Ashington Innovation agrees GBP160 million reverse takeover of WMG
Ashington Innovation PLC on Monday said it has agreed a £160 million reverse takeover of World Metal Group Pte Ltd.
Under the deal, the special purpose acquisition company will acquire 100% of a new Cayman Islands holding company, Cayman Co, which will be incorporated under the name World Metal Group Ltd.
On completion, Cayman Co will own the entire issued share capital of WMG and will become the holding company of WMG. Indirectly it will become the holding company of WMG's two other operating companies, World Metal Recovery Pte Ltd and World Metal Industries Pte Ltd.
WMG is a Singapore-headquartered urban mining platform originally established in 2006.
"WMG aligns perfectly with our objective to bring a robust, scalable growth business to London's capital markets and deliver long-term shareholder value," said Ashington Chair Peter Presland.
The deal will be structured by way of a share-for-share exchange, such that Cayman Co will own 100% of WMG and each of its subsidiaries.
The valuation of WMG and the headline purchase price for the entire issued share capital of Cayman Co is expected to be around £160 million.
This will be settled through the issue of new shares in Ashington to Cayman Co shareholders. The shares issued to sellers will be subject to a lock-in for a period of 12 months following completion and a further 12-month orderly market period.
It is anticipated that there will be an equity fundraising as part of the transaction to fund additional growth and working capital.
On completion, Ashington's existing listing on the London Main Market as a shell company will be cancelled.
The firm plans to seek admission of its enlarged share capital to the equity shares category of the official list and to trading on the London Main Market. In addition, it intends to change its name to World Metal Group PLC.
While the deal proceeds, shares in Ashington will be suspended at 0.60 pence each.
"A London listing expected to unlock access to global metals market expertise and investor capital to fund WMG's regional and global build-out and working capital requirements," added Chair Presland.
Ashington has appointed Spark Advisory Partners Ltd as its sponsor and financial adviser for the proposed acquisition and admission.
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