TM1.L

Technology Minerals
Technology Minerals - Cost Reduction Programme and Directorate Change
13th September 2024, 06:00
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RNS Number : 0408E
Technology Minerals PLC
13 September 2024
 

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.

13 September 2024

 

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

Directorate Change and Cost Reduction Programme

 

Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, today announces that it is carrying out a cost reduction programme to enhance efficiencies throughout the business and focus on the Company's key assets, including its 48.35% held associate, Recyclus Group Ltd ("Recyclus").

 

The Company has undertaken a review of operations and is implementing cost reduction measures across the business including a redundancy programme to reduce its total workforce, a reduction in head office costs, and an ongoing review of all service providers.

 

As part of the cost reduction programme, Philip Beard has agreed to step down as an Independent Non-Executive Director and as Chairman of the Remuneration Committee with immediate effect.

 

In view of the reduction in the number of Independent Non-Executive Directors, the future composition of the Board and its committees will be reviewed and the appointment of a new Chair of the Remuneration Committee will be announced in due course.

 

Robin Brundle, Chairman of Technology Minerals, said: "These cost reduction measures have been identified as part of the Board's efforts to increase efficiencies and drive productivity throughout every level of the business. On behalf of the Board, I'd like to extend our thanks and appreciation to Phil for his contribution to the Company. We are grateful for all the strategic guidance Phil has provided to Technology Minerals and wish him the best in his future endeavours."

 

Enquiries

 

Technology Minerals Plc

 

Robin Brundle, Executive Chairman

Alex Stanbury, Chief Executive Officer

c/o +44 (0)20 4582 3500

 

 

Oberon Investments Limited (Broker)

 

Nick Lovering, Adam Pollock

+44 (0)20 3179 0500

 

 

Gracechurch Group (Financial PR)

 

Harry Chathli, Alexis Gore, Rebecca Scott

+44 (0)20 4582 3500

 

Technology Minerals Plc

 

Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on raw material exploration required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. Further information on Technology Minerals is available at  www.technologyminerals.co.uk.

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