AnaeCo shareholders have backed handing control of nearly 50 per cent of the waste treatment company to NSW businessman Ian Campbell in exchange for a loan of up to $10 million.
An extraordinary general meeting yesterday also endorsed a $15 million capital raising to fund AnaeCo’s DiCOM waste bioconversion technology and complete a waste management plant expansion project in Shenton Park.
The arrangement with Mr Campbell, a technology entrepreneur, sees his CF2 trust provide a loan facility of up to $10 million in a deal which could give him control of up to 49.7 per cent of AnaeCo’s voting rights.
However, if the company can reach its $15 million capital raising target, then it is unlikely it would draw down more than $3 million of the loan facility.
Anaeco plans to target institutions in Australia and investors in Asia, where it says there is strong interest in the DiCOM technology.
The vote on the funding arrangements came a day after the Bentley-based company announced a deal with a Chinese firm to collaborate in exploiting the technology in China and other overseas markets.
Managing director Patrick Kedemos said DiCOM offered compelling advantages for Chinese cities because its smaller footprint and environmentally benign nature enabled plants to be located in light industrial areas.
He said the biogas and organic fertiliser produced by the process would also help Chinese municipalities meet Government environmental targets.
The expansion project in Shenton Park - a joint venture with engineering group Monadelphous - is expected to be completed in September.
