Business
Update on Sale of DTU and Kansas Nitrogen Assets
Update on Sale of DTU and Kansas Nitrogen Assets.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3102E\n Zoetic International PLC\n 05 November 2020\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 5 November 2020\n \n \n \n \n \n Zoetic International plc\n \n \n \n \n \n (\"Zoetic\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Update on Sale of DTU and Kansas Nitrogen Assets\n \n \n \n \n \n Zoetic International plc (LSE: ZOE), the London-listed vertically integrated CBD company, has reached a revised agreement to sell its 75 per cent interest in DT Ultravert (\"DTU\") to Path Investments plc (\"Path\"), as previously announced on 27 May, 8 July and 3 August 2020 (the \"Transaction\"). \n \n \n \n \n \n The primary revisions to the terms of the Transaction are as follows:\n \n \n \n \n \n · \n The issue by Path to Zoetic of 30,000,000 new ordinary shares of 0.1 pence each in Path (\"\n \n Path Shares\n \n \") on the re-admission of Path Shares to the standard segment of the Official List maintained by the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange; \n \n \n · \n Path will no longer issue 15,000,000 warrants to subscribe for Path Shares at any time from the first to the third anniversaries following completion at an exercise price of 0.75 pence per Path Share;\n \n \n · \n Zoetic will no longer be selling its Kansas Nitrogen Assets to Path;\n \n \n · \n Path will no longer pay a royalty to Zoetic on future revenues from DTU; \n \n \n · \n Path will pay £42,000+VAT in cash to Zoetic on completion towards its professional and technical costs;\n \n \n · \n Zoetic will no longer enter into an orderly market agreement in relation to any of its Path Shares; and\n \n \n · \n The long-stop date for the Transaction will now be 31 December 2020.\n \n \n \n \n \n In addition to the consideration elements set out above, Path will issue to Zoetic 15,000,000 warrants to subscribe for Path Shares at any time from the first to the third anniversaries following completion at an exercise price o...