(Finance) – Directa Plusan Italian company listed on the AIM in London and a leading supplier of graphene nanoplatelet-based products for use in the consumer and industrial markets, has signed a conditional share purchase agreement of Setcara subsidiary of the group in the environmental services sector, which will bring the participation from 50.99% to 99.95%. The objective is to take greater control in the environmental remediation chain and extract greater value from Grafysorber technology, we read in a note.
Following the completion of the Acquisition, GVC Investment Company will remain a minority shareholder. The completion of the acquisition is subject to the payment of a total consideration of 1.5 million euros and the approval of certain resolutions by Setcar shareholders at the shareholders’ meeting scheduled for April 2024. The consideration is structured as an immediate payment of 0.5 million euros, which was paid from cash resources existing, and a further payment of 1.0 million euros, which is due before 30 March 2024.
In order to preserve its working capital position, while taking advantage of the opportunity represented by the acquisition, Directa Plus is in negotiation with Nant Capital in order to agree short-term financing linesnon-dilutive, exclusively to finance the second tranche of the acquisition.
For the year ended 31 December 2023, Setcar recorded a sales IFRS unaudited of 7.66 million euros, a EBITDA of 0.35 million euros and a net worth of 2.7 million euros.
“This acquisition represents an excellent opportunity for Directa Plus to take further control of the environmental supply chain and to capture the maximum value from the commercial offer made possible by our Grafysorber technology – comments Giulio Cesareo, founder and CEO by Directa Plus – Setcar is located in Braila (Romania), a location with high potential as it is only 10 km from the border with Ukraine, on the Danube River. Braila has a river port and is a free zone. We believe that Braila will be a gateway to Ukraine’s upcoming reconstruction and that this acquisition will accelerate our progress to capture a greater share of the significant global environmental market from a highly strategic area.”