Enviro raises funds to support restructuring

Gothenburg, Sweden – Scandinavian Enviro Systems has announced that it is raising SEK750,000 (€66,000) by issuing 10 million new shares to investment firm Alumni Capital, as part of an ongoing reorganisation process. 

The shares will be issued at SEK 0.07479 each, a price set under an existing financing agreement between Enviro and Alumni Capital (ERJ report), said Enviro 6 Oct.

The end-of-life tire pyrolysis company said the money will help it carry out its ongoing reorganisation “in a time- and cost-efficient manner.”

Enviro's board said it chose the arrangement rather than a broader rights issue because a rights issue would take longer, cost more and potentially result in greater dilution for shareholders.

“This is considered to be in the interest of both the company and all shareholders,” the board said.