Aura, a company aiming to invest in the global renewable energy sector supply chain and build shareholder value, has seen a deal to acquire Zero Carbon Technologies fall through.
The Kent-based firm announced in December that it had entered into heads of terms with Zero Carbon Technologies, a business with planned battery recycling operations in Europe, which set out the key terms for Aura to acquire 100% of it.
The company further announced that should the proposed acquisition complete, it would constitute an initial transaction under the UK listing rules.
Because of this, listed company Aura requested that the Financial Conduct Authority suspend the company’s listing on the equity shares category of the Official List and the trading of its shares on the Main Market of the London Stock Exchange.
However, the firm’s board of directors has concluded that it would not be in the best interests of the company’s shareholders to pursue the proposed acquisition.
Aura has given notice to Zero Carbon Technologies that the heads of terms and the discussions relating to the proposed transaction are terminated.
The firm also says that it has incurred minimal external due diligence costs regarding the deal.
It has also applied to have its suspension lifted and expects trading in the company’s shares to recommence shortly.