TIDMSYM
RNS Number : 8311M
Symphony Environmental Tech. PLC
24 September 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is considered to be in the
public domain.
24 September 2021
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony" or the "Company")
Equity subscription raising GBP750,000,
Grant of 2.5 million warrants and
Total Voting Rights
Symphony Environmental Technologies Plc (AIM: SYM), a global
science-based group that makes plastic and rubber products
"smarter, safer and sustainable", is pleased to announce an equity
subscription for 2,500,000 new ordinary shares of 1 pence each in
the Company ("Ordinary Shares") by Vincel Investment Holdings
Limited ("Vincel"), at a price of 30 pence per Ordinary Share
("Subscription Price")(the "Subscription"). Gross proceeds from the
Subscription are GBP750,000.
The Subscription Price represents a premium of approximately 13
per cent. to the closing price of 26.50 pence per Ordinary Share on
23 September 2021, being the last business day prior to the date of
this announcement.
In addition, 2.5 million warrants have been granted to Vincel
(the "Warrants") at an exercise price of 40 pence per Ordinary
Share and are exercisable for six months from completion of the
Subscription.
Upon completion of the Subscription, Vincel will be interested
in 14.8 per cent. of the enlarged issued share capital of the
Company. Vincel is owned by Mrs Shruti Lohia, daughter of Mr S P
Lohia. Mr Lohia is the Chairman of Indorama Corporation,
Singapore.
The proceeds of the Subscription will be used for ongoing
working capital purposes and Symphony's continuing development and
investment in a range of core complementary technologies.
Due to Vincel's current interest in Symphony, the Subscription
and grant of Warrants are considered to be a related party
transaction under the AIM Rules for Companies.
Accordingly, the board of directors of the Company consider,
having consulted with the Company's nominated adviser, that the
terms of the Subscription, and the grant of Warrants, are fair and
reasonable insofar as the Company's shareholders are concerned.
The Subscription is conditional upon admission of the new
Ordinary Shares to trading on AIM which is expected to commence on
30 September 2021 ("Admission").
The new Ordinary Shares issued pursuant to the Subscription as
well as the Ordinary Shares to be issued upon the exercise of the
Warrants will rank in full for all dividends or other distributions
hereafter declared, made or paid on the ordinary share capital of
the Company and will rank pari passu in all other respects with all
other Ordinary Shares in issue.
Total Voting Rights
Following Admission, the total issued share capital of the
Company will be 179,251,277 Ordinary Shares. The Company does not
hold any shares in treasury and therefore the total number of
voting rights in Symphony will be 179,251,277.
The above figure may be used by shareholders as the denominator
for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest
in, the Company under the Financial Conduct Authority's Disclosure
and Transparency Rules.
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20
8207 5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus Capital Limited (Nominated Adviser
and Joint Broker)
David Foreman / Nick Cowles / Kieran Russell Tel: +44 (0) 161
(Corporate Finance) 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Hybridan LLP (Joint Broker) Tel: +44 (0) 203
Claire Louise Noyce 764 2341
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company .
About Symphony Environmental Technologies plc
https://www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d2p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to give them protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d2p products also include odour,
moisture, and ethylene adsorbers as well as other types of
food-preserving technologies. Symphony has also launched d2p
antimicrobial household gloves and toothbrushes and is developing a
range of other d2p finished products for retail sale.
Symphony has developed and continues to develop, a biodegradable
plastic technology which helps tackle the problem of microplastics
by turning ordinary plastic at the end of its service-life into
biodegradable materials. It is then no longer a plastic and can be
bioassimilated in the open environment in a similar way to a leaf.
The technology is branded d2w(R) and appears as a droplet logo on
many thousands of tonnes of plastic packaging and other plastic
products around the world. In some countries, most recently Saudi
Arabia, oxo-biodegradable plastic is mandatory for a wide range of
everyday products.
The Group has complemented its d2w biodegradable product range
with d2c "compostable resins and products" that have been tested to
US and EU composting standards.
Symphony has a diverse and growing customer-base and has
established itself as an international business with 74
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 OPA (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 (symphonyenvironmental). A Symphony App is
available for downloading to smartphones.
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