LONDON, UK: Net Zero Infrastructure Plc, a UK-based company focused on developing and investing in green energy projects, has announced its intention to acquire LINE Hydrogen (Australia) Pty Ltd, a renewable energy company that produces and distributes hydrogen fuel.
The company said it has signed a non-binding letter of intent to acquire the entire issued share capital of LINE Hydrogen in consideration for an issue of new shares in the company. The deal, if completed, and an associated proposed private fundraise by the company, would result in the shareholders of LINE Hydrogen having a majority interest in the enlarged group.
The acquisition is subject to due diligence, documentation and regulatory approvals, including the Listing and Prospectus Rules and the Takeover Code. The company said it cannot guarantee nor provide any certainty that the acquisition will be completed.
The acquisition, if it proceeds, will constitute a reverse takeover under the Listing Rules since it will result in a fundamental change in the business of the issuer. As a result, the company has requested from the FCA a suspension of its Standard Listing with effect from 1 June 2023.
The company is working on the preparation of a prospectus in relation to the acquisition and expects to apply for the admission of its shares to the Official List and to trading on the standard segment of the main market for listed securities of the London Stock Exchange.
NZI’s Chairman, Mike Elwood said: “Joining forces with LINE Hydrogen means we can leverage our joint resources with a view to expanding operations and driving the development of the green energy sector. Together, we believe that we are well-positioned to capitalize on the growth potential in this market and contribute to a more sustainable future.”
Brendan James, Founder and Executive Chairman of LINE Hydrogen, added: “We are thrilled to announce our proposed transaction with NZI. The planned merger reflects our shared vision of advancing the hydrogen economy and accelerating the adoption of clean energy solutions. We believe that, by combining our strengths and expertise, we can create significant value for our shareholders and make a positive impact on the global energy landscape.”
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