Zoetic International agrees revised terms to sell legacy business

Zoetic International PLC (LON:ZOE) has announced revised terms for its sale of its 75% interest in the DT Ultravert to Path Investments PLC.

Under the new terms, the buyer will issue 30mln Path shares to Zoetic rather than 15mln shares as agreed originally in May.

Path will no longer additionally issue 15mln share warrants to Zoetic, and, a previously envisaged orderly market agreement will no longer apply to the shares issued by Path.

Zoetic is no longer selling the Kansas nitrogen assets to Path, and, Path will no longer pay royalties on future revenues back to Zoetic.

“We are committed to achieve the best deal possible for our shareholders, and we believe that the revised Transaction with Path is an example of this,” said Trevor Taylor, Zoetic co-chief executive.

A new long-stop date will be set as December 31 2020.

Zoetic added that it remains committed to exiting legacy natural resources activities and it will actively pursue alternative solutions for the Kansas Nitrogen Assets.

Story by ProactiveInvestors