08:04 AM EST, 01/22/2025 (MT Newswires) -- Sierra Metals ( SMTSF ) said Wednesday that the TSX will defer its decision on whether to accept the company's shareholder rights plan until the exchange is satisfied that the securities regulatory authority won't intervene and until the plan is ratified by shareholders by no later than June 30.

The rights plan remains in effect even though the TSX has deferred its review, the company said, adding that the plan was adopted after Alpayana S.A.C. made an unsolicited takeover bid for the company. The rights plan will remain effective for at least six months from the date of adoption on Dec. 30 unless earlier terminated.

Sierra's share price rose 1.1% on Tuesday to $0.88 on the TSX.