Total
0
Shares
Metal Tiger (ASX:MTR) - CEO, Michael McNeilly
CEO, Michael McNeilly
Source: Metal Tiger
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Metal Tiger (MTR) is further investing in Sandfire Resources (SFR) via its recently closed institutional entitlement offer and placement
  • MTR opted to take up its entitlement rights in respect of more than 3.3 million new Sandfire shares for $17.8 million, with settlement to occur on October 4
  • The company’s board believes Metal Tiger has adequate cash and short-term realisable assets to meet its commitment
  • Metal Tiger shares closed flat at 48 cents, while Sandfire Resources shares closed down 0.65 per cent at $5.38

Metal Tiger (MTR) has further invested in Sandfire Resources (SFR) via its recently closed institutional entitlement offer and placement

MTR has opted to take up its entitlement rights in respect of more than 3.3 million new Sandfire shares for around $17.8 million, with settlement scheduled to occur on October 4.

The company is exploring several options to finance the investment, which it said might include a new margin loan facility or the existing equity derivative financing arrangement with a global investment bank.

Given its current cash resources and existing liquid equity portfolio, including 3.3 million unencumbered SFR shares, Metal Tiger said its board believed the company had adequate cash and short-term realisable assets to meet the commitment.

At present, MTR is interested in roughly 6.1 million Sandfire shares, representing around 3.4 per cent of SFR’s issued share capital.

Of this holding, 2.8 million SFR shares are subject to an equity derivative financing arrangement with a global investment bank.

Metal Tiger shares closed flat at 48 cents, while Sandfire Resources shares closed down 0.65 per cent at $5.38 on September 28.

MTR by the numbers
More From The Market Herald

" Crown Resorts (ASX:CWN) keeps Vic. licence despite damning report

Crowns Resorts (CWN) will keep its Victorian casino licence despite a damning report labelling the operator’s behaviour as “illegal, dishonest, unethical and exploitative”.

" Smartgroup Corporation’s (ASX:SIQ) takeover offer abandoned

An offer to buy out all of the shares in Smartgroup Corporation (SIQ) and take over the employee management services business has been
Aussie Broadband (ASX:ABB) - Managing Director, Phillip Britt

" Aussie Broadband (ASX:ABB) confirms takeover talks with Over The Wire (ASX:OTW)

In response to an article by The Australian, Aussie Broadband (ABB) has confirmed it is in discussions with Over The Wire (OTW) regarding
Cashrewards (ASX:CRW) - CEO, Bernard Wilson

" ANZ’s (ASZ:ANZ) investment arm to buy Cashrewards (ASX:CRW)

ANZ’s (ANZ) investment arm will aim to buy all of the share in fellow ASX-lister Cashrewards (CRW).