European Green Transition (“EGT”), is a company developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition.
Announces its proposed admission to trading on AIM (“Admission”) and its successful placing and subscription, conditional on Admission, (the “Fundraise”) of 64,495,890 new ordinary shares (the “Fundraise Shares”) of £0.0025 each in the capital of the Company (the “Shares”) at a price of 10 pence per Share (the “Placing Price”) with institutional and other investors.
EGT’s business model is to develop a portfolio of green economy assets in Europe, capitalising on Europe’s green energy transition. The Company intends to implement a disciplined M&A focused model and has already acquired a portfolio of assets, notably its principal Olserum Rare Earth Element (REE) project.
The Company believes that it is appropriate to provide retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries which will be listed, subject to certain access restrictions, on the following website: https://www.bookbuild.live/deals/67JJD7/authorised-intermediaries
Under the Fundraise, the Company has conditionally raised approximately £6.45 million (before expenses) which it intends to deploy towards its capital-efficient development programmes and to support the potential acquisition of additional green economy assets.
In addition to the Fundraise, the Company also intends to make an offer on the Bookbuild platform (the “Retail Offer”) of new ordinary shares at the Placing Price (the “Retail Offer Shares”) for up to £0.5 million. A separate announcement will be made shortly regarding the Retail Offer and its terms. The Retail Offer is conditional on the Placing and the Subscription becoming unconditional, however the Placing and Subscription are not conditional on the Retail Offer becoming unconditional.
The Company intends to publish its Admission Document (“Admission Document”) in due course and has applied for its enlarged share capital to be admitted to trading on AIM. Admission and the commencement of dealings on AIM are expected to take place at 8.00am BST on 8 April 2024 under the ticker EGT. The Company’s ISIN is GB00BPVG5407 and SEDOL is BPVG540.
Panmure Gordon (UK) Limited (“Panmure Gordon”) is acting as Sole Broker, Bookrunner and Nominated Adviser in relation to the Fundraise and Admission.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
“We see significant opportunity in Europe for businesses such as ours that support the green economy transition, and we are encouraged by the recent final approval of the European Critical Raw Materials Act, which was adopted earlier this month to ensure a secure and sustainable supply of critical raw materials within Europe.
We are pleased to announce our c.£6.45m Fundraise from institutional investors and family offices, an increase from our target raise, and we intend to imminently launch a retail offer through Bookbuild for a maximum of £0.5m. The Fundraise provides EGT with funding to progress the execution of our capital-efficient development programmes across our portfolio of assets, whilst also potentially supporting the acquisition of further green economy assets within our M&A growth pipeline.”
Enquiries
European Green Transition
Aiden Lavelle, CEO
+44 (0) 208 058 6129
Jack Kelly, CFO
