UK: Hobson Audley Advise On £10.4M Programmable Life Inc Reverse Into Greenchip Investments Plc
Last Updated: 18 December 2001

Hobson Audley has advised Robert Downie, a research scientist and the founder of Programmable Life Inc, a Buffalo based company, on its reverse into Greenchip Investments plc, an AIM listed cash shell.

Over many years Robert Downie and his companies have developed systems to make biodegradable polyethylene (the most common form of plastic). However the high costs of production have been almost a complete barrier to the widespread use of bio-degradable plastic. Programmable Life inc. has now developed an additive which can be introduced at an early stage in the polyethylene manufacturing process. As a result biodegradable plastics can be produced at prices similar to the existing production costs of non-biodegradable plastic.

The vendors of Programmable Life Inc., including Robert Downie and Arlington Group Plc will receive up to 160 million shares in Greenchip. Trading in Greenchip shares was suspended when the deal was announced in August 2001. At that time the shares were trading at 6.5p each. This share price values the deal at up to £10.4 million.

Donald Stewart, Angela Glasson and Pauline Lam in the corporate group at Hobson Audley, acted for Robert Downie in the UK.

David Stark and Irene Chiu of Hodgson Russ in Buffalo also acted for Mr Downie in the US.

June Paddock, Stuart Richards and Alicia Ash of Stringer Saul acted for Greenchip Investments Plc while Rupert Weston of Burges Salmon acted for Arlington Group Plc.

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