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Metal Tiger PLC
15 November 2017
Metal Tiger plc (MTR)
15 November, 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Opportunity for Positive Change at Kingsgate Consolidated
Limited
Metal Tiger plc (LON:MTR) advises that it has today taken action
to preserve and enhance the value of its shareholding in
Australian-listed Kingsgate Consolidated Limited ("KCN").
Metal Tiger is KCN's largest shareholding and owns 14,950,427
shares in KCN, representing a 6.7% interest.
Metal Tiger is concerned with KCN's governance and approach
under the current board of directors who have overseen:
-- the closure of KCN's flagship Chatree Gold Mine in Thailand (Chatree);
-- a long running dispute with the Kingdom of Thailand in
relation to Chatree's closure and the inability to reach a
satisfactory resolution;
-- the apparent breakdown in relations with the Kingdom of
Thailand, the Thai Government and other key Thai stakeholders;
and
-- KCN's descent to become a finance-hungry litigation and exploration and development company.
Metal Tiger has initiated the opportunity to introduce much
needed change at KCN by submitting a notice to the KCN Board
pursuant to section 249D of the Australian Corporations Act 2001
(Cth) to convene and hold a general meeting, where KCN shareholders
will be able to vote for the removal of current KCN directors and
the appointment of Metal Tiger's nominees to the KCN Board.
Metal Tiger's nominees to join the KCN Board are proven, high
quality professionals with the expertise and experience to maximise
value for all KCN's shareholders and stakeholders.
In addition to its nominees, Metal Tiger believes current KCN
director Peter Alexander, who has considerable mining industry
experience, can positively contribute to the new KCN Board.
Metal Tiger under its 249D notice has put forward resolutions
for the removal of Ross Smyth-Kirk (Chairman of KCN), Sharon Skeggs
(Non-Executive Director of KCN) and Peter Warren (Non-Executive
Director of KCN) and the appointment of two independents being
Richard ("Dick") F E Warburton AO LVO and Neville Bergin and three
Metal Tiger Board members being Michael McNeilly, Terry Grammer and
Mark Potter.
Background on Metal Tiger's nominees are set out below:
Richard ("Dick") F E Warburton AO LVO
Dick is one of Australia's most experienced board members. He
has chaired or been director of public, private and government
boards over many years. He is currently Chairman of MFF Capital
Investments Ltd, a Director of O'Connell Street Associates and
Chairman of the Sydney Adventist Hospital Foundation board. Dick is
a former Chairman and CEO of Dupont Australia and New Zealand, and
worked with Dupont for 30 years in marketing, manufacturing,
technical and management roles in Australia, USA and Thailand. He
was a Board Member of the Reserve Bank of Australia, Chairman of
the Australian Board of Taxation, Caltex Australia Ltd, David Jones
Ltd, Westfield Retail Trust, Goldfields Ltd, and Wool International
and a Director of Scentre Group, Southcorp Ltd, Tabcorp Holdings
Ltd, Nufarm Ltd and other companies.
He was appointed an Officer in the Order of Australia in 2005
and a Lieutenant in the Royal Victorian Order in 2011.
Neville Bergin
Neville is a mining engineer with extensive experience
accumulated over four decades in the mining industry. He has had
exposure to a range of commodities and both underground and open
pit operational experience. His broad experience base encompasses
many operational and executive roles, together with around five
years' experience as a non-executive director of both ASX listed
and unlisted companies.
Neville has extensive experience in technical due diligence
having undertaken this type of investigation for several past
employers. He is also well versed in study management having
managed several feasibility studies. He has a BSc from the Camborne
School of Mines in the UK and currently runs his own mining
consultancy business.
Michael McNeilly
Michael is Metal Tiger's Chief Executive Officer and is an
experienced corporate financier having advised several private,
Main Market listed, AIM quoted and ISDX listed companies on a
variety of corporate transactions during his tenure at Arden
Partners (AIM:ARDN) and Allenby Capital respectively. Metal Tiger
plc (Brady Exploration plc) was one of Michael's clients whilst at
Allenby Capital. Michael McNeilly spends half his time in Thailand
monitoring Metal Tiger's investment in its Thai Direct Project
interests.
Michael was also previously a director of Greatland Gold
plc.
Terry Grammer
Terry is an award-winning geologist with over 40 years'
experience in mining and mineral exploration with extensive
experience in Australia, Africa, Southeast Asia and New Zealand and
has been involved in numerous ASX-listed companies that have
achieved dramatic growth. Terry is responsible for sourcing Metal
Tiger's Thai Direct Project interest and has spent an extensive
period of time in Thailand looking at mining opportunities in the
country.
As a geologist, Terry discovered the Cosmos Nickel deposit for
ASX-listed Jubilee Mines NL which went on to be an ASX Top 200
company and for which Terry was awarded the AMEC (Association of
Mining & Exploration Companies) joint Prospector of the Year in
2000. As co-founder/director, Terry listed Western Areas NL
(ASX:WSA) in 2000 (and served as Exploration Manager from 2000 to
2004).. Terry was Chairman of South Boulder Mines (ASX:STB) from
2008-2013 which grew to be an ASX Top 300 company. From 2010 to
2015, Terry was a director of Sirius Resources NL (ASX:SIR) and
helped to guide the company through the discovery, feasibility and
development funding of the Nova nickel and copper deposits in
Western Australia.
Mark Potter
Mark is the Founder and a Partner of Sita Capital Partners LLP,
an investment management and advisory firm specialising in
investments in the mining industry. He was formerly a Director and
Chief Investment Officer of Anglo Pacific Group, a London listed
natural resources royalty company, where he successfully led a
turnaround of the business through acquisitions, disposals of
non-core assets, and successful equity and debt fundraisings.
Prior to Anglo Pacific, Mark was a founding member and
Investment Principal for Audley Capital Advisors LLP, a London
based hedge fund, where he was responsible for managing all natural
resources investments. Mark worked on several landmark deals in the
mining sector including the successful distressed investment and
turnaround of Western Coal Corp and its $3.3bn sale to Walter
Energy Inc.
Mark has dual UK and Thai nationality.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44(0)20 7099 0738
Keith Springall (Finance Director & Company Secretary) Tel: +44 (0)20 7099 0738
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)
Australian Media
Michael Weir Citadel-MAGNUS +61 402 347 032
Yvonne Ball Citadel-MAGNUS +61 448 232 398
This information is provided by RNS
The company news service from the London Stock Exchange
END
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