Last checked at 4 Oct 2011 07:00
Tiger Resource Finance plc
("Tiger" or the "Company")
Result of Tender Offer
Further to the announcement made on 9 September 2011 concerning the passing of the resolutions at the General Meeting to give effect to the Tender Offer and Rule 9 Waiver in which the Company offered to purchase up to 50,000,000 ordinary shares of 1p each in the Company ("Shares") at 3.75p per Share (the "Tender Price"), the Company announces that a total of 54,014,390 Shares were validly tendered under the Tender Offer.
50,000,000 Shares will be repurchased at the Tender Price and cancelled; this equates to 28.9 per cent. of the Shares in issue (excluding Shares held in treasury) as at 30 September 2011.
The tenders of all shareholders who have validly tendered their minimum entitlement of Shares will be accepted in full and this amounts to 20,806,564 Shares. The excess of 33,207,826 Shares tendered in the process is being scaled back and 29,193,436 Shares are being purchased from shareholders who offered to tender more than the minimum entitlement. This equates to approximately 88 per cent. of the excess Shares tendered being satisfied.
It is expected that cheques will be dispatched and CREST payments made as soon as practicable after 17 October 2011. Any queries concerning the calculation of accepted tenders and administration of the Tender Offer should be addressed to Computershare on +353 1 216 3100.
Following implementation of the Tender Offer, the Company will have 122,571,939 Shares in issue (excluding Shares held in treasury). The number of voting rights in the Company will therefore be 122,571,939.
As a result of the Tender Offer, the Chairman Mr. Bruce Rowan, who holds 48,366,239 Shares, will be interested in 39.5 per cent. of the Company's issued share capital (excluding shares held in Treasury).
The Independent Directors will be interested in the following:
Director | Shares | Percentage of issued share capital (excluding shares held in Treasury) |
Michael Nolan (1) | 1,315,000 | 1.1% |
Colin Bird | 1,635,000 | 1.3% |
Raju Samtani | 500,000 | 0.4% |
(1) 1,295,000 of these shares are held by J.S. Consult Limited Pension Fund. Michael Nolan is the sole beneficiary of this pension fund.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the circular sent to Shareholders dated 24 August 2011.
Contacts
Tiger Resource Finance plc |
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Bruce Rowan, Chairman | Tel: +00 44 20 7486 3997 |
Raju Samtani, Director | Tel: +00 44 20 7581 4477 |
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finnCap | Tel: +00 44 20 7600 1658 |
Corporate Finance - Matthew Robinson/ Christopher Raggett |
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