Nu-Oil and Gas reveal plastic recycling company reverse takeover

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A proposed plastic recycling company reverse company takeover has been announced by Nu-Oil and Gas.

The AIM-listed shell company has not named the business involved in the reverse takeover, but has said it is a “European-based plastics recycling and reprocessing business that has a well-established trading history”.

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It is the intention of the potentially enlarged company to act as a consolidation vehicle in the sector.

With the reverse acquisition allowing the recycling business to become a public company, shares in Nu-Oil and Gas have been suspended as required by the AIM market rules.

The proposed acquisition will bring with it a new chief executive with significant experience in the recycling sector. The board will also be strengthened with new appointees and a combination of commercial and sector experience.

However, the acquisition of the plastic recycling company remains subject to a number of variables including, but not limited to, completion of due diligence, agreeing definitive documentation, compliance with regulatory requirements and shareholder approval.

Nu-Oil and Gas non-executive chairman Jay Bhattacherjee said: “We are delighted to have entered into heads of terms to acquire a business that will be transformational for Nu-Oil.

“Today marks the first step towards delivering on the company’s refocused strategy of increasing value for shareholders by targeting opportunities in the environmental industries sector.”

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