Waste company seeking ASX listing

Waste management company AnaeCo Limited has announced it is seeking a November listing on the Australian Stock Exchange. The company is aiming to raise $5 million to fund its share of the construction of its first advanced waste treatment facility for the Western Metropolitan Regional Council (WMRC) in Perth.

The facility will process 55,000 tonnes per annum of household waste and will maximise the resource value of the incoming waste stream through the generation of enough renewable energy to provide power for up to 2700 households as well as an agricultural grade compost and valuable recyclables such as aluminium and steel.

The Commonwealth government's Renewable Energy Development Initiative has awarded a $2.7 million grant towards the WMRC facility because of the innovative way it will generate methane for conversion to electricity.

The company has entered a 10-year alliance with diversified fund manager Perpetual Limited, which will majority finance the new WMRC facility under a 20-year Waste Supply Agreement, which was signed in April 2007, as well as other facilities that the companies will jointly tender for.

"The alternative waste technology sector may not have the appeal of resource stocks at the moment. But when you look at the combination of growth in municipal waste being generated, together with the growing environmental and economic cost of landfill, it's easy to see the opportunity for a company that can provide local governments with a small footprint solution that's cost effective, environmentally sustainable and wins community approval," Tom Rudas, managing director of AnaeCo said.

The company's DiCOM process is a new-generation alternative waste technology, developed with assistance from a number of Australian universities, and piloted for seven years. A key advantage of the organic recycling process is that it occurs in vertical tanks which have a small footprint and can be retrofitted within existing waste transfer stations — such as is the case at WMRC's Shenton Park facility.

For a copy of the Prospectus, visit www.anaeco.com.