Zodiac Energy Plc signed a Sale and Purchase Agreement to acquire Apennine Energy S.p.A from Coro Energy plc (AIM:CORO) for ?7.5 million on March 26, 2023. The total consideration of ?7.5 million includes contingent payments of up to an aggregate of ?1.5 million. An initial cash payment of ?1.5M will be made by Zodiac within 7 business days of signing the SPA. On Completion, Zodiac shall make a further payment of ?2.2 million to Coro. As soon as practicable following Completion, Zodiac shall make a further payment of ?2 million.The Disposal will be subject to a standard completion accounts mechanism and, if required, adjusted in accordance with the valuation provided in the final completion accounts which assumes Coro Europe and Apennine will be sold on a cash-free, debt-free basis. The transaction will be subject to Coro's shareholder approval. The transaction is subjected to regulatory approvals required by the Italian Ministry of Environment and of Energy Security. The SPA will terminate if the Conditions are not fulfilled by the Long Stop Date, or such other date as Zodiac and the Seller may agree. Adrian Hadden and Ben Jeynes of Cenkos Securities plc acted as nominated financial advisor to Coro. Jon Fitzpatrick and Doug Rycroft of Gneiss Energy Limited acted as a financial advisor to Coro. Rosalie Chadwick of Pinsent Masons MPillay LLP acted as legal advisor to Coro Energy plc.
Zodiac Energy Plc completed the acquisition of Apennine Energy S.p.A from Coro Energy plc (AIM:CORO) on November 8, 2023. The regulatory approval has received.