Ludgate Environmental Fund increases stake in STX Services environmental trading firm

19 May 2010

Clean technology growth capital investor Ludgate Environmental Fund (LEF) has increased its holding in Dutch environmental trading and brokerage firm STX Services to 24.8 per cent from 19.2 per cent as a result of a capital reorganisation and share buyback.

LEF said it will reflect the impact of this increase in percentage ownership at the end of next quarter.

STX’s board has decided to buyback shares from one of the principal investors of the company, resulting in a percentage increase in the share ownership for all other shareholders, it said.

In a related transaction, STX’s managing director, Tim van der Noordt, who has been involved in the business since its inception in 2005 and will continue to contribute to STX as it develops across the carbon, biofuel and green certificate markets, also acquired additional shares from the same investor.

‘As a result of this capital reorganisation, the company’s shareholder base is more equally spread between investors and management,’ said Nigel Meir, director of LEF’s adviser Ludgate Investments.

‘The increased percentage ownership that LEF achieves following the capital reorganisation comes at a time when STX, under the direction of Tim van der Noordt, is increasing its broking revenues to a broader range of environmental products.’

Van der Noordt said, ‘The capital reorganisation of STX comes at a time when European ambitions for a greener and cleaner market are intensifying and management looks forward to improved broking conditions.’

Ludgate Environmental Fund is a Jersey-domiciled closed-ended investment company that listed on AIM in August 2007 and has approximately £48m of assets under management.

Ludgate Environmental Fund invests growth capital into companies with a focus on alternative energy, waste management, energy efficiency, water management and emission reduction technologies.

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