News blog
Plant Impact
- BY: Andrew Hore |
- POSTED: 24/05/2011 |
Global crop protection group Arysta Lifescience Corporation has invested £2.05m at 45p a share in Plant Impact.
That gives Arysta a 9.08% stake in the crop protection and nutrition products supplier. The subscription price is a 76% premium to the previous day’s closing share price of 25.5p. The shares rose to 7p to 32.5p, valuing the company at £14.8m.
Tokyo-based Arysta has extended its original evaluation agreement with Plant Impact to June 2012. It also covers more products and an increase in territories to 28.
Arysta has also signed commercial agreements for the development of PiNT nitrogen technology in the turf, ornamental and golf course markets in the US and for PiNT and INCA calcium technology in horticulture in Brazil. Around £1m of the cash raised will be invested by Plant Impact in these markets.
The bad news is that BugOil insecticide has not completed its regulatory approvals in the US so Arysta did not pay the £500,000 milestone payment by the end of March 2011. That means the 2010-11 loss will be higher than expected. The other products do not require regulatory approval so Plant Impact will concentrate on marketing them.
See www.quotedcleantech.com for more news on Aim-quoted cleantech companies.
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