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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plantic Tech. | LSE:PLNT | London | Ordinary Share | AU0000XINEG8 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPLNT RNS Number : 4046U Plantic Technologies Limited 24 June 2009 24 JUNE 2009 PLANTIC TECHNOLOGIES LIMITED ("Plantic" or "the Company") ANNUAL GENERAL MEETING AND TRADING UPDATE Plantic (AIM:PLNT), the technology company engaged in the development and commercialisation of a range of environmentally friendly plastics from renewable resources, will today hold its Annual General Meeting in Melbourne, Australia. Ian Wightwick, Plantic's Chairman, will make the following statement at the meeting: "Financial performance in the first half of the current financial year is anticipated to be in line with market expectations. Although volumes will be lower, improved mix means revenue expectations have been met. We were able to concentrate our efforts on a number of key global brand leaders and new product development, where further progress has been made. Our business has been re-structured to achieve cost savings and improved efficiencies, enabling us to improve our future competitiveness. Our cash position remains healthy, and is expected to be approximately A$21.5m as at 30 June 2009. As we approach the second half of the year, we are pleased to see a strengthening order book. However, trading conditions are expected to remain challenging leading to less certainty regarding the timing of new orders, with sales volumes and financial performance likely to be lower than market expectations. Nevertheless, we continue to make good progress developing and proving Plantic-based packaging with leading consumer brands in the UK, Continental Europe, Australia, New Zealand, and North and South America. We expect these efforts to be translated into new substantial supply contracts for our material in due course. We have recently secured a significant new long-term contract from a leading German food manufacturer to supply traditional packaging. This supports our strategy to utilise the world class manufacturing facility which Plantic recently opened in Jena to capitalise on opportunities to replace olefin-based packaging with Plantic material. This provides a one-stop solution for customer requirements and ensures the high level of cost-competitive service demanded." FURTHER INFORMATION: +-------------------------------------+-------------------------------------+ | Plantic Technologies: | | +-------------------------------------+-------------------------------------+ | Brendan Morris, Chief Executive | +61(0)3 9353 7983 | | Officer | | +-------------------------------------+-------------------------------------+ | | | +-------------------------------------+-------------------------------------+ | Nomura Code Securities Limited: | | +-------------------------------------+-------------------------------------+ | Juliet Thompson | +44 (0)20 7776 1204 | +-------------------------------------+-------------------------------------+ | | | +-------------------------------------+-------------------------------------+ | Pelham PR: | | +-------------------------------------+-------------------------------------+ | Archie Berens | +44 (0)20 7337 1509 / +44 (0)7802 | | | 442486 | +-------------------------------------+-------------------------------------+ NOTES FOR EDITORS Plantic's novel polymer manufacturing technology is based on the use of high-amylose corn starch, a material derived from annual harvesting of specialized (hybrid) corn. The unique chemical and film-forming properties of this type of cornstarch allow for development of a range of applications across conventional plastics markets. In addition to being renewably sourced, users can take advantage of excellent end-of-life properties such as biodegradability and compostability. Plantic has several patents covering its technologies, formulations and applications. The Company's objective is to commercialise its plastic technologies across a broad range of applications, with a particular focus on the packaging industry. Its first product, the "Plantic tray" is sold commercially in the UK, Continental Europe, Australia and New Zealand. Injection Moulding resins are sold via DuPont globally excluding Australia and New Zealand. This information is provided by RNS The company news service from the London Stock Exchange END AGMSELSMLSUSESM
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