Close the Loop Limited, an end-to-end solutions provider from design and manufacturing, through to collection and recycling of products, will start trading its shares on the ASX today, under the code ‘CLG’ following an initial public offering (IPO).
Highlights:
• Close the Loop is the first company to list on ASX that provides full circular-economy solutions – from design, manufacture, collection and reuse or recycling
• A profitable global business with strong revenue growth and cash generation
• The IPO raised gross proceeds of $12 million at $0.20 per share, valuing the Company at a market capitalisation of $65.9 million at the IPO price
• IPO strongly supported by new institutional and sophisticated investors, underpins attractive organic and acquisition growth opportunities
Close the Loop is listing following the merger of two companies:
- Close the Loop, a resource collection and recycling company that sorts, processes, provides value-added services, recycles plastics and consumable products; and
•O F Packaging, designer and manufacturer of innovative, flexible and carton packaging, printing and related sustainability solutions.
Group Chief Executive Officer Joe Foster said: “Today Close the Loop becomes Australia’s most advanced vertically integrated design, manufacturing, collection and recycling company, that reduces waste to landfill and gets recycled content back into new products. Our award-winning packaging products and regenerative uses for plastics help companies stay ahead of evolving recycling guidelines and regulations.”
“With only two per cent of plastic packaging globally currently being recycled, customers need more effective and efficient recovery and take back or re-use of valuable product resources to increase their sustainability footprint. Coupled with the strong regulatory changes stipulated by governments around the world, we are excited about Close the Loop’s prospects and our ability to benefit from these key long-term global trends.”
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