Bentley-based AnaeCo Ltd will close a non-renounceable entitlements issue today, raising just over $2 million to commence an engineering, procurement and construction management contract for a waste management facility in Shenton Park.
Bentley-based AnaeCo Ltd will close a non-renounceable entitlements issue today, raising just over $2 million to commence an engineering, procurement and construction management contract for a waste management facility in Shenton Park.
The company, which will allow shareholders to subscribe for 10 new shares at 1.5 cents each for every 1 share held, will use the money for work on the facility, which is to use the company's DiCOM technology at the Western Metropolitan Regional Council's waste transfer station at Shenton Park, as well as for working capital.
The plant, capable of handling 55,000 tonnes of municipal solid waste per year, will be owned by DiCOM AWT investment trust, an entity to be 20 per cent owned by AnaeCo and 80 per cent owned by entities of Perpetual Investment Management Ltd.
The two groups have formally established an alliance agreement to facilitate their future co-operation.
The shares will not be quoted on the Australian Securities Exchange.