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Modern Water PLC (MWG)

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Tuesday 21 August, 2018

Modern Water PLC

Receipt of Chinese Investment

RNS Number : 3487Y
Modern Water PLC
21 August 2018
 

21 August 2018

Modern Water plc

("Modern Water", "the Company" or "the Group")

 

 

Receipt of Chinese investment

Modern Water plc (AIM:MWG), the owner of leading technologies for water and wastewater treatment and for the monitoring of water quality, is pleased to announce that, further to its announcement on 5 July and following confirmation of foreign investment by the relevant Chinese authorities, it has yesterday received £552,348.83 from Chinese company Hangzhou Shangtuo Environmental Technology Co. Ltd. (trading as "Sunup"). Sunup's subscription for 5,021,353 new ordinary shares in the Company ("Subscription") at 11 pence per share is now only conditional upon admission of the new ordinary shares to trading on AIM ("Admission") which is expected on 24 August 2018.

As previously announced, upon completion of the Subscription, Sunup will be interested in 5% of the enlarged share capital of the Company.

Sunup has agreed to lock-in restrictions for 12 months following the Subscription and orderly market restrictions for a period of 12 months after that. Sunup has been granted one non-transferrable warrant per New Share, exercisable within 12 months from completion of the Subscription, at 13 pence per new ordinary share.

Sunup is an environmental technology company integrating water and wastewater solutions for industrial clients in the People's Republic of China, with its headquarters in Hangzhou and branches in Beijing, Hong Kong and Qingdao.

Modern Water confirms that, following Admission, it intends to give existing shareholders the opportunity to subscribe new ordinary shares, on the basis of one share for every ten held, at the same price as Sunup. Details of the open offer will be announced following publication of the Company's interim results for the 6 months ended 30 June 2018.

Any questions concerning the issue of new ordinary shares should be addressed to the corporate broker, whose details are set out below.

Simon Humphrey, Modern Water's CEO, said: "I am very pleased to welcome Sunup as a shareholder in Modern Water plc and look forward to working with Noah Tan and the highly experienced and committed team at Sunup to capitalise on the significant demand for Modern Water's innovative technologies in China."   

Commenting on the Subscription, Noah Tan, Sunup's CEO said: "Modern Water's innovative technologies bring a considerable competitive advantage to our new joint venture company whilst providing significant positive environmental benefits and cost-savings to our clients. And as a new shareholder we look forward to both contributing to and sharing in the long-term success of Modern Water."

--Ends--

 

 

For further information:

 

Modern Water plc

+44 (0) 1483 696 000

Simon Humphrey, Chief Executive

 

 

 

 

 

 

 

WH Ireland Limited  (Nominated Adviser)    

 

+44 (0) 207 220 1666

Chris Fielding

James Sinclair-Ford

Hayley Richardson (Corporate Broker)

 

 

 

 

 

 

Tavistock

 

+44 (0) 207 920 3150

 

 

James Collins

 

 

 

 

Notes to editors:

 

Modern Water owns, installs and operates advanced membrane systems using its world-leading membrane technologies; and develops and supplies advanced systems for water monitoring. Its shares trade on the Alternative Investment Market of the London Stock Exchange.

 

www.modernwater.com


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