MTR.L Share News (MTR)

(ShareCast News) - Strategic natural resource investing company Metal Tiger announced an update on Monday, over its strategic plans and an associated board restructuring.The AIM-traded firm said its core strategic plan is centred around the acquisition of high potential mineral exploration and development opportunities through its metal projects division, with an ultimate objective is to distribute the material value created to shareholders through cash and equity distributions.It said it is now applying to the High Court for, subject to shareholders ratification at a general meeting, a cancellation of the existing share premium account, enabling the company to undertake a distribution of cash or equity holdings to shareholders should circumstances allow.The company said it also intends to accelerate efforts to crystallise value from its new project pipeline that may also generate additional value for shareholders, which will be achieved by applying a dedicated portion of management and financial resources, in conjunction with that of external consultants, to efficiently investigate new opportunities for inclusion within the Metal Tiger portfolio.To undertake that, the Metal Tiger Asset Trading division is expanding, the board said, and will from today's date encompass the management of existing asset trading division equity, warrant and royalty investment activities, the continuation of initiatives to secure value crystallisation from existing metal project interests, and the implementation of measures to secure value from the new project pipeline.Metal Tiger said it is also restructuring its board with Alex Borrelli, currently a non-executive director, to become chief executive officer with effect from 17 October, and holding responsibility for overall management and administration of the company;At the same time, Paul Johnson will step down from the board with effect from 17 October to undertake a senior consultancy role for Metal Tige, assisting with management of the Asset Trading division.Johnson will also assist the company with regard to public and investor relations to ensure the communications strategy is maintained."I am very pleased to announce this restructuring," said outgoing CEO Paul Johnson."Given the progress achieved, it is the view of the board that it is paramount to have the CEO role undertaken by someone with the management skills, discipline and market recognition needed to pursue significant growth of the company's valuation and increase the extent of institutional engagement with the company."Johnson said Alex Borrelli has the right mix of leadership skills and market presence, and is willing and able to take on this role."I say this having worked with Alex for two years and with my family holding 9,600,000 MTR shares and 15,830,000 options."I am delighted to move into this senior consultancy role for the company, assisting with the new project pipeline, value crystallisation and asset trading which is where I wish to spend my time, generating value for shareholders," Johnson explained."I will also be working with Alex for at least a further 12 months, assisting with public and investor relations."At 0919 BST, shares in Metal Tiger were down 4.12% at 3.02p.