Pyrolyx Corporate Update
Pyrolyx AG (ASX: PLX, Pyrolyx or the Company) is pleased to announce that it is converting 916,590 of the outstanding 1,005,817 warrants into fully paid ordinary registered Pyrolyx shares, as disclosed at the time of the ASX IPO in July 2017 and detailed in the IPO Prospectus at that time. Though an event subsequent to 2018 fiscal year end results, the conversion of the warrants decreases net liabilities by €10.4M of Pyrolyx AG stand alone (German GAAP (HGB)) and by €4.5M of Pyrolyx consolidated Group (IFRS basis). The process of conversion will be finalised within the coming weeks. Pyrolyx has agreed to compensate AVIV for costs and damages in the amount of €760,000 for past management’s failure to honour its contractual obligations to convert the warrants. To assist with cash flow, the compensation amount will not be paid to AVIV in cash, but will remain outstanding as a loan which will accrue interest at 10% per annum and be payable in September 2020.
Mr. Meder, the former Chief Executive Officer of Pyrolyx, is also converting his remuneration of €110,000 into 20,000 fully paid ordinary registered Pyrolyx shares.
The shares of Pyrolyx AG are currently traded in Germany on the XETRA electronic trading platform and in floor trading at the open market of Düsseldorf, Munich and Stuttgart stock exchanges respectively as well in Australia on the Australian Securities Exchange (ASX). The multiplicity of exchanges results in excessive costs. Management intends to consolidate stock exchange trading of the shares in Germany to the Dusseldorf stock exchange. Trading on the ASX exchange of the Pyrolyx CDIs is unaffected by this step. The company believes that the liquidity of Pyrolyx shares in Germany may improve from this market consolidation.
Pyrolyx USA is excited to announce that it has further strengthened its management structure through the appointment of James van Laar as Chief Operating Officer to be based in Indiana. Mr van Laar has had over 30 years’ global management responsibility, both at Worley Parsons Inc. and Kellogg, Brown Root (KBR) over multiple lump sum engineering, procurement and construction (EPC) projects. He will be instrumental in accelerating Pyrolyx’ roll out programme of further production facilities.
About Pyrolyx AG
Pyrolyx AG (ARBN: 618 212 267) is the world leader in the extraction of rCB (recovered carbon black) from end-of-life tyres. rCB is used to manufacture new tyres as well as in the plastic, technical, rubber and masterbatch industries.
Shares in the Company (WKN A2E4L4) are listed on the stock exchanges in Frankfurt and Dusseldorf as well as on m:access (Munich Stock Exchange) and also traded on the electronic trading system Xetra and the ASX (Australian Stock Exchange) under the ticker PLX (ASX: PLX). For more information, please visit www.pyrolyx.com.
Pyrolyx AG, Munich, Germany
Communications & IR
Office: +49 8921027-200