NOT FOR PUBLICATION OR RELEASE IN OR INTO THE UNITED STATES OR AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA, OR ANY PROVINCE OR TERRITORY THEREOF OR TO OR FOR THE ACCOUNT OF ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES OR ANY PERSON RESIDENT IN AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For release at 7.00 am on 18 November 2022
NET ZERO INFRASTRUCTURE PLC (“NZI” or the “Company”)
Termination of Acquisition talks and resumption of trading
NZI, a special purpose acquisition company formed with the intention to acquire renewable or clean energy technology companies and to finance, develop and promote those environmentally sound projects internationally, confirms that it has today reluctantly withdrawn from talks to acquire Taylor Construction Plant Limited and Solar Highways Limited (“TCP”) which was announced on 19 May 2022.
Due to the current market conditions the Directors of NZI believe that they will not be able to raise the funds required to complete this transaction. As a result, they have concluded that it is in the best interests of its shareholders and the TCP to cease talks with TCP and request that its shares resume trading.
The net assets of the Company, after costs for the aborted transaction are £650,000.
The Directors of NZI still aim to effect a transaction in the renewable or clean energy technology sector, in line with its existing acquisition strategy in the new year.
Net Zero Infrastructure plc
Mike Ellwood Non-Executive Chairman +44 (0) 7999 329382
Ikonia Fintech Capital AG (Corporate Adviser)
David Scott Head of Corporate Finance +44 (0) 207 448 9820
Axis Capital Markets Limited (Company Broker)
Kamran Hussain Head of Corporate Broking +44 (0) 203 026 0320
About Net Zero Infrastructure Plc Net Zero Infrastructure PLC was formed as a special purpose acquisition company with the intention to acquire renewable or clean energy technology companies and to finance, develop and promote those environmentally sound projects internationally. The Company believes that due to the global concerns regarding environmental damage and climate change as a result of fossil-fuelled power generation, there exists considerable commercial opportunities in the renewable and clean energy sector which will play an increasingly significant role in meeting future energy needs while reducing further environmental damage. Clean energy investment globally has grown in real and relative terms. It is this opportunity which Net Zero Infrastructure intends to participate in and augment as a fund-raising vehicle for enterprises seeking access to international markets. The Directors of Net Zero Infrastructure Plc accept responsibility for this announcement.
FORWARD-LOOKING STATEMENTS This announcement contains forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company proposes to operate. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forwardlooking statements contained in this announcement, those results may not be indicative of results in subsequent periods These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or individuals acting on behalf of the Company are expressly qualified in their entirety by this paragraph. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Alexander David Securities Limited and Axis Capital Markets Limited, which are authorised and regulated by the Financial Conduct Authority, are acting only for the Company in connection with the matters described in this announcement and are not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Axis Capital or advice to any other person in relation to the matters contained herein.