1 November 2016
Metal Tiger Plc
GENERAL MEETING UPDATE AND STATEMENT
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announce that both resolutions placed before the General Meeting held earlier today were passed.
Alex Borrelli Chief Executive Officer of Metal Tiger said I am pleased to confirm that at the General Meeting today both the resolutions were approved unanimously by shareholders.
Approval by shareholders of the Capital Reduction process and share buy back facility is a ratification of the stated policy of the Company which is to seek, where practical and realistic, the ability to return value generated to shareholders through a proactive distribution policy.
Further information on the Capital Reduction process and the Distribution Policy are provided below.
Capital Reduction
The Company is to apply to the High Court to obtain approval to implement a reduction in the share capital of the company by cancelling the existing deferred shares and cancelling the share premium account.
The Capital Reduction also required shareholder approval which was the main purpose of the General Meeting.
The Capital Reduction process is a standard and largely administrative process. It will not change the number of ordinary shares in issue or the current nominal value of the Companys ordinary shares.
The process merely permits a Company carrying historical retained losses to distribute cash or other interests to shareholders following completion of the process. This could not be done otherwise because Company law prohibits distribution when the Companys accounts show historical retained losses.
Distribution Policy
Subject to the approval of the High Court of the Capital Reduction, the Company may wish to distribute cash or other interests to shareholders. This may occur in various circumstances and could include where the Company disposes of an interest for cash or equity and wishes to return some or all of the value generated to shareholders. Such distributions may also require further shareholder approval under market rules. Shareholders should be aware that until a distribution is formally announced there is no certainty that any such distribution will occur.
To be clear any such distributions would only be made by reference to shareholders on the register at a specified record time and date. Holders of warrants and options who have not exercised the same at the specified time and date would not be entitled to participate in a distribution.
The Company reserves the right to announce distributions without notice and it is the Companys intention that, subject to relevant laws and regulations any distribution announcement will incorporate a contemporaneous record date.
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