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Mercury Recycling

  • BY: Andrew Hore |
  • POSTED: 01/06/2012 |

Mercury Recycling fell into loss in 2011 and it has yet to complete the acquisition of the iron ore assets of Sylvania Platinum.

The lamp recycling operations reported a dip in revenues from £2.67m to £2.54m, while an operating profit of £272,000 was turned into an operating loss of £31,000, although it included £160,000 of non-recurring costs. Those extra costs relate to preparation costs for the site for the battery recycling business, potential acquisition costs and container write-downs. There was still a cash inflow from operations of £169,000. Net cash was £187,000 at the end of 2011.

Lamp recycling volumes were steady but prices fell. There is one compliance scheme company in the lamps field and Mercury Recycling believes it has grounds for appeal about the price being paid.

Permits required for battery recycling operations were granted in February and battery processing has begun.

At the suspension price of 6.75p a share, Mercury Recycling is valued at £2.42m.

The iron ore assets are in the Northern Lobe of the Bushveld Complex north of Mokopane, South Africa. The acquisition was announced on 7 March and the shares were suspended on the same day. The price was £13.7m paid for by 203m Mercury Recycling shares. A share placing to raise working capital will also be required.

The time for completion has been extended to 31 July. It is hoped that the document will be sent to Mercury Recycling shareholders by the end of June.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf

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