Metal Tiger Plc (LON:MTR) chief executive Michael McNeilly said that many Kingsgate Consolidated shareholders have supported the AIM-quoted company’s views, even though the result of an EGM vote went against its proposals.
The company proposed the replacement of Kingsgate’s management. A total of eight resolutions were voted on, and 34% to 45% of shareholder votes were in Metal Tiger’s favour.
All resolutions put forward by Metal Tiger were unsuccessful but the company described it as a ‘close’ result and said that the outcome has demonstrated “strong support for change” among investors.
It retains an 8.623% shareholding in Kingsgate and the company said it is currently assessing its options with regards to its stake in the Australia-listed miner.
“The close result highlights the fact that many investors supported Metal Tiger’s views,” McNeilly said.
“We presented a clear vision to restore and ultimately deliver value based on the reopening of Chatree, and we are encouraged that so many shareholders recognised this.
“We also note the Government of Thailand said in a recent media release that a properly managed reactivation of Chatree would be mutually beneficial to the mine’s owner and to Thailand.
“The government also said far more can be achieved through amicable negotiations than through arbitration.”