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Ex-CEO gives vote of confidence to Metal Tiger

Published: 12:10 08 Nov 2016 GMT

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Johnson exercised his option to buy 3mln shares for £60,000, slightly more than their market value

Shares in Metal Tiger PLC (LON:MTR) gained on Tuesday Morning after it received a vote of confidence from its former boss, Paul Johnson.

Johnson issued the natural resources business with an early exercise notice yesterday, Metal Tiger said.

He will now buy 3mln shares in the firm at a pre-agreed price of 2p per share – a premium to yesterday’s close of 1.95p.

“I am delighted that Paul has chosen to exercise his options early which makes a clear statement to market of his belief in the company’s business model and in the future plans and potential of the company,” said chief executive Alex Borrelli.

When someone exercises their option early and buys shares for more than their market value, it is generally viewed as a bullish move as it suggests they think the price will rise.

Shares were up 17% to 2.28p.

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