Modern Water PLC Re-structuring (1426I)
07 August 2019 - 1:11AM
UK Regulatory
TIDMMWG
RNS Number : 1426I
Modern Water PLC
06 August 2019
Modern Water plc
("Modern Water", "the Company", "the Group")
Modern Water announces re-structuring
6 August 2019
Modern Water, the owner of world-leading technologies for water
and wastewater treatment and for water quality monitoring,
announces that it intends to restructure its group of companies
with the aim of focusing on its innovative membranes process
technologies.
The Company is in advanced negotiations to sell the assets of
Modern Water Inc., the Company's US-based monitoring division. The
boards of Modern Water Services Limited and Cogent Environmental
Ltd have decided to appoint liquidators.
In keeping with the new strategy of focusing on its core
innovative membrane process technologies, Modern Water has decided
to retain control of Surrey Aquatechnology Limited, a subsidiary
which holds most of the Group's patents.
Simon Humphrey, Modern Water's CEO, said: "We are working on
overcoming our liquidity problems in order to retain a restructured
business that can service our customers with world-leading
innovative technologies."
A further update will be issued as soon as there are any
material developments.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Modern Water plc +44 (0) 1483 696 000
Simon Humphrey, Chief Executive
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 207 213 0880
Sandy Jamieson / Tony Rawlinson
Ludovico Lazzaretti
Turner Pope Investments (Broker)
Andy Thacker +44 (0) 20 3621 4120
Notes to editors:
Modern Water is a pioneering and innovative technology company,
specialising in membrane water treatment solutions and advanced
monitoring products. The Company works for customers in a range of
industries across the globe and owns proprietary technologies for
use in a diverse range of applications. Modern Water's Monitoring
Division has a portfolio of world-leading toxicity and trace metal
monitoring products, some of which constitute the regulatory
standard. The headline technology of the Company's Membrane
Division, called "AMBC", can be used to tackle complex wastewater
treatment problems at a reduced cost compared to standard
processes, while being simple to operate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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