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SMT Holdings, a rare earths company based in the United Arab Emirates, plans to pursue a listing in London through a merger with Becket Invest PLC, a special purpose acquisition company (SPAC). Becket Invest PLC (LSE:TAB) , which listed last summer with the intent of identifying technology-focused private, announced the suspension of its shares following the agreement to merge with SMT.
SMT Holdings was established specifically to acquire and manage strategic metal and rare earth assets, positioning it as a key player in this sector. The two companies have signed conditional heads of terms for Becket to acquire all issued share capital of SMT, pending due diligence processes.
In conjunction with the merger, Becket Invest aims to raise additional funds to support ongoing activities under its new focus on metals and rare earths. The SPAC reported a cash balance of £506,165 as of the end of March, reflecting its financial position prior to the merger. The strategic shift towards rare earths aligns with increasing global demand for these essential materials, which are critical for various high-tech applications.
Becket’s leadership has undergone significant changes since its inception, with lawyer and private equity investor Graeme Muir now at the helm. Muir’s BPM Trading vehicle holds a 76.6% stake in Becket, alongside hedge fund manager Daniel Monks. The merger with SMT Holdings is seen as a pivotal move to enhance Becket’s portfolio and capitalize on growth opportunities in the rare earths market.
As the merger progresses, both SMT and Becket are poised to navigate the complexities of the capital markets while positioning themselves to leverage the growing demand for strategic metals essential for modern technology and sustainable energy solutions.
