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Equity subscription and grant of warrants

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RNS Number : 1175G
Symphony Environmental Tech. PLC
19 July 2019
 

 

  

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 inside information is considered to be in the public domain.

 


   19 July 2019


 

 

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

("Symphony" or the "Company")

 

Equity subscription raising £1.93 million,

Grant of 10 million warrants and

Total Voting Rights

 

Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in making plastic more suitable for the global environment, is pleased to announce an equity subscription for 15,456,900 new ordinary shares of 1p each in the Company ("Ordinary Shares") by Vincel Investment Holdings Limited ("Vincel"), at a price of 12.5p per Ordinary Share ("Subscription Price")(the "Subscription"). Gross proceeds from the Subscription are £1.93 million.

 

In addition, 10 million warrants have been granted to Vincel (the "Warrants") as follows:

 

No. warrants granted

Vesting period

Exercise price

 

5,000,000

26 July 2019 to 25 July 2020

20p

5,000,000

26 July 2019 to 25 July 2021

25p

 

The issue and allotment of new Ordinary Shares pursuant to the exercise of the Warrants are also conditional upon shareholder approval at a General Meeting to be held within three months of the exercise date.

 

Upon completion of the Subscription, Vincel will be interested in 9.1 percent of the enlarged issued share capital of the Company. Vincel is owned by Mrs Shruti Lohia, daughter of Mr S P Lohia. Mr Lohia is the Chairman of Indorama Corporation, Singapore.

 

The proceeds of the Subscription will be used for ongoing working capital purposes and Symphony's continuing development and investment in a range of core complementary technologies.  

 

Due to Vincel's holding in Symphony upon completion of the Subscription, together with the potential further Ordinary Shares due upon exercise of the Warrants, the Subscription and grant of Warrants are 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 terms of the Subscription, and the grant of Warrants to Vincel, are fair and reasonable insofar as the Company's shareholders are concerned.

 

The Subscription is conditional upon admission of the new Ordinary Shares to trading on AIM which is expected to commence on 26 July 2019 ("Admission"). 

 

The new Ordinary Shares issued pursuant to the Subscription as well as the Ordinary Shares to be issued upon the exercise of the Warrants will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other Ordinary Shares in issue.

 

Total Voting Rights

 

Following Admission on 26 July 2019, the total issued share capital of the Company will be 170,026,277 Ordinary Shares. The Company does not hold any shares in treasury and therefore the total number of voting rights in Symphony is 170,026,277.

 

The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

Enquiries

 

Symphony Environmental Technologies Plc


Michael Laurier, CEO

Tel: +44 (0) 20 8207 5900

Ian Bristow, CFO


www.symphonyenvironmental.com

 



Cantor Fitzgerald Europe


David Foreman, Richard Salmond, Michael Boot (Corporate Finance)

Tel: +44 (0) 20 7894 7000

Caspar Shand Kydd, Maisie Atkinson (Sales)


The person responsible for arranging the release of this information is Michael Laurier, CEO of the Company.

 

 

About Symphony Environmental Technologies plc

https://www.symphonyenvironmental.com

Symphony has developed and continues to develop, controlled-life 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. 

 

In addition, Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® brand, which can be incorporated in a wide variety of plastic and non-plastic products so as to give them protection against many different types of bacteria, fungi, algae, moulds, and insects, 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.

 

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 Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA) 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 Symphony 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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Symphony Environmental Technologies PLC

Price: 7.75

Market: AIM
Market Cap: £13.18 m
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