Sabien Technology Group PLC Update on b.grn (3739K)
05 Mayo 2022 - 1:01AM
UK Regulatory
TIDMSNT
RNS Number : 3739K
Sabien Technology Group PLC
05 May 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
5th May 2022
Sabien Technology Group plc
("Sabien" or the "Company")
Update on b.grn
The Board of Sabien Technology Group plc (AIM:SNT), a Company
focused on a Green Aggregation Strategy, provides today an update
on b.grn, the Special Purpose Vehicle (SPV), formed by the Company
and Parris Group Limited.
Since its formation (21 December 2021), b.grn has engaged
actively with land vendors and the Company's technology partner,
City Oil Field ("COF") in pursuit of its strategy to buy and
develop waste plastic recycling sites in the United Kingdom.
The details of this engagement are contained in a separate
announcement being made by b.grn today, which can be viewed at
Sabien Technology Group - Investor communications .
b.grn has identified two sites in the UK, one of which is
located in an existing Freeport zone while the other is in an area
with pending Freeport status. The company is in negotiations to
secure either or both of these sites. These locations are in
addition to the Northampton site highlighted in the announcement of
22 December 2021. The Northampton site remains under consideration.
However, in light of the situation created by the Russian invasion
of Ukraine, b.grn has accelerated its development of the site
portfolio to reflect the emerging need for larger locations.
Separately, b.grn has held substantive discussions with COF in
relation to the development of European manufacturing facilities
for the COF processing plant and equipment. These negotiations may
lead to an investment by South Korean interests alongside UK and
European investors into b.grn in support of the initial capital
requirements for this project.
Commenting on the b.grn update, Richard Parris, Sabien Executive
Chairman, said:
"The strategy of creating the b.grn SPV is proving successful.
The company has progressed negotiations for sites at a rapid pace.
At a time of increasing geopolitical tension, UK energy security
and oil supplies are likely to be of paramount national importance
for many years. Our mission is to enable the processing capability
to make a significant impact on this critical need. Both the Boards
of b.grn and Sabien are pleased with this progress and look forward
to further announcements, in due course, highlighting continued
progress."
Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated Adviser)
John Depasquale / Nick Harriss +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
The person who arranged for the release of this announcement on
behalf of the Company was Richard Parris, Executive Chairman.
A copy of this announcement will be available from the Company's
website at www.sabien-tech.com
Notes to Editors
Parris Group and Sabien own 66.67% and 33.33% of the SPV
respectively. It has been registered on Companies House under the
name b.grn Group Ltd.
Parris Group Limited is owned exclusively by Richard Parris,
Executive Chairman of Sabien, and his family.
Sabien's existing agency agreement with COF provides for a
revenue stream to Sabien through the supply of technology,
equipment and recurring support and maintenance. Sabien will
receive a commission of 10% of the selling price of all products
sold on behalf of COF to the SPV.
In respect of the COF relationship, Sabien is aware of recent
South Korean media coverage:
https://news.mt.co.kr/mtview.php?no=2022050311093596934
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END
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May 05, 2022 02:01 ET (06:01 GMT)
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