REG - Neometals Ltd - Proposed Cancellation of Admission to AIM

NeometalsAnnouncement

20/12/2024 07:00

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RNS Number : 7867Q  Neometals Ltd  20 December 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

20 December 2024

Neometals Ltd

 

("Neometals" or "the Company")

 

Proposed Cancellation of Admission to AIM

 

Sustainable process technology developer, Neometals Ltd (ASX: NMT & AIM:
NMT) ("Neometals" or "the Company") announces the proposed cancellation of the
admission of its Ordinary Shares ("shares") to trading on AIM (the
"Cancellation" or "Delisting") in accordance with Rule 41 of the AIM Rules for
Companies ("AIM Rules"). It is expected that Cancellation will occur on 3
February 2025.

 

Highlights

 

·   Following the Cancellation, the Company's shares will remain listed on
the Australian Securities Exchange ("ASX"), which will continue as the primary
trading venue for its equity securities.

·   The Company is providing an opportunity for each Depositary Interest
("DI") holder to become a registered shareholder on the Australian share
register.

 

Reasons for the AIM Delisting

 

Following an extensive review, the Board has concluded that the Company's
admission to trading on AIM is not delivering sufficient value for
Shareholders.

 

In reaching this conclusion, the Directors have considered the following key
factors:

·    The challenging conditions which have impacted the UK market since its
admission to trading on AIM in 2022, which have made it challenging to raise
capital in the UK.

·    The low levels of liquidity and trading volumes in Neometals' shares
on AIM, with shares represented by DIs accounting for less than 1% of
Neometals' issued share capital.

·   The cost of maintaining admission to trading on AIM, including
professional fees, listing fees payable and incremental legal, auditing and
insurance fees.

·   The considerable amount of management time and regulatory burden
associated with maintaining the Company's admission to trading on AIM, in
addition to the ASX listing.

 

It is the opinion of the Board that streamlining the Company share listings
will not materially nor adversely impact existing Shareholders as they will
still be able to trade on the ASX.

 

Process for Cancellation

 

Rule 41 of the AIM Rules requires any AIM company that wishes the London Stock
Exchange to cancel the admission of its shares to trading on AIM to notify
shareholders and to separately inform the London Stock Exchange of its
preferred cancellation date at least 20 clear business days prior to such
date.

 

Accordingly, the Company through its nominated adviser, Cavendish Capital
Markets Ltd, has notified the London Stock Exchange of the Company's intention
to cancel the Company's admission of the shares to trading on AIM and it is
expected that the Cancellation will become effective at 7.00 a.m. on 3
February 2025.

 

On the basis that the Company's shares will continue to be listed on ASX,
which is an AIM Designated Market (as defined by the AIM Rules for Companies),
the Company is not required to seek Shareholder approval for the Cancellation.

 

The full timetable of expected events is set out at the end of this
announcement.

 

Information for Depositary Interest ("DI") holders

 

The Company's shares will continue to be traded on AIM until market close
(4.30 p.m. London time) on 31 January 2025. Thereafter, there will be no
public market in the United Kingdom on which the shares can be traded. After
the closure of the DI facility on 5 February 2025 all remaining DI holders
will have their holding transferred on a 1:1 basis to the Company's Australian
share register and will therefore retain shares that are tradeable on the ASX,
so will not be disadvantaged. These shares will be held on the Australian
share register in issuer sponsored form, with a holding statement despatched
by post to each DI holder's registered address. To trade shares in the future
on the ASX, former DI holders will need to engage a local broker or a nominee
capable of placing and settling share trades in Australia.

 

DI holders who wish to withdraw their DIs from CREST and take receipt of
shares on the Australian share register, prior to the closure of the DI
facility, should contact their broker without delay.

 

Neometals advises DI holders to seek independent financial advice regarding
the AIM Delisting and their shares represented by DIs.

 

Expected Timetable of Principal Events

 

 Event                                                        Time and/or date
 Announcement of proposed AIM Cancellation                    20 December 2024
 Expected last day of dealings in the Ordinary Shares on AIM  31 January 2025
 Expected time and date of the AIM Cancellation               7.00 a.m. (UK time) on 3 February 2025
 Closure of the DI facility                                   5 February 2025

 

Further information

 

Information on the delisting and termination of depositary arrangements and
the options available to depositary interest holders, including how to sell
their depositary interests, will be sent to depositary interest holders from
Computershare. For further information on the transfer of LSE depositary
interest holdings to ASX shares or for queries related to sale options, please
contact:

 

Computershare Investor Services PLC

Telephone:        + 44 (0) 370 703 6075

Email:               WebCorres@computershare.co.uk
(mailto:WebCorres@computershare.co.uk)

 

- ENDS -

 

For more information, please contact:

 

 Neometals Ltd
 Chris Reed, Managing Director & Chief Executive Officer       +61 8 9322 1182
 Chris Kelsall, CFO & Company Secretary                        +61 8 9322 1182

 Cavendish Capital Markets Ltd - NOMAD & Broker
 Neil McDonald                                                +44 (0)131 220 9771
 Peter Lynch                                                  +44 (0)131 220 9772
 Adam Rae                                                     +44 (0)131 220 9778

 

About Neometals

 

Neometals facilitates sustainable critical material supply chains and reduces
the environmental burden of traditional mining in the global transition to a
circular economy.

 

The Company is commercialising a portfolio of sustainable processing solutions
that recycle and recover critical materials from high-value waste streams.

 

·      Neometals' core focus is its patented, Lithium-ion Battery
("LiB") Recycling technology (50% NMT), being commercialised in a 50:50
incorporated JV (Primobius GmbH) with 150-year-old German plant builder, SMS
group GmbH. Primobius is supplying Mercedes-Benz a 2,500tpa recycling plant
and operates its own LiB Disposal Service in Germany. Primobius' first
21,000tpa commercial plant will be offered to Stelco under an existing
technology licence for North America.

 

Neometals is developing two advanced battery materials technologies for
commercialisation under low-risk, low-capex technology licensing business
models:

 

·      Lithium Chemicals (70% NMT) - Patented ELi™ electrolysis
process, co-owned 30% by Mineral Resources Ltd, to produce battery quality
lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile
operating costs. Successfully completed pilot scale test work and planning
further development with industrialisation partners under a technology
licensing business model; and

 

·      Vanadium Recovery (100% NMT) - Patent pending hydrometallurgical
process to produce high-purity vanadium pentoxide from steelmaking by-product
(Slag) at lowest-quartile operating cost and carbon footprint. Planning to
exploit under a technology licensing business model. Project financing process
for first commercial plant in progress.

For further information, visit: www.neometals.com.au
(https://www.neometals.com.au/) .

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