Codex Acquisitions PLC Acquisition Update

RNS Number : 8499R

Codex Acquisitions PLC

10 June 2024

 

10 June 2024

Codex Acquisitions plc

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 an amendment letter, dated 7 June 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 30 September 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.

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/.

Julio Perez, Non-Executive Director of the Company, commented:

"We are grateful to our partners at TNE for agreeing to extend the Long Stop Date and Exclusivity Period. This extension is crucial as it provides the necessary additional time required to progress the Proposed Acquisition.

We remain committed to concluding this transaction to the satisfaction of all parties involved and look forward to the continued collaboration with TNE."

Ricardo Eiras, CTO of TNE, commented:

"We would like to thank Codex for agreeing to an extension of the Long Stop Date and Exclusivity Period. TNE remain dedicated to completing this pivotal transaction with Codex and appreciate their continued co-operation 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: [phone]

Email: [e-mail]

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 [e-mail] or visit 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.

 

END

 

 

ACQBSGDLUSBDGSG