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Metal Tiger PLC - Winchester, England-based investment company focused on the natural resources sector - Aims to sell its 49% stake in London-based Kalahari Metals Ltd to Cobre Ltd. As Sydney-based Cobre Ltd owns 51% of Kalahari through its subsidiary Cobre Kalahari Pty Ltd, it is set to become the sole owner of Kalahari with the transaction. Cobre will buy half of Metal Tiger's shares for £750,000.
Following this, Cobre will be granted call option to buy the remaining shares owned by Metal Tigers for either another £750,000 or the equivalent in Cobre shares. This option will lapse after 12 months of the initial sale. If Cobre does not buy the remaining shares after that period, Metal Tiger retains the shares. The first acquisition is payable in September, Metal Tiger says.
Current stock price: 16.25 pence, down 4.4% on Thursday
12-month change: down 43%
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