06:24 AM EDT, 08/10/2026 (MT Newswires) -- Ashington Innovation (ASHI.L) signed non-binding, conditional and exclusive heads of terms to acquire a new Cayman Islands holding company that will own World Metal Group, according to a Monday release. The special purpose acquisition company will issue new ordinary shares as consideration. Under the proposed agreement, World Metal Group and its two operating companies, World Metal Recovery and World Metal Industries, will be placed under the new holding company, which will then be acquired by Ashington. The transaction is subject to the formation of the holding company, pre-acquisition reorganization, due diligence, a definitive share purchase agreement, shareholder and regulatory approvals, among other conditions. Ashington aims to admit its enlarged issued ordinary share capital to the equity shares category of the official list and to trading on the main market of the London stock exchange. Its existing listing is suspended on Monday until the release of a prospectus for the proposed acquisition.

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