The French recycling specialist has no good news for Christmas. Carbios has had to postpone the completion of the planned PET biorecycling plant in Longlaville by six to nine months due to delayed, non-dilutive financing. There are also changes in management. The Carbios share price falls by around ten percent.
Philippe Pouletty, founder of Carbios and Chairman of the Supervisory Board, was appointed CEO on December 18. He takes over the post for the time being from his predecessor Emmanuel Ladent, who left office yesterday. Vincent Kamel will assist Pouletty as an advisor for the time being.
"In order to ensure the diligent implementation of our strategy and secure our cash flow in a complex market environment, we are postponing the construction of the plant in line with the expected timetable for the payment of public subsidies and the negotiation of the additional non-dilutive financing required," said Carbios founder Pouletty on the planned postponement.
In recent months, problems had already emerged in the negotiations with the potential investor Indorama Ventures. According to Carbios, negotiations with the company are still ongoing. The company has also entered into talks with other private and public financial institutions, which are likely to finance the project on favorable terms, it adds.
CONCLUSION
In the short term, Carbios is in a good financial position with liquidity of EUR 112 million at the end of November. It is currently difficult to predict how the financing of the planned large recycling plant will ultimately look. Uncertainty prevails. And the stock market does not like uncertainty. The slide in the share price of around ten percent has once again clouded the chart of the recycling hot stock. Investors are putting this highly speculative stock on their watch list.
