Time To ACT concert party changes as Heminway and Hall remain

LONDON - Time To ACT plc (AQSE:TTA), an engineering-led group focused on technology for the energy transition supply chain, announced Thursday that its shareholder concert party has undergone changes following an agreement with the Panel on Takeovers and Mergers.

The company reported that Lisa Randall and Neil Tennant are no longer members of the concert party that was established when Time To ACT was admitted to the Aquis Growth Market in May 2024. This change results from an alteration in the relationship between Chris Heminway and Lisa Randall.

The remaining concert party now consists of only Chris Heminway and Andrew Hall, who together hold 5,660,394 shares representing 38.23 percent of the company’s issued share capital. They also hold options over 510,000 shares that were previously subject to a Rule 9 waiver.

Under the City Code on Takeovers and Mergers, a concert party comprises persons who cooperate to obtain or consolidate control of a company. The Panel Executive has confirmed that any increase in Heminway and Hall’s shareholding through exercise of their cleared options will not trigger an obligation under Rule 9 of the Code.

However, any increase in their shareholding through other means would be subject to Rule 9 provisions, which normally require a person who acquires an interest in shares carrying 30 percent or more of voting rights to make an offer to all remaining shareholders.

Prior to this change, the original concert party held 7,563,932 shares, representing 51.09 percent of the company’s issued share capital.

Time To ACT operates two principal businesses: Diffusion Alloys, which supplies diffusion coatings for high-temperature and corrosive environments, and GreenSpur, which develops generator designs that eliminate the need for rare earth magnets.

This information was provided in a company press release.

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