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Metal Tiger stake in Kingsgate has increased

The statement confirmed Metal Tiger now holds 18.18mln Kingsgate Consolidated Limited shares, giving the company an 8.13% stake
meeting, silhouettes
It comes ahead of an AGM in January

Metal Tiger Plc (LON:MTR) has told investors that it has increased its stake in Kingsgate Consolidated Limited.

In a statement at market close on Wednesday, the firm confirmed it holds 18.18mln Kingsgate Consolidated Limited shares, giving the company an 8.13% stake up from 6.7%.

READ: Metal Tiger reports 'significant step' towards IPO of Thai mining joint venture

The news comes ahead of an extraordinary meeting of shareholders, to be held on 9 January 2018, following agitation from Metal Tiger.

If Metal Tiger gets its way, a new board will be elected for Kingsgate at the meeting.

Metal Tiger requested the Kingsgate shareholder meeting to remove all but one member of the board, and has proposed that five new directors be appointed, including three directors of Metal Tiger.

"We encourage shareholders to vote in favour of all resolutions to appoint a new board at Kingsgate," Metal Tiger chief executive Michael McNeilly said earlier this month.

READ: Metal Tiger urges dismissal of Kingsgate board in extraordinary meeting to be held in January

"We believe the proposed directors have the experience, expertise and relationships that can lead to the reopening of the Chatree gold mine, Kingsgate's only operating asset, and restore value."

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