TIDMAXS
RNS Number : 9547A
Accsys Technologies PLC
07 June 2021
AIM: AXS
Euronext Amsterdam: AXS
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
07 June 2021
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Tricoya(R) plant construction update
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, today announces an update regarding the
status of construction of the new Tricoya(R) plant at Hull, UK by
Tricoya UK Limited ('Tricoya UK'), Accsys's joint venture in
relation to the Hull plant.
-- As announced by the Company on 16 April 2021, based upon
management experience the plant construction schedule at Hull was
at risk of being delayed due to COVID-19 related challenges, recent
engineering changes, and the final stages of construction taking
longer than anticipated, and Accsys was considering a full range of
options to mitigate these risks.
-- We have now received and are considering a notice from the
lead contractor responsible for the delivery of the plant, Engie
Fabricom UK Limited, purporting to terminate the engineering,
procurement and construction agreement for the project by reason of
force majeure arising out of the COVID-19 pandemic and stating that
they plan to demobilise over the next two weeks.
-- The Tricoya(R) plant construction is in its final stages.
Accsys is committed to the safe completion and operation of the
plant and has been looking forward to obtaining greater control
over the site and completing the commissioning as soon as
possible.
-- The purported termination may now result in Tricoya UK taking
over earlier than previously anticipated the completion of the
final stages of construction and subsequent commissioning. This may
be with or without assistance of a new lead contractor given the
advanced status of the project.
-- We will update the market on any possible implications for
the timeline and costs for the project as soon as possible, and
will be releasing Accsys' preliminary results for the year ended 31
March 2021 later this month.
Ends
For further information, please contact:
Investor enquiries:
========================================= ======================
Accsys Technologies PLC ir@accsysplc.com
Sarah Ogilvie, Investor Relations
========================================= ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
========================================= ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN Amro (Amsterdam)
Richard van Etten, Geertje Cornelissen +31 20 344 2000
========================================= ======================
Media enquiries:
========================================= ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
========================================= ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
========================================= ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make high performance wood
products that are extremely durable and stable, opening new
opportunities for the built environment and giving the world a
choice to build sustainably.
Accsys transforms fast-growing, certified sustainable wood into
building materials with characteristics that match or better those
of man-made, intensely resource-depleting and heavily
carbon-polluting alternatives.
The company's primary focus is on the production of Accoya (R)
wood and Tricoya (R) wood elements, as well as technology licensing
via its subsidiaries Titan Wood Limited and Tricoya Technologies
Limited. Accsys has its head office in London, UK, production
operations in Arnhem, the Netherlands, an American office in
Dallas, Texas, and is constructing the world's first Tricoya (R)
plant in Hull, UK.
Accsys is committed to a more sustainable world and uses
abundantly available wood sources that are certified as
sustainable. With our business model already aligned with several
UN Sustainable Development Goals, Accsys is currently working on
identifying further strategic ESG priorities to have an even
greater positive impact on the world.
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. Accsys Technologies PLC is listed on
the London Stock Exchange AIM market and on Euronext Amsterdam,
under the symbols 'AXS'.
More information about Accsys can be found at
www.accsysplc.com
Accoya (R) wood is a sustainable, durable and stable solid wood
product with exceptional performance, finish and sustainability.
Accsys' proprietary acetylation process makes the wood more
dimensionally stable and, because it is no longer easily
digestible, extremely durable. Produced from certified (e.g. FSC
(R) ) sustainable sources, Accoya (R) wood has many environmental
credentials and ecolabels, and is one of very few building
materials to be Cradle to Cradle Certified(TM) at the Gold level,
with a Platinum rating for Material Health, confirming that no
harmful or toxic additives or chemicals are present to leach out
into the environment.
With an up to 50 year warranty and 70+ year service life, the
combination of sustainability, dimensional stability, durability
and retained strength means that Accoya (R) wood offers a wealth of
new opportunities to architects, designers, specifiers,
manufacturers and homeowners. These benefits result in lower
maintenance and total cost of ownership while also offering
significant sustainability benefits. For more information about
Accoya (R) wood, visit www.accoya.com .
Tricoya (R) acetylated wood elements ( www.tricoya.com ) are
produced for use in the fabrication of panel products such as
medium density fibreboard (MDF).
Panel products made with Tricoya (R) wood elements are truly
durable and stable enough for use outdoors and in wet environments.
Combining the sustainability, durability and stability from our
acetylation process with the ease of use and quality finish of wood
panel products, the enhanced durability and dimensional stability
opens new opportunities for the use of these products, making them
suitable in applications and environments that previously required
solid wood, synthetic or unsustainable materials.
Tricoya (R) wood elements have been lauded as the first major
innovation in the wood composites industry in more than 30 years.
For more information about Tricoya (R) wood elements, visit
www.tricoya.com.
Wood acetylation is a process which increases the naturally
occurring acetyl content of wood, thereby changing its physical
properties. When carried out to a sufficient degree throughout the
wood, as with Accsys' proprietary process, it significantly reduces
the ability of the wood to absorb water without adding any toxic or
harmful compounds, elements or substances that were not already
present in the wood. This makes it much more dimensionally stable
and, because it is no longer easily digestible to most organisms,
extremely durable.
'Accsys' and 'Accsys Technologies' are trading names of Titan
Wood Limited ("TWL"), a wholly-owned subsidiary of Accsys
Technologies PLC. Accoya (R) , Tricoya (R) and the Trimarque Device
are registered trademarks owned by TWL, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya (R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya (R) brand.
Market Abuse Regulation
This Announcement contains inside information for the purposes
of EU Market Abuse Regulation and UK Market Abuse Regulation. Upon
publication of this Announcement, the inside information is now
considered to be in the public domain. The person responsible for
arranging for the release of this Announcement on behalf of Accsys
is Angus Dodwell, Legal Counsel & Company Secretary.
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