News blog
Molectra Group Ltd
- BY: Andrew Hore |
- POSTED: 05/02/2009 |
Hydrodec has sold its stake in Molectra Group.
The sale of 30m shares in the waste tyre recycler at 1p a share raised £300,000.
Molectra has five Bauxsol technology sub-licences but they are now non-core. These were acquired from Hydrdec subsidiary Virotec in return for the 30m shares and £500,000 in cash. The shares were valued at £4.5m at the time of the deal in June 2006.
A separate announcement said that Oakwood Nominees had increased its stake from 3.5m to 42.5m shares – 20.9% of Molectra.
At 1.25p a share, Molectra is valued at £2.54m.
In August 2008, Molectra bought out the minority interests in its waste tyre recycling technology business, Molectra Australia.
Molectra had cash in the bank of £4.5m at the end of June 2008. The net asset value was 8.27p a share. That includes intangible assets but even if they are excluded the net asset value was 2.5p a share.
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