LONDON - Alteration Earth PLC, a publicly traded company on the London Stock Exchange (LON:LSEG), has announced the posting of a circular to its shareholders and the scheduling of a general meeting for December 13, 2024. The meeting will address several significant corporate actions, including the acquisition of Pri0r1ty AI plc, which is to be re-registered as Pri0r1ty AI Limited.
The proposed acquisition is characterized as a reverse takeover (RTO) under UK Listing Rules and is subject to shareholder approval along with other ancillary matters, such as director appointments and the adoption of new articles of association. The company also seeks to change its name to Pri0r1ty Intelligence Group PLC to reflect the new business focus.
The acquisition of Pri0r1ty AI, a SaaS company leveraging artificial intelligence to provide efficiency solutions to SMEs, is part of Alteration Earth's strategic move to capitalize on the growing AI sector. The target company has developed a digital agent for automated business processes, powered by a bespoke AI advisory bot named Pri0r1ty Advisor.
With the AI sector's potential for economic impact highlighted by a PwC estimate of contributing US$15.7 trillion to the global economy by 2030, Alteration Earth's board believes that the acquisition will position the company favorably within the market. The board considers the move to be in the best interests of the company and its shareholders, recommending approval of the resolutions necessary to complete the acquisition.
In conjunction with the RTO, Alteration Earth intends to cancel the admission of its shares to the Official List and instead seek admission of its enlarged share capital to trading on AIM. The company also plans to conduct an equity fundraise with the goal of raising between £1-2 million to support marketing efforts, expand sales and client delivery teams, and provide general working capital for the enlarged group.
The general meeting will also see the proposal of new articles of association more suitable for a company trading on AIM and the appointment of new directors to the board.
This corporate update is based on a press release statement and provides shareholders with the opportunity to understand the strategic decisions and upcoming changes proposed by the company's board. The full details of the proposals and the rationale behind them are outlined in the circular available to shareholders on the company's website.
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