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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- New Chief Executives appointed for Ministry for Pacific Peoples and Ministry for Women
- Auckland University gets share of $215m investment deal for commercialisation
- Moa Group narrows its FY17 loss as revenue continues to lift
- Youth big winners in Greens' final list
- NZ dollar holds near highest in almost 4 months vs Aussie as parity talk re-appears
Most listened to
- "All options are open with private equity," says MediaWorks chief executive Michael Anderson
- Orion chief executive Ian McCrae on his company's full-year result and the year ahead
- Mainfreight chief executive Don Braid on the company's outlook and global reach
- The Green Party has revealed its final list and co-leader James Shaw is upbeat about the party's new look
- Steven Newman talks through Eroad's US progress
- NBR Radio: best of the week ended May 26, with Grant Walker