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Nature Group

  • BY: Andrew Hore |
  • POSTED: 13/12/2010 |

Nature Group is acquiring Rotterdam-based International Slop Disposal and its vented gas scrubbing associate Ecoscrub for £16m in cash and shares and raising £11m at the same time.

Port Invest will receive £8m in cash and the rest in shares at 50p each. ISD collects three-fifths of the maritime and offshore waste in the port of Rotterdam. Port Invest and its associates will continue to supply services to the acquired companies and help the enlarged group to develop.

In 2009, ISD had a turnover of €9.83m (£8.25m) and a post-tax profit of €1.85m (£1.63m). Ecoscrub made a small loss. The two businesses should do at least as well in 2010, with Ecoscrub probably breaking even.

The enlarged business will have operations in Norway and Western Europe and a client list of international shipping companies. The businesses have worked together in the past.

Andrea Drenthen, who is the boss of the companies being bought will become chief executive of Nature. Port Invest’s chairman will become non-executive deputy chairman.

Nature is raising £11m through a placing at 50p a share. This will leave £3m over to pay the costs of the deal and provide working capital.

Chairman Richard Eldridge, finance director Peter Snell, and non-executive directors Charles Fairweather and Stig Keller, are all selling shares. There are 2.195m shares being sold by existing shareholders for 50p a share and these directors are selling the majority of those shares.

At 56p a share, Nature is currently valued at £22.1m so the latest share issues will move the market value to nearer £40m.

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