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Majestic Corp PLC - Deeside, Wales-based recycler of precious and non-ferrous metals from used electronics and batteries - Agrees to buy Telecycle Europe Ltd, a recycling peer also based in Deeside. Majestic will pay up £2 million in cash. The deal is conditional on Telecyle delivering an agreed quantity of containers of recyclable materials by the end of December. The agreement is a related-party transaction, as Peter Lai, the 72% owner of Majestic, is the sole owner of Telecycle, which recorded £175,000 in profit after tax in calendar 2023.
Majestic also hires Andrew Male as an independent non-executive director, starting immediately. Male currently is interim chief executive officer of London-listed Cloudbreak Discovery PLC, a Vancouver, Canada-based natural resource project generator.
Majestic separately notes that UK tax collector HMRC has granted Enterprise Investment Scheme status. The EIS scheme grants tax benefits to investors in start-up companies.
Current stock price: quoted at 90.00 pence on AQSE in London; last traded on July 30 at 60.00p
12-month change: up from 40.00p
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