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Greenhouse Fund/Molectra Group

  • BY: Andrew Hore |
  • POSTED: 16/07/2008 |
  • COMMENTS: Add yours

Greenhouse Fund is buying out the other shareholders in waste tyre recycler Molectra.

This will make it easier to finance Molectra’s growth. Greenhouse is swapping 32m of its own shares for the 35.7% of Molectra that it doesn’t own. It is also issuing 16m shares to buy the intellectual property used by Molectra.

Molectra has secured contracts to produce equine products and automotive accessories from the crumb rubber that the process produces. The capacity of the existing plant will be expanded and a second plant will probably be built. There are also plans to provide plants for third parties which have waste tyres to process. 

Greenhouse’s other assets, including five sub-licences for Hydrodec’s Bauxsol technology and the industrial waste treatment rights owned by Sterling Environmental Solutions, are classed as non-core and are likely to be sold.

At 6.625p a share, Greenhouse is valued at £10.3m.

The reversal should be completed on 13 August. The company’s name will be changed to Molectra Group Ltd. 

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