REG - Net Zero Infrastruct - Termination of Proposed Transaction and Update

Net Zero InfrastructureAnnouncement

04/01/2024 07:00

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RNS Number : 5829Y  Net Zero Infrastructure PLC  04 January 2024

4 January 2024

 

NET ZERO INFRASTRUCTURE PLC

("NZI" or the "Company")

 

Termination of Proposed Transaction

Update on Financial Position

 

 

NZI, a special purpose acquisition company formed with the intention to
acquire renewable or clean energy technology companies, announces that the
non-binding letter of intent to acquire the entire share capital of LINE
Hydrogen (Australia) Pty Ltd. signed on 1 June 2023 (the "Proposed
Transaction"), has been terminated by mutual agreement of the parties with
immediate effect. The reason for the termination of the Proposed Transaction
was that the required funding was not available at present given the current
market conditions.

 

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 which would provide for
funding to be made by the acquiree company.  However, as there is no
guarantee that this will be signed and given that the Company has very limited
cash resources available, the Board has requested that the Company's shares
remain suspended for the time being pending clarification of the potential
acquisition, which could result in the provision of capital, and therefore its
financial position.

 

NZI's Chairman, Mike Elwood said: "We are disappointed that we have not been
able to complete the transaction with LINE Hydrogen but the Board have
determined that termination of these discussions is in the best interest of
our shareholders. Unfortunately, the transaction had funding requirements
which were not possible in the current market environment. The Company will
continue to pursue other acquisition targets and will update the market in due
course. We would like to thank our shareholders for their patience during the
past months."

 

 

 

ENQUIRIES

 

For further information, please visit - www.nziplc.com (http://www.nziplc.com)

 

Contact Details

 

 Net Zero Infrastructure plc                    +44 (0) 799 932 9382

 Mike Ellwood - Non-Executive Chairman

 Strand Hanson (Corporate Adviser)              +44 (0) 20 7409 3494

 Rory Murphy / Abigail Wennington

 Axis Capital Markets Limited (Company Broker)  +44 (0) 203 026 0320

 Richard Hutchison

 IFC Advisory (Financial PR)                    +44 (0) 203 934 6630

 Graham Herring

 Tim Metcalfe

 

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