European Green Transition PLC (AIM:EGT) chair Cathal Friel, EGT chair, is to take up executive responsibilities to ‘lead the company’s M&A strategy’.
Through this M&A strategy, he aims to acquire and transform distressed, revenue-generating businesses. It is supported by EGT’s strong cash position, following last year's AIM IPO.
“As co-founder and largest shareholder of EGT, my interests are clearly aligned with our shareholders and I am confident that we can deliver on our M&A strategy in the near future as EGT's focus moves away from mining towards acquiring distressed revenue-generating businesses in the green economy,” Friel said in the statement.
"As we look towards the rest of 2025 and beyond, we retain a strong cash position and remain highly focused on executing on our M&A strategy in the near term by acquiring distressed revenue-generating businesses at attractive valuations.”
Friel told investors that EGT is presently ‘in discussions’ with a number of companies, as the team looks to complete a potential deal that could create value for our shareholders.
Friel’s move to executive duties comes as Friel has decided to step down from his role as non-executive chair of hVIVO Plc, effective from 5 June.
Today, meanwhile, EGT reported a set of financial results covering what the company described as its “foundational year”, including its AIM market IPO and key deals to establish and grow key aspects of its business.
The IPO was completed in April 2024, raising £6.46 million. It ended the year with £3.70 million and no debt.
Operationally, the year saw active exploration at the Olserum rare earth project, as well as a deal to acquire rights for generating carbon and biodiversity credits in Ireland (with a peatland ‘carbon sink’ programme in Donegal).
EGT opted to allow its interest in the Cyprus Copper Tailings Recycling project to lapse.
At Olserum, a 1,500 metre drilling programme confirmed “district-scale potential”.
Highlight drill results included 2.45 metres grading 2.71% TREO (total rare earth oxides) and 0.5 metres grading 8.83% TREO. Metallurgical testing confirmed that a high-grade REE (rare earth elements) concentrate could be produced using conventional methods.
Licences at the Olserum and Pajala projects were also extended during the year.