Technology Minerals PLC (LSE:TM1) hinted at a bottleneck with the financial regulator for the delay to the acquisition of shares in a battery recycling business it doesn't own.
It is planning to take full control of Recyclus Group, but in order to do this it is required to lodge a prospectus with the Financial Conduct Authority.
"Technology Minerals had targeted posting the prospectus for shareholder approval by the end of June 2024, but the process has taken longer than anticipated as the company continues to work through the process and respond to questions put to it by the FCA," the company said.
"Further iterations of the prospectus have been submitted for consideration and the Company will update the market on progress in due course."
Recyclus, currently 48.35% owned by Technology Minerals, has begun setting up the UK's first full-service Discharge and Dismantle Unit at its Wolverhampton site.
This facility will handle the complete process of discharging and dismantling electric vehicle (EV) batteries on-site before processing, thus eliminating the need for third-party involvement.
The unit is expected to offer significant cost savings and improved productivity, positioning Recyclus as a pioneer in industrial-scale Li-ion battery recycling.
Imran Ghoni, a specialist in the Li-ion sector, has been appointed to lead the new unit.