Pressure Technologies PLC Disposal of equity holding in Greenlane Renewables (9668R)
July 03 2020 - 1:35AM
UK Regulatory
TIDMPRES
RNS Number : 9668R
Pressure Technologies PLC
03 July 2020
3 July 2020
Pressure Technologies plc
("Pressure Technologies" or the "Group")
Disposal of entire equity security holding in Greenlane
Renewables Inc.
The Board of Pressure Technologies plc ("PT") is pleased to
announce the execution of a Framework Agreement with Greenlane
Renewables Inc. ("Greenlane"), Creation Partners LLP ("Creation")
and Brad Douville (the "Framework Agreement"). Further details are
available under Greenlane's SEDAR profile and can be accessed via
this link. Link to SEDAR .
Following the execution of the Framework Agreement PT sold a
total of 7,663,920 common shares and the underlying common shares
of 5,094,765 share purchase warrants (the "PT Securities"). The PT
Securities were issued to PT in connection with the disposal of its
wholly owned subsidiary PT Biogas Holdings Limited (the
"Disposal"). The Group expects to receive net proceeds of
approximately GBP2.5 million upon settlement of the sale which,
together with the sale of 2,525,610 shares on 10 June 2020, means
Pressure Technologies will have realised cash proceeds of
approximately GBP3.1 million.
Through the Framework Agreement, Greenlane's outstanding
principal on the promissory note to PT (the "Promissory Note") will
be reduced to approximately GBP3.1 million and the maturity date
will be advanced from June 3, 2023 to June 30, 2021.
Pursuant to the terms of the Framework Agreement, PT has also
agreed to transfer the balance of its securities in Greenlane
following the sale, being 4,093,230 Greenlane common shares and
2,046,615 warrants, to Creation and Mr. Douville, which were
previously held in escrow for their benefit pending repayment of
the Promissory Note. Upon completion of these transactions, PT will
no longer be the owner of any equity securities of Greenlane.
The total cash received to date of the GBP10.1 million total
consideration on Disposal is approximately GBP7.3 million. The
proceeds of the recent sales will be used to pay down the Group's
existing debt.
For further information, please contact:
Pressure Technologies plc Tel: 0114 257 3616
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
Joanna Allen, Chief Financial
Officer
------------------------------------
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Carlo Spingardi
------------------------------------
Houston (Financial PR and Investor Tel: 0203 701 7660
Relations)
Kate Hoare / Anushka Mathew /
Ben Robinson
------------------------------------
COMPANY DESCRIPTION
www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial gases and hydrogen energy markets.
The Group has two divisions, Chesterfield Special Cylinders and
Precision Machined Components.
Chesterfield Special Cylinders (CSC) -
www.chesterfieldcylinders.com
-- Chesterfield Special Cylinders, Sheffield, includes CSC
Deutschland GmbH and Chesterfield Special Cylinders Inc.
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot, Precision Engineers and Martract brands.
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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