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.
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 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