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Environmental Recycling Technologies

  • BY: Andrew Hore |
  • POSTED: 03/04/2013 |

Powder Impression Moulding (PIM) technology rights owner Environmental Recycling Technologies (ERT) is raising up to 1m via a two-for-19 open offer at 1.25p a share.

The cash will be used for working capital and help to accelerate the international roll-out of the PIM process.

Prior to the share issue a capital reorganisation is required in order to reduce the nominal value of the shares from 2.5p to 0.25p. ERT is also getting rid of its smallest shareholders by consolidating 400 shares and then subdividing the new share into 400 shares. Less than a decade ago, the share price was nearly 200p so an investor may have spent more than 700 to acquire a shareholding that will not be worth anything after the consolidation and subdivision.

The directors intend to apply for all of their entitlement and additional shares if they are available. The open offer closes on 29 April.

At 1.4p a share, down 0.1p, ERT is currently valued at 11m.

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