Stranger Holdings signs heads of terms to acquire two tech metals firms

Investment company Stranger Holdings has signed non-binding heads of terms to acquire two companies holding technology mineral assets including cobalt, nickel and associated metals, it announced on Wednesday.

The London-listed firm said one is a UK company with assets located in south eastern Cameroon, Africa, and one is a US company with assets in Idaho.

It said further details would be provided upon the execution of formal sale and purchase agreements.

The board said the acquisitions remained subject to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code.

It said the acquisitions, if they proceed, would constitute a reverse takeover under the Listing Rules since in substance it would result in a fundamental change in the business of the issuer.

“As the acquisitions will constitute a reverse takeover under the Listing Rules, the company has requested that the listing in the company's ordinary shares be suspended pending the publication of a prospectus in relation to the acquisition, which the company is working on, and the application for the enlarged company to have its ordinary shares admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange,” the board said in its statement.

It also confirmed that the previously-contemplated and announced transactions to acquire the Airedale House group of companies and HCS North East had been terminated, with immediate effect.