REG - Alteration Earth PLC - Offer Talks Terminated

Alteration EarthAnnouncement

24/06/2024 15:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240624:nRSX6430Ta&default-theme=true

RNS Number : 6430T  Alteration Earth PLC  24 June 2024

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
(https://altearthplc.com/)  or contact:

 

Alteration Earth PLC

Matthew Beardmore

Director

T: +44 (0)20 4501 8549

Email: info@altearthplc.com (mailto:info@altearthplc.com)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  OTTQKQBPNBKDAAB