TIDMAXS
RNS Number : 6593M
Accsys Technologies PLC
01 May 2018
1 May 2018 AIM: AXS
Euronext Amsterdam: AXS
ACCSYS TECHNOLOGIES PLC
Purchase of Arnhem land and buildings
Accsys, the chemical technology group, announces that it has
agreed to purchase the land and buildings associated with its
Accoya(R) plant and logistics centre in Arnhem from its current
landlord, Bruil, having retained a first right to buy back the
property from Bruil in the event that a third party offered to
purchase it, which has now occurred. The transaction remains
conditional upon Accsys finalising finance terms to fund the
purchase price of EUR23 million (plus VAT).
Accsys is currently in discussions in this respect with a third
party bank and will provide a further update in due course. Whilst
the property has now been transferred to Accsys, should
satisfactory financing terms not be agreed, the transaction will be
unwound, the property transferred back to Bruil and the previous
lease arrangements will re-commence, all without liability to
Accsys.
The acquisition reflects Accsys's ambition to improve our
overall financing arrangements. The financing terms, if agreed, are
expected to result in a comparable financial commitment to the
lease, although the asset and corresponding liability will increase
given part of the existing lease arrangement was recognised as an
operating lease.
It is expected to result in lower overall income statement
charge over the next 20 years, reflecting the ownership of the
freehold. Ownership of the land is also expected to provide greater
flexibility in respect of the use of the land as well as any
potential value appreciation.
ACCSYS TECHNOLOGIES PLC
Koop van grond en gebouw in Arnhem
Accsys, het chemische technologie bedrijf heeft met Bruil, de
huidige verhuurder, overeenstemming bereikt om de grond en het
gebouw gerelateerd aan de Accoya fabriek en logistiek centrum te
kopen. Als onderdeel van de overeenkomst met Bruil had Accsys het
recht om de gronden en gebouwen terug te kopen van Bruil als zij de
gronden en gebouwen aan derden zouden verkopen. Van dit recht heeft
Accsys thans gebruik gemaakt. De transactie is onder voorbehoud dat
Accsys overeenstemming kan bereiken over de financiering van de
koopsom ter grootte van EUR 23 miljoen (excl. BTW).
Accsys onderhandelt thans met een bank inzake voornoemde
financiering en zal bij gelegenheid een nadere update verstrekken.
Terwijl het gebouw en de gronden inmiddels zijn overgedragen aan
Accsys, kan de transactie teruggedraaid worden, zonder verdere
verplichtingen, indien geen acceptabele financiering verkregen kan
worden. In dat geval zal de oude huurovereenkomst opnieuw van
kracht worden.
Deze aankoop is een weergave van Accsys' ambitie om haar
financieringsovereenkomsten te verbeteren. De leningsvoorwaarden,
indien overeengekomen, zullen naar verwachting vergelijkbaar zijn
met de huurovereenkomst. Echter de waarde van de activa en de
bijbehorende schulden zullen toenemen omdat onder de
huurovereenkomst een gedeelte van de huur als operationele lease
werd geboekt.
Naar verwachting zal deze transactie over het geheel van de
aankomende 20 jaar tot een lagere kostenpost resulteren. Eigendom
van de grond zal naar verwachting meer flexibiliteit om de grond te
benutten en mogelijke waarde vermeerdering.
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Will Rudge, FD
Hans Pauli, Executive Director,
Corporate Development
Nominated Adviser: Oliver Cardigan
Jamie Lillywhite
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree +44 (0) 20 3128
MHP Communications Kelsey Traynor 8100
+31 681 734
236
Off the Grid Frank Neervoort +31 222 379
(The Netherlands) Yvonne Derske 666
Notes to editors:
Tricoya(R) Consortium In March 2017, Accsys announced the
formation of the Tricoya(R) Consortium to fund, build and operate
the Tricoya(R) plant in Hull, UK. Members of the consortium include
BP and the leading manufacturer of sustainable wood-based panels,
Medite Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of
Accsys, owns and will operate the Tricoya(R) plant. TTL exploits
all Tricoya(R) related intellectual property and benefits from any
Tricoya(R) related revenues other than those generated by the
Tricoya(R) plant. The Tricoya(R) plant is expected to have an
initial capacity of 30,000 metric tonnes of Tricoya(R) chips per
annum, enough to produce approximately 40,000m(3) of Tricoya(R)
panel products per annum. The Tricoya(R) plant is expected to reach
EBITDA breakeven at approximately 40% design capacity and to take
approximately four years to reach full capacity following
completion. The location of the Tricoya(R) plant at Saltend
Chemicals Park in Hull allows for expansion when market conditions
dictate.
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and Tricoya(R) wood elements, technology licensing
via its subsidiary, Titan Wood Limited, which has manufacturing
operations in Arnhem, the Netherlands (through its subsidiary Titan
Wood B.V.), a European office in London, United Kingdom, an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc.) and technology licensing associated with the acetylation of
wood elements via its subsidiary Tricoya Technologies Limited. Any
references in this announcement to agreements with Accsys shall
mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. Accsys Technologies PLC is listed on
the London Stock Exchange AIM market and on Euronext Amsterdam,
under the symbols 'AXS'. Accsys' operations comprise four principal
business units: (i) Accoya(R) wood production; (ii) building and
operating of Tricoya(R) wood chip acetylation plant in Hull; (iii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iv) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) Wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Moreover, the Accoya(R) wood production process does not compromise
the wood's strength or machinability. The combination of
dimensional stability, durability and retained strength means that
Accoya(R) wood offers a wealth of new opportunities to architects,
designers and specifiers. These benefits result in lower
maintenance and total cost of ownership while using a higher
sustainable and environmental responsible building material. For a
full archive of Accoya(R) news, visit www.accoya.com/news.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
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