https://www.engineeringnews.co.za

Metal Tiger slashes Kingsgate stake, says ‘watching board’

23rd January 2018

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed resources investor Metal Tiger has slashed its shareholding in ASX-listed Kingsgate Consolidated from 19.43-million shares to 11.50-million shares, representing 5.5% of the share capital.

The company booked gross proceeds of A$2.69-million (about £1.53-million) on the sale.

Metal Tiger CEO Michael McNeilly said on Tuesday that selling down its stake was a “prudent decision to derisk” its Kingsgate investment, but warned the board of the Thailand-focused miner to watch its step.

“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,” McNeilly said in a statement.

Metal Tiger had sought to vote out the current management of Kingsgate in the hopes of installing its own directors in order to change tack in efforts to persuade the Thailand government to allow the Chatree mine to resume operations.

Earlier this month, shareholders voted to retain the current management.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.046 1.155s - 140pq - 2rq
Subscribe Now