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REG - ACG Metals Ltd. - Tender Offer to exchange warrants into shares

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RNS Number : 0263V  ACG Metals Limited  28 January 2025

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION IN WHOLE OR IN PART IN THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE ITS
RELEASE, PUBLICATION OR DISTRIBUTION IS OR MAY BE UNLAWFUL. THE INFORMATION
CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY
JURISDICTION.

 

THIS DOCUMENT IS NOT AN EXTENSION INTO THE UNITED STATES OF THE OFFER
MENTIONED BELOW AND IS NOT A SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE
UNITED STATES.  PLEASE SEE THE SECTION "IMPORTANT NOTICES" AT THE END OF THIS
DOCUMENT.

 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN INVITATION TO PARTICIPATE IN THE
TENDER OFFER (AS DEFINED HEREIN) IN OR FROM ANY JURISDICTION IN OR FROM WHICH,
OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER
UNDER APPLICABLE SECURITIES LAWS OR OTHERWISE.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 (AS AMENDED) AS IT FORMS PART OF THE
DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (AS AMENDED) ("MAR").

 

28 January 2025

 

ACG METALS LIMITED

("ACG" or the "Company")

Tender Offer to exchange up to 26,899,425 Warrants into 2,689,942 Class A
Ordinary Shares of the Company

ACG announces that it intends to launch a Tender Offer for up to 26,899,425
Public Warrants, Sponsor Warrants and Private Placement Warrants (together,
the "Warrants") in the Company, representing approximately 70% of all Warrants
(the "Tender Offer").  It will publish a circular (the "Circular") explaining
the terms of the Tender Offer on or around 30 January 2025.

The Company intends to offer all holders of Warrants the opportunity to
receive 0.1000 Class A Ordinary Shares (the "Exchange Ratio") in exchange for
each Warrant tendered by the holder and exchanged pursuant to the Tender
Offer. Pursuant to the Tender Offer, the Company is offering up to an
aggregate of 2,689,942 Class A Ordinary Shares in the capital of the Company
("New Shares") in exchange for 70 per cent. of the Warrants. The Exchange
Ratio has been derived based on a fixed purchase price of US$0.50 per Warrant,
which represents a premium of 33.4% to the average middle market closing price
of a Public Warrant for the 90 trading days ended 28 January 2025 (being the
latest practicable date prior to this announcement) relative to US$5.00 per
New Share, which represents a discount of 33.4% to the volume-weighted average
price of the Company for the 90 trading days ended 28 January 2025.

The Company has also received irrevocable undertakings from Key Warrantholders
(as defined below) who collectively own 27,385,761 Warrants, to tender their
respective Warrants under the Tender Offer, which (subject to scale back) is
expected to be 19,170,033 Warrants.

Following consultation with the market, the Directors believe that the Tender
Offer will materially reduce the number of Warrants currently in issue
relative to the Existing Share Capital of the Company and remove a perceived
market overhang on the Company's share price.

Unless otherwise stated, capitalised terms used herein shall have the same
meaning as ascribed to them in the Appendix to this announcement (which forms
part of this announcement).

The Tender Offer

The intention is for the Tender Offer to open on or around 30 January 2025.
 The Company will announce the Tender Offer timetable once the Circular is
published. Subject to the terms and conditions of the Tender Offer, the
Company will exchange 26,899,425 Warrants for 2,689,942 New Shares, being an
Exchange Ratio of 0.1000.

Qualifying Warrantholders will have the opportunity to tender their Warrants
in the Tender Offer at the Tender Price for up to 70 per cent. of their
outstanding Warrants ("Basic Entitlement").  In addition, Qualifying
Warrantholders may tender Warrants in excess of their Basic Entitlements.
Once the Minimum Threshold (as defined below) is satisfied, the Company's
intention is to exercise its Drag Right (details set out below) and any excess
applications will be scaled back to each Qualifying Warrantholders' Basic
Entitlement.

The Tender Offer is conditional on, among other things, (a) the passing of the
Shareholder Resolution by Shareholders and (b) on receipt of valid tenders in
respect of at least: (i) 9,035,397 Warrants pursuant to the First Warrant
Instrument; and (ii) 10,178,479 Warrants pursuant to the Second Warrant
Instrument ("Minimum Threshold").

The Tender Offer is being made available to all Warrantholders, other than
those with registered addresses in a Restricted Jurisdiction, who are on the
Warrant Register of the Company at 5.00 p.m. (London time) on 20 February 2025
(on the assumption that the Circular is posted on 30 January 2025). Therefore,
all Qualifying Warrantholders who wish to participate in the Tender Offer
should ensure that they are on the Warrant Register at 5.00 p.m. (London time)
on 20 February 2025 (on the assumption that the Circular is posted on 30
January 2025).

The maximum aggregate number of New Shares to be issued in exchange for the
Warrants to be purchased under the Tender Offer is 2,689,942 New Shares which
would result in Warrantholders owning approximately 12.4 per cent. of the
Company's enlarged issued share capital post-completion of the Tender Offer.
No fractional New Shares will be issued pursuant to the Tender Offer. Instead,
any fractional New Shares which a Warrantholder would otherwise have been
entitled to receive pursuant to the Tender Offer will be aggregated and then
rounded down to the nearest whole New Share.

Any Warrants exchanged may be cancelled or held in treasury by the Company, in
accordance with the terms of the Amended Warrant Instruments.  A summary of
the proposed amendments to the Warrant Instruments is set out below.

Full details of the Tender Offer, including the terms and conditions on which
it is being made, will be set out in the Circular.

Irrevocable Undertakings

The Company also announces that as of today, it has received irrevocable
undertakings from ACP II Trading LLC ("ACP"), Lidya Madencilik Sanayi Ve
Ticaret ("Lidya"), and De Heerd Investments Limited ("De Heerd") (together,
the "Key Warrantholders"), who in aggregate hold approximately 27,385,761
Warrants, to tender their respective Warrants under the Tender Offer.
 Receipt by the Company of tenders by the Key Warrantholders for their
respective Warrants under the Tender Offer will satisfy the Minimum Threshold
requirement under the Tender Conditions (as will be set out in paragraphs 2(a)
and 2(b) of Part III of the Circular). Subject to such Tender Conditions being
satisfied and the Tender Offer becoming unconditional, the Company intends to
scale back the Key Warrantholders' applications so they only tender 70 per
cent of their outstanding Warrants being a total of 10,899,020 Warrants for
ACP, 4,652,757 Warrants for Lidya and 3,618,256 for De Heerd.  The Key
Warrantholders have also undertaken to approve the amendments to the Warrant
Instruments and to vote in favour of the Shareholder Resolutions.

Amended Warrant Instruments

The Company also announces that it proposes to amend the terms of the (i) the
private placement warrant and public warrant instrument dated 2 September 2024
(the "First Warrant Instrument") and (ii) the warrant instrument dated 6
October 2022 (as amended and restated on 2 September 2024) (the "Second
Warrant Instrument" and together with the First Warrant Instrument, the
"Warrant Instruments") such that: (A) the Company is permitted under each
Warrant Instrument to conduct a tender offer of the Warrants; and (B) the
Company can compulsorily acquire up to 70 per cent. of the outstanding
Warrants by notice in writing, subject to the Company launching a tender offer
and receiving applications from more than 50 per cent. of the outstanding
Warrants (the "Drag Right").  The Drag Right will be conducted on a pro rata
basis.  The Key Warrantholders have signed irrevocable undertakings to
approve these amendments to the Warrant Instruments.

Drag Right

As the Company has received irrevocable undertakings from the Key
Warrantholders to tender over 50% of the outstanding Warrants pursuant to the
terms of the Tender Offer, the Company will be permitted under the Amended
Warrant Instruments to exercise the Drag Right.  The Directors have confirmed
their intention to trigger the Drag Right once the Tender Offer closes, and
any excess applications will be scaled back to a Warrantholder's Basic
Entitlement (including the applications of the Key Warrantholders).

Shareholder Resolution

The Company will seek Shareholders' approval for the Shareholder Resolution to
dis-apply the pre-emption rights included in article 3.1 of the Memorandum and
Articles of Association in connection with the issue of 2,689,942 New Shares
pursuant to the Tender Offer.  The Key Warrantholders have signed irrevocable
undertakings to approve the Shareholder Resolutions.

Issue and Admission of the New Shares

If the Minimum Threshold is met, and the Tender Conditions are satisfied, the
New Shares will be issued credited as fully paid and will rank pari passu in
all respects with the Class A Ordinary Shares in issue at the time the New
Shares are issued pursuant to the Tender Offer, including the right to receive
and retain dividends and other distributions declared, made or paid by
reference to a record date falling on or after the date of completion of the
Tender Offer.  The rights attaching to the New Shares are set out further in
paragraphs 4 and 5 of Part XV (Additional Information) of the Prospectus.

Qualifying Warrantholders should also consider fully and carefully the risk
factors associated with the Company and in holding Class A Ordinary Shares.
Attention is drawn to the "Summary" and "Risk Factors" sections of the
Prospectus, which contain, inter alia, further information on the Company and
the Class A Ordinary Shares. A copy of the Prospectus is available on the
Company's website.

Application will be made to the FCA and to the London Stock Exchange for the
New Shares to be admitted to equity shares (transition) category of the
Official List in accordance with Chapter 22 of the UKLR and to trading on the
Main Market.

Overseas Warrantholders

The attention of Warrantholders who are citizens or residents or nationals of
countries outside the UK wishing to participate in the Tender Offer will be
drawn to the paragraph entitled "Overseas Warrantholders" in Part I of the
Circular.

The Tender Offer is not being made, and will not be made, directly or
indirectly in or into, or by use of the mails of, or by any means or
instrumentality of interstate or foreign commerce of or of any facilities of a
national securities exchange of, the United States. This includes, but is not
limited to, facsimile transmission, electronic mail, telex, telephone, the
internet and other forms of electronic communication. The Warrants may not be
tendered in the Tender Offer by any such use, means, instrumentality or
facility from or within the United States or by persons located or resident in
the United States. Accordingly, copies of the Circular and any other documents
or materials relating to the Tender Offer are not being, and must not be,
directly or indirectly mailed or otherwise transmitted, distributed or
forwarded (including, without limitation, by custodians, nominees or trustees)
in or into the United States or to any U.S. persons or any persons located or
resident in the United States. Any purported tender of Warrants in the Tender
Offer resulting directly or indirectly from a violation of these restrictions
will be invalid and any purported tender of Warrants made by a person located
in the United States or any agent, fiduciary or other intermediary acting on a
nondiscretionary basis for a principal giving instructions from within the
United States will be invalid and will not be accepted.

The New Shares have not been registered under the US Securities Act and may
not be offered or sold in the United States absent registration or an
exemption from registration or in a transaction not subject to the
registration requirements under the U.S. Securities Act. There will be no
public offering of the New Shares in the United States.

Each Warrantholder participating in the Tender Offer will represent that it is
not a U.S. person, it is not located in the United States and it is not
participating in such Tender Offer from the United States or it is acting on a
nondiscretionary basis for a principal that is not a U.S. person, that it is
located outside the United States and that is not giving an order to
participate in such Tender Offer from the United States. For the purposes of
this document, the "United States" means the United States of America, its
territories and possessions (including Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands), any state
of the United States of America and the District of Columbia.

Directors Interests

The interests (all of which are beneficial unless stated otherwise) of the
Directors and of persons connected with them in the Warrants and the existence
of which is known to, or could with reasonable due diligence be ascertained
by, any Director as at the date of this announcement are as follows:

 

 Name            Number of Warrants  Class of Warrants  Percentage of Warrants
 Artem Volynets  1,279,266           Sponsor Warrants   3.3%

Intention of Directors

The Directors have indicated their intention to tender their Warrants
(directly or through their connected parties) as follows:

 

 Name            Number of Warrants  Percentage of Warrants
 Artem Volynets  895,486             2.3%

 

Assuming the maximum number of Warrants under the Tender Offer are purchased
and that the Directors' tenders are satisfied in full, the Directors,
following completion of the Tender Offer, will be interested, in aggregate, in
383,779 Warrants, representing approximately 3.3% per cent of the outstanding
Warrants following completion of the Tender Offer.  On completion of the
Tender Offer, and assuming the maximum number of Warrants under the Tender
Offer are purchased and that the Mr Volynets tender is satisfied in full, Mr
Volynets will be interested in 562,280 Class A Ordinary Shares, representing
approximately 2.6 per cent. of the enlarged share capital of the Company.

Recommendation

The Board considers the Tender Offer to be in the best interests of the
Company and Warrantholders as a whole. However, the Board is not making, and
does not intend to make, any recommendation to Warrantholders in relation to
the Tender Offer. Whether or not Qualifying Warrantholders decide to elect to
tender their Warrants in the Tender Offer is a decision for individual
Qualifying Warrantholders.

Qualifying Warrantholders should take into account their own individual
circumstances, including their tax position, when deciding whether or not to
participate in the Tender Offer. Qualifying Warrantholders are recommended to
consult with their duly authorised independent advisers (including tax
advisers).

Subject to satisfaction of the Tender Conditions, and in particular receipt of
applications for the Minimum Threshold, the Company intends to trigger the
Drag Right in the Amended Warrant Instruments to purchase up to 70 per cent.
of the outstanding Warrants on a pro rata basis.  Therefore, whether or not a
Warrantholder decides to tender their Warrants, 70 per cent. of their Warrants
will automatically be tendered pursuant to the Drag Right.

Appointments

MUFG Corporate Markets (UK) Limited and MUFG Corporate Markets Trustees (UK)
Limited have been appointed to act as Receiving Agent on behalf of the
Company. Stifel Nicolaus Europe Limited is acting as financial adviser, and
Fieldfisher LLP is acting as legal adviser to the Company.

- ENDS -

The person responsible for the release of this information on behalf of the
Company is Artem Volynets, Chief Executive Officer.

 

For further information please contact:

 

Palatine

 Communications Advisor

Conal Walsh / James Gilheany/ Kelsey Traynor/ Richard Seed

 acg@palatine-media.com (mailto:acg@palatine-media.com)

 

About the Company

 

ACG is a company with a vision to consolidate the critical metals industry,
starting with the copper sector. Through a series of roll-up acquisitions, ACG
intends to become a premier supplier of copper and other critical metals to
the western OEM supply chain, with best-in-class ESG and carbon footprint
characteristics.

 

In September 2024, ACG successfully completed the acquisition of the Gediktepe
Mine, an operating open pit mine in Türkiye currently producing 34 koz of
gold and 361 koz of silver. Gediktepe is expected to transition to primary
copper and zinc production from 2026 and will target annual steady-state
copper equivalent production of 20-25 kt.

 

ACG's team has extensive M&A experience built through decades spent at
blue-chip multinationals in the sector. The team brings a significant network
as well as a commitment to ESG principles and strong corporate governance.

 

For more information about ACG, please visit:  https://acgmetals.com/
(https://acgmetals.com/)

IMPORTANT NOTICES

This announcement does not constitute or form part of an offer or invitation,
or a solicitation of any offer or invitation, to purchase any Warrants or
other securities.

The full terms and conditions of the Tender Offer will be set out in the
Circular, which Warrantholders are advised to read in full. Any response to
the Tender Offer should be made only on the basis of the information in the
Circular.

Apart from the responsibilities and liabilities, if any, which may be imposed
on Stifel Nicholaus Europe Limited ("Stifel") under FSMA or the regulatory
regime established thereunder, or under the regulatory regime of any
jurisdiction where the exclusion of liability under the relevant regulatory
regime would be illegal, void or unenforceable: (i) neither Stifel nor any
person associated or affiliated with it accepts any responsibility whatsoever
or makes any warranty or representation, express or implied, in relation to
the contents of this announcement, including its accuracy, completeness or
verification or for any other statement made or purported to be made by, or on
behalf of it, ACG or the Directors, in connection with ACG and/or the Tender
Offer; and (ii) Stifel and each of their affiliates accordingly disclaims, to
the fullest extent permitted by law, all and any liability whatsoever, whether
arising in tort, contract or otherwise (save as referred to above) which they
might otherwise be found to have in respect of this announcement or any such
statement. No representation or warranty, express or implied, is made by
Stifel or any of its respective affiliates as to the accuracy, completeness,
verification or sufficiency of the information set out in this announcement,
and nothing in this document will be relied upon as a promise or
representation in this respect, whether or not as to the past or future.

This press release may not be published, distributed, transmitted or otherwise
sent into the United States of America (including its territories and
possessions, every State in the United States and the District of Columbia).
This press release does not constitute an extension into the United States of
the offer mentioned in this press release, nor does this press release
constitute nor form part of an offer to sell securities or the solicitation of
an offer to buy securities in the United States.  The securities referred to
herein have not been registered under the US Securities Act of 1933, as
amended (the "U.S. Securities Act"), and may not be offered or sold in the
United States absent registration or an exemption from registration or in a
transaction not subject to the registration requirements under the U.S.
Securities Act.  There will be no public offering of the securities in the
United States. Warrantholders in the United States or who are, or who are
acting for the account or benefit of, a U.S. person (within the meaning of
Regulation S under the U.S. Securities Act of 1933, as amended) will not be
eligible to participate in the offer described in this press release.  Offer
documents, including the Circular and tender forms, when issued, will not be
distributed or sent into the United States.

Forward looking statements

Forward looking statements Certain statements contained in this announcement
constitute forward-looking information or forward-looking statements within
the meaning of applicable securities laws (collectively, "forward-looking
statements"). Forward-looking statements can be identified by the use of words
such as "plans", "expects", "budget", "estimates", "forecasts", "intends",
"anticipates", "believes" or equivalents or variations, including negative
variations, of such words and phrases, or state that certain actions, events
or results, "may", "could", "would", "should", "might" or "will" be taken,
occur or be achieved. These forward-looking statements include, but are not
limited to, statements regarding the expiration of the Tender Offer and the
financing of the Tender Offer. Forward-looking statements should not be read
as guarantees of future events, performance or results, and will not
necessarily be accurate indications of whether, or the times at which, such
events, performance or results will be achieved. All of the statements and
information in this announcement containing forward-looking statements are
qualified by these cautionary statements. Forward-looking statements are based
on information available at the time they are made, underlying estimates and
assumptions made by management and management's good faith belief with respect
to future events, performance and results, and are subject to inherent risks
and uncertainties surrounding future expectations generally. Such risks and
uncertainties include, but are not limited to, compliance with or waiver of
the conditions to the Tender Offer. The Company cautions readers that this
list of factors is not exhaustive and that should certain risks or
uncertainties materialise, or should underlying estimates or assumptions prove
incorrect, actual events, performance and results may vary significantly from
those expected. There can be no assurance that the actual results,
performance, events or activities anticipated by the Company will be realised
or, even if substantially realised, that they will have the expected
consequences to, or effects on, the Company. Readers are urged to consider
these factors carefully in evaluating forward-looking statements and are
cautioned not to place undue reliance on any forward- looking statements.
Other than as required by applicable securities laws, the Company undertakes
no obligation to update or revise any such forward-looking statements to
reflect events or circumstances after the date of this announcement or to
reflect the occurrence of unanticipated events.

 

APPENDIX

The following definitions apply throughout this Announcement, unless the
context requires otherwise:

 

 "Admission"                               means the admission of the New Shares to the equity shares (transition)
                                           category of the Official List in accordance with Chapter 22 of the UKLR and to
                                           trading on the Main Market
 "Amended Warrant Instruments"             means the each of the First Warrant Instrument and Second Warrant Instrument
                                           as amended in accordance with the terms herein and as further set out in the
                                           Circular
 "Basic Entitlement"                       in relation to a Qualifying Warrantholder, the number representing 70 per
                                           cent. of the aggregate number of Warrants registered in the Warrant Register
                                           in his or her or its name on the Record Date, rounded down to the nearest
                                           whole number of Warrants;
 "Circular"                                the Circular to be published by the Company on or around 30 January 2025
 "Class A Ordinary Shares"                 means the Class A Ordinary shares issued in the capital of the Company
 "Company"                                 ACG Metals Limited
 "Directors" or the "Board"                the board of directors of the Company
 "Drag Right"                              has the meaning set out herein
 "Exchange Ratio"                          means 0.1000 New Shares per Warrant tendered
 "Existing Share Capital"                  means the existing Class A Ordinary Shares in issue as at the date of this
                                           announcement
 "FCA"                                     Financial Conduct Authority
 "First Warrant Instrument"                means the private placement warrant and public warrant instrument dated 2
                                           September 2024
 "FSMA"                                    the Financial Services and Markets Act, 2000, as amended from time to time
 "Irrevocable Undertakings"                means the irrevocable undertakings from each of the Key Warrantholders to
                                           participate in the Tender Offer with respect to all of their Warrants
 "Key Warrantholders"                      means each of ACP II Trading LLC, Lidya Madencilik Sanayi Ve Ticaret, De Heerd
                                           Investments Limited
 "London Stock Exchange"                   London Stock Exchange plc
 "Main Market"                             the main market for listed securities operated by the London Stock Exchange
 "Memorandum and Articles of Association"  the memorandum and articles of association of the Company from time to time
 "Minimum Threshold"                       means:-

                                           (a)         receipt of valid tenders in respect of at least 9,035,397
                                           Warrants outstanding under the First Warrant Instrument representing an
                                           aggregate of not less than 50 per cent. of the outstanding Warrants; and

                                           (b)         receipt of valid tenders in respect of at least 10,178,479
                                           Warrants outstanding under the Second Warrant Instrument representing an
                                           aggregate of not less than 50 per cent. of the outstanding Warrants
 "New Shares"                              means the new Class A Ordinary Shares which are to be issued pursuant to the
                                           Tender Offer
 "Non-Qualifying Warrantholders"                                        Warrantholders, as at the Record Date, who are not Qualifying Warrantholders
 "Official List"                                                        means the Official List of the FCA
 "Overseas Warrantholders"                                              a Warrantholder (a) whose address in the Company's register of members is
                                                                        outside the UK or (b) who holds Warrants for the benefit of a citizen or
                                                                        national of, or resident in, a jurisdiction other than the UK
 "Private Placement Warrants"                                           has the meaning set out in the First Warrant instrument
 "Prospectus"                                                           means the prospectus published by the Company on 7 August 2024
 "Public Warrants"                                                      warrants to subscribe for Class A Ordinary Shares issued or to be issued
                                                                        pursuant to the First Warrant Instrument and the Second Warrant Instrument
 "Qualifying Warrantholders"                                            Warrantholders who are entitled to participate in the Tender Offer, being a
                                                                        Warrantholder on the Warrant Register at the Record Date and not with a
                                                                        registered address in or located in a Restricted Jurisdiction except in
                                                                        certain limited circumstances authorised by the Company
 "Receiving Agent"                                                      means MUFG Corporate Markets (UK) Limited and MUFG Corporate Markets Trustees
                                                                        (UK) Limited
 "Record Date"                                                          5.00 p.m. (London time) on 20 February 2025
 "Restricted Jurisdiction"                                              each of the United States, Canada, Australia, South Africa and Japan and any
                                                                        other jurisdiction in which the making of the Tender Offer and mailing of this
                                                                        Circular into or inside would constitute a violation of the laws and
                                                                        regulations of such jurisdiction
 "Second Warrant Instrument"                                            means the warrant instrument dated 6 October 2022 (as amended and restated on
                                                                        2 September 2024)
 "Shareholder Resolution"                                               a resolution dis-applying the pre-emption rights included in article 3.1 of
                                                                        the Memorandum and Articles of Association, in connection with the issue of
                                                                        2,689,942 New Shares pursuant to the Tender Offer, either (i) approved at a
                                                                        duly convened and constituted shareholder meeting by the affirmative vote of
                                                                        at least 75% of the votes of the Class A Ordinary Shares of the Shareholders
                                                                        entitled to vote thereon which were present at the meeting and voted; or (ii)
                                                                        consented to in writing by at least 75% of the votes of the Class A Ordinary
                                                                        Shares entitled to vote on such resolution
 "Sponsor Warrants"                                                     has the meaning set out in the Second Warrant Instrument
 "Stifel"                                                               Stifel Nicolaus Europe Limited
 "Tender Offer"                                                         the invitation to Qualifying Warrantholders to tender Warrants for sale to the
                                                                        Company on the terms and subject to the conditions set out in this Circular
 "tender" and "tendered"                                                refers to tenders of Warrantholders in relation to the Tender Offer
 "UKLR"                                                                 means the new UK listing rules published by the FCA under FSMA, as amended
                                                                        from time to time
 "United Kingdom" or "UK"                                                                                         the United Kingdom of Great Britain and Northern Ireland
 "Warrants"                                                                                                       means each of the Public Warrants, Sponsor Warrants and Private Placement
                                                                                                                  Warrants
 "Warrant Instruments"                                                                                            means the First Warrant Instrument and the Second Warrant Instrument
 "Warrantholders"                                                                                                 holders of Warrants in the Company
 "Warrant Registers"                                                                                              has the meaning set out in the Amended Warrant Instruments

 

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