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Cleantech Building Materials: Issue of New Shares
1 June 2021
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH, COPENHAGEN
TICKER: CBM
ISIN: GBOOBVIVRR47
CLEANTECH BUILDING MATERIALS PLC
ISSUE OF NEW SHARES
Cleantech Building Materials PLC (“CBM” or the “Company”) announces that further to the announcement in July 2019 regarding the entering into of a Subscription Agreement for €15,000,000 with a private family office (the “Investor”) (the “Agreement”), the Company is pleased to confirm that a further investment has now been made pursuant to certain defined milestones in the Agreement. Accordingly 394,960 new ordinary shares of £0.10 nominal par value each in the Company (“Ordinary Shares”) will be issued to the Investor at a price of €1.25 per Ordinary Share (the “Subscription”). The Company will apply for the 394,960 new Ordinary Shares to be admitted to trading on the Exchange.
This is now the third tranche of investment made under the Subscription Agreement and it follows the recent announcement of a Joint Venture Agreement between CBM’s subsidiary, Diamond Wood China Ltd. (“DWC”) and Nantong Acetic Acid Company (“NTAC”). The Joint Venture company formed by this agreement, Dragon Wood, has initial funding of €48,000,000 committed to build a plant to initially produce 40,000 m3 of Accoya® Wood per annum, with the intention to increase annual capacity as soon as possible to 160,000 m3 and beyond that in stages up to 480,000 m3. Annual revenue from 160,000 m3 of Accoya® Wood sales is expected to be well in excess of €200,000,000, with factory margins of more than 30%.
Following the Subscription, the issued share capital of the Company will be 77,380,733 Ordinary Shares with no Ordinary Shares held in Treasury. Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to, their interest in Ordinary Shares under the FCA’s Disclosure Guidance and Transparency Rules.
Commenting, Paul Richards, Chairman of CBM, said, “We are delighted to have achieved our latest milestone and are grateful for the dedicated support and commitment of our financial partners as we build this fast growing business. Not only do we have strong European financial backing, we also have the support of a financially strong Joint Venture partner in China with significant experience in the industry and deep relationships with the government and local banks. This is an exciting time for the Company.”
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's website at www.cbm-plc.com
Further Enquiries:
Cleantech Building Materials plc | info@cbm-plc.com |
Keswick Global AG (Certified Adviser) | info@keswickglobal.com |
IFC Advisory Limited (Financial PR) | +44 20 3934 6630 |
The information communicated in this announcement is “inside information” for the purposes of article 7 of the Market Abuse Regulation 596/2014.
