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HYR - Hydrodec News Story

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Last Trade - 1:47pm

Market Cap £1.06m
Enterprise Value £11.7m
Revenue £12.2m
Position in Universe 1781st / 1809

HydroDec Group plc - Posting of circular and notice of general meeting

Tue 9th October, 2018 3:30pm
RNS Number : 4621D
HydroDec Group plc
09 October 2018
 

9 October 2018

 

Hydrodec Group plc

("Hydrodec", the "Company" or the "Group")

 

 

Posting and availability of circular and notice of general meeting

 

Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, announces that further to the announcement on 8 October 2018 regarding the placing to raise £10.0 million and the open offer to raise up to £2.8 million, a circular incorporating a notice of general meeting has today been sent to those of the Company's shareholders who have elected, or been deemed to have elected, to receive hard copy documents.

 

The circular incorporating the notice of general meeting is available on the Company's website at www.hydrodec.com.

 

The general meeting will take place at 10.00 a.m. on 25 October 2018 at the offices of CMS Cameron McKenna Nabarro Olswang LLP at Cannon Place, 78 Cannon Street, London EC4N 6AF.

 

 

For further information, please contact:

 

Hydrodec Group plc                                                                                hydrodec@vigocomms.com

 

Lord Moynihan, Executive Chairman and Interim Chief Executive Officer

 

 

Arden Partners plc (Nominated Adviser and Broker)                       0207 614 5900

 

Steve Douglas

Ciaran Walsh

Alex Penney

 

 

Vigo Communications (PR adviser to Hydrodec)                               020 7390 0240

 

Patrick d'Ancona

Chris McMahon

 

 

 

Notes to Editors:

 

Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from US$1.98 billion in 2015 to US$2.79 billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (>99%), producing transformer oil that meets or substantially exceeds applicable international standards at competitive cost and without environmentally harmful emissions. The process also eliminates PCBs, a toxic additive banned under international regulations.

 

In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.

 

Hydrodec's current plants are located at Canton, Ohio, US and Bomen, New South Wales, Australia.

 

Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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