Metal Tiger plc Posting of Circular
October 13 2016 - 3:27AM
UK Regulatory
TIDMMTR
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 GBP0.0099
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 Tel: +44 (0)7766 465 617
Executive Officer)
Terry Grammer (Non-Executive Tel: +44 (0)207 099 0738
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)2033 683 555
Limited
Neil Baldwin
(Nominated Adviser) www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)
1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk Financial Adviser Tel +44 (0) 20 3005 5000
Andrew Raca and Joint Broker
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20161013005534/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 13, 2016 04:27 ET (08:27 GMT)
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