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LONDON - Aura Renewable Acquisitions PLC (ARA), a company listed on the London Stock Exchange (LON:LSEG), announced today an initiative to amend the rights associated with various classes of warrants issued by the company. The proposed changes affect the Aura Freely Transferable Warrants 2022, Aura Broker Warrants 2022, Aura Directors’ Warrants 2022, and Aura Founder Warrants 2022, all of which were established in conjunction with ARA’s admission to the Official List of the Financial Conduct Authority.
The planned amendments include a reduction in the exercise price of the warrants from 15 pence to 10 pence per ordinary share and an extension of the long stop date for exercising the warrants. The latter would shift from 8 April 2025 to three years following ARA’s completion of its first acquisition of a target company or business as part of its strategic objectives.
Additionally, adjustments to the Aura Founder Warrants 2022 are proposed. These changes stipulate new conditions for vesting, which include the completion of the initial acquisition and a requirement that the 30-day Volume Weighted Average Price of the company’s ordinary shares exceeds £0.10 at any time after 8 April 2025.
The modifications to each class of warrants necessitate the written consent of warrant holders representing at least 75% of the shares subject to the outstanding warrants of that class. ARA’s directors have recommended the approval of these amendments, deeming them equitable for both warrant holders and company shareholders.
The company is currently in the process of distributing letters to warrant holders to seek their approval for these changes. The current forms of the warrant instruments are available for review on ARA’s website. A subsequent announcement will be made once the amendments take effect, as confirmed by a statement released via the Regulatory Information Service.
This move comes as ARA continues to navigate the dynamic landscape of renewable acquisitions, seeking to adjust its financial instruments to better align with its strategic goals and market conditions. The information regarding these proposed changes is based on a press release statement issued by the company.
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