Symphony Plastic Technologies PLC
08 March 2005
8 March 2005
SYMPHONY PLASTIC TECHNOLOGIES PLC
Conditional £1.7 million Share Placing and
Notice of Extraordinary General Meeting
Symphony Plastic Technologies Plc ('Symphony' or 'the Company'), the degradable
plastics company, announces that it is holding an Extraordinary General Meeting
'EGM' at 9:00 am on Thursday 31st March 2004, at Elstree House, Elstree Way,
Borehamwood, Hertfordshire WD6 1LE.
The purpose of the meeting is to approve a placing of 11,666,667 new ordinary
shares of 1p each, at a placing price of 15p each, in the capital of the Company
('New Ordinary Shares'), ranking pari passu in all respects with the existing
issued ordinary shares in the capital of the Company. Application will be made
for all such New Ordinary Shares, once issued and allotted, to be admitted to
trading on AIM.
Reasons for the Proposed Placement
The Board of Symphony believe that it is in the best interests of the Company
and its shareholders to replace funds that are currently tied up in court and to
finance the anticipated increase in levels of existing business as well as to
facilitate further expansion. The Proposed £1.7 million Placing will strengthen
Symphony's balance sheet and the Company will be well placed to meet the
expected high level of demand for d2w (R) totally degradable plastic products in
various markets and market sectors.
For further information, please contact:
Symphony
Michael Laurier, Chief Executive Tel: 020 8207 5900
Ian Bristow
Citigate Dewe Rogerson
Patrick Toyne-Sewell Tel: 020 7638 9571
Ged Brumby
Ends
Information on Symphony:
Symphony develops and supplies environmentally responsible plastic packaging
products, which are distributed primarily to the retail, local authority and
health related sectors. The Group's main technology, d2w(R), allows plastic to
degrade, leaving only water, a minimal amount of carbon dioxide and trace
amounts of non-toxic biomass over a controlled time period. The current d2w(R)
product range now includes additives, carrier bags, refuse and waste sacks,
mailing wrap, stretch film, aprons, and packaging films.
Symphony has a strong blue-chip customer base in the UK and has successfully
established itself as an international business with agreements in Brazil,
Colombia, New Zealand, South Africa, the Caribbean and the Middle East. Further
information on Symphony can be found at www.degradable.net.
This information is provided by RNS
The company news service from the London Stock Exchange
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