Modern Water PLC Trading Update (5363B)
June 07 2019 - 5:55AM
UK Regulatory
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RNS Number : 5363B
Modern Water PLC
07 June 2019
Modern Water plc
("Modern Water" or "the Company")
Trading and working capital update
For immediate release 7 June 2019
Modern Water plc, the owner of world-leading technologies for
water and wastewater treatment and for water quality monitoring,
announces a trading and working capital update.
Despite positive indicators as disclosed in the recent Annual
Report, cash flows have been slower than anticipated from the
Membranes Division and, consequently, additional working capital
will be required in the short-term to meet the Group's
requirements. The Monitoring Division continues to trade in line
with expectations and the Company is awaiting developments on the
Gibraltar waste water contract.
The Board is engaged with a number of potential funding parties
with a view to providing the working capital needed, which may or
may not include a new equity issue. Although no guarantees can be
given that these talks will come to fruition, the Board believes
these options to be viable and a further update will be made as
appropriate.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Modern Water plc +44 (0) 1483 696 000
Simon Humphrey, Chief Executive
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 207 213 0880
Sandy Jamieson / Tony Rawlinson
Ludovico Lazzaretti
Turner Pope Investments (Broker)
Andy Thacker +44 (0) 20 3621 4120
Notes to editors:
Modern Water is a pioneering and innovative technology company,
specialising in membrane water treatment solutions and advanced
monitoring products. The Company works for customers in a range of
industries across the globe and owns proprietary technologies for
use in a diverse range of applications. Modern Water's Monitoring
Division has a portfolio of world-leading toxicity and trace metal
monitoring products, some of which constitute the regulatory
standard. The headline technology of the Company's Membrane
Division, called "AMBC", can be used to tackle complex wastewater
treatment problems at a reduced cost compared to standard
processes, while being simple to operate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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