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Catalytic Solutions Inc / Clean Diesel Technologies

  • BY: Andrew Hore |
  • POSTED: 26/09/2010 |

US regulatory authorities have approved the proposed merger between Catalytic Solutions Inc and Clean Diesel Technologies.

The documents relating to the merger should be posted shortly and a general meeting will be held for shareholders to vote on the merger proposal and the conversion of $4m of secured convertible notes. The holders of the convertible notes have agreed to forgo certain rights, including the increase in the interest rate, as long as the conversion occurs by 15 October.

Catalytic has extended its existing loan agreement with Fifth Third Bank to 15 October. 

Catalytic currently plans to cancel its AIM quotation on 18 October.

Catalytic’s first half revenues grew by one-third to $25.4m, with the main growth coming from the heavy duty diesel systems division. Excluding the gains on intellectual property disposals, the interim loss was reduced from $7.2m to $1.8m. 

Increased government spending and tighter emission regulations mean that the heavy duty diesel systems division should continue to grow strongly. Sales in the light vehicle sector still have not recovered.

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