News blog

One Delta

• BY: Andrew Hore |
• POSTED: 23/04/2013 |

One Delta has gained shareholder approval to complete the restructuring of the ownership of the eponymous recycled plastic products supplier and turning itself back into a shell.

One Delta reversed into Aim shell Cholet Investments for £1.7m in shares (at 8p each) in January 2012. The business had developed products using powder impression moulding (PIM) technology licensed from Aim-quoted Environmental Recycling Technologies (ERT). However, revenues have been minimal.

One Delta intends to swap a 47.5% stake in the business for 15m shares that have been issued to the original sellers. These shares will eventually be cancelled leaving One Delta with 16.6m shares. At 3.25p a share, the current share capital is valued at £1.03m.

The consolidated group had nearly £150,000 in the bank at the end of November 2012.

The company will assess other potential opportunities.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf