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Symphony Environmental gets £1.93mln cash injection from Vincel Holdings

Vincel Holdings subscribed for 15.5mln shares at 12.5p each and has been granted 10mln warrants

Symphony
Symphony makes an oxo-biodegradable plastic branded as d2W

Biodegradable plastics maker Symphony Environmental Technologies PLC (LON:SYM) has raised £1.93mln through a cash injection from Vincel Holdings.

Vincel Holdings subscribed for 15.5mln shares at 12.5p each and has been granted 10mln warrants, half of which are exercisable at 20p and half at 25p.  

Symphony said the proceeds of the subscription will be used for ongoing working capital purposes and to develop a range of complementary technologies.

On completion of the subscription, Vincel will be interested in 9.1% of the enlarged issued share capital of Symphony. 

Vincel is owned by Shruti Lohia, the daughter of Indonesian billionaire Sri Prakash Lohia, the chairman of petrochemical and textile firm Indorama Corporation.

Quick facts: Symphony Environmental Technologies PLC

Price: 7.3 GBX

AIM:SYM
Market: AIM
Market Cap: £12.41 m
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