News blog

Emmit

• BY: Andrew Hore |
• POSTED: 11/03/2014 |

Emmit has made its first investment in an environmental business since it became a shell.

Emmit has acquired a 20% stake in Ximax Environmental Solutions for £30,000 of shares issued at 6p each. The seller is Oil & Gas Chemical Holdings Ltd, which also has a warrant over 4.5m shares exercisable at 6p a share until the end of 2017. To put that into perspective, after the issue of 500,000 shares for the Ximax stake there are 2.5m shares currently in issue.

The shares are trading at 20p (a bid/offer spread of 30p/10p), which values Emmit at £500,000.

Ximax is a water treatment company which has developed a chlorine dioxide-based product called XzioX. This is used to treat reservoirs, rivers, boreholes, oil, gas and fracking fluids and kill bacteria. XzioX can be used in agriculture, food, oil, gas and drinks sectors.

Ximax generated a profit of £210,000 on revenues of £10.9m in the 17 months to February 2013.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFFebruary2014_53.pdf