Tuesday 19th June 2012
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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.
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