Business
Notice of EGM
Notice of EGM.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Plastic Technologies PLC\n06 February 2007\n\n SYMPHONY PLASTIC TECHNOLOGIES PLC\n\n Conditional £1.4 million Share Placing and\n Notice of Extraordinary General Meeting ('EGM')\n\nSymphony Plastic Technologies Plc ('Symphony' or the 'Group'), the degradable\nplastics and waste-to-energy company, announces a conditional placing of\n14,085,000 shares at 10 pence ('Proposed Placing'), EGM notice and proposed\nchange of name.\n\nReasons for the Proposed Placing\n\nSymphony has raised £1.4 million in a placing of 14,085,000 shares at 10 pence\nsubject to approval at EGM. The Board of Symphony believe that it is in the\nbest interest of the Company and its shareholders to replace part of its\noverseas finance facilities and other loans and to further invest in the\nenhancement of sales and marketing, R & D facilities and technical support\nservices.\n\nMichael Laurier, chief executive officer has purchased 500,000 new ordinary\nshares, Matthew Turner, managing director, has purchased 50,000 new ordinary\nshares and Ian Bristow, finance director has purchased 50,000 new ordinary\nshares as part of the Proposed Placing.\n\nFollowing the Proposed Placing, the directors have the following interest in the\nshare capital of the Company:\n\nMichael Laurier 12.18%\nMatthew Turner 0.36%\nIan Bristow 1.05%\nMichael Stephens 0.28%\nNirj Deva 0.02%\n\nThe Group anticipates trading in 2007 will be ahead of 2006 and also expects to\nsee maiden revenues from Symphony Energy Resources in the field of tyre and\nplastic recycling. The Group expects sales for 2006 to be in the region of\n£4.3m.\n\nExtraordinary General Meeting\n\nSymphony is holding an EGM at 9:00 am on Tuesday, 27 February 2007, at Elstree\nHouse, Elstree Way, Borehamwood, Hertfordshire WD6 1LE. The purpose of the\nmeeting is, inter alia, to provide the directors with the necessary authorities\nin relation to the Proposed Placing of 14,085,000 new ordinary shares of 1p\neach, at a placing price of 10p each, in the capital of the Company ('New\nOrdinary Shares'), ranking pari passu in all respects with the existing issued\nordinary shares in the capital of the Company. Application will be made for all\nsuch New Ordinary Shares, once issued and allotted, to be admitted to trading on\nAIM.\n\nShareholder approval is also sought to change the Company's name to 'Symphony...