Last checked at 22 Jul 2020 07:00
22 July 2020
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Extension of warrants
Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in technologies to enhance the properties of plastic and some non-plastic products by making them biodegradable, and/or to provide protection against threats to health and safety, announces that it has extended the subscription period of warrants granted over 5,000,000 ordinary shares of 1p each in the Company ("Ordinary Shares") which were granted on 19 July 2019 to Vincel Investment Holdings Limited ("Vincel")(the "Warrant Extension"). All other terms and conditions remain the same. The subscription period of the further 5,000,000 warrants that were also granted on 19 July 2019 but with an exercise price of 25p, remains the same.
Accordingly, the revised terms of the warrants granted to Vincel are as follows:
No. of warrants granted | Subscription period | Exercise price
|
5,000,000 | 26 July 2019 to 25 November 2020 | 20p |
5,000,000 | 26 July 2019 to 25 July 2021 | 25p |
Due to Vincel's existing shareholding in Symphony, together with the potential further Ordinary Shares issuable should the warrants be exercised, the Warrants Extension is considered to be a related party transaction in accordance with the AIM Rules for Companies.
Accordingly, the board of directors of the Company consider, having consulted with the Company's nominated adviser, that the Warrant Extension is fair and reasonable insofar as the Company's shareholders are concerned.
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) | |
Nick Cowles / David Foreman / 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
|
Tel: +44 (0) 203 764 2341 |
The person responsible for arranging the release of this information is Michael Laurier, CEO of the Company.
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, and 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 also 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 developed and continues to develop and market, a biodegradable plastic 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, most recently Saudi Arabia, oxo-biodegradable 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 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.