Alteration Earth PLC Directorate Change (1908T)
July 20 2022 - 9:58AM
UK Regulatory
TIDMALTE
RNS Number : 1908T
Alteration Earth PLC
20 July 2022
Alteration Earth PLC
("Alteration Earth" or "ALTE" or the "Company")
Directorate Change
Alteration Earth PLC, the special purpose acquisition company,
announces the following changes to its board of directors.
Following the recent successful IPO of ALTE, Rupert Horner
expressed his desire to resign as a director of the Company when a
suitable replacement could be appointed. The Company completed an
extensive review of candidates and is pleased to announce the
appointment of Martin Samworth as a non-executive director with
immediate effect. Rupert Horner has resigned as a director with
immediate effect. Concurrent with his resignation, Rupert Horner
has agreed to sacrifice his entitlement to the 450,000 warrants
that were awarded to him in conjunction with the Company's IPO and
such warrants have been terminated with immediate effect.
Martin Samworth has a wealth of experience in mergers and
acquisitions. He has developed key contacts and relationships over
his career, particularly during his time at the CBRE Group, where
Martin held numerous roles and directorships and was also the chair
of the advisory services group overseeing Asia Pacific, Europe, the
Middle East and Africa.
The Company has agreed, in lieu of the payment of any director's
fee, to award Martin Samworth 450,000 warrants (which are
exercisable over ordinary shares in the capital of the Company on a
1:1 for basis) with an exercise price of 0.3p each and which are
exercisable within five years from the date of readmission of the
Ordinary Shares to trading on a recognised stock exchange following
completion of the Company's first acquisition which will result in
a reverse takeover (as defined in the Listing Rules of the FCA).
This is consistent with the remuneration package awarded to Matthew
Beardmore, a non-executive director of the Company, details of
which are set out in the Company's prospectus (available at
https://altearthplc.com/ ).
There are no further details required to be disclosed pursuant
to Listing Rule 9.6.13 in relation to Martin Samworth's
appointment.
Commenting, Matthew Beardmore, a non-executive director of the
Company, said: "The board of directors would like to thank Rupert
for all his support during the founding stages of the Company
whilst also looking forward to delivering its strategy with the
support and guidance of Martin."
FOR FURTHER INFORMATION, PLEASE CONTACT
Alteration Earth PLC
Matthew Beardmore
Non-Executive Director
T: +44 (0) 204 501 8549
Email: info@altearthplc.com
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END
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