Chempro's Henry hits takeover target for ASX-listed Hydromet

Tuesday 19th June 2012

Chempro Logistics director Simon Henry has hit the 90 percent level of acceptances from ASX-listed Hydromet, meaning he can force the remaining shareholders to sell out to him.

Henry's A$24 million takeover bid passed the mark last week according to a substantial holder notice filed with the ASX yesterday, paving the way for him to de-list the industrial waste recycler 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, 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 such as CRT glass.

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

BusinessDesk.co.nz

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