Metal Tiger has extended the deadline for the conversion of warrants related to the proposed flotation of its KEMCO Mining joint venture. The JV holds the company’s mining interests in Thailand.
The new deadline is February 28 but the conversion could be triggered before then should the proposed initial public offering (IPO) go ahead before that date.
As the IPO did not take place by October 13, under the terms of a funding agreement, 310,000 warrants have already been converted into Metal Tiger shares, resulting in 1,038 million Metal Tiger shares being in issue. This leaves another 204,500 warrants awaiting conversion.
Meantime, London-listed Metal Tiger has requested ASX-listed Kingsgate Consolidated to call and hold a general meeting of shareholders to consider changes to its board.
Metal Tiger has a 6.7% interest in Kingsgate and based on public disclosures by Kingsgate, is its largest shareholder and the only one with an interest of over 5%.
Metal Tiger’s request for the meeting has been made under Section 249D of the Australian Corporations Act 2001 (Cth) which enables any member, or group of members acting as a collective, with at least 5% of the votes that may be cast at a general meeting to request that the board of Kingsgate convene and hold the shareholder meeting.
Upon receipt of a Metal Tiger’s valid request, the Kingsgate directors are required to call the meeting within 21 days of receiving the request and the meeting is required to be arranged for a date not later than two months after the request is given.
The proposed resolutions that Metal Tiger is seeking be put to the Kingsgate shareholders are that all existing directors other than Peter Alexander be removed and that five new directors be appointed, being three Metal Tiger directors and two independent candidates nominated by Metal Tiger.
Metal Tiger says it has decided to take this action in order to both preserve and enhance the value of its shareholding.
Metal Tiger chief executive Michael McNeilly said, “Metal Tiger believes that Kingsgate is in urgent need of board renewal. The incumbent board has overseen a massive destruction of shareholder value and failed to articulate a clear strategy going forward.
“The Board of Metal Tiger shares the view that they are not the right team to lead Kingsgate in its current situation.”