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Alteration Earth PLC (ALTE) announced the mutual termination, effective immediately, of its non-binding heads of terms to acquire the entire issued share capital of Verdant Earth Technologies Limited, originally signed on 31 July 2023. ALTE's Board is now negotiating non-binding heads of terms for a different potential acquisition, which would constitute a reverse takeover. The Board has requested that the Company's shares remain suspended pending clarification of this new opportunity.
| Date | 24 Jun 2024 |
| Time | 14:57:24 |
| Category | Corporate updates |
| ID | 6430T |
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
Alteration Earth PLC ("ALTE" or the "Company")
Termination of Proposed Transaction
ALTE, the special purpose acquisition company formed with the intention to acquire renewable or clean energy technology companies, announces that the non-binding heads of terms to acquire the entire issued share capital of Verdant Earth Technologies Limited signed on 31 July 2023 (the "Proposed Transaction") has been terminated by mutual agreement of the parties with immediate effect. The parties have agreed that given current market conditions, the size of the potential transaction and uncertainty over project approval timing it is in the best interests of each to cease discussions.
The Board is actively considering another potential acquisition opportunity in a different sector of the market, which would constitute a reverse takeover. Non-binding heads of terms are being negotiated. The Board has requested that the Company's shares remain suspended for the time being pending clarification of the potential acquisition.
Matthew Beardmore, Director of ALTE, said: "We are disappointed that we have not been able to complete the transaction with Verdant, but the Board has determined that termination of these discussions is in the best interests of our shareholders. Whilst this will come as a disappointment to our shareholders, they should feel enthused by the positive discussions we have held with several other potential acquisition targets, which has culminated in one opportunity where we are currently negotiating non-binding heads of terms. We hope to announce a positive update on these negotiations in the coming days."
Enquiries
For further information, please visit www.altearthplc.com or contact:
Alteration Earth PLC
Matthew Beardmore
Director
T: +44 (0)20 4501 8549
Email: [email protected]