Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcement made by MOD Resources Ltd (“MOD”) (ASX/LSE:MOD).
Which advises that a copy of the orders of the Supreme Court of Western Australia approving the scheme of arrangement, pursuant to which Sandfire Resources NL (“Sandfire”) will acquire all of the issued shares of MOD (the “Scheme”), has been lodged with the Australian Securities and Investments Commission. Accordingly, the Scheme has become legally effective.
MOD’s securities will be suspended from trading on the Australian Securities Exchange (ASX) at the close of trade today, 9 October 2019.
The admission of MOD’s ordinary shares to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market has been suspended with effect from 7.30 a.m. in London today, 9 October 2019.
Michael McNeilly, Chief Executive Officer of Metal Tiger commented:
“The completion of the acquisition of MOD by Sandfire is a key milestone in Metal Tiger’s history and, in our view, a transformational deal for the Kalahari Copper Belt. Since our initial investment in MOD, Metal Tiger has generated a total return on investment cost of circa 3.0x. This is, of course, excluding the future potential value of our capped US$2m net smelter royalty over T3 and the 2% uncapped net smelter royalty over the Tshukudu Exploration properties.
“We believe that the completion of this deal underlines the value of the Kalahari Copper Belt and are confident that, with royalties in place, a significant equity interest in Sandfire and our interest in Kalahari Metals Limited, Metal Tiger is extremely well placed to unlock this value for shareholders.”
The full text of the MOD announcement can be read using the following link:
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