Environmental Recycling Tech. PLC Debt conversion (2102P)

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RNS Number : 2102P

Environmental Recycling Tech. PLC

16 February 2016

Environmental Recycling Technologies plc

Debt conversion

Environmental Recycling Technologies ("ERT" or "the Company") (AIM: ENRT), which has developed and commercialised the patented rights to the Powder Impression Moulding ("PIM") process, which converts mixed waste plastics into commercial end products, is pleased to confirm that it has agreed with Ken Brooks that GBP200,000 outstanding debt in the Company owned by Ken Brooks, plus accrued interest, will be satisfied in full by the issue of a further 90,158,078 new ordinary shares at the par value price of 0.25p per share.

The terms of the convertible loan, which allowed for conversion at the holder's option at the price at which new shares would next be issued for cash, have by agreement between the parties, been varied to allow the issue of new shares at their par value, which is currently above the market price of 0.08p per share. In view of the fact that Mr Brooks was a director of the Company within the last 12 months, the transaction is classified as a related party transaction. The Directors, having consulted WH Ireland, consider that the transaction is fair and reasonable so far as the interest of shareholders are concerned.

Following this conversion, Ken Brooks will own 115,407,804 ordinary shares, representing approximately 12 per cent of the enlarged issued share capital. Application will be made for the new ordinary shares arising out of this exercise to be admitted to AIM in due course.

Enquiries:

 
Environmental Recycling      www.ertplc.com 
 Technologies Plc 
Michael Rowan,           Telephone: +44 (0) 
                               845 071 1394 
Executive Chairman 
 
W H Ireland Limited 
John Wakefield           Telephone: +44 (0) 
                               117 945 3470 
 
 
Kreab 
Robert Speed  Telephone: +44 (0) 
                    20 7074 1800 
 

Notes to editors:

Environmental Recycling Technologies plc (ERT) is a leading developer of innovative technologies specifically focusing on plastic waste recycling. The company holds the worldwide intellectual property rights to the Powder Impression Moulding (PIM) Process.

For more information about Environmental Recycling Technologies plc please visit www.ertplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

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February 16, 2016 07:00 ET (12:00 GMT)