Schedule 1 update - Recycling Technologies Group | RNS | Ticker

Schedule 1 update - Recycling Technologies Group

RNS Announcement

RNS Number : 3435V

AIM

10 December 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Recycling Technologies Group Limited (to be re-registered as Recycling Technologies Group PLC before admission)

(together with its group companies, "Recycling Technologies")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered Address:

Hill Barn Upper Pavenhill

Purton

Swindon

Wiltshire

SN5 4DQ

Principal Trading Address

Unit B2, Stirling Court, Stirling Road

South Marston Industrial Estate

Swindon SN3 4TQ

United Kingdom

COUNTRY OF INCORPORATION:

England & Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.recyclingtechnologies.co.uk

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Recycling Technologies is a UK-based engineering, research and manufacturing company founded in 2011 by Adrian Griffiths. Through a decade of research, engineering and collaboration with academia, it has developed a proprietary, patented technology to recycle mixed plastic waste, the RT7000. The RT7000 processes hard to recycle plastic waste into chemical feedstocks, such as oil, for making new plastics.

Currently around 12% of global plastic waste is recycled. The RT7000 can process hard to recycle plastic waste that would otherwise be incinerated, put into landfill or leaked into the environment.

The RT7000 is intended to be integrated into existing waste processing sites and the Company intends to primarily sell the machines to the waste management industry. Through selling its machine to the waste management industry, Recycling Technologies believes it has created a new, profitable addition for the waste manager whilst improving their environmental credentials.

Recycling Technologies has a number of global partnerships including with Neste, the c.$40bn market capitalisation petrochemicals company (which is a c.11% shareholder (pre-fundraise) and has a nominated director on the Board), Unilever, Nestlé and TOTAL. It is also partnered with INEOS Styrolution to modify its proprietary technology into a polystyrene waste to styrene recycling process.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Ordinary shares of 1 penny each ("Ordinary Shares"). No restrictions on the transferability of the securities expected other than customary contractual lock-ups following the IPO and pursuant to applicable securities laws.

Placing price per Ordinary Share: TBC.

No Ordinary Shares will be held in treasury on Admission.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Expected Fund Raise

· Primary Fund Raise: £40 million with potential over-allotment option

· Potential Secondary Sell Down: TBC

Expected Market Capitalisation at the placing price: TBC

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

TBC

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

None.

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Adrian Edward Griffiths - Founder & Chief Executive Officer (CEO)

Stephen Peter Pascoe - Chief Financial Officer (CFO)

Gary Bruce Bullard - Independent Chairman

Nicola Marie Frayne - Independent Non-executive Director

Paul Richard Turner - Independent Non-executive Director

Simon John Dent - Non-executive Director

Stephen Peter Hodges - Independent Non-executive Director

Joonas Mikael Helenius - Non-executive Director

Alice Sarah Louise Cummings - Independent Non-executive Director

Laurence David Edgar Hollingworth - Independent Non-executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Significant shareholders post admission will be dependent on the size of the raise, valuation and participation in the fund raise. Significant shareholders on a fully diluted basis are expected to be as follows:

Name	Before Admission (%)	Post Admission (%)
Neste Oyj ^{(1) (4)}	11.03	TBC
SOF GP, S.á.r.l. ^{(2) (4)}	11.03	TBC
Adrian Griffiths (and his connected persons) ⁽³⁾	9.42	TBC
Future Fund Limited ⁽⁴⁾	6.93	TBC
Damian Tuite	6.28	TBC
Alexander Anderson	3.90	TBC

(1) Neste Oyj has a nominated director on the Board in Joonas Helenius

(2) Acting in its capacity as general partner of Althelia Sustainable Ocean Fund SICAV-SIF. Alter Domus Management Company is the management company and Mirova Natural Capital is the financial sub-advisor. The Sustainable Ocean Fund has a nominated director on the Board in Simon Dent

(3) Chief Executive Officer of Recycling Technologies

(4) This assumes (a) the conversion of convertible loan notes (and of the interest payable on such loan notes) issued to Neste, SOF and Future Fund, into Ordinary Shares pre-admission and (b) a certain warrantholder exercising warrants in respect of 133,333 Ordinary Shares pre-admission

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

Connexxions Media & Marketing Limited

Ellason LLP

Haines Watts Limited

Hazelwood Accounting Services Limited

Macfarlanes LLP

Norton Rose Fulbright LLP

Rubus Group

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) 31 December 2020 (and unaudited financial information for the six months ended 30 June 2021)

(iii) 30 June 2022 (in respect of year end 31 December 2021), 30 September 2022 (in respect of six months ended 30 June 2022) and 30 June 2023 (in respect of year end 31 December 2022)

EXPECTED ADMISSION DATE:

Early February 2022

NAME AND ADDRESS OF NOMINATED ADVISER:

Stifel Nicolaus Europe Limited

150 Cheapside

London

EC2V 6ET

NAME AND ADDRESS OF BROKER:

Stifel Nicolaus Europe Limited

150 Cheapside

London

EC2V 6ET

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

www.recyclingtechnologies.co.uk

The admission document will contain full details about the applicant and the admission of its securities.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

10 December 2021

NEW/ UPDATE:

UPDATE

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END

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RNS metadata

Title: Schedule 1 update - Recycling Technologies Group
Time: 17:30:01
Date: 10 Dec 2021
Category: Corporate updates
ID: 3435V