Nature Group PLC Acquisition of Interest in NEMS (2418K)
September 19 2016 - 10:17AM
UK Regulatory
TIDMNGR
RNS Number : 2418K
Nature Group PLC
19 September 2016
NATURE GROUP PLC
("Nature Group" or the "Group")
Acquisition of Interest in Nature Environmental & Marine
Services, LLC
Nature Group, (AIM:NGR), the provider of port reception
facilities and waste treatment solutions for the oil, marine and
process industries announces that it has entered into an agreement
to acquire the remaining 25 per cent. of Nature Environmental &
Marine Services, LLC ("NEMS") not currently owned by it from Global
Energy Recovery Systems, LLC ("GERS") (the "Acquisition").
NEMS is located in Corpus Christi, Texas, and operates the
Group's maritime waste treatment facilities along the Texas Gulf
Coast, collecting from seagoing vessels, shipyards and terminals
from Port Arthur to Brownsville. In November 2015, NEMS started
processing maritime waste through a new USDA-authorised autoclave
system, which processes solid waste received from foreign
oceangoing vessels calling at the Texas Gulf Coast and eliminates
the need to haul it to third party processors. This allows a
significant cost savings in processing fees and truck time. In June
2016 NEMS started barging services operated out of Houston,
enabling collection of bigger quantities.
As detailed in the Group's Report and Accounts for the year
ended 31 December 2015, NEMS generated revenues in that period of
GBP2.6 million and reported a loss before tax of GBP0.13 million.
The total consideration payable by the Group in respect of the
Acquisition is US$675,000. An initial amount of US$50,000 was paid
upon closing of the Acquisition with a further payment of US$65,000
payable on or prior to 25 December 2016. The balance of the
consideration shall be paid in monthly instalments of US$15,000,
starting on 30 September 2016 and continuing on the first day of
each calendar month next following, until paid in full.
Consequently, Timothy C. Curl, the current Chief Executive
Officer of NEMS and the beneficial owner of GERS, will step down
from that position and the Group is pleased that he will continue
in a consultancy capacity, focussing on the development of new
business opportunities and on particular segments of the business
where his experience is invaluable.
For further information:
Nature Group PLC
Jan Vesseur, CEO Tel: +31 6462 878 96
Maarten Smits, Tel: +31 6138 207 80
CFO
Berend van Straten, Tel: +31 6268 056 05
Chairman
Cenkos Securities
plc
Neil McDonald Tel: +44 (0)131 220 9771 / +44
(0)207 397 1953
Beth McKiernan Tel: +44 (0)131 220 9778 / +44
(0)207 397 1950
Nick Tulloch Tel: +44 (0)131 220 9772
This information is provided by RNS
The company news service from the London Stock Exchange
END
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