TIDMSYM
RNS Number : 7961S
Symphony Environmental Tech. PLC
13 March 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. It forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this
information is considered to be in the public domain
13 March 2023
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony" or the "Company")
Company secures convertible loan raising GBP1,000,000
Hearing date set for the EU Case
2022 revenue update
Symphony Environmental Technologies Plc (AIM: SYM), global
specialists in technologies that make plastic and rubber products
"smarter, safer and sustainable", is pleased to announce receipt of
a convertible loan ("Loan") from Sea Pearl Ventures Limited ("Sea
Pearl"), based in the Bahamas. Key terms of the Loan are:
-- Loan principal: GBP1 million (unsecured)
-- If not repaid before expiration, conversion at 1 year and 30 days (no earlier)
-- Conversion price: 80% of the volume-weighted average share
price for the 3 months prior to conversion at 1 year and 30
days
-- Interest: 7% per annum, payable as accrued on repayment and/or conversion
-- Symphony able to repay the loan in full or in part before conversion at its discretion
The proceeds of the Loan will be used to strengthen the Group's
cash position for ongoing working capital purposes and will further
support the Group to deliver on its many commercial opportunities
during the year.
Sea Pearl is currently interested in 17.4% of Symphony's issued
share capital and is therefore considered a substantial shareholder
under the AIM Rules. Being a substantial shareholder, provision of
the Loan is considered to be a related party transaction under the
AIM Rules for Companies. The board of directors of the Company
consider, having consulted with the Company's nominated adviser,
that the terms of the Loan are fair and reasonable insofar as the
Company's shareholders are concerned.
EU Case Hearing Date
The Group advises that a hearing date at the General Court of
the EU in Luxembourg has been set for 20 March 2023. The legal
action is for financial damages against the Commission, Parliament
and Council of the EU having been advised by three specialists in
EU law that Article 5 of the EU Directive 2019/904 is
unconstitutional. The date of the judgment is not known, but the
Company is advised by its legal advisors that it is expected to be
delivered 12 to 15 months after the hearing, and without prior
notice.
2022 Revenue Update
Group revenue for the financial year ended 31 December 2022
("FY-22") is now expected to be GBP6.2 million, being lower than
the GBP6.5 million previously indicated. This is purely a
consequence of timing differences over the year end with final
shipment consignments (for revenue recognition purposes), primarily
of deliveries from the new plant in the Middle East, falling into
January 2023. The foregone contribution from these sales will also
impact losses reported in FY-22. However, the new plant has been
operating well and in line with management expectations during this
first quarter of 2023.
Michael Laurier, CEO of Symphony, commented;
"We are pleased with the continuing support from Sea Pearl as
demonstrated through the provision of this GBP1 million convertible
loan. We have an extensive pipeline of exciting projects which this
money will help progress."
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20
8207 5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus (Nominated Adviser and Joint Broker)
David Foreman, Kieran Russell (Investment Tel: +44 (0) 161
Banking) 831 1512
Dominic King, Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203
764 2341
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company.
About Symphony Environmental Technologies Plc
https://www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d(2) p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d(2) p products also include odour,
moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
Symphony has launched d(2) p anti-microbial household gloves and
toothbrushes and "Symfresh" food-packaging, and is developing a
range of other d(2) p finished-products for retail sale.
Symphony has also developed a biodegradable plastic technology
which addresses the problem of persistent microplastics, by turning
ordinary plastic at the end of its service-life into a waxy
substance which is biodegradable. It is then no longer a plastic
and can be bioassimilated in the open environment in a similar way
to a leaf without leaving microplastics behind. The technology is
branded d(2) w(R) and appears as a droplet logo on many thousands
of tonnes of plastic packaging and other plastic products around
the world, much of which has been recycled. In some countries, most
recently Saudi Arabia, oxo-biodegradable plastic is mandatory for
short-life plastic products.
d (2) w technology was studied for three years in the Oxomar
project, sponsored by the French government, which concluded that
plastic made with Symphony's d (2) w oxo-biodegradable technology
will biodegrade in seawater significantly more efficiently than
conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
Following this report, the scientists allowed bacteria commonly
found in the open environment access to d (2) w oxo-biodegradable
plastic containing Carbon 13. They found Carbon 13 in the carbon
dioxide exhaled by the bacteria, proving beyond doubt that the
plastic had been bioassimilated by the bacteria.
Symphony has complemented its d(2) w and d(2) p product ranges
with d(2) c "compostable resins and products" that have been tested
to US and EU composting standards, and has invested in Eranova - a
French company extracting starch for making plastics, out of
algae.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This is useful for government officials tasked with enforcing
legislation, and Symphony's d(2) t tagging and tracer technology is
available for further security.
Symphony has a diverse and growing customer-base and has
established itself as an international business with over 70
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony itself is
accredited to ISO9001 and ISO14001.
Symphony is a member of The BPA (www.biodeg.org) and actively
participates in the Committee work of the British Standards
Institute (BSI), the American Standards Organisation (ASTM), the
European Standards Organisation (CEN), and the International
Standards Organisation (ISO).
Further information on the Group can be found at
www.symphonyenvironmental.com and twitter @SymphonyEnv See also
Symphony on Instagram. A Symphony App is available for downloading
to smartphones.
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