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GB00B2R1Q018- ALPTC 

Proventec plc is engaged in the provision of hygiene solutions based on steam cleaning technologies, the manufacture and distribution of janitorial equipment, vacuums, industrial sprayers and pump dispensers and preventative coatings, and to carry out related research and development to source and develop new technologies for commercial purposes. The Company operates in two segments: sale of cleaning products and the sale of fire retarding products. As of March 31, 2009, its subsidiaries included Flintstone Management Services Limited, OspreyDeepclean Limited, InnoCleaning Magma Holdings BV and Invescotec Limited. In August 2008, the Company acquired a 60% interest in Frank GmbH, which is engaged in the manufacture of high pressure industrial hot water washers. In October 2008, the Company acquired a 60% interest in CryoJet Industrial Services BV. In April 2009, the Company launched Proventec Healthcare.

Proventec est spécialisé dans la distribution de matériels de nettoyage et de produits de revêtements préventifs à destination des professionnels et des industriels des secteurs de la santé, du transport, du bâtiment et de l'agroalimentaire. Le CA par activité se répartit comme suit :
- vente de licences et de machines (98,9%) : nettoyeurs à vapeur, pulvérisateurs à mains, produits retardateurs de combustion, enduits antimicrobiens, produits de traitement des surfaces contre les UV, etc. ;

http://www.proventecplc.com


06.09.2010 Proventec plc ("Proventec" or the "Company") Proposed Scheme of Arrangementand further Update re Suspension
Further to the Company's announcement on 8 July 2010, the Board of Proventec plc (AIM:PROV, Alternext:ALPTC) is pleased to announce that, after detailed discussions with applicable parties, it has come to an agreement in principle with the representatives of the holders of more than 75% in value (the "Principal Loan Noteholders") of the £15 million 8.5% fixed rate convertible guaranteed unsecured loan notes 2012 (the "Loan Notes"), as to the terms and means by which the Company intends to restructure the Loan Notes (and the Company's other loan debts of circa £6 million, the benefit of which are proposed to be transferred to the holders of the Loan Notes (the "Loan Noteholders") by InnoConcepts N.V.)  (such proposed restructuring, the "Transaction").
It is intended that the Transaction will be effected by way of a scheme of arrangement, pursuant to Part 26 of the Companies Act 2006, between the Loan Noteholders and the Company and will be subject, inter alia, to the approval of the board of Proventec and of the applicable majorities of the Loan Noteholders and of the shareholders of Proventec and to the sanctioning of the scheme of arrangement by the Companies Court (part of the Chancery Division of the High Court).  The Transaction would result in a significant reduction of the Company's term debt to a principal sum of £7 million (by way of a conversion of the loan debts referred to above, and of a significant proportion of the Loan Notes, into equity at a rate of 57p per new ordinary share) and would result in the current holders of the Loan Notes holding an additional 61.23 per cent of the enlarged issued share capital of the Company.
As part of the agreement in principle reached with the Principal Loan Noteholders to effect the Transaction, £1.5 million out of the new £2.5 million cash injection (referred to in the announcement made by the Company on 8 July 2010) has been authorised for release to the Company by the Principal Loan Noteholders. Given the anticipated timetable for completion of the Transaction, the Principal Loan Noteholders have made this £1.5 million available in the interim, to support the Company's trading and growth plans.  The balance of these new funds, being £1 million, would be available to be drawn down by the Company after the scheme of arrangement has become effective.
 

Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of specialist steam cleaning and coatings technologies, today announces its interim results for the six months ended 30 September 2009.
Highlights
 Turnover of £8.0 million (2008: £8.2 million)
 Gross profit maintained at £3.4 million
 Loss before tax of £1.0 million (2008: loss of £649,000)
 Successful fundraising of £1.5 million through Placing of shares
 Strategic acquisitions of the controlling stakes in Frank GmbH and CryoJet Industrial Services BV performing well:
Cryojet, working with a number of major petroleum producers
Frank developing a new concept in steam cleaning equipment
 Successfully restructured operations to reduce costs and improve efficiencies 
David Chestnutt, Chief Executive of Proventec, commented: "The first six months have been encouraging, despite the current difficult trading conditions in Europe. We have started a restructuring programme and have already seen a positive impact in sales and administration efficiencies.  The acquisitions of Frank and Cryojet have further broadened the Group's offering and are proving to be highly successful. The Group is in the final stages of restructuring and by 2010 will be well placed to benefit from the continuing development of its technologies."

For further information, please contact:

Proventec Plc
David Chestnutt, Chief Executive
 Tel: + 44 (0) 151 706 0626

dchestnutt@proventecplc.com 
 www.proventecplc.com 

Seymour Pierce
Nicola Marrin / Christopher Wren
 Tel: + 44 (0) 20 7107 8000
Corporate Finance
 www.seymourpierce.com 
 Media enquiries:

Abchurch Communications
Henry Harrison-Topham / Stephanie Cuthbert
 Tel: +44 (0) 20 7398 7718

stephanie.cuthbert@abchurch-group.com
 www.abchurch-group.com 

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