REG - Sabien Technology - Update on b.grn

Sabien TechnologyAnnouncement

05/05/2022 07:00

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RNS Number : 3739K  Sabien Technology Group PLC  05 May 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

5th May 2022

 

Sabien Technology Group plc

("Sabien" or the "Company")

 

Update on b.grn

The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on a
Green Aggregation Strategy, provides today an update on b.grn, the Special
Purpose Vehicle (SPV), formed by the Company and Parris Group Limited.

Since its formation (21 December 2021), b.grn has engaged actively with land
vendors and the Company's technology partner, City Oil Field ("COF") in
pursuit of its strategy to buy and develop waste plastic recycling sites in
the United Kingdom.

The details of this engagement are contained in a separate announcement being
made by b.grn today, which can be viewed at Sabien Technology Group - Investor
communications (https://sabien.com/investor-communications/) .

b.grn has identified two sites in the UK, one of which is located in an
existing Freeport zone while the other is in an area with pending Freeport
status. The company is in negotiations to secure either or both of these
sites. These locations are in addition to the Northampton site highlighted in
the announcement of 22 December 2021. The Northampton site remains under
consideration. However, in light of the situation created by the Russian
invasion of Ukraine, b.grn has accelerated its development of the site
portfolio to reflect the emerging need for larger locations.

Separately, b.grn has held substantive discussions with COF in relation to the
development of European manufacturing facilities for the COF processing plant
and equipment. These negotiations may lead to an investment by South Korean
interests alongside UK and European investors into b.grn in support of the
initial capital requirements for this project.

Commenting on the b.grn update, Richard Parris, Sabien Executive Chairman,
said:

"The strategy of creating the b.grn SPV is proving successful. The company has
progressed negotiations for sites at a rapid pace. At a time of increasing
geopolitical tension, UK energy security and oil supplies are likely to be of
paramount national importance for many years. Our mission is to enable the
processing capability to make a significant impact on this critical need. Both
the Boards of b.grn and Sabien are pleased with this progress and look forward
to further announcements, in due course, highlighting continued progress."

Further Information:

 Sabien Technology Group plc                  +44 20 7993 3700

 Richard Parris, Executive Chairman

 Allenby Capital Limited (Nominated Adviser)  +44 203 328 5656

 John Depasquale / Nick Harriss

 Peterhouse Capital Limited (Broker)          +44 207 469 0930

 Duncan Vasey / Lucy Williams

 

The person who arranged for the release of this announcement on behalf of the
Company was Richard Parris, Executive Chairman.

A copy of this announcement will be available from the Company's website at
www.sabien-tech.com (http://www.sabien-tech.com)

 

 

 

Notes to Editors

Parris Group and Sabien own 66.67% and 33.33% of the SPV respectively. It has
been registered on Companies House under the name b.grn Group Ltd.

Parris Group Limited is owned exclusively by Richard Parris, Executive
Chairman of Sabien, and his family.

Sabien's existing agency agreement with COF provides for a revenue stream to
Sabien through the supply of technology, equipment and recurring support and
maintenance. Sabien will receive a commission of 10% of the selling price of
all products sold on behalf of COF to the SPV.

In respect of the COF relationship, Sabien is aware of recent South Korean
media coverage:

https://news.mt.co.kr/mtview.php?no=2022050311093596934
(https://news.mt.co.kr/mtview.php?no=2022050311093596934)

 

 

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