24 Jun 2022 11:06
24 June 2022
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Sandfire Shareholding Update and Margin Lending Facility
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resources opportunities, announces that further to its announcements on 05 October 2021 and 21 June 2022, Metal Tiger has disposed of, in aggregate, 310,000 shares in Sandfire Resources Limited (“Sandfire”) (“Sandfire Shares”) at an average price of A$4.54 per Sandfire Share.
Following these disposals, Metal Tiger is interested in 7,057,057 Sandfire Shares representing approximately 1.72% of Sandfire’s issued share capital. As previously announced, 2,842,667 of the Sandfire Shares held by the Company are subject to an equity derivative financing arrangement with a global investment bank.
Metal Tiger will use the partial proceeds of these sales on settlement to pre-pay circa A$1,370,000 against the outstanding loan principal of A$7.46m owed to a nominee of SC Lowry Primary Investments Ltd (the “Margin Lending Facility”), reducing the principal amounts owed by the Company in respect of the Margin Lending Facility to circa A$6,158,000 (excluding interest accrued).
For the year ended 30 June 2021, Sandfire reported net profit of A$170,082,000. As at, 31 December 2021, Sandfire reported net assets of A$1,549,917.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We have taken additional measures to reduce our risk exposure as it relates to the loan. We are now very well positioned to weather any prolonged market downturn.”
For further information on the Company, visit www.metaltigerplc.com:
Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 3287 5349 |
Mark Potter | (Chief Investment Officer) |
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James Dance James Harris Charlie Hammond | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
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Steve Douglas Simon Johnson | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
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Gordon Poole James Crothers Rebecca Waterworth | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") and the ASX Market of the Australian Securities Exchange Market ("ASX") 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.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO.
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.
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