Equity Placing and Grant of Warrants

RNS Number : 6519P

Symphony Environmental Tech. PLC

09 June 2015

 

	9 June 2015

Symphony Environmental Technologies Plc

("Symphony" or the "Company")

Equity Placing raises £0.5 million and Grant of 2.2 million Warrants

Symphony Environmental Technologies Plc (AIM: SYM), global specialists in "making plastic smarter", with d2w biodegradable, d2p anti-microbial and d2t anti-counterfeiting technologies, is pleased to announce the placing of 5,000,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") to Somerston Environmental Technologies Limited ("Somerston"), a subsidiary of the Somerston Group, at a price of 10p per Ordinary Share (the "Placing"). The Placing price represents a premium of approximately 15.9 per cent. against the closing price of the Company's Ordinary Shares of 8.625 pence at 8 June 2015 and generates net proceeds of £500,000.

Placing and Warrants

Application has been made for the new Ordinary Shares to be issued pursuant to the Placing to be admitted to trading on AIM, which is expected to become effective at 8.00 a.m. on 10 June 2015. 

In addition, 2.2 million warrants have been granted to Somerston (the "Warrants"). The Warrants are exercisable for three years from 9 June 2015 at an exercise price of 15p per Ordinary Share and would generate proceeds to the Company of £330,000 if exercised.

The funds raised will be used as working capital for the Group as it continues to develop and market its range of technologies.

Michael Laurier, the Chief Executive Officer of Symphony said "We are delighted for the continued support of Somerston who have materially increased their investment in Symphony."

The beneficial interests of Shaun Robinson and Somerston (including connected parties) are detailed in the table below.

	Shareholding as at 8 June 2015		Shareholding following the Placing
Shaun Robinson (direct holding)	7,737,888	5.3%	7,737,888	5.2%
Somerston (direct holding)	22,250,000	15.4%	27,250,000	18.2%
Beneficial holding of Shaun Robinson*	10,203,938	7.0%	10,912,449	7.3%
Total number of Ordinary Shares	144,839,377		149,839,377

* Shaun Robinson currently has a 15.3% interest in Somerston (but not the interests of connected parties) which effectively represents 2,466,050 Ordinary Shares as at 8 June 2015, and 3,174,561 Ordinary Shares following the Placing.

The new Ordinary Shares are conditional upon admission.

The new Ordinary Shares and shares exercisable under 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 the existing Ordinary Shares.

Total Voting Rights

Following admission of the Placing Shares on 10 June 2015, the total issued share capital of the Company will be 149,839,377 Ordinary Shares. The Company does not hold any shares in treasury and therefore the total number of voting rights in Symphony is 149,839,377 Ordinary Shares.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if 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.

For further information, contact:

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Michael Reynolds (Corporate Finance)	Tel: [phone]
David Banks / Tessa Sillars (Corporate Broking)
Blytheweigh
Halimah Hussain Andrea Benton	Tel: [phone]

About Symphony Environmental Technologies plc

Symphony has developed a range of additives, concentrates and master-batches marketed as d2p, which can be incorporated in a wide variety of plastic and non-plastic products and applications so as to give them protection against many different types of bacteria, fungi, algae, mould and insects.

In addition Symphony has developed controlled-life plastic technology which turns 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 the same way as a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries oxo-biodegradable plastic is mandatory.  For a video of d2w® plastic degrading see http://degradable.net/play-videos/4.

In addition Symphony has developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products.  Symphony's d2t tagging and tracer technology is also available for further security. See www.d2t.net

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 97countries and in many different product applications. Symphony is certified to ISO9001 and ISO14001.

Symphony is a member of The Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA), the Society for the Chemical Industry (UK), and the Pacific Basin Environmental Council. Symphony 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 Symphony Group can be found at www.symphonyenvironmental.com.

 

END

 

 

IOEBBGDLUXGBGUC