French tyre maker Michelin has reportedly secured again a total of 20% of the shares in Gothenburg-headquartered tyre recycling company Enviro Systems following the dilution of its holding in May as a result of the completed new issue. The increase in its holding resulted from Michelin, via its subsidiary; acquiring two million of the shares that were issued in May to Unwrap Finance AB. It is reported that Enviro has no information about the purchase consideration or the acquisition price.
Through a directed issue conducted in April last year, the French tyre manufacturer Michelin acquired, via its wholly-owned subsidiary Michelin Ventures SAS, 20% of the shares in Enviro. Following the acquisition, Michelin has become the largest owner of Enviro.
In mid-May, Enviro completed a directed issue to Unwrap Finance AB of a total of 10,000,000 new shares, raising proceeds of SEK 20,950,261 before issue costs. The subscription price per share was SEK 2.095 and the number of shares in the company following the issue amounted to 590,826,115 while the share capital increased SEK 400,000 to a total of SEK 23,633,045. The dilution from the share issue was approximately 2% and resulted in a slight dilution of Michelin’s shareholding.