News blog
Mercury Recycling
- BY: Andrew Hore |
- POSTED: 26/05/2010 |
An investment company headed by the chairman of the England and Wales Cricket Board has taken a 10.6% stake in Mercury Recycling.
Westleigh Investments Holdings Ltd (www.westleighuk.com), whose chairman is Giles Clarke, has acquired 3.62m shares at 7.5p a share. Clarke is also non-executive chairman of South America-focused oil and gas producer Amerisur Resources. Westleigh’s other investments include clay pigeons manufacturer CCI, which was quoted on Aim in the 1990s.
It appears that the shares may have been bought from Redmayne (Nominees) Ltd.
At 11p a share, up 0.75p on the day, Mercury Recycling is valued at £3.74m. The bid/offer spread is 10p/12p. The share price has never been as low as Westleigh’s buying price. It did hit 8.5p a share five days before the purchase.
Mercury Recycling recycles lighting and other products containing mercury. Its revenues fell 9% to £2.79m in 2009 after sales of new lamps fell sharply during the recession. Profits fell from £534,000 to £343,000.
Net debt was £363,000 at the end of 2009. The company should generate cash this year and the board will consider a dividend.
Management believes that there needs to be more public awareness of recycling lamps.
This year, activity has improved since the cold weather in January. Management is considering opportunities involving the 2010 battery directive and the recycling of LCD screens.
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