- Europa Metals Ltd NPV (DI)
- 21 February 2025 11:14:48
Source: Sharecast
Since trading resumed, Europa said it had noted a significant decline in its share price but stated that it was unaware of any specific reason for the drop.
The company pointed to a disconnect between its share price and the implied net asset value largely represented by its holding in Denarius Metals.
Europa holds seven million shares in Denarius, which, based on recent pricing, suggests a valuation of between 2.5p and 3p per Europa share.
The holding was subject to a lock-up period ending on 13 March.
Europa emphasised that it had not undertaken a capital raise in more than two years, and had avoided shareholder dilution.
Its directors had been accruing their salaries and fees during the period to provide the company with financial flexibility.
The company said it had completed a transaction that placed it on a more stable footing and provided strategic optionality, without needing to raise funds at a significant discount.
Its management said it intended to explore all available options to maximise value for shareholders, and would provide further updates in due course.
Under the AIM rules, Europa has six months from its disposal of the Toral Project, announced on 13 November last year, to complete an acquisition or acquisitions that would constitute a reverse takeover.
At 0854 GMT, shares in Europa Metals were up 29.57% at 1.56p.
Reporting by Josh White for Sharecast.com.