Nviro Cleantech joins AIM
Monday, August 6th, 2007
Nviro Cleantech plc, which aims to commercialise â€œcleanâ€ technologies, announces the commencement of dealings of its Ordinary Shares on AIM. Grant Thornton Corporate Finance is acting as Nominated Adviser to Nviro Cleantech plc and Fairfax I.S. PLC is acting as Lead Financial Adviser and Broker. The stock market EPIC is NVR.
Placing and Admission Statistics
Placing Price 63p
Number of New Ordinary Shares to be issued under the Placin 11,904,762
Number of Existing Ordinary Shares in Issue 31,916,199
Number of Ordinary Shares in issue on Admission 43,820,961
Percentage of the enlarged issued share capital being subject to the Placing 27.17
Market capitalisation following the Placing at the Placing Price Â£27.6million
Gross proceeds of the Placing Â£7.5million
Net proceeds to be received by the Company (exclusive of applicable VAT Â£6.53million
Reasons for the Placing and Admission
The Group has raised Â£7.5 million (Â£6.53 million net of expenses and applicable VAT) for working capital principally to enable it to further finance and develop its business strategy.
Application of funds Â£m
Vertus RTP Technology 4.04
Other technologies 1.39
Corporate Working Capital 1.10
Cost of Placing & Admission to AIM 0.97
Chris Every, Chief Executive Officer of Nviro Cleantech, said: â€œWe are pleased that the flotation has been completed successfully and are delighted with the support from our new shareholders. The Placing will enable us to develop our business strategy and to further finance our portfolio of clean technologies, in particular our Vertus RTP technology.
â€œWe are confident that Nviroâ€™s technology portfolio and flexible business model gives us the necessary agility to exploit the shifting and fast growing global market for clean technologies, which has been conservatively estimated to reach US$800 billion by 2015.â€