Burswood-based waste management company Environmental Solutions International Ltd has announced all conditions precedent in relation to the acquisition of Asia Pacific Coal and Steel Pty Ltd have been satisfied, with settlement to take effect on 25 May 2006.
On the 10th February, the company emerged from more than a year in suspension from the share market to acquire APCS for shares worth more than $8 million.
ESI, which had been in administration since late in 2004, received a capital injection from Victorian stakeholders late last year, paid consideration of 16 million fully paid ordinary ESI shares, valuing the deal at $8.2 million.
APCS is an environmental technology company which was formed to commercialise and licence its patented Coldry Process and Matmor Process.
At 125 WST, shares in ESI were down 26 cents to 80 cents.
Below is the full announcement:
The board of Environmental Solutions International Limited ("ESI") is pleased to announce that all conditions precedent in relation to the acquisition of 100% of Asia Pacific Coal and Steel Pty Ltd ("APCS") have been satisfied. As such, settlement of this transaction was effectuated on 25 May 2006.
The agreement to purchase APCS was announced on 10 February 2006 and was approved by ESI shareholders at the EGM dated 12 May 2006.
APCS is an environmental technology company which was formed to commercialise and licence its patented Coldry Process and Matmor Process. The patented Coldry Process is a unique process that dewaters brown coal and similar materials by as much as 85% in a mechanically simple and economic way. The patented Matmor Process utilises a modified pellet formed from the Coldry Process in a low cost, low emission retort to produce high quality steel.
