TIDMTIR
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 Current Further New Ordinary Enlarged Enlarged
Name Number Shares Shares Issued Holding Percentage
of Shares Under Open Holding
Offer (including
all basic
entitlements
and excess
applications)
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 Tel: +44 (0) 207 628 3396
Geidt
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 Initial
/Amendment
--- ------------------------ -----------------------------
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 Ordinary Shares of 0.1p each
the financial
instrument, type GB0002308525
of instrument
Identification
code
--- ------------------------ -----------------------------
Nature of the Participation in the Open
transaction Offer
--- ------------------------ -----------------------------
Price(s) and Price(s) Volumes(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 Off market
transaction
--- ------------------------ -----------------------------
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 Initial
/Amendment
--- ------------------------ -----------------------------
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 Ordinary Shares of 0.1p each
the financial
instrument, type GB0002308525
of instrument
Identification
code
--- ------------------------ -----------------------------
Nature of the Participation in the Open
transaction Offer
--- ------------------------ -----------------------------
Price(s) and Price(s) Volumes(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 Off market
transaction
--- ------------------------ -----------------------------
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 Initial
/Amendment
---- ------------------------- --------------------------------
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 Ordinary Shares of 0.1p each
the financial
instrument, type GB0002308525
of instrument
Identification
code
---- ------------------------- --------------------------------
Nature of the (i) Participation in the
transaction Open Offer
(ii) Further subscription
---- ------------------------- --------------------------------
Price(s) and Price(s) Volumes(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 Off market
transaction
---- ------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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