Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Recycling Technologies Group Ltd - Swindon, England-based engineer developing technology to recycle mixed plastic waste - Halts initial public offering on AIM in London, after Chief Executive Adrian Griffiths resigns for ‘personal reasons’. The book was fully covered and the IPO ‘was all set to go’, a spokesperson for RT tells Alliance News, ‘but you can't go ahead without a CEO’. The company opted for a private fund raising instead and will look to come back to the public market ‘next year’.
The spokesperson notes that the collaboration agreement with Sumitomo SHI FW that RT announced in March meant that it has less immediate need for capital. Late last year, RT had planned to raise £40 million for the company from its IPO but had already cut this back to £30 million as the Sumitomo deal became more likely, the spokesperson says. The partnership is for the manufacturing of RT's waste plastic recycling machine, the RT7000. The manufacturing partnership is aimed at enabling RT to produce 200 machines per year by 2029.
Copyright 2022 Alliance News Limited. All Rights Reserved.