Net Zero Infrastructure PLC Termination of Proposed Transaction and Update (5829Y)

TIDMNZI

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

Contact Details

 
 Net Zero Infrastructure plc 
  Mike Ellwood - Non-Executive Chairman    [phone] 
 Strand Hanson (Corporate Adviser) 
  Rory Murphy / Abigail Wennington         [phone] 
 Axis Capital Markets Limited (Company 
  Broker) 
  Richard Hutchison                        [phone] 
 IFC Advisory (Financial PR) 
  Graham Herring 
  Tim Metcalfe                             [phone] 
 

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