Codex Acquisitions - Acquisition Update
30/10/2024 07:00
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RNS Number : 1032K Codex Acquisitions PLC 30 October 2024
30 October 2024
Codex Acquisitions plc
Second Extension of Long Stop Date and Exclusivity Period for Proposed
Acquisition
Codex Acquisitions plc (LSE: CODX) (the "Company" and "Codex") is pleased to
announced that it has entered into a second amendment letter, dated 25 October
2024 (the "Extension Side Letter") to the heads of terms, dated 8 December
2023 (the "HOTs") with Technologies New Energy S.A. ("TNE"), a sociedade
anónima incorporated in Portugal operating in the renewable energy sector,
pursuant to which the Long Stop Date and Exclusivity Period (as specified in
the HOTs) have been extended by mutual agreement of the parties to 31 December
2024 to provide for additional time for Codex to complete its proposed
acquisition of the entire issued share capital of TNE (the "Proposed
Acquisition"). The Extension Side Letter does not alter any other provisions
specified in the HOTs.
Background to the Proposed Acquisition
The Company was established as a 'special purpose acquisition company' with
the objective of undertaking one or more acquisitions in the clean and
renewable energy sector, as outlined in its prospectus published on 4 March
2022, a copy of which can be found on the Company's website at the following
link: https://www.codexplc.com (https://www.codexplc.com) .
The Proposed Acquisition is in line with the Company's acquisition strategy.
There can be no guarantee that the Proposed Acquisition will complete nor as
to the final terms of the Proposed Acquisition.
About TNE
TNE is a global provider and project developer of integrated state-of-the-art
energy efficiency, energy transition and decarbonisation solutions.
TNE owns a diversified and differentiated portfolio of renewable projects in
Portugal based on the energy flexibilisation, Power-to-X and
Biomass-to-Liquids technologies architecture that will enable novel
applications to a clean transition for the hard-to-abate sectors such as
chemical industries, mobility applications and urban built environments. TNE
mission is to significantly accelerate developments to drive decarbonisation
efforts at scale and get a lasting and unparalleled impact on our planet.
Further details about TNE can be found on its website at the following link:
https://tne.pt/ (https://tne.pt/) .
Julio Perez, Non-Executive Director of the Company, commented:
"We appreciate our partners at TNE for agreeing to extend both the Long Stop
Date and the Exclusivity Period. This extension is essential, granting us the
additional time needed to advance the Proposed Acquisition. We are committed
to successfully finalising this transaction and look forward to our ongoing
collaboration with TNE.
Ricardo Eiras, CTO of TNE, commented:
"We thank Codex for agreeing to a second extension to both the Long Stop Date
and Exclusivity Period. TNE remains fully committed to completing this key
transaction with Codex and values their consistent cooperation and support
throughout this process."
The Company will make further announcements in due course, as appropriate.
Enquiries:
For further information, please visit www.codexplc.com or contact:
Codex Acquisitions plc
Julio Perez
Non-Executive Director
T: +44 (0)7590 657 309
Email: info@codexplc.com
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