Metal Tiger PLC New World Oil & Gas Investment Settlement Update (1669O)
May 26 2015 - 2:01AM
UK Regulatory
TIDMMTR
RNS Number : 1669O
Metal Tiger PLC
26 May 2015
METAL TIGER PLC
26 May 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
New World Oil & Gas Investment Settlement Update
Metal Tiger (LON: MTR) the natural resources investing company,
acquired on-market shares in New World Oil and Gas ("New World")
(LON:NEW) on 29 April 2015 as announced via lodgement of a TR-1
Form on 30 April 2015 (due to Metal Tiger becoming a notifiable
shareholder with 6.7%). Following share disposals Metal Tiger
lodged a TR-1 form with New World on 12 May 2015 noting that Metal
Tiger no longer held a notifiable position (minimum 3%) in New
World. Metal Tiger notes the suspension of trading of New World
shares (announced 18 May 2015) and the failure of New World to
secure sufficient votes to pass the two resolutions of their EGM
held 19 May 2015. Metal Tiger also notes various market
commentaries regarding settlement problems with New World shares on
the market.
In light of the market settlement problems, Metal Tiger provides
the following update to shareholders regarding the delays it has
encountered in relation to settlement of its own New World stock
and the actions taken by Metal Tiger to protect its interests.
New World Oil and Gas Transactions Summary
Metal Tiger acquired 47,054,545 shares on-market on 29 April
2015 for a total consideration of GBP31,526.55. Metal Tiger sold a
total of 28.7 million shares over the course of the 8(th) and
11(th) of May generating gross proceeds from disposals of
GBP169,891.60 for the Company. At this time, all of the shares
acquired on-market should have settled and been delivered in
accordance with the written contract notes.
To date, the Company's retail stockbroker for the transactions
has confirmed that only 2,904,572 shares (6.2%) of the 47,054,545
total shares acquired have been delivered to Metal Tiger's retail
broking account. Thus, of the GBP169,891.60 disposal proceeds, only
GBP17,243.53 has been released to Metal Tiger, reflecting the
proportion of stock delivered and settled on the Company's retail
stockbroking account.
Action Taken to Protect Metal Tiger's Interests
Metal Tiger has taken various steps over the past fortnight to
protect its interests including the appointment of legal counsel
with regard to both the payment of monies due to Metal Tiger from
disposals made of New World shares, and to secure the receipt of
the balance of its shares acquired on-market in New World.
Metal Tiger's two executive directors, Cameron Parry and Paul
Johnson, attended the New World EGM held in Jersey on Tuesday 19
May 2015 as proxies for another shareholder as Metal Tiger was at
the time unable to attend the meeting under its own shareholding
due to the delays in stock settlement. During the meeting Cameron
Parry and Paul Johnson were able to actively participate and put
forth a series of questions to the New World CEO with regard to New
World's historical performance, rationale behind the financing
proposed and the structure of the financing proposal, and the
forward plans for New World.
Cameron Parry CEO of Metal Tiger stated: "On 29 April 2015,
Metal Tiger invested in an on-market trading opportunity that
although relatively small for Metal Tiger in terms of pounds
sterling invested, created a notifiable position in the investee,
New World Oil and Gas Plc. Since that time Metal Tiger crystallised
a significant return and still holds a quantum of New World shares.
However there have been delays to date in Metal Tiger receiving the
entirety of its crystallised return on investment and receipt of
its stock in the Company's CREST account.
Metal Tiger's directors continue to take steps that the Board
believes are in the best interests of Metal Tiger shareholders and
protect Metal Tiger's interests. In relation to the New World
investment, we have been unequivocally clear that any future
financings by New World should reflect the evident market demand
for New World stock, and also the fact that the share price of New
World has in recent weeks traded considerably higher than the
previously proposed placing price of 0.055p - itself priced at a
42% discount to the then market price of 0.095p.
Irrespective of delays relating to the Company's New World
investment, Metal Tiger remains fully funded to carry out its
activities in relation to its direct project investments in Spain,
Thailand and Tanzania, and the Company still holds significant
equity stakes in Kibo Mining Plc, Eurasia Mining Plc and Ariana
Resources Plc, together with a number of non-notifiable positions
in other AIM quoted entities. We look forward to providing updates
on various fronts in due course."
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207
(CEO) 099 0738
Paul Johnson Tel: +44 (0)7766
(Executive 465 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
(Nominated Adviser)
Nick Emerson SI Capital Limited Tel: +44 (0) 1483
Andy Thacker (Sole Broker) 413 500
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger'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 timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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