Bentley-based alternative waste technology company AnaeCo has closed its initial public offer after raising $5 million.
Bentley-based alternative waste technology company AnaeCo has closed its initial public offer after raising $5 million.
The company had 12 million shares on offer at 25 cents each to raise a minimum of $3 million, but was accepting oversubscriptions up to a maximum 12 million shares, to raise an additional $3 million.
AnaeCo is planning to build the first full scale commercial application of its DiCOMâ System for Perth's Western Metropolitan Regional Council (WMRC), in partnership with Perpetual Limited.
The DiCOMâ System is an alternative waste technology whose main application is the processing of organic municipal solid waste in preference to landfilling, with the production of renewable energy and compost as outputs.
The WMRC Project involves construction of a 55,000 tonnes per annum AWT facility as a retro-fit of a waste transfer station currently operated by WMRC.
The ability to retrofit existing transfer stations with the "small footprint" DiCOMâ System is one of AnaeCo's key competitive advantages.
AnaeCo managing director Tom Rudas said it was pleased to close the offer, fully subscribed, despite volatile market conditions.
"It's a big vote of confidence in our technology, our business strategy and the fact that we're already building our first facility. We've also found market support because of the climate change benefits in the production of renewable energy," he said.
"Unlike some commodities which are subject to price cycles, the production of waste is virtually recession-proof."
Construction of WMRC Stage 1 commenced in September 2007 and is scheduled to become operational in the second half of 2009.
The company, in conjunction with Perpetual Limited, is also working on a tender for a similar sized waste project in Victoria, which is due to be submitted in April 2008.
Internationally, AnaeCo is working on a number of leads for potential AWT facilities in UK, Europe and USA where the drive to reduce the amount of biodegradable organic waste sent to landfill, is strong.
Mr Rudas is joined on the AnaeCo board by former ABN Amro Australia managing director Jerome Rowley serving as chairman, executive director Richard Rudas and Michael Dureau in a non-executive capacity.
AnaeCo will commence trading on ASX shortly under the code ANQ.
