Environmental Clean Technologies Limited (ASX: ECT) (ECT or Company) advises the shortfall period for the recent Non-Renounceable Entitlement Offer (announcement 13 February 2020), closed on 10 May 2020.
The non-renounceable rights issue was fully subscribed, and the board and management are now preparing to resume normal operations.
The final tranche of shortfall shares (793 million) and options (317 million) were issued to a service provider to deliver contractor services to the Bacchus March project. Contractual arrangements in relation to this non-cash transaction with the service provider are being finalised and the shares and options are locked and as such cannot be traded.
A detailed announcement will be provided in the coming days in relation to the above issue of equities, the Bacchus Marsh project plan, including updated timeframes and budget, and a review of the Business Continuity Plan (BCP) period (announcement 26 March 2020) triggered by matters associated with the pandemic.
ECT’s Chairman, Glenn Fozard commented, “The last 6 weeks have been incredibly challenging. Winding our business activities down by approximately 50% during the lockdown achieved the targeted savings but also placed a lot of pressure on our staff and stakeholders. We thank everyone for their patience, especially our shareholders. When we emerge from our BCP restrictions, which we expect to be towards the end of the financial year, the aim is to defend these savings through a leaner cost structure, whilst also improving how we further focus our resources on our key priority for the remainder of the year being the delivery of the upgrade project in support of our strategy to generate positive earnings.”
For more information, contact:
Mr Glenn Fozard, Chairman [email protected]