Metal Tiger to defend stake in New World Oil amid shareholding confusion
Metal Tiger is taking measures to protect its interest in New World Oil and Gas after revealing it has received only a fraction of the shares that it had purchased, as New World's shareholding confusion continues.
Financial Services
14,164.95
17:14 18/04/24
FTSE AIM All-Share
745.29
16:54 18/04/24
Metal Tiger
9.06p
16:55 30/03/23
New World shares were suspended from trading due to delays in share transactions. Metal Tiger has currently received just 2.9m of the 47.1m shares it purchased at the end of April for £31,526, representing a 6.7% stake in New World.
"Metal Tiger has taken various steps over the past fortnight to protect its interests, including the appointment of legal counsel with regard to both the payment of monies due to Metal Tiger from disposals made of New World shares, and to secure the receipt of the balance of its shares acquired on-market in New World," a spokesperson for Metal Tiger said on Tuesday.
As of 16:30 BST, Metal Tiger shares were trading 16.28% lower at 0.9p.