MTT Metal-Tech

TIDMMTT

RNS Number : 0293O

Metal-Tech Ltd

05 October 2012

5 October 2012

Metal-Tech Ltd.

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

Update on Tender Offer for all issued and outstanding share capital of Metal-Tech

Metal-Tech, the producer and recycler of specialty metals such as tungsten and molybdenum, provides the following update to the announcement of 28 September, 2012.

On 3 September, 2012 Metal-Tech announced that Hillah Consultants Ltd. Inc. ("Hillah Consultants") had commenced a Cash Tender Offer to acquire all of the Company's issued and outstanding share capital not already held by Hillah Consultants and its sole shareholder, Mr. Ariel Rosenberg (excluding certain ordinary shares to be purchased by Mr. Rosenberg from a shareholder of the Company following consummation of the Tender Offer or alternatively following the adoption by the Company's shareholders of a resolution for the cancellation of the admission of the Company's shares from trading on AIM), totalling 4,148,045 ordinary shares of the Company and representing approximately 10.8 percent of the issued and outstanding share capital of the Company (disregarding 99,405 ordinary shares that were issued subsequently as a result of the exercise of options as noted below).

On 28 September 2012, Metal-Tech announced that Hillah Consultants informed it that the expiry date for the Tender Offer was extended from 28 September 2012 to 4 October 2012 at 17.00hrs BST.

The Company announces that Hillah Consultants has advised it that, as at 17.00hrs on 4 October 2012, Hillah Consultants has received valid acceptances with respect to 4,036,845 out of the 4,247,450 ordinary shares subject to the Tender Offer (both of which numbers include 99,405 ordinary shares issued as a result of the exercise of options following commencement of the Tender Offer). The foregoing 4,247,450 ordinary shares represent 11 percent of the Company's issued and outstanding share capital. Following the expiration of the Tender Offer, Hillah Consultants and Mr. Rosenberg will control an aggregate of 99.45 percent of the issued and outstanding share capital of the Company (including the shares to be purchased by Mr. Rosenberg as noted above), which exceeds the necessary threshold of the issued and outstanding share capital of Metal-Tech required to acquire all the issued and outstanding ordinary shares of the Company, including those owned by non-tendering shareholders. As a result, the Tender Offer is binding with respect to all Metal-Tech shareholders, irrespective of whether or not they tendered their ordinary shares in the Tender Offer. The Tender Offer will be completed in the next few days.

Enquiries:

 
 Metal-Tech Ltd. 
 Peter Syme                                 +44 20 7618 9100 
  Oren Kind                                  +972 542491013 
 
 Panmure Gordon                             +44 20 7886 2500 
 Fred Walsh 
 Hannah Woodley, Charles Leigh-Pemberton 
 
 Luther Pendragon                           +44 20 7618 9100 
 Harry Chathli, Alexis Gore 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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