May 25 2007
Plantic is a company engaged in the development and commercialisation of a range of environmentally friendly plastics from renewable resources. Plantic has several patents covering its technologies, formulations and applications. The Company’s objective is to commercialise its starch-based plastic technologies across a broad range of applications with a particular focus on the packaging industry. Its first product the “Plantic tray” is sold commercially and the Company has a number of active customers for this product.
Plantic is pleased to announce that it has raised £20 million of new funds (gross) via a placing of 31,249,994 new ordinary shares with a wide range of institutional investors. Admission of a total of 79,476,188 new ordinary shares to trading on AIM has been sought. Dealings are expected to commence at 8.00am today. Plantic’s market capitalisation at the placing price is £50.9 million.
Plantic will trade under the symbol ‘PLNT’ The new funds raised will allow Plantic to invest in further research and development of its technologies, new product commercialisation, manufacturing and capital expenditure.