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RNS Number : 3434E AIM 10 March 2022
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE
WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")
COMPANY NAME:
Recycling Technologies Group Limited (to be re-registered as Recycling
Technologies Group PLC before admission)
(together with its group companies, "Recycling Technologies")
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS
(INCLUDING POSTCODES) :
Registered Address:
Hill Barn Upper Pavenhill
Purton
Swindon
Wiltshire
SN5 4DQ
Principal Trading Address
Unit B2, Stirling Court, Stirling Road
South Marston Industrial Estate
Swindon SN3 4TQ
United Kingdom
COUNTRY OF INCORPORATION:
England & Wales
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
www.recyclingtechnologies.co.uk (http://www.recyclingtechnologies.co.uk)
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN
INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS
SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
STATED:
Recycling Technologies is a UK-based engineering, research and manufacturing
company founded in 2011 by Adrian Griffiths. Through a decade of research,
engineering and collaboration with academia, it has developed a proprietary,
patented technology to recycle mixed plastic waste, the RT7000. The RT7000
processes hard to recycle plastic waste into chemical feedstocks, such as oil,
for making new plastics.
Currently around 12% of global plastic waste is recycled. The RT7000 can
process hard to recycle plastic waste that would otherwise be incinerated, put
into landfill or leaked into the environment.
The RT7000 is intended to be integrated into existing waste processing sites
and the Company intends to primarily sell the machines to the waste management
industry. Through selling its machine to the waste management industry,
Recycling Technologies believes it has created a new, profitable addition for
the waste manager whilst improving their environmental credentials.
Recycling Technologies has a number of global partnerships including with
Neste, the c.$30bn market capitalisation petrochemicals company (which is a
c.11% shareholder (pre-fundraise) and has a nominated director on the Board),
Unilever, Nestlé and TOTAL. It is also partnered with INEOS Styrolution to
modify its proprietary technology into a polystyrene waste to styrene
recycling process.
DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER
OF THE SECURITIES (i.e. where known, number and type of shares, nominal value
and issue price to which it seeks admission and the number and type to be held
as treasury shares):
Ordinary shares of 1 penny each ("Ordinary Shares"). No restrictions on the
transferability of the securities expected other than customary contractual
lock-ups following the IPO and pursuant to applicable securities laws.
Placing price per Ordinary Share: TBC.
No Ordinary Shares will be held in treasury on Admission.
CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
Expected Fund Raise: TBC
Expected Market Capitalisation at the placing price: TBC
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
TBC
DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES
(OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:
None.
FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the
first name by which each is known or including any other name by which each is
known):
Adrian Edward Griffiths - Founder & Chief Executive Officer (CEO)
Stephen Peter Pascoe - Chief Financial Officer (CFO)
Gary Bruce Bullard - Independent Chairman
Nicola Marie Frayne - Independent Non-executive Director
Paul Richard Turner - Independent Non-executive Director
Simon John Dent - Non-executive Director
Stephen Peter Hodges - Independent Non-executive Director
Joonas Mikael Helenius - Non-executive Director
Alice Sarah Louise Cummings - Independent Non-executive Director
Laurence David Edgar Hollingworth - Independent Non-executive Director
FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE
OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first
name by which each is known or including any other name by which each is
known):
Significant shareholders post admission will be dependent on the size of the
raise, valuation and participation in the fund raise. Significant shareholders
on a fully diluted basis are expected to be as follows:
Neste Oyj ((1) (4)) 11.03 TBC
SOF GP, S.á.r.l. ((2) (4)) 11.03 TBC
Adrian Griffiths (and his connected persons) ((3)) 9.42 TBC
Future Fund Limited ((4)) 6.93 TBC
Damian Tuite 6.28 TBC
Alexander Anderson 3.90 TBC
(1) Neste Oyj has a nominated director on the Board in Joonas Helenius
(2) Acting in its capacity as general partner of Althelia Sustainable
Ocean Fund SICAV-SIF. Alter Domus Management Company is the management company
and Mirova Natural Capital is the financial sub-advisor. The Sustainable Ocean
Fund has a nominated director on the Board in Simon Dent
(3) Chief Executive Officer of Recycling Technologies
(4) This assumes (a) the conversion of convertible loan notes (and of the
interest payable on such loan notes) issued to Neste, SOF and Future Fund,
into Ordinary Shares pre-admission and (b) a certain warrantholder exercising
warrants in respect of 133,333 Ordinary Shares pre-admission
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
(H) OF THE AIM RULES:
Connexxions Media & Marketing Limited
Ellason LLP
Haines Watts Limited
Hazelwood Accounting Services Limited
Macfarlanes LLP
Norton Rose Fulbright LLP
Rubus Group
(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:
(i) 31 December
(ii) 31 December 2020 (and unaudited financial information for
the six months ended 30 June 2021)
(iii) 30 June 2022 (in respect of year end 31 December 2021), 30
September 2022 (in respect of six months ended 30 June 2022) and 30 June 2023
(in respect of year end 31 December 2022)
EXPECTED ADMISSION DATE:
Early April 2022
NAME AND ADDRESS OF NOMINATED ADVISER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
NAME AND ADDRESS OF BROKER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:
www.recyclingtechnologies.co.uk (http://www.recyclingtechnologies.co.uk)
The admission document will contain full details about the applicant and the
admission of its securities.
THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY
QCA Corporate Governance Code
DATE OF NOTIFICATION:
10 March 2022
NEW/ UPDATE:
UPDATE
(1) Neste Oyj has a nominated director on the Board in Joonas Helenius
(2) Acting in its capacity as general partner of Althelia Sustainable
Ocean Fund SICAV-SIF. Alter Domus Management Company is the management company
and Mirova Natural Capital is the financial sub-advisor. The Sustainable Ocean
Fund has a nominated director on the Board in Simon Dent
(3) Chief Executive Officer of Recycling Technologies
(4) This assumes (a) the conversion of convertible loan notes (and of the
interest payable on such loan notes) issued to Neste, SOF and Future Fund,
into Ordinary Shares pre-admission and (b) a certain warrantholder exercising
warrants in respect of 133,333 Ordinary Shares pre-admission
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
(H) OF THE AIM RULES:
Connexxions Media & Marketing Limited
Ellason LLP
Haines Watts Limited
Hazelwood Accounting Services Limited
Macfarlanes LLP
Norton Rose Fulbright LLP
Rubus Group
(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:
(i) 31 December
(ii) 31 December 2020 (and unaudited financial information for
the six months ended 30 June 2021)
(iii) 30 June 2022 (in respect of year end 31 December 2021), 30
September 2022 (in respect of six months ended 30 June 2022) and 30 June 2023
(in respect of year end 31 December 2022)
EXPECTED ADMISSION DATE:
Early April 2022
NAME AND ADDRESS OF NOMINATED ADVISER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
NAME AND ADDRESS OF BROKER:
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:
www.recyclingtechnologies.co.uk (http://www.recyclingtechnologies.co.uk)
The admission document will contain full details about the applicant and the
admission of its securities.
THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY
QCA Corporate Governance Code
DATE OF NOTIFICATION:
10 March 2022
NEW/ UPDATE:
UPDATE
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