Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTiger Resource Regulatory News (TIR)

Share Price Information for Tiger Resource (TIR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.225
Bid: 0.20
Ask: 0.25
Change: 0.00 (0.00%)
Spread: 0.05 (25.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 0.225
TIR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Results of Open Offer and Total Voting Rights

28 Nov 2017 15:50

RNS Number : 7658X
Tiger Resource Finance PLC
28 November 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

 

28 November 2017

TIGER RESOURCE FINANCE PLC

("Tiger" or the "Company")

Results of Open Offer and Total Voting Rights

Tiger is pleased to announce the results of the Open Offer to Qualifying Shareholders, details of which were set out in the Open Offer Circular dated 10 November 2017.

The Open Offer closed for applications at 11:00 a.m. on 24 November 2017 and the Company announces that it has received valid acceptances from Qualifying Shareholders in respect of over 160,000,000 New Ordinary Shares, including applications for over 130,000,000 New Ordinary Shares under the Excess Application Facility. This represents in excess of 130 per cent. of the maximum number of 121,407,148 New Ordinary Shares available under the Open Offer.

The majority of the Excess Applications were from a small number of applicants (which included the Directors). The Board considered that it would not be in the Company's best interest to meet the Excess Applications in full. The Directors furthermore considered that, in order to meet their obligations under the Companies Act 2006 and avoid potential issues under the City Code on Takeovers and Mergers, it would be in the best interests of the Company and its Shareholders as a whole to allocate the Applications on the following basis:

· Basic Entitlements have been allocated in full (100%) for Shareholders who submitted valid applications in accordance with the terms of the Circular.

· Applications classified as Excess Applications are being scaled down on the following basis:

o up to and including 1,000,000 to be satisfied in full;

o between 1,000,001 and 5,000,000 to be satisfied as to receive 20% of the excess applied for;

o between 5,000,001 and 10,000,000 to be satisfied as to receive 15% of the excess applied for;

o over 10,000,000 to be satisfied as to receive 10% of the excess applied for.

The above allocation has resulted in the Company issuing 42,190,131 New Ordinary Shares out of 121,407,148 Ordinary Shares which had been available under the Open Offer. The Board is satisfied that this allocation is in the best interest of the Company as it has significantly scaled down a handful of applicants who, in aggregate, applied for a significant number of New Ordinary Shares under the Excess Application Facility and consequently prevents a small group of shareholders acquiring a disproportionately high equity interest in the Company.

In addition, the Board in recognition for the contribution by Raju Samtani, the Company's Finance Director, permitted Mr Samtani to apply for additional 3,825,000 Ordinary Shares at 0.35 pence per share being the Issue Price ("Further Shares").

Details of Directors' participation in the Open Offer and allocation of shares is set out in the table below.

Director's Name

Current Number of Shares

Further Shares

New Ordinary Shares Issued Under Open Offer (including all basic entitlements and excess applications)

Enlarged Holding

Enlarged Percentage Holding

Colin Bird

8,395,000

Nil

10,785,750

19,180,750

10.16%

Michael Nolan *

1,315,000

Nil

2,435,637

3,750,637

1.99%

Raju Samtani

500,000

3,825,000

5,542,500

9,867,500

5.23%

 

*3,730,637 of these shares will be held by JS Consult Limited Pension Fund. Michael Nolan is the sole beneficiary of this pension fund.

The admission to trading and dealings in the 46,015,131 New Ordinary Shares comprising the 42,190,131 Ordinary Shares issued pursuant to the Open Offer and 3,825,000 Further Shares will commence at 8.00 a.m. on 29 November 2017 ("Admission").

Colin Bird, Chairman said "I am pleased that the Open Offer proceeded satisfactorily. In allocating shares under the excess application process, the Board has prioritised smaller shareholders, essentially electing to award them with their full excess applications whilst scaling back larger applicants.

The Company intends to continue with its strategy of proactive investment in early stage resource projects where it perceives the opportunity for significant value enhancement."

Following Admission, the Company's enlarged issued share capital will comprise 188,847,070 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 188,847,070. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

All defined terms in this announcement have the meanings given to them in the Circular.

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.

 

For further information please contact:

Tiger Resource Finance Plc

Raju Samtani, Director

Tel: +44 (0)207 581 4477

Beaumont Cornish (Nominated Adviser)

Roland Cornish/ Felicity Geidt

Tel: +44 (0) 207 628 3396

Beaufort Securities Limited (Broker)

Jon Belliss

Tel: +44 (0)207 382 8300

 

 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulations, provide further detail in respect of the transaction as described above.

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

 

a)

Name

Colin Bird

2

Reason for notification

a)

Position / status

Chairman

b)

Initial notification

/Amendment

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Tiger Resource Finance Plc

b)

LEI

213800F2MNUEMO8VWP26

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description  of the financial instrument, type of instrument

Identification code

Ordinary Shares of 0.1p each

 

GB0002308525

Nature of the transaction

Participation in the Open Offer

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.35 pence

10,785,750

d)

Aggregated information

n/a

e)

Date of the transaction

28 November 2017

f)

Place of the transaction

Off market

 

 

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

 

a)

Name

Michael Nolan

2

Reason for notification

a)

Position / status

Executive Director

b)

Initial notification

/Amendment

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Tiger Resource Finance Plc

b)

LEI

213800F2MNUEMO8VWP26

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description  of the financial instrument, type of instrument

Identification code

Ordinary Shares of 0.1p each

 

GB0002308525

Nature of the transaction

Participation in the Open Offer

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.35 pence

2,435,637

d)

Aggregated information

n/a

e)

Date of the transaction

28 November 2017

f)

Place of the transaction

Off market

 

 

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

 

a)

Name

Raju Samtani

2

Reason for notification

a)

Position / status

Finance Director

b)

Initial notification

/Amendment

Initial

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Tiger Resource Finance Plc

b)

LEI

213800F2MNUEMO8VWP26

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description  of the financial instrument, type of instrument

Identification code

Ordinary Shares of 0.1p each

 

GB0002308525

Nature of the transaction

(i) Participation in the Open Offer

(ii) Further subscription

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.35 pence

5,542,500

0.35 pence

3,825,000

d)

Aggregated information

9,367,500

e)

Date of the transaction

28 November 2017

f)

Place of the transaction

Off market

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLLFSELDLTFID
Date   Source Headline
9th Jan 20241:56 pmRNSQuarter-end Portfolio Value Update
11th Oct 20234:10 pmRNSUpdate on Portfolio Value
28th Sep 202311:28 amRNSHalf-year Report
4th Aug 202312:27 pmRNSQuarter End Update
27th Jul 20233:54 pmRNSResult of AGM
4th Jul 20237:00 amRNSNotice of AGM
20th Jun 202312:27 pmRNSFinal Results
13th Apr 20239:04 amRNSQuarter-end NPV Update
24th Jan 20235:27 pmRNSHolding(s) in Company
11th Jan 20232:31 pmRNSQuarter End NPV Update
20th Dec 20223:33 pmRNSIssue of Equity and Total Voting Rights
11th Oct 20227:00 amRNSQuarter-end NPV Update
27th Sep 20227:00 amRNSInterim results for the six months to 30 June 2022
12th Jul 20227:00 amRNSQuarter-end NPV Update
27th Jun 20224:03 pmRNSResult of AGM
27th May 20223:18 pmRNSDirector/PDMR Shareholding
25th May 20227:00 amRNSFinal Results
11th Apr 20227:00 amRNSQuarter end NPV update
12th Jan 20222:27 pmRNSQuarter-end NPV Update
12th Oct 20217:00 amRNSQuarterly NPV Update
28th Sep 20217:00 amRNSHalf-year Report
7th Jul 20217:00 amRNSQuarter-end NPV update
21st Jun 20215:36 pmRNSResult of AGM
27th May 20217:00 amRNSStandard Listing for African Pioneer plc
25th May 20217:00 amRNSFinal Results
8th Apr 202110:12 amRNSNPV Update
31st Mar 20214:45 pmRNSTotal Voting Rights
25th Mar 202112:38 pmRNSUpdate on issue of equity
19th Mar 20212:36 pmRNSInvestment in Caerus Mineral Resources Plc
15th Mar 20219:05 amRNSSecond Price Monitoring Extn
15th Mar 20219:00 amRNSPrice Monitoring Extension
15th Mar 20217:00 amRNSUpdate on African Pioneer, issue of equity and TVR
12th Feb 20217:00 amRNSUpdate on Metrock Investment
11th Jan 20217:00 amRNSQuarter-end NPV update
22nd Dec 20207:00 amRNSVariation of Mandate with Metrock
15th Dec 20201:42 pmRNSBoard Appointment
4th Dec 20203:40 pmRNSHolding(s) in Company
3rd Nov 20202:29 pmRNSHolding(s) in Company
12th Oct 20206:25 pmRNSHolding(s) in Company
12th Oct 20206:24 pmRNSHolding(s) in Company
12th Oct 20202:16 pmRNSInvestment, Issue of Equity and TVR
9th Oct 202012:23 pmRNSNet Asset Value(s)
1st Oct 20203:20 pmRNSUpdate
29th Sep 20207:00 amRNSHolding(s) in Company
17th Sep 20207:00 amRNS£500,000 Fundraise and TVR
4th Sep 20202:00 pmRNSHalf-year Report
23rd Jul 20207:00 amRNSChange of Name
7th Jul 202011:28 amRNSNet Asset Value(s)
30th Jun 20203:52 pmRNSResult of AGM
27th May 20203:02 pmRNSFinal Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.