Nature Group PLC Acquisition of Interest in NEMS (2418K)

TIDMNGR

RNS Number : 2418K

Nature Group PLC

19 September 2016

NATURE GROUP PLC

("Nature Group" or the "Group")

Acquisition of Interest in Nature Environmental & Marine Services, LLC

Nature Group, (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries announces that it has entered into an agreement to acquire the remaining 25 per cent. of Nature Environmental & Marine Services, LLC ("NEMS") not currently owned by it from Global Energy Recovery Systems, LLC ("GERS") (the "Acquisition").

NEMS is located in Corpus Christi, Texas, and operates the Group's maritime waste treatment facilities along the Texas Gulf Coast, collecting from seagoing vessels, shipyards and terminals from Port Arthur to Brownsville. In November 2015, NEMS started processing maritime waste through a new USDA-authorised autoclave system, which processes solid waste received from foreign oceangoing vessels calling at the Texas Gulf Coast and eliminates the need to haul it to third party processors. This allows a significant cost savings in processing fees and truck time. In June 2016 NEMS started barging services operated out of Houston, enabling collection of bigger quantities.

As detailed in the Group's Report and Accounts for the year ended 31 December 2015, NEMS generated revenues in that period of GBP2.6 million and reported a loss before tax of GBP0.13 million. The total consideration payable by the Group in respect of the Acquisition is US$675,000. An initial amount of US$50,000 was paid upon closing of the Acquisition with a further payment of US$65,000 payable on or prior to 25 December 2016. The balance of the consideration shall be paid in monthly instalments of US$15,000, starting on 30 September 2016 and continuing on the first day of each calendar month next following, until paid in full.

Consequently, Timothy C. Curl, the current Chief Executive Officer of NEMS and the beneficial owner of GERS, will step down from that position and the Group is pleased that he will continue in a consultancy capacity, focussing on the development of new business opportunities and on particular segments of the business where his experience is invaluable.

For further information:

 
 Nature Group PLC 
 Jan Vesseur, CEO      Tel: [phone] 
 Maarten Smits,        Tel: [phone] 
  CFO 
 Berend van Straten,   Tel: [phone] 
  Chairman 
 
 Cenkos Securities 
  plc 
 Neil McDonald         Tel: [phone] / +44 
                        (0)207 397 1953 
 Beth McKiernan        Tel: [phone] / +44 
                        (0)207 397 1950 
 Nick Tulloch          Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQMMGMLKLKGVZM

(END) Dow Jones Newswires

September 19, 2016 11:17 ET (15:17 GMT)