Technology Minerals had announced on 4 July 2024 that it was considering a proposed acquisition of the remaining issued capital of its 48.35% owned battery recycling business, Recyclus.
Robin Brundle, chairman of Technology Minerals, said: “Technology Minerals is excited by the recent developments at Recyclus and fully supportive of its growth plans and the potential for new partners alongside the company. We intend to revisit our merger strategy when market conditions improve and it is beneficial to shareholders.”
Technology Minerals – which said that it aims to establish a circular economy for battery metals – said the merger has been called off due to the reverse takeover re-admission requirements of the London Stock Exchange.
It added that it “remains focused on supporting Recyclus in its growth strategy” and that it “does not believe its share price reflects the value of its holding in Recyclus” with “shareholders’ interests are best served by not continuing with the merger at this point”.
Recyclus is currently increasing production at its first lithium-ion recycling plant in Wolverhampton.
It added that it is also in advanced discussions with several new potential industry and financial partners from the UK and global organisations which it hopes will provide additional financial flexibility to support its development plans.
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