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UK's Recycled Waste to reverse into AIM cash shell |
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| UK: November 9, 2001 | ||
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LONDON - Britain's Recycled Waste Ltd said yesterday it planned to reverse into a cash shell and float on the UK's junior stock market, raising 1.85 million pounds ($2.71 million) to fund the development of its technology.
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The firm, which has developed a new process for recycling waste called reverse polymerisation, said it intended to start trading on the Alternative Investment Market in December. Reverse polymerisation allows various types of waste, including medical waste, to be recycled without any toxic emissions. The firm owns the exclusive rights to the technology in the UK, Republic of Ireland, Tunisia, Malta and parts of North Africa. "Our business is well positioned to benefit from growing regulatory, environmental and business demands for efficient waste recycling," Chief Executive David Norton said in a statement. A spokesman for the firm said it was reversing into a cash shell called Alpha Accident Management as this provided a cheaper and easier way of gaining a listing than floating alone. Corporate Synergy is acting as nominated advisor to the company, and W.H. Ireland as broker.
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REUTERS NEWS SERVICE
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