Search
Regulatory Story
Company Modern Water PLC
TIDM MWG
Headline Re-structuring
Released 16:11 06-Aug-2019
Number 1426I16

RNS Number : 1426I
Modern Water PLC
06 August 2019
 

 

 

Modern Water plc

 

("Modern Water", "the Company", "the Group")

 

Modern Water announces re-structuring

 

 

6 August 2019

 

 

 

Modern Water, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, announces that it intends to restructure its group of companies with the aim of focusing on its innovative membranes process technologies.

 

The Company is in advanced negotiations to sell the assets of Modern Water Inc., the Company's US-based monitoring division. The boards of Modern Water Services Limited and Cogent Environmental Ltd have decided to appoint liquidators.

 

In keeping with the new strategy of focusing on its core innovative membrane process technologies, Modern Water has decided to retain control of Surrey Aquatechnology Limited, a subsidiary which holds most of the Group's patents.

 

Simon Humphrey, Modern Water's CEO, said: "We are working on overcoming our liquidity problems in order to retain a restructured business that can service our customers with world-leading innovative technologies."

 

A further update will be issued as soon as there are any material developments.

 

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
 
 
MSCPFMATMBBMBML
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.