Haven't heard anything more about this news, released 1.2.05.
Will they, won't they?
"Degradable Plastic, which has been granted a one-year option to buy up to 4 mln Symphony shares at 30 pence each."
LONDON (AFX) - Symphony Plastic Technologies PLC, the degradable plastics company, said it has taken up a 25 pct stake in its newly appointed distributor for Canada and US, Degradable Plastic Products Inc.
In addition, the company will receive 600,000 usd from Degradable Plastic, which has been granted a one-year option to buy up to 4 mln Symphony shares at 30 pence each.
In a statement, the company said it had entered into an exclusive 15 year product supply agreement with Degradable Plastic. The deal supersedes all previous distribution agreements in this territory.
Under the deal, the company will receive 50,000 usd and 1.1 mln shares in Degradable Plastic.
A further 550,000 usd will be paid in the second half of 2005.
The deal also stipulates that Degradable Plastic will list in the US or Canada within a 2 year period.
Degradable Plastic will become the exclusive supplier of d2w products and additives throughout North America.
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