European Green Transition, a company developing green economy assets in Europe which aims to capitalise on the
opportunity created by the green energy transition, is pleased to announce the admission of its entire issued ordinary share capital to trading on AIM (“AIM”), a market of the London Stock Exchange plc (“Admission”).
The commencement of trading of the Company’s ordinary shares of £0.0025 each in the capital of the Company (the “Ordinary Shares“) will become effective at 8:00 a.m. under the ticker “EGT”. On Admission, the Company will have a market capitalisation (at the Placing Price) of approximately £14.5 million and have 144,620,892 Ordinary Shares in issue.
The admission follows a Placing, Subscription and Retail Offer for a total of 64,620,890 new Ordinary Shares at a price of 10 pence per Ordinary Share (the “Placing Price“), raising gross proceeds of £6.46 million. The defined terms in this announcement have the same meaning as those in the Admission Document published by the Company on 28 March 2024.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said: “Today’s listing and fundraise is a crucial milestone for EGT. The funds raised will contribute to our existing green economy projects which are intended to support the energy transition across Europe, notably the Olserum Rare Earth project in Sweden. Additionally, the fundraise will strengthen the Company’s position to acquire what we believe are distressed and undervalued green economy assets in Europe.
“I would like to thank our new and existing shareholders for their support and commitment to investing in the future of EGT. We are confident the Company can capitalise on the significant opportunities created by the green energy transition in Europe to develop a profitable and sustainable business and I look forward to updating the market on future progress.”
Cathal Friel, Co-Founder & Non-Executive Director of European Green Transition, said: “The listing of European Green Transition on the London Stock Exchange is an excellent milestone and following strong support from both institutional and family office investors we successfully raised a total of £6.46 million. “The EGT team and Board have a strong track record of scaling M&A focused companies on AIM, notably Cove Energy plc, Amryt Pharma plc and hVIVO plc, and we are confident we can replicate this tried and tested approach.
I am particularly excited by the significant opportunity that EGT aims to capitalise on in Europe as we move from the dependence on fossil fuels towards a green, renewables-focused economy, and I have personally invested a further £300,000 in the IPO alongside the incoming investors on top of my significant investment in EGT to date.”
Notice of Investor Presentation
The Company Directors will be holding a remote presentation for investors, followed by an opportunity to ask questions. The presentation will take place at 6:00 pm BST on 8th April 2024. Please register for the webinar via the following link: https://stream.brrmedia.co.uk/broadcast/660d17367b6f45767a005050
EGT Company Overview
Developing Green Economy Assets through a Disciplined M&A Focused Model
• EGT’s business model is to develop 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 their principal Olserum Rare Earth Element (REE) project.
• The Company intends to utilise its experienced team and Board to acquire further green economy assets in Europe, with a particular focus on what the Directors believe are distressed and/or undervalued assets, which includes
critical materials projects, solar projects, wind projects, rehabilitation projects and processing projects.
• EGT has already identified a pipeline of additional green economy assets, some of which the Directors believe
could be acquired for a fraction of the capital that has previously been invested in them.
• Through capital-efficient investment and operational expertise, EGT intends to advance its projects to build a
sustainable, profitable business with the optionality to sell or partner certain assets with large financial investors or
industry players.
Experienced Leadership Team with a Strong Track Record
• EGT is managed by a highly qualified, experienced team with extensive small cap public company experience
including Cathal Friel (co-founder, largest shareholder and Non-Executive Director), Aiden Lavelle (CEO and
Chartered Geologist with 16 years’ industry experience) and Jack Kelly (CFO and Chartered Accountant with
extensive experience in M&A).
• The EGT team and Board have a strong track record of establishing and scaling M&A focused companies in the
public market, including:
• Cove Energy plc: IPO completed in 2009, acquired distressed asset from the Artumas Group, completed a
trade sale in 2012 for US$1.9 billion.
• Amryt Pharma plc: IPO completed in 2016, acquired distressed and/or undervalued assets (Birken AG,
Aegerion Pharmaceuticals Inc and Chiasma Inc), completed a trade sale in 2023 for US$1.48 billion.
• hVIVO plc (formerly named Open Orphan plc): IPO completed in 2019, acquired distressed assets Venn
Life Sciences plc (c. £4 million) and hVIVO plc (c. £13 million), current market cap c. £202 million*.
Existing Assets in Europe
• The Company’s principal asset is the Olserum REE project in Sweden, which EGT aims to progress towards
obtaining a 25-year exploitation permit.
• REEs are a set of 17 metallic elements which are crucial components to the green transition used in a range of
high-tech devices including electric vehicles and wind turbines.
• The Olserum project is one of Sweden’s projects of “National Interest” as designated by the Swedish Geological
Survey and the directors believe it has the potential to become Europe’s first operating rare earths mine.
• EGT will look to capitalise upon the significant forecast shortage of REEs by monetising the asset through sale or
partnership with financial institutions and/or industry players. Therefore, crucially, EGT does not intend to develop
a mine but is confident in its ability to find third parties to acquire or partner on the project.
• In addition, the Company owns copper and graphite assets in northern Sweden and critical mineral projects in
Saxony, Germany, all of which have defined potential and tangible upside.
Strong Market Tailwinds and Focus on Environmental, Social & Governance Considerations
• EGT expects to benefit from the European Critical Raw Materials Act (CRMA), which has been established to
address critical supply shortages in Europe. The CRMA sets clear objectives around extraction, refining and
processing, recycling and external sourcing of critical minerals for the EU.
• The global market for REEs is forecast to more than double to $21 billion in the next 10 years. REEs are crucial
components in the production of permanent magnets found in wind turbines, with each standard 3 MW direct drive wind turbine containing 2 tonnes of REEs.
• Maintaining high ESG standards is at the forefront of all of EGT’s activities and the Company intends to maintain
its environmental and social practices across all projects, engaging with local communities and stakeholders
throughout. *Market capitalisation as at 05/04/2024
Enquiries
European Green Transition
Aiden Lavelle, CEO +44 (0) 208 058 6129
Jack Kelly, CFO
