Alteration Earth Acquires Pri0r1ty AI in £13 Million Reverse Takeover, Moves to AIM
3 Sources
3 Sources
[1]
Alteration Earth to have GBP13 million value as Pri0r1ty
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. Comments and questions to [email protected] Copyright 2024 Alliance News Ltd. All Rights Reserved.
[2]
Alteration Earth completes fundraising for Pri0r1ty AI acquisition By Investing.com
LONDON - Alteration Earth PLC, a special purpose acquisition company listed on the London Stock Exchange (LON:LSEG), has finalized its fundraising efforts in connection with the reverse takeover of Pri0r1ty AI Ltd, as it prepares for its shares to be delisted from the Official List and commence trading on the AIM market. The company announced today that it has raised gross proceeds of £855,000 through a placing and subscription of shares. The transaction includes the acquisition of the entire issued share capital of Pri0r1ty, an artificial intelligence-driven Software (ETR:SOWGn) as a Service (SaaS) provider. The completion of the acquisition is subject to certain conditions, including the admission of Alteration Earth's share capital to trading on AIM, expected to occur on December 30, 2024. Daniel Maling and Daniel Gee, key figures associated with the deal, have committed to further invest in the company within 30 days following the admission. On the day of admission, the anticipated market capitalization of Alteration Earth, based on the placing price of 13.5 pence per share, is estimated to be around £13 million. Pri0r1ty offers a digital agent for automated business processes, leveraging deep learning and AI models to enhance efficiency for mainly SMEs. Its technology, Pri0r1ty Advisor, is a bespoke AI-powered advisory bot that assists in customer engagement and data collection. The last day of trading of Alteration Earth's shares on the Official List is slated for December 27, 2024, with trading on AIM to begin at 8:00 a.m. on December 30, 2024. Beaumont Cornish Limited is set to be appointed as Nominated Adviser and Allenby Capital Limited as Nominated Broker upon admission. This announcement includes inside information as defined under UK law and is based on a press release statement. Further details are expected to be available on the company's website prior to the admission date.
[3]
Primorus backs Alteration Earth in AI firm acquisition By Investing.com
LONDON - Primorus Investments (LON:PRIMP) PLC (AIM: PRIM), a company listed on the Alternative Investment Market (AIM), has announced its participation in the acquisition of Pri0r1ty AI Ltd by its investee company, Alteration Earth PLC (ALTE). The transaction includes a fundraising effort that saw ALTE raise £855,000 through the issuance of new shares. As part of the fundraising, Primorus has made an additional investment of £80,000 to purchase 592,592 new ordinary shares in ALTE at a price of 13.5 pence per share. This investment will increase Primorus's stake in ALTE to approximately 12% of the issued share capital upon ALTE's expected admission to AIM. The move comes despite ALTE's reported loss of roughly £273,000 for the fiscal year ending on September 30, 2023. The aggregate holdings of Primorus, alongside company directors Rupert Labrum and Matthew Beardmore, will represent about 16% of ALTE's issued share capital following the admission. This strategic acquisition of the UK-based artificial intelligence software as a service (SaaS) company, Pri0r1ty AI, by Alteration Earth is part of a broader initiative to expand its capabilities in the AI sector. The announcement is deemed to contain inside information under the UK Market Abuse Regulation, and the directors of Primorus are accountable for the release of this statement. The integration of Pri0r1ty AI into ALTE's operations is expected to enhance the company's product offerings and market position within the AI industry. The precise impact of this acquisition on ALTE's financial performance and market share will be monitored following the completion of the transaction and its subsequent admission to the AIM. This report is based on a press release statement and aims to provide investors with a concise overview of the recent developments involving Primorus Investments PLC and its investee company, Alteration Earth PLC.
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Alteration Earth PLC completes a reverse takeover of Pri0r1ty AI Ltd, raising £855,000 and moving its listing to AIM. The newly formed Pri0r1ty Intelligence Group PLC will have an initial market cap of £13 million, offering AI-driven SaaS solutions for SMEs.
Reverse Takeover and AIM Listing
Alteration Earth PLC, a London-based special purpose acquisition company, has successfully completed a reverse takeover of Pri0r1ty AI Ltd, an artificial intelligence-driven Software as a Service (SaaS) provider. The deal, which includes a fundraising effort of £855,000 through a placing and subscription of new shares at 13.5 pence, will see Alteration Earth move its listing from the London Main Market to the Alternative Investment Market (AIM) 12.
The newly formed company, to be renamed Pri0r1ty Intelligence Group PLC, is set to commence trading on AIM on December 30, 2024, with an initial market capitalization of £13 million based on the offer price 12.
Pri0r1ty AI's Technology and Market Position
Pri0r1ty AI has developed an AI-driven SaaS solution primarily targeted at small and medium enterprises (SMEs). Their flagship product, 'Priority Advisor', is a digital agent for automated business processes that leverages deep learning and AI models to enhance efficiency 12.
The platform can be utilized by businesses to engage investors, customers, and other stakeholders through various digital channels, including websites, instant messaging, and email. This bespoke AI-powered advisory bot assists in customer engagement and data collection, potentially offering significant value to SMEs looking to optimize their operations 12.
Investment and Ownership Structure
Primorus Investments PLC, an AIM-listed company, has played a significant role in this transaction. Initially holding a 28% stake in Alteration Earth, Primorus has contributed an additional £80,000 to the equity raise, purchasing 592,592 new ordinary shares at 13.5 pence per share 13.
Post-acquisition, Primorus's ownership in Pri0r1ty Intelligence will decrease to approximately 12% of the issued share capital. However, when combined with the holdings of Primorus directors Rupert Labrum and Matthew Beardmore, the total stake will amount to about 16% of the company 13.
Management and Future Prospects
Key figures associated with the deal, Daniel Maling and Daniel Gee, have committed to further invest in the company within 30 days following the admission to AIM 2. This demonstrates confidence in the newly formed entity and its future prospects.
Despite Alteration Earth reporting a loss of approximately £273,000 for the fiscal year ending September 30, 2023, the acquisition of Pri0r1ty AI is expected to enhance the company's product offerings and market position within the AI industry 3.
Market Impact and Expectations
The integration of Pri0r1ty AI into Alteration Earth's operations marks a significant move in the AI sector, particularly for solutions targeting SMEs. As the newly formed Pri0r1ty Intelligence Group PLC prepares to list on AIM, investors and industry observers will be keenly watching its performance and impact on the broader AI and SaaS markets 123.
The success of this venture could potentially signal growing interest in AI-driven solutions for smaller businesses, an area that has often been overshadowed by enterprise-focused AI developments. The market's response to this £13 million valuation will be a key indicator of confidence in AI technologies tailored for SMEs.
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