BUSINESSDESK: Chempro Logistics director Simon Henry has installed a new board to ASX-listed Hydromet as he edges closer to the level where he can force a full takeover.
Henry has secured almost 81% of Hydromet in his 4.8 Australian cents-a-share offer, valuing the industrial waste recycler at $A28.8 million, according to a statement to the ASX.
Yesterday he installed a new board, including himself, former Origin Energy company secretary Bill Hundy, Kenneth Lane and Andrew Draffin, company secretary of ASX-listed solar energy company EnviroMission.
If Mr Henry gets to 90% control, where he can force the remaining shareholders to sell, he plans to de-list the company and may reorganise its assets with other companies he owns.
That could see the Hydromet assets merged with Henry’s Chempro Logistics.
Chempro is in the process of installing a used lead acid battery recycling plant in Wellington. It recently moved into chemicals trading, opening a procurement office in China.
Henry launched his $A24m offer last month, and stuck to his original bid after winning acceptances that took his stake to a quarter of the company.
Earlier this year, Hydromet won a $A1.32m grant from the Australian Federal and New South Wales state governments to help pay for a small-scale lead smelting furnace in Illawarra.
The plant would be used to recover and produce lead bullion from lead oxide paste from the company’s used lead battery operation and other waste streams such as CRT glass.
Hydromet shares were unchanged at 4.8 Australian cents offer price on the ASX today.
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