1 Oct 2019 07:19
1 October 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
MOD Resources Update - Results of Meetings
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcements made today by MOD Resources Ltd ("MOD") (ASX/LSE: MOD), in which Metal Tiger has a 19.9% interest.
The MOD announcements, links to which are set out below, note that, at both the General Meeting and the Scheme Meeting held earlier today, MOD shareholders have approved, by the requisite majorities, the scheme of arrangement by which Sandfire Resources NL will acquire all of the ordinary shares of MOD.
The Scheme remains subject to a number of conditions as set out in the Scheme Implementation Deed (a full copy of which is disclosed within the Scheme Booklet, which is available on the ASX website at www.asx.com.au and on MOD's website at www.modresources.com.au), including:
• the Supreme Court of Western Australia approving the Scheme (Second Court Hearing);
• the independent expert continuing to conclude that the Scheme is in the best interests of shareholders; and
• the satisfaction or waiver of any remaining conditions prior to the Second Court Hearing.
Subject to these remaining conditions being satisfied or waived, implementation of the transaction is expected to occur towards the end of October 2019.
The full text of the MOD announcements can be read using the following link:
https://www.asx.com.au/asxpdf/20191001/pdf/44938cn7ypgzbv.pdf
https://www.asx.com.au/asxpdf/20191001/pdf/449389s7wmwfj9.pdf
Subject to the condition of the Supreme Court of Western Australia approving the Scheme (Second Court Hearing), it is the intention of the Metal Tiger Board to send out a notice of a general meeting of shareholders to seek approval from Metal Tiger shareholders for a share buyback facility shortly after such date.
Michael McNeilly, Chief Executive Officer of Metal Tiger commented:
"The closing of the acquisition of MOD shares by Sandfire resources is an important point in Metal Tiger's history and allows the Company to retain its unique interest in the Kalahari Copper Belt, which should drive further share price growth in addition to the rest of its portfolio, whilst also allowing the Company to consider future cash deployment. With this in mind, the Company is considering future investments and believes that investing in itself, via a share buyback, could be the best use of capital for the Company. Eliminating discount to the net asset value of the business is a key focus of the Board and we look forward to updating the market on this workflow and the closing of the deal in due course."
For further information on the Company, visit: www.metaltigerplc.com:
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Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 7099 0738 |
Mark Potter | (Chief Investment Officer) |
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Richard Tulloch | Strand Hanson Limited | Tel: +44 (0)20 7409 3494 |
James Dance | (Nominated Adviser) |
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Jack Botros |
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Nick Emerson | SI Capital Limited | Tel: +44 (0)1483 413 500 |
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Paul Shackleton | Arden Partners plc | Tel: +44 (0)20 7614 5900 |
Steve Douglas | (Joint Broker) |
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Gordon Poole | Camarco | Tel: +44 (0)20 3757 4980 |
James Crothers | (Financial PR) |
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Monique Perks |
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Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.
The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the ASX and the TSX, which includes its 19.9% interest in MOD Resources Limited. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.
The Direct Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger, through its joint venture with MOD and its interest in Kalahari Metals Limited, has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain, the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.