Technology Minerals PLC on Tuesday announced it will not continue with its merger with battery recycling business Recyclus Group Ltd.

The London-based company working to establish a circular economy for battery metals said the reverse takeover re-admission requirements of the London Stock Exchange hindered the acquisition process.

It said it has decided to revisit the process ‘when circumstances permit, and the prevailing equity market conditions are more favourable’.

Shares in Technology Minerals fell 20% to 0.10 pence each in London on Tuesday afternoon.

Technology Minerals currently owns 48% of Recyclus’ issued capital, and said it now remains focused on supporting Recyclus’ growth strategy. Recyclus has recently ramped up production at its first lithium-ion recycling plant and is in advanced discussions with several potential industry and financial partners to support its development plans.

Chair Robin Brundle 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.’

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