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REG - Symphony Environment - £1.0m convertible loan agreement

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RNS Number : 5656Q  Symphony Environmental Tech. PLC  18 October 2023

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. It forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement, this information is considered to be in the public domain

 

 18 October 2023

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

("Symphony" or the "Company")

 

£1.0 million Convertible Loan Agreement

 

Symphony Environmental Technologies Plc (AIM: SYM), global specialists in
technologies that make plastic products "smarter, safer and sustainable", is
pleased to announce it has entered into an additional convertible loan
agreement ("Loan") with Sea Pearl Ventures Limited ("Sea Pearl").

 

Key terms of the Loan, are similar to the previous £1.0 million convertible
loan announced on 13 March 2023, namely:

 

·      Loan principal: £1.0 million (unsecured) to be drawn down as to
£500,000 immediately and £500,000 on or before 31 March 2024

·      If not repaid on or before 30 September 2024, conversion on that
date

·      Conversion price: 80% of the volume-weighted average share price
for the 3 months prior to 30 September 2024

·      Interest: 7% per annum, payable as accrued on repayment and/or
conversion

·      Repayment of the Loan, in full or in part solely at Symphony's
discretion

 

The proceeds of the Loan will be used to strengthen the Group's cash position
for ongoing working capital purposes and will further support the Group to
deliver on its many commercial opportunities.

 

Also, the current £1.0 million convertible loan, announced on 13 March 2023,
has been amended so that the term of that previous loan is now co-terminus
with the new Loan, terminating on 30 September 2024.

 

Sea Pearl is based in the Bahamas, and is currently interested in 17.4% of
Symphony's issued share capital. Accordingly, Sea Pearl is considered a
substantial shareholder under the AIM Rules and provision of the Loan being a
related party transaction. The board of directors of the Company consider,
having consulted with the Company's nominated adviser, that the terms of the
Loan are fair and reasonable insofar as the Company's shareholders are
concerned.

 

 

Enquiries:

 Symphony Environmental Technologies Plc
 Michael Laurier, CEO                                                  Tel: +44 (0) 20 8207 5900
 Ian Bristow, CFO
 www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

 Zeus (Nominated Adviser and Joint Broker)
 David Foreman, Kieran Russell (Investment Banking)                    Tel: +44 (0) 161 831 1512
 Dominic King, Victoria Ayton (Sales)                                  Tel: +44 (0) 203 829 5000

The person responsible for arranging the release of this information is
Michael Laurier, CEO of the Company.

 

NOTES TO EDITORS:

 

About Symphony Environmental Technologies plc

www.symphonyenvironmental.com (http://www.symphonyenvironmental.com/)

 

Symphony has developed a range of additives, concentrates and master-batches
marketed under its d(2)p® ("designed to protect") trademark, which can be
incorporated in a wide variety of plastic and non-plastic products so as to
provide protection against many different types of bacteria, viruses, fungi,
algae, moulds, and insects, and against fire.  d(2)p products also include
odour, moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
(http://www.d2p.net)    Symphony has launched d(2)p anti-microbial household
gloves and toothbrushes and "Symfresh" food-packaging and is developing a
range of other d(2)p finished-products for retail sale.

 

Symphony has also developed a biodegradable plastic technology which addresses
the problem of persistent microplastics, by turning ordinary plastic at the
end of its service-life into a waxy substance which is biodegradable. It is
then no longer a plastic and can be bioassimilated in the open environment in
a similar way to a leaf without leaving microplastics behind. The technology
is branded d(2)w® and appears as a droplet logo on many thousands of tonnes
of plastic packaging and other plastic products around the world, much of
which has been recycled. In some countries, most recently Saudi Arabia,
oxo-biodegradable plastic is mandatory for short-life plastic products.

 

d(2)w technology was studied for three years in the Oxomar project, sponsored
by the French government, which concluded that plastic made with Symphony's
d(2)w oxo-biodegradable technology will biodegrade in seawater significantly
more efficiently than conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
(https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/)
 

 

Following this report, the scientists allowed bacteria commonly found in the
open environment access to d(2)w oxo-biodegradable plastic containing Carbon
13.  They found Carbon 13 in the carbon dioxide exhaled by the bacteria,
proving beyond doubt that the plastic had been bioassimilated by the bacteria.

 

Symphony has complemented its d(2)w and d(2)p product ranges with d(2)c
"compostable resins and products" that have been tested to US and EU
composting standards and has invested in Eranova - a French company extracting
starch for making plastics, out of algae.

 

Symphony has also developed the d(2)Detector®, a portable device which
analyses plastics and detects counterfeit products.  This is useful for
government officials tasked with enforcing legislation, and Symphony's d(2)t
tagging and tracer technology is available for further security.

 

Symphony has a diverse and growing customer-base and has established itself as
an international business with over 70 distributors around the world. Products
made with Symphony's plastic technologies are now available in nearly 100
countries and in many different product applications. Symphony itself is
accredited to ISO9001 and ISO14001.

 

Symphony is a member of The BPA (www.biodeg.org) and actively participates in
the Committee work of the British Standards Institute (BSI), the American
Standards Organisation (ASTM), the European Standards Organisation (CEN), and
the International Standards Organisation (ISO).

 

Further information on the Group can be found at www.symphonyenvironmental.com
and twitter @SymphonyEnv   See also Symphony on Instagram. A Symphony App is
available for downloading to smartphones.

 

 

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