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Metal Tiger cuts its stake in Kingsgate Consolidated in half

Metal Tiger has reduced its exposure to Kingsgate Consolidated, but still retains an influential position

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Metal Tiger will return its focus to its mines in Botswana

Metal Tiger PLC (LON:MTR) has sold just over 7.9 mln shares in Kingsgate Consolidated Ltd (ASX:KCN), bringing its holding down from just over 19 mln shares to around 11.5 mln shares.

Metal Tiger now holds 5.15% of Kingsgate’s shares.

READ: Metal Tiger says Kingsgate shareholders want change

The sale resulted in gross proceeds of A$2,686,029.

Metal Tiger has taken the prudent decision to de-risk our Kingsgate investment by partially selling down and booking a profit,” said Michael McNeilly, chief executive of Metal Tiger.

“It does not, however, mean we are going away. We still retain more than 5% of Kingsgate and will be watching the board closely to see if they deliver on what they have promised. In the meantime we are turning the bulk of our attention to our copper/silver joint venture with MOD in Botswana, where a prefeasibility Study on T3 is anticipated shortly.”

 

Quick facts: Metal Tiger PLC

Price: 25.99 GBX

AIM:MTR
Market: AIM
Market Cap: £39.84 m
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