE
Nature Group PLC (AIM: NGR) outlined its development strategy in the Chairman's Statement accompanying the half year results on 23rd September and in the additional Chairman's statement made at the Annual General Meeting of Nature on 15th July 2010.
The Board would like to provide an update on the following matters:
The Group has signed a Letter of Intent to acquire a substantial oil waste business providing slops and tanker washing disposal services to shipping in a major port in Europe, with completion of the acquisition expected within 2010. This proposed acquisition has significant potential for expanding the Group Port oil waste services and would be complementary to the significant SW Europe position the Group has achieved since 2003. The legal, accounting and due diligence processes are now under way with regard to this potentially significant step for the Group.
The Group and operational Directors of our subsidiary Nature Port Reception Facilities Limited in Gibraltar have now finalised detailed plans for the expansion of operating tankage of the Group in Gibraltar from 7000m³ to over 12000m³ as referred to at the AGM in July. This is a unique opportunity to extend the Gibraltar site and scale of facilities and will include a proposed extension of lease term for the extended site together with the acquisition of a Petroleum Products licence in Gibraltar port. This will enable the range of Group services to be expanded, in addition to further potential transhipments of oil wastes to the facility that are anticipated.
The termination of the Letter of Intent ("LOI") signed with a multinational oilfield services Group announced with our Interim results in September, due to both a change in ownership of the organization involved and a further Group review of the issues resulting from the potential signing of a worldwide licence of our offshore rig treatment unit technology. This proposal was likely to restrict the Group's ability to market to the oil industry generally, particularly following the planned expansion into N.W. Europe referred to above. The growing focus on environmental performance and responsibilities within the oil industry should see the Group well placed to develop new relationships and territories requiring application of our technologies.
The Group will report further on these matters in the near future.
For further details please visit www.naturegroup.org or contact one of the following:
| Nature Group plc Richard Eldridge Peter Snell Astaire Securities Plc - Nominated Adviser Stuart Lane / Shane Gallwey WH Ireland - Broker Sebastian Wykeham Hermes Financial PR Chris Steele Trevor Phillips |
01841 533 611 07000 892 481 |
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020 7492 4750 | |
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| 020 7220 1666 07979 604 687 07889 153 628 |