10 June 2024
Codex Acquisitions
plc
Extension of Long Stop Date
and Exclusivity Period for Proposed Acquisition
Codex Acquisitions plc (LSE: CODX)
(the "Company" and
"Codex") is pleased to
announced that it has entered into an amendment letter, dated 7
June 2024 (the "Extension Side
Letter") to the heads of terms, dated 8 December 2023 (the
"HOTs") with Technologies
New Energy S.A. ("TNE"), a
sociedade anónima
incorporated in Portugal operating in the renewable energy sector,
pursuant to which the Long Stop Date and Exclusivity Period (as
specified in the HOTs) have been extended by mutual agreement of
the parties to 30 September 2024 to provide for additional time for
Codex to complete its proposed acquisition of the entire issued
share capital of TNE (the "Proposed Acquisition"). The Extension
Side Letter does not alter any other provisions specified in the
HOTs.
Background to the Proposed Acquisition
The Company was established as a
'special purpose acquisition company' with the objective of
undertaking one or more acquisitions in the clean and renewable
energy sector, as outlined in its prospectus published on 4 March
2022, a copy of which can be found on the Company's website at the
following link: https://www.codexplc.com.
The Proposed Acquisition is in line
with the Company's acquisition strategy.
There can be no guarantee that the
Proposed Acquisition will complete nor as to the final terms of the
Proposed Acquisition.
About TNE
TNE is a global provider and project
developer of integrated state-of-the-art energy efficiency, energy
transition and decarbonisation solutions.
TNE owns a diversified and
differentiated portfolio of renewable projects in Portugal based on
the energy flexibilisation, Power-to-X and Biomass-to-Liquids
technologies architecture that will enable novel applications to a
clean transition for the hard-to-abate sectors such as chemical
industries, mobility applications and urban built environments. TNE
mission is to significantly accelerate developments to drive
decarbonisation efforts at scale and get a lasting and unparalleled
impact on our planet.
Further details about TNE can be
found on its website at the following link:
https://tne.pt/.
Julio Perez, Non-Executive Director of the Company,
commented:
"We are grateful to our partners at TNE for
agreeing to extend the Long Stop Date and Exclusivity Period. This
extension is crucial as it provides the necessary additional time
required to progress the Proposed Acquisition.
We
remain committed to concluding this transaction to the satisfaction
of all parties involved and look forward to the continued
collaboration with TNE."
Ricardo Eiras, CTO of TNE, commented:
"We would like to thank
Codex for agreeing to an extension
of the Long Stop Date and Exclusivity Period. TNE remain dedicated
to completing this pivotal transaction with
Codex and appreciate their
continued co-operation and support throughout this
process."
The Company will make further
announcements in due course, as appropriate.
Enquiries:
For further information, please
visit www.codexplc.com or contact:
Codex Acquisitions plc
Julio Perez
Non-Executive Director
T: +44 (0)20 8682 0582
Email: info@codexplc.com