Funds used for acquisitions of International Slop Disposal, Ecoscrub
By Devika Patel
Knoxville, Tenn., Dec. 13 - Nature Group plc said it has negotiated a private placement of shares. The "significantly oversubscribed" deal will raise £11 million.
The company will sell 22 million ordinary shares at 50p each. The per-share price is a 15.97% discount to the Dec. 10 closing share price of 59.5p.
Proceeds will fund the cash component of the company's planned acquisitions of International Slop Disposal (I.S.D.) BV and Ecoscrub Solutions BV and provide additional working capital for the enlarged group.
Nature Group has agreed to acquire International Slop Disposal, the largest maritime and offshore waste collection group in Rotterdam and the Amsterdam, Rotterdam and Antwerp region, and Ecoscrub, International Slop Disposal's associated vented gas scrubbing company, from Port Invest BV for £16 million, which will be paid with 16 million new shares and £8 million in cash.
"With the enlarged Nature Group having geographical coverage in key Western European and Norwegian locations, and through ISD a client base of international shipping companies, Nature Group has the opportunity to establish itself as a leading independent provider of maritime and offshore waste services to the shipping industry, and a key environmental solutions provider to the oil industry," Nature Group's chairman Richard Eldridge said in a press release.
The oil waste collection and treatment group is based in Jersey, England.
| Issuer: | Nature Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £11 million
|
| Shares: | 22 million
|
| Price: | 50p
|
| Warrants: | No
|
| Pricing date: | Dec. 13
|
| Stock symbol: | London: NGR
|
| Stock price: | 59.5p at close Dec. 13
|
| Market capitalization: | £18.67 million
|
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