Curzon Energy PLC Exclusivity Extension (8490T)
March 29 2021 - 8:56AM
UK Regulatory
TIDMCZN
RNS Number : 8490T
Curzon Energy PLC
29 March 2021
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
29 March 2021
Curzon Energy Plc
("Curzon" or the "Company")
Exclusivity Extension
Curzon Energy Plc (LON:CZN), the London Stock Exchange listed
oil and gas company, announces that under the terms of the LOI
initially announced on 3 February 2021 and as extended on 1 March
2021, Poseidon Enhanced Technologies ("PET") has informed the
Company of a further extension of the exclusivity period through 1
May 2021.
The Company continues in a period during which each party is
conducting due diligence on the other. The parties continue to work
towards the execution and delivery of a definitive purchase
agreement, contemplating a reverse takeover of Curzon by PET
("RTO"), which will be conditional upon receipt of the required
regulatory approvals from the FCA and its primary market functions,
among other matters.
A potential transaction, if completed, would constitute a
reverse takeover under the Listing Rules. The Company will continue
to update the market on progress as appropriate.
About Poseidon Enhanced Technologies
Poseidon aims to provide the lowest-cost solution for the food
and beverage industry to achieve its goal of reducing the use of
virgin PET* and single-use plastics. Poseidon's mission is to
convert waste PET into 100% recycled feedstock for the global
food-grade PET packaging and fibre industries, utilising its
patented environmentally-friendly chemical recycling process.
Poseidon's proprietary chemical recycling technology is designed
to process all 'waste' PET plastic, including previously
unrecyclable plastics such as coloured bottles, trays, fibre and
films, converting them directly into Poseidon rBHET(TM), an interim
feedstock for the global PET industry, thereby completing a
Circular Economy. Poseidon is currently developing its recycling
technology at its facilities at Teesside, UK and is planning an
industrial scale roll-out which is expected to be facilitated by
the listing process and an associated capital raise.
For further information please
contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Broker
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END
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