Last checked at 13 May 2021 07:00
13 May 2021
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Update on the legal challenge to EU on plastics
Symphony Environmental Technologies Plc (AIM: SYM), global specialists in supplying and developing specialised plastic products and technologies that make plastic "smarter, safer and more sustainable", announces the following update on its legal action against the Commission, Parliament, and Council of the European Union ("EU") in relation to their decision to adopt Article 5 of the Single Use Plastics Directive 2019/904 ("the Directive").
As set out in Symphony's announcement on 21 December 2020, Symphony's legal action is a compensation claim for damage to its business caused by the failure of the EU Institutions to make it clear that their intended ban of "oxo-degradable plastic" does not apply to "oxo-biodegradable plastic." Symphony also considers that the ban is in any event illegal due to a failure to accord due process, and because it is disproportionate and discriminatory.
Symphony has now received the defences from each of the Defendants which are being considered by the Company's specialist legal team. This will take several weeks, and the Company will make a further announcement, if appropriate, when the detailed evaluation has been completed.
Michael Laurier, CEO of Symphony stated: "The Group remains focused on delivering its objective to improve plastic by making it protective against viruses, bacteria, fungi, fire and insects, and reducing its negative impact on the environment by making it biodegradable.
The legal costs and demands on management time pertaining to the legal action are not expected to be significant during this year. The preparation and service of the proceedings was accounted for in 2020."
Enquiries
Symphony Environmental Technologies Plc | |
Michael Laurier, CEO | Tel: +44 (0) 20 8207 5900 |
Ian Bristow, CFO | |
www.symphonyenvironmental.com | |
Zeus Capital Limited (Nominated Adviser and Joint Broker) | |
David Foreman / Nick Cowles / Kieran Russell (Corporate Finance) | Tel: +44 (0) 161 831 1512 |
Dominic King / Victoria Ayton (Sales) | Tel: +44 (0) 203 829 5000 |
Hybridan LLP (Joint Broker) Claire Louise Noyce
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Tel: +44 (0) 203 764 2341 |
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® ("designed to protect") trademark, which can be incorporated in a wide variety of plastic and non-plastic products so as to provide protection against many different types of microbes, insects and rodents, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies.
Symphony has launched d2p anti-microbial household gloves and toothbrushes and is developing a range of other d2p finished products for retail sale. See www.d2p.net
Symphony has also developed and continues to develop and market, a type of biodegradable plastic and its associated technology, which helps tackle the problem of microplastics by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in a similar way to a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries, including Saudi Arabia, Jordan, Bahrain and the UAE this type of plastic is mandatory. See www.d2w.net
The Group has complemented its d2w biodegradable product range with d2c "compostable resins and products" that have been tested to US and EU composting standards.
Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products. This is useful to government officials tasked with enforcing legislation, and Symphony's d2t tagging and tracer technology is available for further security.
Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.
Symphony is a leading member of the OPA (www.biodeg.org) and actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).
Further information on the Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv See also Symphony on Instagram. A Symphony App is available for downloading to smartphones.