Primorus Investments PLC - London-based investor specialising in small and mid-cap companies and assets - Says investee Alteration Earth PLC, a London-based special purpose acquisition company, on Monday entered into a non-binding heads of terms agreement to acquire Verdant Earth Technologies Ltd, a Sydney-based renewable energy asset and technology developer. Alteration Earth would acquire all Verdant shares capital in exchange for new shares in Alteration; the proposed transaction value is GBP125 million. Says completion is not guaranteed as no binding agreement has yet been reached, but if the deal proceeds, it should complete in the fourth quarter of 2023.
Alteration Earth Director Matthew Beardmore says: "This is a very exciting opportunity to bring an asset backed, renewable energy business with a clear, scalable, and deliverable growth plan to the public markets...We look forward to closing the transactional elements and then supporting Verdant with its plans to deliver the business model in multiple countries and jurisdictions."
Primorus current stock price: 3.40 pence, up 4.6%
12-month change: 17%
Alteration Earth shares are suspended.
By Emma Curzon, Alliance News reporter
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Primorus Inv. (PRIM)
Alt. Earth (ALTE)