Last checked at 5 May 2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
5th May 2022
Sabien Technology Group plc
("Sabien" or the "Company")
Update on b.grn
The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on a Green Aggregation Strategy, provides today an update on b.grn, the Special Purpose Vehicle (SPV), formed by the Company and Parris Group Limited.
Since its formation (21 December 2021), b.grn has engaged actively with land vendors and the Company's technology partner, City Oil Field ("COF") in pursuit of its strategy to buy and develop waste plastic recycling sites in the United Kingdom.
The details of this engagement are contained in a separate announcement being made by b.grn today, which can be viewed at Sabien Technology Group - Investor communications.
b.grn has identified two sites in the UK, one of which is located in an existing Freeport zone while the other is in an area with pending Freeport status. The company is in negotiations to secure either or both of these sites. These locations are in addition to the Northampton site highlighted in the announcement of 22 December 2021. The Northampton site remains under consideration. However, in light of the situation created by the Russian invasion of Ukraine, b.grn has accelerated its development of the site portfolio to reflect the emerging need for larger locations.
Separately, b.grn has held substantive discussions with COF in relation to the development of European manufacturing facilities for the COF processing plant and equipment. These negotiations may lead to an investment by South Korean interests alongside UK and European investors into b.grn in support of the initial capital requirements for this project.
Commenting on the b.grn update, Richard Parris, Sabien Executive Chairman, said:
"The strategy of creating the b.grn SPV is proving successful. The company has progressed negotiations for sites at a rapid pace. At a time of increasing geopolitical tension, UK energy security and oil supplies are likely to be of paramount national importance for many years. Our mission is to enable the processing capability to make a significant impact on this critical need. Both the Boards of b.grn and Sabien are pleased with this progress and look forward to further announcements, in due course, highlighting continued progress."
Further Information:
Sabien Technology Group plc Richard Parris, Executive Chairman
| +44 20 7993 3700
|
Allenby Capital Limited (Nominated Adviser) John Depasquale / Nick Harriss
| +44 203 328 5656 |
Peterhouse Capital Limited (Broker) Duncan Vasey / Lucy Williams | +44 207 469 0930 |
The person who arranged for the release of this announcement on behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's website at www.sabien-tech.com
Notes to Editors
Parris Group and Sabien own 66.67% and 33.33% of the SPV respectively. It has been registered on Companies House under the name b.grn Group Ltd.
Parris Group Limited is owned exclusively by Richard Parris, Executive Chairman of Sabien, and his family.
Sabien's existing agency agreement with COF provides for a revenue stream to Sabien through the supply of technology, equipment and recurring support and maintenance. Sabien will receive a commission of 10% of the selling price of all products sold on behalf of COF to the SPV.
In respect of the COF relationship, Sabien is aware of recent South Korean media coverage:
https://news.mt.co.kr/mtview.php?no=2022050311093596934