New Earth launches listed fund
Article Date: Jul 23 2008UK waste treatment company New Earth Solutions is to raise equity finance through a listed fund it has launched in partnership with Isle of Man-based investment firm Premier Group. The fund is quoted on the Channel Islands Stock Exchange and anticipates long-term investment returns of 12 to 15 per cent per annum.
To begin with, the New Earth Solutions Recycling Facilities Investment Sub-Fund will invest in New Earth’s one operational waste facility in Dorset and contribute to another plant under construction in Kent. Each new plant will cost approximately £10 million to finance.
The launch of the fund follows an equity investment of £4 million into New Earth from green investment firm Impax, which took place in February.
Says Jonathan Fogg, investment manager at Impax, ‘[New Earth] has a significant track record in delivering… a range of innovative, competitive and flexible packages for local authority clients looking for viable solutions in waste treatment and recycling technology.’
The company has waste management contracts with local authorities in Bournemouth, Bristol, Kent and Leicestershire.
The New Earth Solutions Recycling Facilities Investment Sub-Fund requires a minimum investment of £10,000 and imposes penalties for withdrawals within the first five years of investment.
