8th Feb 2016 09:26
LONDON (Alliance News) - Metal Tiger PLC Monday said it has restructured its board and management to reflect the company's transition to becoming a diversified investment company focused on mineral exploration, development and potentially production.
With immediate effect, current Chief Executive Cameron Parry has reverted to a non-executive director role, being replaced by Paul Johnson, who has been promoted to chief executive from his non-executive director role.
Following the swap in positions, the pair will sit on the board alongside Non-Executive Chairman Terry Grammer and Non-Executive Director Alex Borrelli.
Johnson has been awarded options over 7.5 million Metal Tiger shares in return for taking the helm at the company, which can be exercised over three years at a price of 1.70 pence per share - representing a premium of 100% to Metal Tiger's closing share price last Friday.
Metal Tiger shares were trading down 0.4% to 0.847p on Monday morning.
Both Johnson and Parry will offer themselves up for re-election at the 2016 annual general meeting. Neither of them are required to stand for re-election as shareholders voted in the last AGM to re-elect the pair on three-year terms, but both fell they should offer shareholders the opportunity to re-elect them following the changes Monday.
Non-Executive Borelli will no longer assume the role of company secretary after Metal Tiger awarded the role to Michael McNeilly, who joins the company with immediate effect.
"The change reflects the need for a dedicated company secretary to focus on the increasing compliance demands as the company grows in substance and diversity," said the company.
Metal Tiger has a broad spectrum of investing opportunities but is focused on three key areas. The company's three divisions comprise of strategic investments, focused on large scale investments at a corporate level, the on market portfolio, focused on smaller scale investments and alternative investments, which involves purchasing warrants, royalties and other non-equity interests.
Some of the London-listed companies that Metal Tiger are invested in at a corporate level include Kibo Mining PLC and Ariana Resources PLC.
By Joshua Warner; [email protected]; @JoshAlliance
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Related Shares:
MTR.LArianaKibo Energy