For immediate release
20 December 2022
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")
Fundraise
Total Voting Rights
Director/PDMR Shareholding
Tiger (AIM: TRF), the royalties and proactive investments company, is pleased to announce a fundraising of over £160,000.
Fundraising: The Company has raised a total of £161,500 in a non-brokered private placement. The Fundraising comprises a conditional placing of 55,750,000 new Ordinary Shares (the "Placing Shares") for £111,500 at a price of 0.2 pence per Ordinary Share (the "Placing Price") (the "Placing"), and a subscription by Colin Bird and Raju Samtani, Tiger's Executive Chairman and Finance Director, who have both invested £25,000 each to subscribe for 12,500,000 new Ordinary Shares at the Placing Price (the "Subscription Shares") (the "Subscription"), representing a total of 30.96per cent. of the total Fundraising amount. In addition, outstanding salary for Mr Bird will be converted into 6,300,000 Placing Shares, and outstanding salary for Mr Samtani will be converted into 4,636,246 Placing Shares.
Accordingly, following completion of the Fundraising, Mr. Bird will be interested in 53,954,560 Ordinary Shares, representing approximately 10.00 per cent. of the Company's enlarged Ordinary share capital and Mr Samtani will be interested in 41,289,460 Ordinary Shares, representing approximately 7.65 per cent. of the Company's enlarged Ordinary share capital.
Use of Proceeds: The net proceeds from the Placing and the Subscription will be used by the Company general working capital purposes.
Related Party Transaction: As Mr. Bird and Mr Samtani are Directors of the Company and in light of the size of their subscriptions, their participation in the Fundraising is being treated as a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors, being Mr Michael Nolan and Mr Alex Borelli, having consulted with the Company's Nominated Adviser, consider Mr. Bird and Mr Samtani's participation in the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.
Further Details on the Fundraising: Pursuant to the Placing and the Subscription, in aggregate, 91,686,246 new Ordinary Shares (the "Fundraising Shares") will be issued at the Placing Price to certain new investors and Colin Bird and Raju Samtani conditional upon admission of the Fundraising Shares to trading on AIM ("Admission"). The Placing Price represents a price which is at a premium of 66.7 per cent. to the net asset value of 0.12p per Ordinary Share as at 30 September 2022.
Each of the participants in the Fundraising will also receive one warrant exercisable at 0.3 pence for each Fundraising Share which they have subscribed valid for two years from Admission.
The Fundraising Shares represent, in aggregate, approximately 16.99 per cent. of the Company's enlarged issued share capital (as enlarged by the issue of the Fundraising Shares). The Fundraising Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.
Application to trading on AIM: The Fundraising is conditional on admission of the Fundraising Shares to trading on AIM ("Admission"). Application will be made to the London Stock Exchange for the total of 91,686,246 Fundraising Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence at 8.00 a.m. on or around 28 December 2022..
Total Voting Rights after Fundraising: Following the issue of the Fundraising Shares, the Company's total issued share capital will consist of 539,628,553 Ordinary Shares with voting rights, The Company also holds 4,500,000 Ordinary Shares in treasury but there are no voting rights in respect of these treasury shares.
On Admission, the abovementioned figure of 539,628,553 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 Tiger under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The following information relating to the transaction has been filed with the FCA in accordance with Article 19(1) of the Market Abuse Regulation,
Colin Bird
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
| a) | Name | Colin Bird
| ||||||||
| 2 | Reason for notification | |||||||||
| a) | Position / status | Executive Chairman
| ||||||||
| b) | Initial notification /Amendment | Initial | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Tiger Royalties and Investments PLC ("Tiger")
| ||||||||
| b) | LEI | 213800F2MNUEMO8VWP26 | ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary shares of 0.1 pence each in Tiger
ISIN GB0002308525
| ||||||||
| | Nature of the transaction | Purchase of ordinary shares and issue of shares | ||||||||
| c) | Price(s) and volumes(s) |
Purchase of ordinary shares
Issue of ordinary shares re o/s salary
| ||||||||
| d) | Aggregated information | n/a | ||||||||
| e) | Date of the transaction | 20 December 2022 |
| f) | Place of the transaction | XOFF |
Raju Samtani
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
| a) | Name | Raju Samtani
| ||||||||
| 2 | Reason for notification | |||||||||
| a) | Position / status | Finance Director
| ||||||||
| b) | Initial notification /Amendment | Initial | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Tiger Royalties and Investments PLC ("Tiger")
| ||||||||
| b) | LEI | 213800F2MNUEMO8VWP26 | ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary shares of 0.1 pence each in Tiger
ISIN GB0002308525
| ||||||||
| | Nature of the transaction | Purchase of ordinary shares | ||||||||
| c) | Price(s) and volumes(s) |
Purchase of ordinary shares
Issue of ordinary shares re o/s salary
| ||||||||
| d) | Aggregated information | n/a | ||||||||
| e) | Date of the transaction | 20 December 2022 |
| f) | Place of the transaction | XOFF |
For further information, please contact:
| Tiger Royalties and Investments Plc | Raju Samtani, Director | +44 (0)20 7581 4477 |
| Beaumont Cornish (Nomad) | Roland Cornish Felicity Geidt | +44 (0)20 7628 3369 |
|
| Email:corpfin@bcornish.co.uk
| |
Novum Securities Plc Jon Belliss +44 (0)20 7399 9425
(Broker)
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Market Soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of this inside information, as permitted by MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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