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HYR - Hydrodec News Story

3.53p -0.2  -6.0%

Last Trade - 10:55am

Market Cap £1.06m
Enterprise Value £11.5m
Revenue £11.9m
Position in Universe 1785th / 1814

BRIEF-Hydrodec Proposes Placing To Raise Minimum Of 10.0 Mln Stg

Mon 8th October, 2018 7:49am
Oct 8 (Reuters) - Hydrodec Group PLC  HYR.L :
    * PROPOSED PLACING BY WAY OF AN ACCELERATED BOOKBUILD TO
RAISE A
MINIMUM OF £10.0 MILLION
    * HYDRODEC GROUP - ALSO INTENDS TO PROVIDE QUALIFYING
SHAREHOLDERS
WITH OPPORTUNITY TO SUBSCRIBE FOR NEW ORDINARY SHARES TO RAISE
UP TO FURTHER £2.8 MILLION
    * ANDREW BLACK HAS ALSO AGREED TO CONVERT £4.5 MILLION OF
DEBT
OWED TO HIM BY COMPANY INTO NEW ORDINARY SHARES
    * IN ADDITION BLACK WILL BE REPAID £3.0 MILLION IN CASH,
SUBJECT
TO COMPLETION OF ACCELERATED BOOKBUILD AND CONDITIONAL ON
ADMISSION
    * PROCEEDS INTENDED TO BE USED FOR ACQUISITION OF FEEDSTOCK
TO
IMPROVE SUPPLY LEVELS TO CANTON FACILITY O WORKING
    * PROCEEDS INTENDED TO BE USED FOR FUNDING PROPOSED RESEARCH
AND
DEVELOPMENT COLLABORATION WITH SLICKER RECYCLING
    * HYDRODEC GROUP - PROCEEDS INTENDED TO BE USED FOR
REPAYMENT OF
LOANS FROM ANDREW BLACK TO REDUCE DEBT LEVELS AND PROVIDE A
STRENGTHENED BALANCE SHEET

Source text for Eikon:  ID:nRSH2049Da 
Further company coverage:  HYR.L 

 ((Reuters.Briefs@thomsonreuters.com;))
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