logo-loader
viewMetal Tiger PLC

Metal Tiger urges dismissal of Kingsgate board in extraordinary meeting to be held in January

Metal Tiger is agitating for major change at the top of Kingsgate Consolidated

gold bars and nugget
Significant potential gold production from the Chatree mine in Thailand is at stake

Kingsgate Consolidated Limited (ASX:KCN) is to hold an extraordinary meeting of shareholders on 9 January 2018, following agitation from London’s Metal Tiger PLC (LON:MTR).

If Metal Tiger gets its way, a new board will be elected for Kingsgate at the meeting. Metal Tiger is Kingsgate's largest shareholder, with a 6.7 per cent interest.

WATCH: Metal Tiger takes aim at Australian miner Kingsgate Consolidated

Metal Tiger requested the Kingsgate shareholder meeting to remove all but one member of the board, and has proposed that five new directors be appointed, including three directors of Metal Tiger.

"We encourage shareholders to vote in favour of all resolutions to appoint a new board at Kingsgate," said Metal Tiger chief executive Michael McNeilly.

"We believe the proposed directors have the experience, expertise and relationships that can lead to the reopening of the Chatree gold mine, Kingsgate's only operating asset, and restore value." 

Metal Tiger acknowledges Kingsgate has successfully mined the higher-grade gold at Chatree to increase revenue and repay debt after its metallurgical licence was renewed for only six months.

READ: Metal Tiger rips into Kingsgate Consolidated and calls for boardroom coup

Key issues for consideration at the meeting will be the implications of the new Minerals Act, the draft Mineral Royalty Act, the draft Mineral Management Master Plan, the new Gold Policy and its impacts, licence status, litigation status - both locally and in Bangkok - community issues, environmental concerns, and Thai ownership concerns.

According to Metal Tiger, Kingsgate is going to need substantially more capital to finance its current strategy unless it is successful in obtaining a legal settlement.

McNeilly, however, spoke of interest from investors in Europe, North America, Asia and the Middle East to help finance a restart.

"But it is our view that such a strategy can only be implemented under a new Board given the bridges that have been burned by Kingsgate's incumbent directors. This is not about Metal Tiger gaining control of Kingsgate, this about change for the benefit of all shareholders," he said.

 

 

Quick facts: Metal Tiger PLC

Price: 1.328 GBX

AIM:MTR
Market: AIM
Market Cap: £20.35 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Metal Tiger PLC named herein, including the promotion by the Company of Metal Tiger PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Metal Tiger's McNeilly details new funding arrangement and share buyback plans

Metal Tiger's (LON:MTR) Michael McNeilly discusses with Proactive London's Andrew Scott the plans around its share buyback programme.  MTR intends to buy back up to 155.9mln shares - equivalent to 10% of the current issued share capital of the company. McNeilly also talks through its...

on 19/12/19

RNS

Transaction in Own Shares

3 days, 4 hours ago

Transaction in Own Shares

4 days, 4 hours ago

Transaction in own shares

1 week, 3 days ago

Transaction in own shares

1 week, 4 days ago

Transaction in own shares

1 week, 5 days ago

Transaction in own shares

2 weeks, 3 days ago

Directorate change

2 weeks, 4 days ago

2 min read