LONDON (ShareCast) - (Sharecast News) - Zenova Group said Thursday that it has reached a non-binding agreement to acquire Restoreo International in a reverse takeover that would transform the company's scale and focus, prompting the suspension of its shares on AIM.
The fire safety and heat management solutions company said the proposed deal would combine its fire safety and insulation technologies with Restoreo's insulation products and international distribution capabilities, creating what it described as a broader global platform for sales, manufacturing and product innovation.

It said the enlarged group would target growth opportunities in energy efficiency improvements, supported by government and industry initiatives to raise building standards and reduce greenhouse gas emissions.

The deal was contingent on several conditions, including regulatory approval from the British Board of Agrément for a combined solution using Zenova's wall insulation and Restoreo's window products, which it said could support integration into Elmhurst's EPC rating software.

Zenova cautioned that the transaction remained non-binding and subject to due diligence, funding and other conditions, with no certainty that it will proceed.

It said a further announcement would be made once binding contracts were signed and an admission document was published for shareholder approval.

Zenova's shares have been suspended from trading on AIM with effect from 0730 BST on Thursday, and would remain suspended until either the publication of the admission document or confirmation that the deal was not proceeding.

Reporting by Josh White for Sharecast.com.

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