Proactiveinvestors United Kingdom Plant Impact

Plant Impact secures US registration for BugOil

Thu, 05 Apr 2012 11:31:00 +0100

Plant Impact announced that the United States Environmental Protection Agency (EPA) has registered tagetes oil, a primary component of BugOil, as a new active ingredient in the United States for use on food crops.

RNS press release - US EPA BugOil Registration and Trading Update

Thu, 05 Apr 2012 10:38:00 +0100

RNS press release - Exercise of Options

Thu, 08 Mar 2012 15:13:00 +0000

Plant Impact expects to secure US registration for BugOil in April

Wed, 22 Feb 2012 09:01:00 +0000

Plant Impact (LON:PIM) expects to secure a US registration for its BugOil insect control product in April after American regulators announced their intention to register its main component, tagetes oil.

The United States Environmental Protection Agency (EPA) has made available for public comment its proposed registration decision, including risk assessment and proposed product label, for Plant Impact's BugOil.

The EPA intends to register tagetes oil as a new active ingredient in the United States for use on all food crops.

The 30-day public comment period will end on March 21 this year, which means that a final registration decision could be issued as soon as on April 4.

“Today's news from the EPA means we are in the final stages of our US registration effort, and that a US registration is very likely to be received by early April,” said director of product development at Plant Impact Steve Adams.

“We are delighted to see that our many years of effort on the BugOil EPA registration will deliver a registered product into the market.”

The BugOil product, which targets “economically impactful” insect and mite species, was submitted to the EPA for registration in late 2009 and has since been under review.

Earlier this week, Plant Impact revealed changes to its agreement with Arysta LifeScience Corporation over BugOil, which it said would markedly improve its cash outlook.

The geographic scope of Arysta’s exclusive licence of the product has been narrowed and the repayment date of a £750,000 development loan from Arysta which had been due on February 22 this year has now been extended to May 31 in 2013.

The original agreement in 2009 gave Arysta an exclusive worldwide licence to manufacture and sell BugOil.

Investors cheered the news, sending shares in the crop health specialist up ten percent to trade at 19 pence by 8:40 am, giving it a market cap of £9.6 million.

RNS press release - US EPA Proposed BugOil Registration Decision

Wed, 22 Feb 2012 08:10:00 +0000

Plant Impact shares rise as it reveals amendments to BugOil agreement

Mon, 20 Feb 2012 09:36:00 +0000

Shares in Plant Impact (LON:PIM) went up after it revealed changes in its agreement with Arysta over BugOil, an insect control product, which the company says will improve its cash outlook.

The geographic scope of Arysta LifeScience Corporation's exclusive licence of the product has been narrowed and the repayment date of a £750,000 development loan from Arysta which had been due on February 22 this year has now been extended to May 31 in 2013.

The firm said it believed the amendments "markedly" improved its financial position and cash flow outlook.

"The extension of the Arysta loan provides the company with additional time to achieve regulatory milestones as well as the ability - in the event regulatory milestones are not achieved - to repay the Arysta loan from internal cash generated from the growth in revenues of the company's nutritional product range," it said.

The original agreement in 2009 gave Arysta an exclusive worldwide licence to manufacture and sell BugOil, which is based on plant extracts.

Plant Impact was to secure regulatory approvals for BugOil in the US, UK and the European Union (EU) and on receipt of approvals, Arysta agreed to make milestone payments to the company of up to £2.25 million.

Arysta advanced £750,000 to Plant Impact via a secured loan due in February 2012 to assist in the regulatory and development expense for the product.

In 2009, the firm expected to gain regulatory approvals in the US and the European Union during the first six months of 2010 but due to changes of administrative approach, it now expects to receive US EPA registration of BugOil in the first six months of this year, and in the UK by early 2013.

Arysta will continue to license BugOil in the EU and selected Eastern European countries, Africa and countries in the Middle East, Mexico, Japan and South Korea, while Plant Impact will regain all other global commercial rights to the product including in the USA, South America, China, India, Southeast Asia and Australasia.

The regulatory milestones potentially due to Plant Impact have been reduced to reflect the regulatory delays and the smaller scope of Arysta's future rights to the product, the company added,

In a separate statement, the company said chief financial officer and director Michael Panteli had resigned with immediate effect to pursue other activities.

The company is currently recruiting for a full time FD, but Robert Stafford has been appointed in the interim with immediate effect. Stafford will not join the board.

Shares in the company were up 1.47 per cent as at 9.25am, to trade at 17.25 pence.

RNS press release - Directorate Change

Mon, 20 Feb 2012 07:01:00 +0000

RNS press release - Amendment of License & Development Loan Agreements

Mon, 20 Feb 2012 07:00:00 +0000

RNS press release - Holding(s) in Company

Mon, 13 Feb 2012 11:26:00 +0000

RNS press release - Press Speculation

Wed, 01 Feb 2012 07:35:00 +0000

Plant Impact poised for push into US market via Arysta partnership

Thu, 15 Dec 2011 08:39:00 +0000

Plant Impact PLC (LON:PIM) said apart from its continued focus in the "near" markets of the UK, Netherlands, France and Germany, it also expects to grow its business in the 2012 calendar year into the US turf market via its strategic partnership with Arysta LifeScience, targeting the golf course market there.

The comments came as the company, which develops and markets crop yield enhancing products, reported its results for the six months to September 30 2011.

During the period, in May, Arysta took a 9.1 percent stake in the company at a significant premium to the share price and in August, Arysta veteran John Brubaker took over the helm as Plant Impact chief executive.

Arysta injected £2.1 million into the group through the share subscription, of which £1 million was earmarked for development work on its turf and ornamental market in the US and the horticultural market in Brazil.

Gardens, golf courses and outfield turf management represent major potential markets for PiNT, a nitrogen product that is eco-friendly and improves plant growth by helping turf grass retain nitrogen for longer.

Turnover in the first half dipped to £610,042 from £638,409 a year earlier, primarily due to the seasonality and timing of purchases from customers in the Netherlands. All other regions of Plant Impact's business showed consistent or improved sales performance year-on-year.

The group widened its operating loss to £1.49 million from £1.16 million a year earlier, mainly due to higher research and development costs in relation to the planned push into the US and Brazil markets.

Since early September, the board has examined the operating expense base carefully and has identified many activities that were consuming cash but not serving to accelerate the new measured-growth strategy.

These activities and associated costs have been eliminated and include public relations expenses, travel expenses - reduced significantly due to the focus on "near" markets -, certain R&D costs, general office expenses and various legal and professional costs.

Plant Oil also eliminated some staffing costs through combining several positions and roles, at the same time identifying the need to strengthen certain areas. “As a result, we are now actively recruiting for new staff in marketing, supply chain, and finance.”

“We expect the financial, operational and strategic benefits from the actions described above to arise in 2012 and beyond,” the company added.

The roll-out of products in the US market will be slightly later than planned. Management decided to delay entry into that market until resources permit and launches can be planned in detail to ensure a good likelihood of success.

This means that previosuly expected revenues from the US may not be achieved prior to the end of the financial year to March 31 2012. Plant Impact is therefore lowering its revenue forecast for the full year to between £1.8 million and £2.2 million from around £2.8 million expected previously.

RNS press release - Half Yearly Report

Thu, 15 Dec 2011 07:00:00 +0000

Plant Impact: A trail-blazer with heavyweight backing

Wed, 30 Nov 2011 18:54:00 +0000

The world’s population has just hit seven billion and is predicted to reach nine billion by 2050 with the question of how all of these additional people are going to be fed becoming ever more pressing. Preston-based Plant Impact is one company aiming to solve some of these potential problems.

RNS press release - Change of Adviser

Fri, 07 Oct 2011 07:50:00 +0100

RNS press release - Issue of Equity

Thu, 06 Oct 2011 14:45:00 +0100

RNS press release - Grant of share options

Fri, 26 Aug 2011 13:30:00 +0100

RNS press release - Result of AGM

Fri, 26 Aug 2011 10:40:00 +0100

RNS press release - Holding(s) in Company

Tue, 16 Aug 2011 14:40:00 +0100

Plant Impact chairman pays £57,500 for 250,000 shares

Tue, 16 Aug 2011 09:06:00 +0100

David Jones, the chairman of crop nutrition firm Plant Impact (LON:PIM), has bought 250,000 shares in the company for £57,500.

Shares in Plant Impact responded to the news of the purchase, announced this morning, by putting on 11.6 per cent to reach 24 pence each in early trading.

Plant Impact’s PiNT product uses a nitrogen-based technology that is eco-friendly and improves plant growth. InCa, the firm’s biggest selling product last year, is a calcium delivery system that enables plants to absorb and retain calcium in tissues where it is most needed.

At the time Plant Impact’s final results for its 2011 financial year were announced in July, Jones said that he had been satisfied that the commercial progress the firm had made with InCa and PiNT was “confirmation that our direct selling and partnering strategy is working and will provide the platform for growth”.

During its 2011 financial year, Plant Impact increased its turnover to £1.8 million from £1.4 million in 2010, although increased R&D spending and a delay in its BugOil product getting regulatory clearance meant that pre-tax losses widened to £1.9 million from £1.7 million.

A week ago the firm announced it had appointed a new chief executive officer. John Brubaker, who becomes CEO on 1 September, was previously the global head of business development for Tokyo-based Arysta LifeScience Corporation – a 9.1 per cent shareholder in Plant Impact and a commercial partner of the firm.

RNS press release - Director/PDMR Shareholding

Tue, 16 Aug 2011 08:15:00 +0100