27th Dec 2024 13:36
Alteration Earth PLC - London-based special purpose acquisition company - Raises GBP855,000 in a placing and subscription of new shares at 13.5 pence, as part of a reverse takeover and move of its listing to AIM from the London Main Market. The re-listed company will be called Pri0r1ty Intelligence Group PLC. This follows Alteration Earth buying Pri0r1ty AI Ltd, which has developed an artificial intelligence-driven software-as-a-service solution for small and medium enterprises. Its 'Priority Advisor' platform can be used by businesses to engage investors, customers and other stakeholders via websites, instant messaging and email.
Alteration Earth currently is 28%-owned by AIM-listed Primorus Investments PLC, but this will fall to 12% as Primorus contributes GBP80,000 to the equity raise. Primorus, together with Primorus directors Rupert Labrum and Matthew Beardmore, will have a total holding of 16% in Pri0r1ty Intelligence.
Shares will start trading on AIM on Monday, and Pri0r1ty Intelligence will have an initial market capitalisation of GBP13 million based on the offer price.
By Tom Waite, Alliance News editor
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