MTT Metal-Tech

TIDMMTT

RNS Number : 2659I

Metal-Tech Ltd

23 July 2012

23 July 2012

Metal-Tech Ltd.

("Metal-Tech" or "the Company")

Banking Facilities Arrangement

Metal-Tech, the producer and recycler of specialty metals such as Tungsten and Molybdenum, provides information on its banking facilities arrangement.

In June 2012, Ariel (Aik) Rosenberg, Metal-Tech's Chairman and Chief Executive Officer, as the controlling shareholder, provided, at the Company's request and for no consideration, a personal guarantee in favour of Israeli Discount Bank Ltd. guaranteeing the Company's short-term loan and credit line in an amount of up to $500,000, as may renewed or extended in accordance with the Company's needs and subject to Aik's consent.

This is similar to the arrangements previously made on 24 May 2011 and 15 June 2011 when Mr Rosenberg provided, at the Company's request and for no consideration, personal guarantees in favor of Mizrahi Tefahot Bank Ltd. and Bank Leumi le-Israel B.M respectively, guaranteeing the Company's short-term loan and credit line of up to an aggregate amount of $1,350,000.

All the three personal guarantees described above shall hereafter be referred to as the "Guarantees".

The Company entered into certain bank documentation related to the Guarantees (the "Transactions" and "Documents", respectively). The Audit Committee and the Board of Directors of the Company concluded that these were made solely for the benefit of the Company thereby approved and ratified the grant of each of the Guarantees and the Transactions and the Company entering into the Documents.

In accordance with the Israel Companies Regulations (Relaxations in Transactions with Interested Parties), 5760 - 2000 an extraordinary transaction of a public company with its controlling shareholder or with a third party in which the controlling shareholder has a personal interest may not require the approval of the general meeting of shareholders if such transaction is made solely for the benefit of the Company and has received the approval of the Audit Committee and of the Board of Directors of the Company confirming that such transactions are indeed for the sole benefit of the Company which has in fact been concluded as noted above. However, such relaxation will not be applicable in the event that one or more shareholders holding at least 1% of the Company's issued share capital or voting rights object to the application of such relaxations within 14 days of this announcement by written notice to the Company.

Enquiries:

 
 Metal-Tech 
 Ariel (Aik) Rosenberg         +972 544 215454 
 
 Panmure Gordon 
 Fred Walsh                    +44 20 7459 3600 
 
 Luther Pendragon 
 Harry Chathli, Alexis Gore    +44 20 7618 9100 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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