Alteration Earth Acquires Pri0r1ty AI in £13 Million Reverse Takeover, Moves to AIM

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.

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.

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.