Symphony Environmental receive 17.4% investment from Sea Pearl

Symphony Environmental

Symphony Environmental Technologies Plc (LON:SYM), a global science-based group that makes plastic and rubber products “smarter, safer and sustainable”, has announced an equity subscription for 5,555,556 new ordinary shares of 1 pence each in the Company by Sea Pearl Ventures Limited, based in the Bahamas, at a price of 18 pence per Ordinary Share. Gross proceeds from the Subscription are £1,000,000.

The Subscription Price represents a c.5 per cent. discount to the closing price of 19.00 pence per Ordinary Share on 28 July 2022, being the last business day prior to the date of the Subscription.

In addition, 4.0 million warrants have been granted to Sea Pearl at an exercise price of 25 pence per Ordinary Share and are exercisable for one year from completion of the Subscription.

The total interest in Symphony of Vincel Investment Holdings Limited have been transferred to Sea Pearl. Upon completion of the Subscription, Sea Pearl will be interested in 17.4 per cent. of the enlarged issued share capital of the Company. Sea Pearl shares the same ownership structure as Vincel and is 100% owned by Mrs Shruti Lohia, daughter of Mr S P Lohia. Mr Lohia is the Chairman of Indorama Corporation, Singapore.

The proceeds of the Subscription will be used for ongoing working capital purposes and will be used  to strengthen the balance sheet to take advantage of future commercial opportunities as the group transitions to profitability.

Due to Sea Pearl’s current interest in Symphony, the Subscription and grant of Warrants are considered to be a related party transaction under the AIM Rules for Companies. 

Accordingly, the board of directors of the Company consider, having consulted with the Company’s nominated adviser, that the terms of the Subscription, and the grant of Warrants, are fair and reasonable insofar as the Company’s shareholders are concerned.

The Subscription is conditional upon admission of the new Ordinary Shares to trading on AIM which is expected to commence on 5 August 2022. 

The new Ordinary Shares issued pursuant to the Subscription as well as the Ordinary Shares to be issued upon the exercise of the Warrants will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other Ordinary Shares in issue.

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Total Voting Rights

Following Admission, the total issued share capital of the Company will be 184,806,833 Ordinary Shares. The Company does not hold any shares in treasury and therefore the total number of voting rights in Symphony will be 184,806,833.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Michael Laurier, CEO of Symphony Environmental commented,

“We are pleased to have received this investment from Sea Pearl showing ongoing support and optimism around the potential of the Group. The additional warrants show longer term partnership and commitment.”

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