AnaeCo director loses shares

AnaeCo director Ian Campbell has lost control of his 6.5 per cent stake in the waste treatment company after the shares were used as security for separate loans.

The Bentley-based company said Dr Campbell had used his shares as security for loans, with the proceeds advanced to other businesses he was associated with.

He advised the company today that the unnamed lender had called for immediate repayment of the loan, and had enforced its security position by taking control of his 162 million shares.

With AnaeCo shares currently trading at 0.7 cents, Dr Campbell’s stake is worth $1.14 million.

AnaeCo said it would advise the market when it knew the lender’s intentions with respect to the shares.

Dr Campbell is the third largest shareholder in AnaeCo, with the biggest shareholder being engineering contractor Monadelphous, with a 15.3 per cent stake.

Monadelphous increased its stake last year after taking extra shares as payment for services it had provided.

AnaeCo has invested $120 million over 14 years developing an innovative waste treatment technology.

The technology is being used for the first time in a commercial-scale plant recently constructed at Shenton Park.

The plant, owned by funds managed by Palisade Investment Partners, is contracted to receive 55,000 tonnes of municipal waste each year from the Western Metropolitan Regional Council.

Ed’s note: Dr Ian Campbell should not be confused with former senator Ian Campbell, who is a director of IT company ASG Group and renewable energy company Solco.