REG - Tech. New Energy - Diverfuel Acquisition – Related Party Disclosure

Technologies New EnergyAnnouncement

29/09/2025 14:45

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RNS Number : 2596B  Technologies New Energy PLC  29 September 2025

29 September 2025

Technologies New Energy plc

(the "Company")

 

Update on Acquisition of Diverfuel S.A. - Related Party Disclosure

 

Technologies New Energy plc (LSE: TNE), the energy transition company focused
on developing clean energy projects to drive industrial decarbonisation,
provides the following update in relation to its announcement of 28 August
2025 (RNS Number: 9416W) regarding the acquisition of Diverfuel S.A.
("Diverfuel"; the "Acquisition"; the "Acquisition Announcement").

The Company confirms that the Acquisition constituted a material related party
transaction for the purposes of DTR 7.3 and was, accordingly, voted upon by
the statutory directors of the Company ("Directors") at the time of entry into
the share transfer agreement (the "STA") with Diverstock S.A. ("Diverstock")
that were deemed independent in relation to the Acquisition (the "Independent
Directors"). The counterparty to the STA was Diverstock, an entity ultimately
beneficially wholly-owned and controlled by Mr. José Meneses. Mr. José
Meneses is a Director and substantial holder of ordinary shares of nominal
value £0.10 each in the capital of the Company ("Shareholder") (directly and
indirectly via Diverstock), and therefore a related party (as such term is
defined in IFRS).

The Independent Directors consider the material related party transaction in
respect of the Acquisition to be fair and reasonable from the perspective of
the Company and Shareholders who are not a related party. Shareholders should
note that Mr. José Meneses recused himself from all deliberations concerning
the Acquisition, ensuring robust governance and full compliance with
applicable regulatory standards. These steps reflect the Company's ongoing
commitment to transparent corporate governance and robust Shareholder
protections.

As disclosed in the Acquisition Announcement, no consideration was payable for
the transfer of the shares in Diverfuel.

This announcement is made in accordance with DTR 7.3.8R.

- Ends -

Enquiries:

 Technologies New Energy plc                    info@tneplc.com
 Julio Perez
+351 915 126 782
 Burson Buchanan                                +44 (0)20 7466 5000

 Chris Lane, Simon Compton, Abigail Gilchrist   TNE@buchanancomms.co.uk

 

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