Symphony acts to reduce debt

The loan, taken out in December 2006 to fund expansion and research, has been reduced from £340,000 to £240,000.

The company said the time to pay the remaining loan had been extended for one year, and it could be repaid early without penalty.

The loan is also no longer convertible into Symphony shares.

Six of Symphony’s directors have reinforced their confidence in the company by purchasing 5,263,157 shares.

Chief executive Michael Laurier said: “This agreement with Headstart places the company on a much sounder financial footing.  I am delighted that my fellow directors have shown their confidence as we continue to grow the company.”

Symphony manufactures the oxo-biodegradable plastic additive d2w, which can make most ordinary plastics degrade completely to a pre-set timespan, from as little as six months onwards.

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