PriceSensitive

Clean Teq (ASX:CLQ) considers water business spinoff

Industrial
ASX:CLQ
14 September 2020 13:00 (AEST)
Clean TeQ (ASX:CLQ) - Managing Director & CEO, Sam Riggall

Source: Parkes Champion-Post

Clean TeQ (CLQ) is considering separating its water and mining businesses into two stand-alone, listed companies.

The company is developing the Sunrise nickel, cobalt and scandium project in New South Wales, while its water division is focused on water purification and recycling and has manufacturing facilities in Australia and China.

Clean TeQ has begun a review of the implications involved with a potential restructure, due to be completed this year. The plan will be considered by the board before it makes a recommendation to shareholders.

Further to the corporate restructure review, the company is reconsidering its dual-listing on the Australian Securities Exchange and the Toronto Stock Exchange (TSX).

Clean TeQ is undertaking a cost-benefit analysis of its TSX listing, as well as any impacts that might come with delisting from the exchange.

Shareholders have also been asked to vote at the AGM on October 15, 2020, on the consolidation of the company’s 746 million issued shares.

Clean TeQ is proposing the conversion of every ten shares into one share, resulting in 74.6 million issued shares.

Shares have been trading 5.38 per cent lower at 30.8 cents at 12:45 pm AEST.

Related News