Environmental Clean Technologies Limited (ASX: ECT) (ECT or Company) is pleased to provide an update on the following:
- Commencement of Rights trading from 31 October 2019
- Insurance update
- Recent India media article
Rights trading commence
ECT is pleased to confirm the subject of the Company’s Renounceable Entitlement Offer announced on 29 October 2019 have commenced trading under the ASX code ECTR.
Under the Offer, the Rights trading will end on 12 November 2019.
Further, shareholders may expect to receive, either via post or via email, a copy of the Prospectus with a personalised Offer Acceptance Form.
If you have any questions, please contact the Company’s Share Registry, Automic Registry Services, from the date the Offer opens being Tuesday, 5 November 2019 between 8.30 am and 5.30 pm (AEDT) on business days by calling from Australia: 1300 288 664 or from Overseas: +61 2 9698 5414.
It has also been identified that the Prospectus released via the ASX announcements platform on 29 October 2019 was partially corrupted and may display some blank pages on most PDF viewing software.
The Prospectus is also available to download on ECT’s website if investors and others wish to review the full details ahead of receiving their personalised version next week.
Insurance claim from fire event
ECT is working closely with its insurance company to progress its claim and have started the quotation process to financially quantify claimable elements of the coverage. Claim payments are expected to start being disbursed to the Company shortly and further updates on progress will be provided.
ECT has engaged an independent engineering firm to assist with quotation of replacement equipment damaged or destroyed in the fire.
On-site remediation is progressing well, with removal of destroyed or damaged product nearing completion.
The Company’s steam services contract remains on-foot and alternative solid fuels have been secured by ECT’s sales team with long-term supply contracts being negotiated.
COO Jim Blackburn commented, “Losing our production capability at Bacchus Marsh due to the fire necessitated an approach of securing alternative solid fuels, particularly from recovered waste wood. We are now building supply contracts and as a result, have started negotiations with additional users of solid fuel to supply their boiler systems. This will allow us to not only service our current contracts but also continue to grow our steam-user customer base whilst we bring the Coldry facility back online.”
India Media Article
The Company notes it has been mentioned in an article by the Hindu Business Line published on 30 October 2019, titled ‘SAIL may replace NMDC in JV with Australian firm for steel making’.
As policy, ECT does not typically comment on media articles.
Previous announcements regarding this topic stand; the Company is pursuing discussions with several counterparties in India related to partnering on the development and deployment if its technologies.
However, these discussions are ongoing and constitute incomplete proposals or negotiations and are therefore insufficiently progressed to warrant disclosure.
Further announcements regarding any material outcomes from these discussions will be made in line with continuous disclosure obligations.
The Company can comment that NLCIL delegates visited Melbourne this week and ECT hosted a number of meetings and visits for this delegation (pictured, below).
Chairman Glenn Fozard commented, “We are always happy to host our friends from NLCIL in support of our ongoing relationship and continued bi-lateral relations with India.”
ECT is planning to return to India in late November to discuss developments and progress with country lead, Mr P Selvakumar on potential counterparties for projects in India.
For further information, contact:
Glenn Fozard – Chairman [email protected]