TIDMSYM
RNS Number : 5656Q
Symphony Environmental Tech. PLC
18 October 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. It forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this
information is considered to be in the public domain
18 October 2023
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony" or the "Company")
GBP1.0 million Convertible Loan Agreement
Symphony Environmental Technologies Plc (AIM: SYM), global
specialists in technologies that make plastic products "smarter,
safer and sustainable", is pleased to announce it has entered into
an additional convertible loan agreement ("Loan") with Sea Pearl
Ventures Limited ("Sea Pearl").
Key terms of the Loan, are similar to the previous GBP1.0
million convertible loan announced on 13 March 2023, namely:
-- Loan principal: GBP1.0 million (unsecured) to be drawn down
as to GBP500,000 immediately and GBP500,000 on or before 31 March
2024
-- If not repaid on or before 30 September 2024, conversion on that date
-- Conversion price: 80% of the volume-weighted average share
price for the 3 months prior to 30 September 2024
-- Interest: 7% per annum, payable as accrued on repayment and/or conversion
-- Repayment of the Loan, in full or in part solely at Symphony's discretion
The proceeds of the Loan will be used to strengthen the Group's
cash position for ongoing working capital purposes and will further
support the Group to deliver on its many commercial
opportunities.
Also, the current GBP1.0 million convertible loan, announced on
13 March 2023, has been amended so that the term of that previous
loan is now co-terminus with the new Loan, terminating on 30
September 2024.
Sea Pearl is based in the Bahamas, and is currently interested
in 17.4% of Symphony's issued share capital. Accordingly, Sea Pearl
is considered a substantial shareholder under the AIM Rules and
provision of the Loan being a related party transaction. The board
of directors of the Company consider, having consulted with the
Company's nominated adviser, that the terms of the Loan are fair
and reasonable insofar as the Company's shareholders are
concerned.
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20
8207 5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus (Nominated Adviser and Joint Broker)
David Foreman, Kieran Russell (Investment Tel: +44 (0) 161
Banking) 831 1512
Dominic King, Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company.
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d(2) p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d(2) p products also include odour,
moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
Symphony has launched d(2) p anti-microbial household gloves and
toothbrushes and "Symfresh" food-packaging and is developing a
range of other d(2) p finished-products for retail sale.
Symphony has also developed a biodegradable plastic technology
which addresses the problem of persistent microplastics, by turning
ordinary plastic at the end of its service-life into a waxy
substance which is biodegradable. It is then no longer a plastic
and can be bioassimilated in the open environment in a similar way
to a leaf without leaving microplastics behind. The technology is
branded d(2) w(R) and appears as a droplet logo on many thousands
of tonnes of plastic packaging and other plastic products around
the world, much of which has been recycled. In some countries, most
recently Saudi Arabia, oxo-biodegradable plastic is mandatory for
short-life plastic products.
d(2) w technology was studied for three years in the Oxomar
project, sponsored by the French government, which concluded that
plastic made with Symphony's d(2) w oxo-biodegradable technology
will biodegrade in seawater significantly more efficiently than
conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
Following this report, the scientists allowed bacteria commonly
found in the open environment access to d(2) w oxo-biodegradable
plastic containing Carbon 13. They found Carbon 13 in the carbon
dioxide exhaled by the bacteria, proving beyond doubt that the
plastic had been bioassimilated by the bacteria.
Symphony has complemented its d(2) w and d(2) p product ranges
with d(2) c "compostable resins and products" that have been tested
to US and EU composting standards and has invested in Eranova - a
French company extracting starch for making plastics, out of
algae.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This is useful for government officials tasked with enforcing
legislation, and Symphony's d(2) t 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 over 70
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 BPA (www.biodeg.org) 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 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.
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