Schedule One Update - Alteration Earth Plc
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ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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COMPANY NAME: |
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Alteration Earth PLC {to be renamed Pri0r1ty Intelligence Group PLC following Admission} ("PR1" or the "Company")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES): |
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Registered Office: c/o Keystone Law 48 Chancery Lane London WC2A 1JF Business address: 28 Austin Friars London EC2N 2QQ United Kingdom
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COUNTRY OF INCORPORATION: |
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United Kingdom
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: |
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: |
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Alteration Earth Plc is currently a Main Market special purpose acquisition company listed in the Equity Shares (Transition) category of the Official List, which is seeking admission of its ordinary shares to trading on AIM in conjunction with the acquisition of Pri0r1ty AI Ltd ("Pri0r1ty AI" or "PAI"), a UK based artificial intelligence SaaS company.
Pri0r1ty AI has developed an artificial intelligence (AI) driven, data powered Software as a Service (SaaS) solution that aims to assist, primarily, SMEs by providing a combination of services derived from deep learning, data architecture and AI models.
Pri0r1ty AI has built a technology platform, Priority Advisor, based on a bespoke AI-powered advisory bot that uses deep learning and can engage investors, customers or stakeholders either on a website, IM or email server. The company collects data on customer interactions through Priority Advisor to enrich the language model and build community interest maps that power content creation and additional support services. This can then be used to assist in IR/ PR activities by clients.
Pri0r1ty AI has multiple product lines in four different verticals: governance, financing, brand management and marketing; each product will be driven by Priority Advisor. PAI has begun to sign up its first customers in Q4 2024 having undertaken several successful product trials in H1 2024.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares): |
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Number of ordinary shares of £0.003 each ("Shares") for which Admission is being sought: 96,333,329
The Shares are and will remain freely transferable and have no restrictions as to transfer placed on them.
The issue price of the new Shares: £0.135
No Shares are or will be held in treasury.
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CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: |
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Capital to be raised on Admission: £855,000
Anticipated market capitalisation on Admission: £13.0 million
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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75.4%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED: |
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N/A
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known): |
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Current Directors: Matthew Paul Beardmore (Non-Executive Chairman) Martin David Samworth* (Non-Executive Director)
Proposed Directors from Admission: Matthew Paul Beardmore (Non-Executive Chairman) James Daniel Sheehan (Chief Executive Officer) Daniel John Shilton Maling (Chief Financial Officer) Philip Adler (Independent Non-Executive Director) Karen Patricia Lewis-Hollis (Independent Non-Executive Director)
*to resign before Admission
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known): |
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* Includes 434,000 Ordinary Shares held by Susan Labrum, the wife of Rupert Labrum. ** James Sheehan, a director of the Company, holds an indirect 50% interest in The Equities Exchange Limited, with the other 50% owned by Callum Hill. ***James Sheehan, a director of the Company, holds an indirect 36.42% interest in Sport Media Ventures Ltd, with the balance held by a number of different minority shareholders, all of whom have less than 10.01%. Daniel Gee, a director of PAI, is a director but does not hold any shares in Sport Media Ventures Ltd. **** Includes 1,111,111 Ordinary Shares held by Bogside Investments Limited, a company owned 100% by Alan Mcleish.
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: |
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Conditional on Admission, the Company has agreed to pay Gneiss Energy Limited a cash fee of £72,000 (inclusive of VAT) in settlement of previous advisory services provided.
First Sentinel Corporate Finance Limited were engaged by Pri0r1ty AI to assist with their previously planned AQSE IPO and were paid £12,000 with a further fee of £12,000 to be settled by the Company on Admission.
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information) (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: |
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(i) 30 September (ii) 30 June 2024 (for PAI) and 31 March 2024 (for Alteration Earth plc) (iii) ALTE and PAI will both publish their audited accounts for year ended 30 September 2024 by 31 March 2025. The Enlarged Group will publish its interim half-year report for the period ended 31 March 2025 by 30 June 2025 and its audited accounts for the twelve months ended 30 September 2025 by 31 March 2026.
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EXPECTED ADMISSION DATE: |
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30 December 2024
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NAME AND ADDRESS OF NOMINATED ADVISER: |
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Beaumont Cornish Limited Building 3, 566 Chiswick High Road London W4 5YA United Kingdom
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NAME AND ADDRESS OF BROKER: |
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Allenby Capital Limited 5 St. Helen's Place London EC3A 6AB United Kingdom
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: |
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The AIM Admission Document, which will contain full details of the applicant and admission of its securities, will be available from the Company's website: https://pri0r1ty.com/
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THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY |
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The QCA Corporate Governance Code (2023 update)
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DATE OF NOTIFICATION: |
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23 December 2024
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NEW/ UPDATE: |
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UPDATE
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