Merger plans halted by battery recycling group

Battery recycling group Technology Minerals is axing plans to acquire the remaining capital of Recyclus.

Technology Minerals already owns 48.35% of the battery recycling business and had intended to take over the whole business and merge both together.

However, both firms have agreed not to continue with the merger at this time because of the reverse takeover re-admission requirements of the London Stock Exchange and have decided to revisit the process when equity market conditions are more favourable.

Jobs are set to be cut at the pioneering battery metal recycling firm, “to increase efficiencies and drive productivity”.

Technology Minerals announced on Sep 13 that it was to embark on a cost reduction programme after reviewing operations and will cut jobs across its workforce, including in Recyclus.

As part of the programme, Philip Beard has agreed to step down as an Independent Non-Executive Director and as Chairman of the Remuneration Committee with immediate effect.

In view of the reduction in the number of Independent Non-Executive Directors, the future composition of the Board and its committees will be reviewed and the appointment of a new Chair of the Remuneration Committee will be announced soon.

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.”