Sharechat Logo

NZ takeover of ASX-listed Hydromet on the home run

Tuesday 19th June 2012

Text too small?

New Zealand hazardous chemicals business Chempro Logistics is poised to take over ASX-listed industrial waste recycler Hydromet after hitting 90 percent acceptance Hydromet shareholders.

Chempro director Simon Henry's A$24 million takeover bid passed the compulsory acquisition threshold last week, according to a substantial holder notice filed with the ASX yesterday, paving the way for him to de-list Hydromet and reorganise its assets with other companies he owns.

That could see the Hydromet assets merged with Henry's Chempro Logisitcs, which is in the process of installing a used lead acid battery recycling plant in Wellington. The company recently moved into chemicals trading, opening an office in China.

Last month, Henry installed a new board at Hydromet, including himself, former Origin Energy company secretary Bill Hundy, Kenneth Lane, and Andrew Draffin, company secretary of ASX-listed solar energy company EnviroMission.

Henry launched his 4.8 Australian cents-a-share offer in April, 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 A$1.32 million 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.

Hydromet shares were unchanged at 4.8 Australian cents offer price on the ASX yesterday.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Unions gearing up to oppose 'market tests' on Fair Pay Agreements
Mandatory farm plans scorned as 'tick box' exercises
Kiwi dollar firms on weak US retail data, capped by rate-cut expectations
17th October 2019 Morning Report
SkyCity hoses down union claims over potential job losses
OPINION: Fair Payment Agreements and 'swallowing vomit' - the lot of the CTU
MARKET CLOSE: NZ shares gain; Restaurant Brands climbs on upbeat outlook
NZ dollar stalls after Bascand's rate cut comments
Bascand says RBNZ will consider changing bank capital proposals
Affordable electricity key to decarbonisation - Genesis

IRG See IRG research reports