13 Oct 2016 09:27
Metal Tiger Plc
(“Metal Tiger” or the “Company”)
Posting of Circular
Metal Tiger plc (LON:MTR), a London based AIM listed company that specialises in strategic investments in natural resource opportunities, is pleased to confirm that a Notice of General Meeting has today been posted to shareholders.
This General Meeting is being held in line with the Company’s market announcements of 26 August 2016 and 10 October 2016 to seek shareholder approval for a capital reduction. The main purpose of the General Meeting is to approve a proposed reduction of share capital via a cancellation of the Company’s share premium account and the cancellation of the 61,905,803 deferred shares of £0.0099 each in Metal Tiger (the “Capital Reduction”). Further details are provided below.
In addition to the approval for the Capital Reduction the Company will also seek the approval from shareholders to implement a share buyback facility, whereby the Company may purchase its own shares on or off-market. Shares repurchased may be held in treasury or cancelled at the Company’s discretion.
The General Meeting will be held at the East India Club, 16 St James’s Square, London SW1Y 4LH at 9:00am on 1 November 2016.
Capital Reduction
The Company is to apply to the High Court to obtain approval to implement a reduction in the share capital of the company by cancelling the existing deferred shares and cancelling the share premium account.
The Capital Reduction also requires shareholder approval which is the main purpose of the General Meeting.
A notice of General Meeting has now been forwarded to shareholders and will be available on the Company’s website later today.
The Capital Reduction process is a standard and largely administrative process. It will not change the number of ordinary shares in issue or the current nominal value of the Company’s ordinary shares.
The process merely permits a Company carrying historical retained losses to distribute cash or other interests to shareholders following completion of the process. This could not be done otherwise because Company law prohibits distribution when the Company’s accounts show historical retained losses.
Distribution Policy
Subject to the approval of shareholders and the High Court of the Capital Reduction, the Company may wish to distribute cash or other interests to shareholders. This may occur in various circumstances and could include where the Company disposes of an interest for cash or equity and wishes to return some or all of the value generated to shareholders. Such distributions may also require further shareholder approval under market rules. Shareholders should be aware that until a distribution is formally announced there is no certainty that any such distribution will occur.
To be clear any such distributions would only be made by reference to shareholders on the register at a specified record time and date. Holders of warrants and options who have not exercised the same at the specified time and date would not be entitled to participate in a distribution.
The Company reserves the right to announce distributions without notice and it is the Company’s intention that, subject to relevant laws and regulations any distribution announcement will incorporate a contemporaneous record date.
For further information on the Company, visit: www.metaltigerplc.com:
| Paul Johnson (Chief Executive Officer) | Tel: +44 (0)7766 465 617 | ||||
| Terry Grammer (Non-Executive Chairman) | Tel: +44 (0)207 099 0738 | ||||
| Sean Wyndham-Quin
Neil Baldwin | Spark Advisory Partners Limited
(Nominated Adviser) | Tel: +44 (0)2033 683 555
www.sparkadvisorypartners.com | |||
| Nick Emerson
Andy Thacker | SI Capital
(Joint Broker) | Tel: +44 (0) 1483 413 500 | |||
| Andrew Monk Andrew Raca | Financial Adviser and Joint Broker | Tel +44 (0) 20 3005 5000 |
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger 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 expanding interests over licences, applications and critical historical data covering antimony, copper, gold silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
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