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Symphony Environmenal Technologies

  • BY: Andrew Hore |
  • POSTED: 12/09/2011 |

Symphony Environmental Technologies says that contrary to reports in the press Tesco is not one of its biggest customers so it will not be hit by the supermarket operator dropping oxo-degradable plastic bags.

Symphony’s d2w oxo-degradable technology is growing sales in international markets.

Tesco’s withdrawal from using oxo-degradable technology was originally publicised in the trade press in the middle of August. The share price has fallen by nearly one-quarter in the past month and is at a 52 week low. Hunter Hall Investments sold 1.595m shares in August and SF T1ps Smaller Companies Growth Fund sold 219,000 shares earlier in the month.

At 11.75p a share, Symphony is valued at £15m. Symphony raised £1.84m at 20p a share during May in a placing with Hong Kong based investment group Quam Ltd. Institutional investors subscribed for a further £237,000 worth of shares at the same price.

The interim figures will be published on 20 September.

Download the September 2011 edition of AIM Journal at

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