REG - Tiger Resource Fin. - Open Offer Circular posted <Origin Href="QuoteRef">TIRU.L</Origin>

Tiger Royalties and InvestmentsAnnouncement

10/11/2017 07:01

RNS Number : 1098W
Tiger Resource Finance PLC
10 November 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTIONN WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION. 
This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Tiger Resource Finance PLC or other evaluation of any securities of Tiger Resource Finance PLC or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities. 
10 November 2017 
TIGER RESOURCE FINANCE PLC
(the "Company")
Posting of Open Offer Circular
The Company is pleased to announce that, further to its announcement of 9 November 2017, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer . The Circular will also be made available today on the Company's website at www.tiger-rf.com
All capitalised terms in this announcement have the same meaning as those given to them in the Circular, unless the context otherwise requires. 
The Open Offer is being made to Qualifying Shareholders on the register of members of the Company as at the Record Date of 6.00pm on 7 November 2017 for up to 121,407,148 New Ordinary Shares at 0.35 pence per share on the basis of:
0.85 Open Offer Shares for every 1 Existing Ordinary Share
As announced on 9 November 2017, whilst the Company has the authority to issue shares on a 1 for 1 basis, the Board has considered it prudent to retain some ability to issue shares and hence the ratio set out above.
The Open Offer will raise gross proceeds of up to approximately 424,900, assuming full take-up.
The Issue Price represents a 43.5 per cent. discount to the Closing Price of 0.62 pence per Ordinary Share on the Latest Practicable Date.
Basic Entitlement
Qualifying Shareholders are invited, on and subject to the terms and conditions of the Open Offer, to apply for any number of Open Offer Shares (subject to the limit on the number of Excess Shares that can be applied for using the Excess Application Facility) at the Issue Price. Qualifying Shareholders have a Basic Entitlement of:
0.85 Open Offer Shares for every 1 Existing Ordinary Share
registered in the name of the relevant Qualifying Shareholder on the Record Date.
Basic Entitlements under the Open Offer will be rounded down to the nearest whole number and any fractional entitlements to Open Offer Shares will be disregarded in calculating Basic Entitlements and will be aggregated and made available to Qualifying Shareholders under the Excess Application Facility.
The aggregate number of Open Offer Shares available for subscription pursuant to the Open Offer will not exceed 121,407,148 New Ordinary Shares.
Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular posted to Qualifying Shareholders today and available on the Company's website.
Application for Admission
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place, and dealings on AIM are expected to commence, at 8:00 a.m. on 29 November 2017 (or such later time and/or date as may be determined by the Company being no later than 8:00 a.m. on 8 December 2017). No temporary document of title will be issued.
The New Ordinary Shares will, following Admission, rank pari passu in all respects with the Existing Ordinary Shares in issue at the date of this announcement and will carry the right to receive all dividends and distributions declared, made or paid on or in respect of the Ordinary Shares after Admission.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Record Date for entitlement to participate in the Open Offer 6:00 p.m. on 7 November 2017
Announcement of the Open Offer 9 November 2017
Dispatch of the Circular, and, to certain Qualifying 10 November 2017
Non-CREST Shareholders, the Application Form
Expected ex-entitlement date for the Open Offer 8:00 a.m. on 10 November 2017
Basic Entitlements and Excess CREST Open Offer Entitlements 13 November 2017
credited to CREST stock accounts of Qualifying CREST Shareholders
Recommended latest time and date for requesting withdrawal of 4:30 p.m. on 20 November 2017
Basic Entitlements and Excess CREST Open Offer Entitlements
from CREST
Latest time for depositing Basic Entitlements and Excess 3:00 p.m. on 21 November 2017
CREST Open Offer Entitlements into CREST
Latest time and date for splitting Application Forms 3:00 p.m. on 22 November 2017
(to satisfy bona fide market claims only)
Latest time and date for receipt of completed Application 11:00 a.m. on 24 November 2017
Forms and payment in full under the Open Offer or settlement
of relevant CREST instruction (as appropriate)
Result of Open Offer announced through RNS 28 November 2017
Admission of the New Ordinary Shares to trading on AIM8:00 a.m. on 29 November 2017
New Ordinary Shares in uncertificated form expected to be As soon as practicable after
credited to accounts in CREST (uncertificated holders only) 8:00 a.m. on 29 November 2017
Expected date of dispatch of definitive share certificates for on 6 December 2017
the New Ordinary Shares in certificated form (certificated holders only)
Notes:
(1) Each of the times and dates set out in the above timetable and mentioned in this document is subject to change by the Company (with the agreement of Beaumont Cornish), in which event details of the new times and dates will be notified to the London Stock Exchange and the Company will make an appropriate announcement to a Regulatory Information Service.
(2) References to times in this document are to London times unless otherwise stated.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:

Tiger Resource Finance Plc
Raju Samtani, Director Tel: +44 (0)207 581 4477
Beaumont Cornish (Nominated Adviser)   Tel: +44 (0) 207 628 3396
Roland Cornish/ Felicity Geidt


  
Beaufort Securities Limited (Joint Broker) 
Jon Belliss  Tel: +44 (0)207 382 8300

This information is provided by RNS
The company news service from the London Stock Exchange
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