TIDMSYM
RNS Number : 3507U
Symphony Environmental Tech. PLC
01 August 2022
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.
1 August 2022
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony" or the "Company")
Equity subscription raising GBP1,000,000,
Grant of 4.0 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 5,555,556 new ordinary shares of 1 pence each in
the Company ("Ordinary Shares") by Sea Pearl Ventures Limited ("Sea
Pearl"), based in the Bahamas, at a price of 18 pence per Ordinary
Share ("Subscription Price") (the "Subscription"). Gross proceeds
from the Subscription are GBP1,000,000.
The Subscription Price represents a c.5 per cent. discount to
the closing price of 19.00 pence per Ordinary Share on 28 July
2022, being the last business day prior to the date of the
Subscription.
In addition, 4.0 million warrants have been granted to Sea Pearl
(the "Warrants") at an exercise price of 25 pence per Ordinary
Share and are exercisable for one year from completion of the
Subscription.
The total interest in Symphony of Vincel Investment Holdings
Limited ("Vincel") have been transferred to Sea Pearl. Upon
completion of the Subscription, Sea Pearl will be interested in
17.4 per cent. of the enlarged issued share capital of the Company.
Sea Pearl shares the same ownership structure as Vincel and is 100%
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 will be used to strengthen the balance
sheet to take advantage of future commercial opportunities as the
group transitions to profitability.
Due to Sea Pearl'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
5 August 2022 ("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 184,806,833 Ordinary Shares. The Company does not
hold any shares in treasury and therefore the total number of
voting rights in Symphony will be 184,806,833.
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.
Michael Laurier, CEO of Symphony commented,
"We are pleased to have received this investment from Sea Pearl
showing ongoing support and optimism around the potential of the
Group. The additional warrants show longer term partnership and
commitment."
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, Kieran Russell, Guy Brinkley Tel: +44 (0) 161
(Corporate Finance) 831 1512
Dominic King, Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203
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 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 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 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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