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On 14 April 2026, Spiritus Mundi plc announced it has entered into amended heads of terms to propose acquiring only the entire issued share capital of Restalyst Pte. Ltd. This Proposed Acquisition is expected to constitute a Material Related Party Transaction, with Zaccheus Peh not participating in the board resolution and independent directors considering the terms fair and reasonable. Spiritus Mundi is in the process of raising additional funds to facilitate the completion of the Proposed Acquisition and the publication of its 2025 Annual Report and Accounts.
| Date | 14 Apr 2026 |
| Time | 07:00:01 |
| Category | Corporate updates |
| ID | 2706A |
14 April 2026
Spiritus Mundi plc
("Spiritus Mundi" or the "Company")
Update on Proposed Acquisition
Spiritus Mundi plc, (LSE:SPMU), the Special Purpose Acquisition Company (SPAC) seeking to acquire targets in Europe and Asia in the clinical diagnostics sector, announces further to the Company's announcements on 6 March 2024, 3 February 2025 and 3 June 2025, that the Company has entered into amended heads of terms ("Amended Heads of Terms"), to reflect that the Company now only proposes to acquire the entire issued share capital of Restalyst Pte. Ltd. ("Restalyst") (the "Proposed Acquisition").
As Zaccheus Peh is a director of the Company and a significant shareholder of Restalyst, the Proposed Acquisition is expected to constitute a Material Related Party Transaction as defined under DTR 7.3.6. Zaccheus Peh has therefore not participated in the Spiritus Mundi board resolution to approve the Amended Heads of Terms and the Company's independent directors consider that the Amended Heads of Terms are fair and reasonable from the perspective of the Company and its independent shareholders.
The Company is in the process of raising additional funds to facilitate the completion of the Proposed Aquisition and the publication of its 2025 Annual Report and Accounts. It is noted that there can be no guarantee that additional funds can be raised or that the Proposed Acquisition will be successfully completed. If the Proposed Acquisition does not complete for any reason, it is expected that the suspension of the Company's listing will be lifted, subject to FCA approval, and trading in the Company shares will recommence.
Notwithstanding the ongoing suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the Listing Rules.
For further information please contact:
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Spiritus Mundi plc |
Via IFC |
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Zaccheus Peh (Non-Executive Chairman) |
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Strand Hanson Limited (Financial Adviser) |
+44 (0) 20 7409 3494 |
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James Harris / James Bellman / Abigail Wennington
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IFC Advisory Limited (Financial PR and IR) |
+44 (0) 203 934 6632 |
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Graham Herring, Florence Staton |
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.