There's brass in muck for AgCert
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Your support makes all the difference.AgCert, a Dublin-based company that sells greenhouse gas emission credits derived from pig farm slurry, raised £61m yesterday in a placing with institutional investors ahead of a London Stock Exchange listing.
AgCert, a Dublin-based company that sells greenhouse gas emission credits derived from pig farm slurry, raised £61m yesterday in a placing with institutional investors ahead of a London Stock Exchange listing.
The group, which was set up in 2002 by the Florida-based incubator XL Tech, said the proceeds of the placing would be used to roll out its production operations in Mexico and Brazil.
AgCert has patented a "biodigestion" process that captures methane from farm slurry, which the farms can use or sell to local power grids. AgCert receives the credits that the cut in greenhouse gas emissions earns under Kyoto rules, and sells them to companies looking to offset their own carbon emissions.
It has arrangements with 500 pig farms in South America, and about €74m in forward sales of emission credits to other companies. It is also looking to expand its system to dairy and poultry farms.
The 140p placing price values AgCert at £215m. Trading is due to start on Tuesday. The Aim-listed XL TechGroup has reduced its holding from 43 per cent to 27.2 per cent, while Andlinger Capital also holds 27 per cent.
Alan Tank, its chief executive and managing director, said yesterday: "The listing will help raise the profile of AgCert and enhance its reputation with its customers and suppliers worldwide." Code Securities and Hoare Govett are acting as joint sponsors, financial advisers and brokers to company for its flotation.
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