Environmental Recycling Tech. PLC Debt conversion (2102P)
February 16 2016 - 7:00AM
UK Regulatory
TIDMENRT
RNS Number : 2102P
Environmental Recycling Tech. PLC
16 February 2016
Environmental Recycling Technologies plc
Debt conversion
Environmental Recycling Technologies ("ERT" or "the Company")
(AIM: ENRT), which has developed and commercialised the patented
rights to the Powder Impression Moulding ("PIM") process, which
converts mixed waste plastics into commercial end products, is
pleased to confirm that it has agreed with Ken Brooks that
GBP200,000 outstanding debt in the Company owned by Ken Brooks,
plus accrued interest, will be satisfied in full by the issue of a
further 90,158,078 new ordinary shares at the par value price of
0.25p per share.
The terms of the convertible loan, which allowed for conversion
at the holder's option at the price at which new shares would next
be issued for cash, have by agreement between the parties, been
varied to allow the issue of new shares at their par value, which
is currently above the market price of 0.08p per share. In view of
the fact that Mr Brooks was a director of the Company within the
last 12 months, the transaction is classified as a related party
transaction. The Directors, having consulted WH Ireland, consider
that the transaction is fair and reasonable so far as the interest
of shareholders are concerned.
Following this conversion, Ken Brooks will own 115,407,804
ordinary shares, representing approximately 12 per cent of the
enlarged issued share capital. Application will be made for the new
ordinary shares arising out of this exercise to be admitted to AIM
in due course.
Enquiries:
Environmental Recycling www.ertplc.com
Technologies Plc
Michael Rowan, Telephone: +44 (0)
845 071 1394
Executive Chairman
W H Ireland Limited
John Wakefield Telephone: +44 (0)
117 945 3470
Kreab
Robert Speed Telephone: +44 (0)
20 7074 1800
Notes to editors:
Environmental Recycling Technologies plc (ERT) is a leading
developer of innovative technologies specifically focusing on
plastic waste recycling. The company holds the worldwide
intellectual property rights to the Powder Impression Moulding
(PIM) Process.
For more information about Environmental Recycling Technologies
plc please visit www.ertplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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