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NEOMETALS LTD — Delisting Announcement 2024
Dec 19, 2024
65430_rns_2024-12-19_8cab86b5-7d29-4f12-b8b7-f9aeee6f8c14.pdf
Delisting Announcement
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----- Start of picture text ----- Announcement20 December 2024ASX: NMT | LSE: NMT | OTCQX: NMTAY----- End of picture text -----
Delisting from the AIM Market
Sustainable process technology developer, Neometals Ltd (ASX: NMT & AIM: NMT) (“ Neometals ” or “ the Company ”), advises that the Company has reviewed its current listing structure and decided to cancel the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange (” AIM ”). Neometals shares represented by depositary interests account for less than 1% of Neometals’ issued share capital. Trading volumes of Neometals shares on AIM are low and delisting from AIM will reduce Neometals’ administration costs.
Rule 41 of the AIM Rules for Companies requires the provision of at least 20 business days’ notice of the intended cancellation of the listing of its shares. It is expected that the admission of Neometals shares to trading on AIM will be cancelled with effect from 07:00 (GMT) on 3 February 2025. The last day of trading of Neometals shares on AIM will be 31 January 2025.
Neometals’ primary listing on the Australian Securities Exchange (“ ASX ”) will not be affected by the delisting of Neometals shares from AIM.
For further information, please refer to the RNS release to the London Stock Exchange that is attached.
Authorised on behalf of Neometals by Christopher Reed, Managing Director.
ENDS
For further information, visit www.neometals.com.au or contact:
Christopher Reed
Managing Director/CEO T +61 8 9322 1182 E [email protected]
Lucas Robinson
Managing Director, Corporate Storytime T +61 (0) 408 228 889 E [email protected]
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ASX: NMT | LSE: NMT | OTCQX: NMTAY neometals.com.au
Neometals Ltd ACN 099 116 631 [email protected]
T +61 8 9322 1182 F +61 8 9321 0556 Level 1, 1292 Hay Street, West Perth WA 6005 Locked Bag 8, West Perth WA 6872
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Announcement : 20 December 2024 Delisting from the AIM Market
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About Neometals Ltd
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.
-
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,
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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.
Neometals is developing two advanced battery materials technologies for commercialisation under low-risk, lowcapex technology licensing business models:
ASX: NMT | LSE: NMT | OTCQX: NMTAY neometals.com.au
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Announcement : 20 December 2024 Delisting from the AIM Market
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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
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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.
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• 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:
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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.
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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.
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The cost of maintaining admission to trading on AIM, including professional fees, listing fees payable and incremental legal, auditing and insurance fees.
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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.
ASX: NMT | LSE: NMT | OTCQX: NMTAY neometals.com.au
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Announcement : 20 December 2024 Delisting from the AIM Market
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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) 3 February2025 |
| 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: [email protected]
ASX: NMT | LSE: NMT | OTCQX: NMTAY neometals.com.au
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Announcement : 20 December 2024 Delisting from the AIM Market
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- ENDS -
For more information, please contact:
Neometals Ltd
Chris Reed, Managing Director & Chief Executive Officer Chris Kelsall, CFO & Company Secretary
+61 8 9322 1182 +61 8 9322 1182
Cavendish Capital Markets Ltd - NOMAD & Broker
Neil McDonald Peter Lynch Adam Rae
+44 (0)131 220 9771 +44 (0)131 220 9772 +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.
ASX: NMT | LSE: NMT | OTCQX: NMTAY neometals.com.au
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