Hydrogen Utopia International PLC, a company specialising in converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat.
Confirms that it has signed heads of terms regarding the potential acquisition, by way of a reverse take-over, of a substantial and profitable international bio-energy company involved in the production and business of biofuels and its bi-products, with revenue in excess of EUR 365m and profits before taxes in excess of EUR 40m according to the latest unaudited consolidated accounts to 31 December 2022.
The Board believes the Proposed Acquisition to be a strong strategic fit in line with HUI’s objectives and to offer a transformational value-creating opportunity for HUI shareholders.
The price for the Target will be approximately £500m subject to due diligence and an independent valuation and will be satisfied in part by the issue of new ordinary shares in HUI to the Target’s shareholders in exchange for the entire issued share capital of the Target. Subject to due diligence, the value of the new HUI ordinary shares will be £0.09. In addition, the parties will agree a structure whereby existing HUI shareholders will each receive at completion 3p cash for every share in HUI that they hold.
The parties have agreed to a mutual termination fee of £200,000 should either party withdraw from the Proposed Acquisition in the next 4 months without good reason arising from the due diligence process.
Aleksandra Binkowska, CEO of Hydrogen Utopia International PLC, commented: “I have explored numerous potential opportunities for the roll out of a waste plastic to hydrogen facility over the last 3 years. I am delighted to announce that my search has now been successful. HUI is to become part of a larger, international bio-fuels specialist, whose mission is aligned with HUI’s. These heads of terms mark the beginning of a journey to build the first plastic waste to hydrogen facility in the world and will enable HUI to deliver on its promise to shareholders.”
There can be no certainty that an acquisition will be completed. The company will provide further updates as appropriate.
The Directors accept responsibility for this announcement.
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
