(Alliance News) - Atalaya Mining PLC will hold an extraordinary general meeting on Tuesday to discuss the company's re-domicilation to Spain.

The mineral exploration and development company currently operates out of Nicosia. According to the prepared statement of Non-Executive Chair Roger Davey, the proposed move comes as "the incorporation in Cyprus no longer reflects the company's geographic and strategic focus".

Davey says this move "forms part of a broader strategy to improve the company's profile, gain broader access to institutional investors and enhance trading liquidity".

The company is currently pursuing an application for its ordinary shares to be admitted to the Financial Conduct Authority's official list and the London Stock Exchange, and for shares to be admitted for trading on the main market. In combination with the planned re-domicilation, this move "opens the possibility for the company to be included in the FTSE UK index series".

The company acknowledges the potential tax implications on dividend payments caused by the move from Cyprus to Spain. However, according to Davey, this will be mitigated by the "benefits of the step-up to the main market."

Should the relevant resolutions be approved by shareholders, the company's corporate seat and registered office will be transferred and its operations will be governed by Spanish rather than Cypriot law. The company also plans to change its name from Atalaya Mining PLC to Atalaya Mining Copper SA.

Both the change of name and transfer of operations are expected to take effect by the end of May 2024.

Atalaya's share price was down 0.3% at 318.14 pence each in London on Tuesday morning.

By Hugh Cameron, Alliance News reporter

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