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Atlas Metal Group PLC on Wednesday saw its shares skyrocket as it announced it entered into a conditional agreement to buy Universal Pozzolanic Silica Alumina Ltd, or UPSA, for £1 billion via a reverse takeover. Atlas Metals, a natural resources and energy investor formerly known as MetalNRG, said under the share purchase agreement, the £1 billion consideration will be settled via a share-for-share exchange by the issue of new shares in the capital of Atlas. The price is yet to be determined. Atlas Metal Chief Executive Officer Chris Chadwick said: ‘UPSA provides an opportunity to access a world-class pozzolanic silica alumina reserve at an attractive valuation. Given the positive environmental impact UPSA provides the international construction industry, the UPSA resources are already attracting interest from major cement and concrete players and will be targeted for use in private and government infrastructure development projects globally.’ Shares in Atlas Metal more than quadrupled to 47.00 pence each on Wednesday morning in London, giving it a market capitalisation of £6.7 million. The shares had closed at 10.90p each on Tuesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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