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
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
