In May the Luxembourg-headquartered company had confirmed plans to float the business on the Spanish stock exchange, in a move intended to raise some €315m (£277m). Earlier this month it went on to set a tentative price range of €0.60-€1.20 for the Initial Public Offering (IPO). However, today (21 June) the business announced that the plans had been put on hold. In a statement, Lecta’s board said: “The board of directors of Lecta has decided not to pursue a listing at this point despite the positive response shown by potential investors. Lecta and its shareholders will continue to assess all options to optimise value for all stakeholders.” Spanish business newspaper CincoDías reported that, despite a reduction in the offer price range, there had been insufficient take-up from investors.
American Forest & Paper Association (AF&PA) President and CEO Heidi Brock issued the following statement in support of Senators Rob Portman (R-OH) and Debbie Stabenow’s (D-MI) “Recycling Enhancements to Collection and Yield through Consumer Learning and Education (RECYCLE) Act of 2019” (S. 2941).
“The RECYCLE Act will educate consumers on the right ways to recycle and is one of the best ways we can increase the quantity and quality of paper in the recycling stream. We are thankful for the collaborative work Senators Portman, Stabenow, Collins, Young and Wyden have undertaken to engage stakeholders on this important legislation and are eager to work with all parties to move this bill forward.
“Our industry has achieved record-setting paper recovery rates for recycling, but we also recognize the U.S. recycling system is faced with challenges that begin at the bin. Providing grants to fund recycling education programs is a positive step in working to dispel recycling myths, discourage ‘wishcycling’ and arm consumers with the resources they need to contribute to a U.S. recycling success story.”