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Nature Technology Solutions Ltd

  • BY: Andrew Hore |
  • POSTED: 21/03/2008 |

Nature Technology Solutions is no longer selling its 50% stake in its Gibraltar joint venture. 

The shares fell 0.08p to 0.6p following the news. NTS was going to sell its 50% interest in Slop Oil Reception and Treatment Ltd for $6m (£2.9m).

NTS puts the blame on “the proposed ongoing shareholders being unable to agree future operating procedures “. It says that there were no problems found during due diligence. SORT is paying dividends to its owners and is contributing to NTS’s cash flow.

SORT will continue to expand outside of Gibraltar. It is looking to launch satellite operations linked to the main Gibraltar facilities, where tank storage capacity is more than 6,000 tonnes.

NTS plans to establish treatment plants in other locations around the world. It hopes to announce a new facility before the end of this year.

The 2007 figures will show improved profits. In 2006 NTS lost £104,000 before tax but it made a profit before goodwill impairment charge and interest. 

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