Agcert shareholders back €30m funding

 

Shareholders in Irish-based greenhouse gas reduction specialist Agcert paved the way for the company to raise €30 million when they approved the issue of over 76.1 million new shares.

The share placing will allow the company to convert about €15 million in debts into stock and provide it with another €15 million to fund its development.

The move required the backing of shareholders. They voted in favour of the placing at an extraordinary general meeting in London yesterday.

New shareholders received their stock yesterday and a statement said that settlement will take place today, when dealing in the new shares begins.

Agcert advises power companies and other industries on cutting their greenhouse gas emissions. Under a United Nations (UN) agreement, businesses that cut their greenhouse gas emissions below set limits receive "carbon credits".

These can be sold to other organisations or exceed their limits. The process allows operations that cut emissions to compensate for those who pollute and is known as "offsetting".

Agcert gets a percentage of the carbon credits it generates for clients and sells them on the open market.

Agcert is registered in Ireland and is listed on London's Alternative Investment Market (Aim).