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ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED(ECT)

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(updated at weekends)

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Our website ranking of ECT: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Automic Registry Services LEVEL 2, 267 St Georges Terrace,, PERTH, WA, AUSTRALIA, 6000

Tel : +61 (2) 8072 1400 or 1300 288 664 (within Australia)
Fax :
RegistryWebsite RegistryEmail

Company details

ISIN: AU0000018137
Address: Suite 712, 530 Little Collins Street, MELBOURNE, Vic, AUSTRALIA, 3000
Tel:  +61 (0) 3 9909 7684 Fax: (08) 9355 4580

Date first listed: 05/02/1986
Company Secretary: Adam Giles
Sector: Commercial Services & Supplies Industry Group: XNJ
Activities: Water and waste water treatment processes and services

News & Events

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OFX Transferring Money Internationally to Free

The securities which are trading on deferred settlement basis (ASX: ECTNB and ECTOD) of Environmental Clean Technologies Limited will be suspended from quotation at the close of trading today, Monday, 25 November 2019, in accordance with Listing Rule 17.2, following the cancellation of the capital raising as announced on 22 October 2019. Please note that the suspension applies to ECTNB and ECTOD only, and does not apply to any other quoted securities of ECT.

25/11/2019

The suspension of trading in the securities of Environmental Clean Technologies Limited will be lifted immediately, following the release by ECT of an announcement.

29/10/2019

The company previously released its updated corporate strategy, outlining efforts over the past 8 months aimed at developing near-term operational cash-flows in parallel to proposed large-scale projects in India, the Latrobe Valley and other regions. The first tier of the strategy aims to leverage the Coldry High Volume Test Facility to build upon the demand in the local market for solid fuel and char products. Over the past 6 weeks, the company has focused on engineering, design and procurement planning as well as market development, refining the project budget and developing the execution plan for the delivery of the proposed upgrades. The next milestone for the Bacchus Marsh Project, ahead of construction, is financial close which requires the establishment of funding, currently estimated between AU$3.0M and AU$4.0M. The company announces an offer of new shares under a renounceable entitlement offer with free attaching options to raise a minimum of AU$2.75M and up to AU$7.45M. In relation to the fire at the Coldry buildings, the repair work will be incorporated into the proposed upgrade program following the completion of the engineering assessment and conclusion to the claims process. The company intends to implement the upgrade program in tandem with the repairs.

29/10/2019

The company requested a trading halt and subsequent voluntary suspension following a fire at its Coldry facility in the early hours of 21 October 2019. It appears that an electrical fault may be the cause. The cost of repair and replacement of fire damaged equipment is currently estimated at around AU$2 "“ $2.5 million. The company is confident that core components of the plant, associated product and remediation costs are comprehensively covered in the relevant policies of the insurer. The damage appears to have been focused in the smaller of the two Coldry buildings leaving the Coldry Packed Bed Dryer and boiler system undamaged. No damage occurred to the Matmor, HydroMOR or COHgen equipment. The fire has caused disruption to the production of Coldry pellets for the Company's steam and boiler business. Replacement fuels have been sourced allowing continued operations for existing customer steam facilities and potential new customers have been advised that Coldry deliveries may be affected for approximately six months.

28/10/2019

The securities of Environmental Clean Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of ECT, pending the release of an announcement regarding an incident at its Bacchus Marsh High Volume Test Facility West of Melbourne.

23/10/2019

The suspension of trading in the securities of Environmental Clean Technologies Limited will be lifted immediately following the release by ECT of an announcement regarding the completion of the acquisition of a new waste-to-energy technology.

10/07/2019

The company provides an update on the completion of the acquisition of a new waste-to-energy technology. The key points are as follows: completion of the acquisition of assets related to the CDP Group of companies; new technology to provide direct exposure to the waste-to-energy sector, through existing project opportunities and integration with ECT's Latrobe Valley Coldry project; the company has requested the resumption of trading in its securities.

10/07/2019

The acquisition of a new waste-to-energy technology has been completed and all matters relevant to the settlement of this transaction have been finalised.

09/07/2019

An asset sale agreement was signed for the acquisition of assets related to the CDP group of companies. Completion of the transaction is expected by close of business on 8 July 2019. The company will come out of suspension on 9 July 2019.

02/07/2019

ASX has granted the Company's request for a waiver of Listing Rule 6.24 in relation to option expiry notices.

28/06/2019

The company provides an update on its India project. Meetings have been held with project partners NLCIL, NMDC and the Australian High Commission in Delhi. In the absence of formal advice from NMDC, ECT has formed the reasonable opinion that NMDC will not proceed with the project. ECT has made the subsequent decisions to rescind the previously offered MOU extension, and further to withdraw from the current MOU in its present form in order to pursue / focus on other key projects in India, Australia and other global jurisdictions. Maintain focus of India team as global hub for engineering services, proprietary equipment manufacturing and broader development portfolio of ECT technology projects. Continued strong and active relationship with NLCIL, approval received for shipping 20 tonnes of NLCIL lignite to Australia for high-value application testing across Coldry, HydroMOR, COHgen and possible Waste-to-Energy (WTE) technology programs.

26/06/2019

The company requests a continuation to the suspension of trading in its securities through to 10am 4 July 2019. Proposed Waste-to-Energy acquisition currently under due diligence. Parties have extended the exclusive due diligence period by 14 days to 26 June 2019. Completion date set for 3 July 2019 unless completed earlier.

13/06/2019

ECT to continue suspension whilst awaiting the outcome of the recent NMDC Limited (NMDC) board meeting. ECT continue to expand channels of communication between Chairman of ECT, CMD of ECT India and NMDC seeking feedback on NMDC board meeting outcomes. If NMDC provide the results from their board meeting in relation to the India project, the suspension could be lifted sooner. In relation to the waste-to-energy acquisition, a binding heads of agremeent was signed and the due diligence period will be completed by 12 June. Upon agreement by 13 June 2019, completion date set for 18 June 2019.

07/06/2019

The company provides an update on its India project and requests a continuation to the suspension of trading in its securities for 4 days through to 10 am on Jun 7. The India project is tabled for approval at NMDC Limited board meeting held on May 28. ECT to continue suspension whilst awaiting the outcome of the recent NMDC board meeting. f NMDC provide the results of their board meeting in relation to the India project, the suspension could be lifted sooner. MOU extension proposed.

03/06/2019

The company's subsidiary, ECT Finance Limited, has agreed to enter into an AUD 800,000 convertible loan with the proceeds of the loan to be used to repay the wholesale loan to ECT which in turn will be used to fund the Company's operating expenses and capital works requirements over the coming months. The key points are as follows: AUD 800,000 loan to ECTF which then repays the wholesale loan to ECT; 12-month term with interest paid quarterly in advance; Interest rate 15% per annum; Security to be a second ranking registered security over the ECTF's Equity Lending Facility; At the lender's request the loan can be converted to equity.

28/05/2019

The Company requests an extension to the current suspension of trading through to and inclusive of 31 May 2019. Recent visits by ECT personnel to India and further correspondence with project partners NLCIL and NMDC continue to show progress and provide confidence in the expected outcome.

17/05/2019

The company had the honour of being invited to the Japan Petroleum, Natural Gas and Metals Mineral Resources Organisation as part of a Victorian government event in Tokyo on Friday 10 May 2019. The key points are as follows: ECT attends alongside Victorian government and Latrobe Shire representatives; hydrogen industry focus; and coldry and COHgen technologies of greatest interest.

13/05/2019

The Company requests an extension to the current suspension of trading through to and inclusive of 17 May 2019. Recent visits to India have been encouraging, however there remain three critical objectives that are yet to be adequately confirmed, being: agreement to, and signing of, a further MOU extension by NLC India Limited (NLCIL), NMDC and ECT; confirmation from NMDC that all internal processes have been completed; confirmation from NMDC of a date for their next board meeting and their intention to take the project proposal forward for a decision. ECT is finalising the appointment of a prominent Indian national to take up the role of Head of Business Development "“ India. ECT is finalising the terms of a Heads of Agreement for an exclusive negotiation/due diligence period for the acquisition of a waste-to-energy technology which aims to use Coldry as the feedstock to produce diesel, asphalt and bitumen.

06/05/2019

The company has requested a further extension until 6 May 2019 to provide additional time to complete the remaining items in relation to the process of signing of the research collaboration agreement.

18/04/2019

The company announces the launch of its steam and boiler package division with a focus on providing integrated solutions to the steam, hot water and process heating industry. The key points are as follows: attractive target markets with long-term scale and demand dynamics; leverage current production assets through the Coldry High Volume Test Facility; growth opportunities through vertical integration of fuel supply, plant & equipment, finance and service offerings.

12/04/2019

The company has requested an extension to the current suspension until 22 April 2019. ECT Executives have remained in close discussions with project partners however the Company has not been able to obtain formal and specific information in relation to completion of NMDC Limited internal processes, the timing of the next NMDC board meeting, or whether the approval of the RCA will be on the agenda for their next meeting. ECT continue to monitor the situation closely with ECT Executives expected to return to India on 8 April 2019.

29/03/2019

The company provides an update on the suspension of its securities. NMDC has confirmed that the RCA was not tabled at their recent board meeting, however they have verbally restated their support for the project and intention to proceed. They have requested further time to complete their internal approval processes. The Company acknowledges the complexity of delivering this final partner approval and requests the voluntary suspension remain in place until an announcement can be made regarding these matters. Specifically, NMDC's timeframe for completion of its internal processes to support board approval. In line with the broader commercialisation program in both India and Australia, the Company will continue to advance various aspects of this and other projects over the coming weeks including its Latrobe Valley project and development of its steam and boiler package business. As a result of the voluntary suspension, the Company has put on hold the Equity Lending Facility (ELF) incentive program. The incentive period will reopen once the voluntary suspension has been lifted and will then remain open for a further 7 days.

22/03/2019

The securities of Environmental Clean Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of ECT, pending the release of an announcement.

15/03/2019

The suspension of trading in the securities of Environmental Clean Technologies Limited will be lifted immediately, following the release by ECT of an announcement.

19/11/2018

The board of NLC India Limited has approved the Research Collaboration Agreement for the Company's India project. The NMDC Limited board approval is expected to follow shortly. The parties expect to present to Ministry of Coal and Ministry of Steel. The Company requests the current Voluntary Suspension be lifted, effective immediately.

19/11/2018

The company requests that the voluntary suspension of its securities remain in place until an announcement is made by the Company in relation to the following: the approval of the RCA commercial terms by project partner NMDC; ministry briefings, with details to be confirmed in coming weeks; and signing ceremony to follow Ministry briefings.

16/11/2018

The board of NLC India Limited has approved the Research Collaboration Agreement for the company's India project. The Company requests that the Voluntary Suspension be extended until Friday 16 November.

15/11/2018

The securities of Environmental Clean Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of ECT, pending the release of an announcement.

13/11/2018

The suspension of trading in the securities of Environmental Clean Technologies Limited will be lifted immediately, following the release of an announcement by the Company today.

15/08/2018

Project Agreement targeted financial close has been extended to 31 October 2018. NLCIL have requested an extension to the current Project Agreement sunset date of 31 August 2018, to allow further time to complete their review and approval process. Delays at NLCIL stem from transition of three key executive Board members. NMDC have confirmed readiness to finalise approvals subject to NLCIL completing their review and approval. Parallel activities in support of project commencement continue.

15/08/2018

The securities of Environmental Clean Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement.

14/08/2018

company ticker changed from ESI

09/07/2018

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    Directors' on-market share transactions (last 5)

     

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Glenn FozardExecutive Chairman15/07/2013
    Jim BlackburnNon Exec Director11/09/2019
    David SmithNon Exec Director01/02/2015
    Ashley MooreExecutive Director18/08/2011

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Martin HillCFO23/11/201730/09/2020
    Barry RichardsNon Exec Director05/06/201511/09/2019
    Iain McEwinNon Exec Director11/07/201105/06/2015
    Stephen CarterNon Exec Director08/05/200901/12/2014
    Lloyd ThomsonNon Exec Director22/08/201324/04/2014
    Michael DaviesExecutive Chairman, Managing Director05/07/201119/08/2013

    Date of first appointment, title may have changed.