THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
This announcement does not constitute an offer of securities for sale or subscription in any jurisdiction. Investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws on the basis of information contained in the admission document (as referred to below) in connection with the Placing, Subscription and Admission of the Company's ordinary shares to trading on AIM, a market operated by the London Stock Exchange. Copies of the admission document are available from the Company's website at www.verditek.plc.uk.
Certain information provided in this press release may constitute forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's admission document.
10 August 2017
Verditek PLC
("Verditek" or the "Company")
Admission to Trading on AIM and First Day of Dealings
£2.75 million gross raised by way of the Placing and Subscription
Verditek plc, a holding company with three businesses operating within the clean technology sector with proven products considered as being at the point of commercialisation, is pleased to announce the admission today of its ordinary shares to trading on AIM, a market regulated by the London Stock Exchange ("Admission"). Dealings in the ordinary shares will commence at 8.00am today under the ticker "VDTK" and ISIN number of GB00BF2C0424. Stockdale Securities Limited is acting as Nominated Adviser and Broker to the Company.
The Company, via three clean technology businesses, is focused on what it considers to be emergent and fast-growing clean technology sectors including, but not limited to, next generation solar panel technology, liquid gas absorption for CO2 capture and emission control and a filtration system which de-odourises air in waste water treatment systems.
PLACING, SUBSCRIPTION AND ADMISSION STATISTICS
Issue Price per ordinary share |
9 pence |
Gross proceeds of the Placing and Subscription |
£2.75 million |
Net proceeds of the Placing and Subscription receivable by the Company |
£2.03 million |
Number of Ordinary Shares in issue immediately following Admission |
187,672,821 |
Market capitalisation of the Company at the Issue Price at Admission |
£16.9 million |
The proceeds of the Placing and Subscription receivable by the Company will be deployed for investment in the three operating companies and to assist with the development of products towards commercialisation and for general working capital purposes. Verditek intends to build a substantial public company by developing its subsidiaries and potentially acquiring a full ownership over a period of time.
Theodore Chapman, CEO of Verditek, commented:
"I am delighted that Verditek has joined AIM. Admission to AIM will expedite the execution of our growth strategy and take the Company to the next phase as we look to progress our three clean technology businesses with exciting, disruptive technologies and proven products in solar, carbon capture and filtration and bring each of the proprietary products to market.
"In this regard, we have focused on a unique liquid gas absorption technology expected to revolutionise the global CO2 capture industry; the acquisition of two solar manufacturing production lines in the Republic of San Marino, each of 25MWp (total 50MWp) production capacity per annum, producing an innovative and un-paralleled solar PV building material; and a pioneering filtration deodorisation technology, which is commercially proven and tackles a wide range of odours within air and water at a high efficiency.
"We are excited by the opportunities that now present themselves to us as a quoted entity, which we believe will enhance Verditek's profile and provide access to the UK equity markets to support future growth. We have a highly experienced management team with strong leadership and experience in the clean technology sector. We look forward to updating our new shareholders and other investors with our progress as a public company in due course."
The Company's Admission Document can be viewed at: https://www.verditek.plc.uk/
COMPANY OVERVIEW
· Three clean technology businesses considered as being at the point of product commercialisation and with growth potential:
o Greenflex Energy Limited (51%) which owns Greenflex RSM S.r.l. (100%):
o Solar photovoltaic ("PV") technology which the Board considers has various product innovations including interconnectivity of individual PV cells, increased flexibility and lightness;
o Intend to generate revenues from the sale of 'solar enhanced' PV products such as roof tiles and facades;
o Potential for the product to be used as a modern, more efficient solution to fit easily over existing solar panels and boost the output of existing solar farms; and
o Wholly owned manufacturing production lines in the Republic of San Marino - initial capacity of 50MWp per annum.
o Verditek USA Ltd (100%) to hold an equity stake in Westec Environmental Solutions LLC conditional upon Admission (23.64% with an option to increase to 51%):
o Patented absorption technology that optimises mass transfer of gas/liquid for industrial emissions / control and for CO2 capture;
o Gas to liquid absorber with high mass transfer rates with the intention to produce and manage solids in situ - novel multiphase contacting process using proprietary froth generator;
o Addressing the CO2 capture market (utilisation and storage) and other emissions control technologies for numerous industries including natural gas processing and petroleum refineries;
o Board believes that Carbon Capture and Utilisation ("CCU") presents the quickest path to market and that the modular design is scalable to suit multiple end users;
o Huge potential for growth due to the growing threat posed by continued CO2 emissions into the atmosphere;
o Strategic partnerships in place with environmental services groups:
· Blue Planet Limited (which works with cement plants);
· SINTEF in Norway (partly funded under CLIMIT, the Norwegian research programme established by the Norwegian Ministry of Petroleum and Energy which is managed by Gassnova SF and the Research Council of Norway);
· CMC Research Institutes, Inc. of Canada; and
· Process Holdings Pty Ltd in Australia.
o BBR Filtration Limited (51%) to be held conditional upon Admission:
o Patented filtration deodorisation technology and sole distributorship rights with the potential for certain geographical exclusivity;
o Removes over 99% of hydrogen sulphide from wastewater streams;
o 2016 trial with TOHO Water Authority in Florida, US; and
o Board considers the technology to have significant commercial advantages including lower costs and greater sustainability.
· Growth strategy focused on driving value in businesses that the Board considers to have the following characteristics:
o Proven products at the point of or near commercialisation;
o IP which has a proven competitive technological / commercial edge; and
o Large, lucrative and global addressable markets.
· Highly experienced management team and board with meaningful industry relationships:
The Board on Admission includes Geoff Nesbitt, formerly CTO of Petrofac, a FTSE 250 company, as Non-Executive Chairman; Theo Chapman, who has over two decades in the clean technology industry, as Chief Executive Officer; José Luis del Valle Doblado, former Global Chief Financial Officer of Santander and Chief Executive Officer of Scottish Power, as Non-Executive Director; Janet Donovan, a chartered accountant and member of the Institute of Chartered Accountants in England and Wales, as Chief Financial Officer; Anthony Rawlinson who has a 40 year career in fund management as Non-Executive Director; and George Katzaros a London based investment banker who has over 30 years experience in both public and private equity as Non-Executive Director.
Enquiries:
Verditek plc Geoffrey Nesbitt (Non-Executive Chairman) Theodore Chapman (Chief Executive Officer) |
+44 (0) 20 7129 1110 [email protected]
|
Stockdale Securities Limited (NOMAD and Broker) |
|
Antonio Bossi David Coaten Andy Crossley |
+44 (0) 20 7601 6100 |
Yellow Jersey PR (PR & IR) Felicity Winkles Alistair de Kare-Silver |
+44 (0) 7748 843 871 +44 (0) 7825 916 715 |
For more information please visit or contact the following: https://www.verditek.plc.uk/
