Metal Tiger plc Share Buyback Programme
19 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMMTR
19 December 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Share Buyback Programme
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, announces
that it intends to commence a share buyback programme (the
"Programme") to buy back ordinary shares of 0.01p in the capital of
the Company (the "Shares") up to a maximum aggregate amount of
155,917,230 Shares (the "Maximum Amount").
The Programme will be implemented by the Company in accordance
with the general authority received by way of a shareholders'
resolution passed at a general meeting of the Company held on 6
November 2019 and all Shares purchased will be acquired within the
parameters as to price and volume specified in that authority.
The Company has entered into an agreement with its broker, Arden
Partners plc ("Arden"), to carry out purchases of its Shares under
the Programme on its behalf. The agreement provides Arden with
authority to carry out market purchases under the Programme
independently of the Company in certain circumstances (initially up
to a value of GBP500,000).
The purpose of the Programme is to reduce the Company's share
capital. The Board believes that the Programme may reduce the
discount of the Company's share price to net asset value and
provide more liquidity in the Company's shares (giving shareholders
who do not wish to remain invested an orderly liquidity event).
The Programme will be carried out on the London Stock Exchange
and will be effected within certain pre-set parameters, including
the safe harbour provisions set out in the Market Abuse Regulation
596/2014 ("MAR"), the Commission Delegated Regulation (EU)
2016/1052 and the applicable laws and regulations of the London
Stock Exchange. The Programme will be undertaken until the earlier
of the Maximum Amount being repurchased or the Company's annual
general meeting in 2020. Any Shares repurchased will be held as
treasury shares in accordance with the provisions of the Companies
Act 2006 and it is the intention of the Company to cancel such
shares.
The Company will make further announcements in due course
following the completion of any share repurchases.
At the time of this announcement, the number of Shares in issue
in the Company is 1,559,172,297, of which nil are held in treasury.
Accordingly, the total number of Shares with voting rights is
1,559,172,297.
There is no guarantee that the Programme will be implemented in
full or that any Shares will be repurchased by the Company.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain and the Company confirms that it currently has no
inside information.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") with the trading code MTR and
invests in high potential mineral projects with a base, precious
and strategic metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. Metal Tiger has two investment divisions: Direct Equities
and Direct Projects.
The Direct Equities Division invests in undervalued natural
resource companies. The majority of its investments are listed on
AIM, the TSX and the ASX, which includes its 3.5% interest in
Sandfire Resources NL (ASX: SFR). The Company also considers
selective opportunities to invest in private natural resource
companies, typically where there is an identifiable path to IPO.
Through the trading of equities and warrants, Metal Tiger seeks to
generate cash for investment in the Direct Projects Division.
The Direct 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 through its interest
in Kalahari Metals Limited. In Spain, the Company has tungsten and
gold interests in the highly mineralised Extremadura region. In
Thailand, Metal Tiger has interests in two potentially
near-production stage lead/zinc/silver mines as well as licences,
applications and critical historical data covering antimony,
copper, gold, lead, zinc and silver opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20191218005632/en/
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(END) Dow Jones Newswires
December 19, 2019 02:00 ET (07:00 GMT)
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