REG - Tiger Royalties&Invs - Result of Meeting

Tiger Royalties and InvestmentsAnnouncement

06/01/2025 16:45

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RNS Number : 2967S  Tiger Royalties and Investments PLC  06 January 2025

 

For immediate
release

6 January 2025

Tiger Royalties and Investments Plc

("Tiger" or "the Company")

 

Results of General Meeting

 

 Broadened Investing Policy

Acquisition of new subsidiary for technology incubation

Board Changes

Fundraise of £3,000,000

Issue of Shares

Total Voting Rights

 

Tiger Royalties and Investments PLC is pleased to announce that all
resolutions at its general meeting held earlier today ("2025 General Meeting")
were passed.

On 20 December 2024 the Company announced subject to approval at the 2025
General Meeting an expansion of Investing Policy, acquisition of new
subsidiary for technology incubation to be led by Jonathan Bixby and a
fundraise of £3,000,000 (the "20 December 2024 Announcement"). All terms
defined in the 20 December 2024 Announcement have the same meaning in this
announcement unless indicated to the contrary.

Further to the 20 December 2024 Announcement and the passing of all
resolutions at the 2025 General Meeting the Company confirms that its
acquisition of the entire issued share capital of Bixby Technology Inc ("Bixby
Technology") from Toro Consulting Limited (a company beneficially owned by
Jonathan Bixby) ("Toro") for £325,000 (the "Acquisition") will complete on
admission of the Toro Shares (as defined below).  Toro has subscribed
£325,000 for 325,000,000 new Ordinary Shares in the Company at the
Fundraising Price (defined below) ("Toro Shares") and will receive one warrant
per share with a 24-month term and exercisable at the Fundraising Price ("Toro
Subscription").

With effect from Admission: i) Jonathan Bixby will join the Board as an
Executive Director Head of Technology Projects; ii) Brian Stockbridge will be
appointed as an additional independent non-executive director to support both
the new technology investment strategy and governance with effect from
Admission; and iii) Michael Nolan, currently a non-executive director, will
resign.

The Company has, conditional only on admission of the Fundraising Shares and
completion of the Acquisition, raised £3,000,000 before expenses (the
"Fundraising") at 0.1 pence per Ordinary Share (the "Fundraising Price") for
the issue of 3,000,000,000 new Ordinary Shares (the "Fundraising Shares").

The Fundraising comprises a placing of 2,475,000,000 new Ordinary Shares (the
"Placing Shares") for £2,475,000 at the Fundraising Price (the "Placing"),
via Fortified Securities ("Fortified") with Shard Capital Partners LLP
("Shard") acting as placing agent and share subscriptions for 525,000,000 new
Ordinary Shares at the Fundraising Price to raise £525,000 (the "Subscription
Shares").

Colin Bird, Executive Chairman commented

"We thank shareholders for their support at the general meeting and look
forward to welcoming Jonathan Bixby and Bixby Technology to the Tiger team. I
would also like to thank Michael Nolan on behalf of myself and the Board for
his wise counsel and support of the Company over the several years he has been
a director of the Company and to wish him well in his future endeavours.

Application to admission to trading on AIM ("Admission")

 

The Fundraising and the Acquisition are conditional on Admission.  In
addition to the Fundraising Shares and Toro Shares above, the Company will
also be issuing, and as described in the Circular to Shareholders and 20
December 2024 Announcement, 206,479,165 Accrued Conversion Fee Shares,
180,000,000 Fortified Fees Shares and 155,000,000 Transaction Fee Shares
(together, the "New Ordinary Shares") to be admitted to trading on AIM. It is
expected that Admission will become effective and that dealings in the total
of 3,866,479,165 New Ordinary Shares, which will rank pari passu with existing
Ordinary Shares, will commence at 8.00 a.m. on 9 January 2025.

 

Total Voting Rights after Fundraising

Following the issue of the New Ordinary Shares the Company's total issued
share capital will consist of 4,406,107,719 Ordinary Shares.  The Company
holds 4,500,000 Ordinary Shares in treasury and accordingly there are no
voting rights in respect of these treasury shares.

On Admission, the figure of 4,401,607,719 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU as it forms part of the UK law pursuant to the
European Union (Withdrawal) Act 2018.

 

For further information please contact:

 Tiger Royalties and Investments Plc  Raju Samtani,                                                                                          +44 (0)20 7581 4477
                                      Director
 Beaumont Cornish (Nomad)             Roland Cornish                                                                                         +44 (0)20 7628 3369

                                      Felicity Geidt

                                      Email:corpfin@bcornish.co.uk (mailto:corpfin@bcornish.co.uk)
 Fortified Securities                 Guy Wheatley                                                                                           (+44) 7493 989014

 (Broker)                             Email: guy.wheatley@fortifiedsecurities.com
                                      (mailto:guy.wheatley@fortifiedsecurities.com)

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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