OCEAN POLYMERS LIMITED ANNOUNCES TRANSITION TO PRIVATE LIMITED COMPANY

15th October 2024

Earlier today, Ocean Polymers Ltd (“Ocean Polymers”) announced its separation from CMG CleanTech S.A. (“CMG”) who acquired Ocean Polymers in November 2022.

As detailed in CMG’s announcement:

• This divestment comes as Ocean Polymers is advancing into the final stage of negotiations for power purchase and fuel supply agreements with governments across the Caribbean, which will involve the construction and operation of power plants to convert waste into clean energy.
• In order to effectively execute this project, Ocean Polymers will require a substantial capital raise. It is, therefore, in both parties’ best interest for Ocean Polymers to transition back to being a private legal entity. This transition will provide greater flexibility and create a more favourable environment for the necessary fundraising activities.
• Announcing the divestment, CMG’s Directeur Général (CEO) Darren Taylor said: “We believe that allowing Ocean Polymers to operate as a private legal entity will better position Ocean Polymers to meet its financial and operational objectives. We are committed to supporting them through this transition. The decision underscores CMG’s dedication to ensuring that its subsidiaries have the flexibility and resources needed to achieve their strategic goals.”

Ocean Polymers is aware of the benefits associated with the public markets; namely, those of market visibility, access to capital, transparency and liquidity for shareholders. It is, therefore, the intention of Ocean Polymers to return to the public markets, with the exact route and method of this return to be considered comprehensively once the power purchase and fuel supply agreements have been finalised.

Currently, Ocean Polymers is focused on finalising the power purchase and fuel supply agreements. All key milestones surrounding this, and the other initiatives detailed above, will be clearly and swiftly communicated to shareholders in due course.