22nd Mar 2023 12:24
(Alliance News) - Stranger Holdings PLC on Wednesday said that its reverse takeover deal with Mayflower Energy Metals Ltd is progressing well.
Stranger Holdings is a London-based investment company, intending to acquire a target company, business or asset in the industrial or service sector.
Stranger said its reverse takeover by Mayflower Energy Metals Ltd continues to progress.
It expects approval from the UK Financial Conduct Authority in April and re-admission to the London Stock Exchange to take place in late second quarter 2023 under the company's new name, Neo Energy Metals. Until then, its shares are suspended from trading.
Stranger said that at re-admission, Jason Brewer will be appointed as executive chair to "spearhead" the company's growth.
The company noted that Brewer is a senior mining executive with over twenty five years experience in mining, financial markets, and investment banking. He is currently the chief executive officer of Marula Mining PLC. Marula is an Africa-focused battery metals investor and explorer.
Looking ahead, Stranger said it remains confident in its new strategy to focus on investing in uranium exploration and development projects. As part of its plan, the company has acquired the Henkries uranium project in South Africa.
Chair & Chief Financial Officer James Longley said: "We are delighted with the progress being made toward completing the RTO and look forward to advancing the initial project, Henkries, towards production. This is particularly exciting given the clear potential for growth in nuclear power and uranium exploration and mining as highlighted by the IEA, which suggested that nuclear power production will have to increase 80% by 2040 to reach global decarbonisation targets."
By Sophie Rose, Alliance News reporter
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