METAL TIGER PLC
12 May 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
New World Oil & Gas Investment Update
Metal Tiger (LON: MTR), the natural resources investing company acquired on market 47,054,545 on 29 April 2015 in New World Oil and Gas ("New World") (LON:NEW), as announced via lodgement of a TR-1 Form on 30 April 2015 (as Metal Tiger became a notifiable shareholder with 6.7% of New World). Metal Tiger lodged today a new TR-1 form with New World as it no longer holds a notifiable position (minimum 3%) in New World.
Metal Tiger confirms that the Company sold the majority of its shares recently purchased in New World, during the course of Friday the 8th of May and first half of Monday the 11th of May, at an average sale price exceeding eight times that of its original price paid per share and yielding an overall return to the Company in excess of five times the total amount invested.
Metal Tiger has retained a strategic holding below a notifiable level and notes the announcement made by New World yesterday afternoon with regard to its proposed open offer. In this regard Metal Tiger continues to assess its rights as a shareholder and investigate the proposals put forth to New World shareholders.
Cameron Parry CEO of Metal Tiger stated: "Metal Tiger is pleased to confirm the crystallisation of a substantial profit for shareholders in respect of the Company's investment in New World Oil and Gas. Metal Tiger has made more than five times that of its total investment and still holds a significant, albeit not notifiable, number of shares in New World. With regard to its remaining equity position, Metal Tiger is keen to ensure that its rights as a shareholder in New World are protected moving forward and that all of our investee companies and their advisers act in the best interests of shareholders.
The funds already generated by Metal Tiger's investment in New World adds to Metal Tiger's existing working capital which places the Company in an enviable cash position and enables it to aggressively progress its business strategy, accelerate current interests and pursue new opportunities."
For further information on the Company, visit: www.metaltigerplc.com:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
SI Capital Limited
Tel: +44 (0) 1483 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