Sale of shares in Metal Tiger plc
Paternoster Resources plc, the investing company focused on the natural resources sector, is pleased to announce the sale of 6 million shares in Metal Tiger plc ("Metal Tiger") at an average price of 2.775 pence per share for a total consideration of £166,500 before expenses. This represents a 3.0x return on Paternoster's investment in Metal Tiger. Paternoster continues to hold 21.0 million shares in Metal Tiger, equating to a shareholding of 4.7%.
Nicholas Lee, Chairman said:
"Metal Tiger has been making excellent progress and we are very pleased that this is now being recognized in the company's share price performance. We continue to be supportive of the company and its management team. However, notwithstanding this, it is only prudent for an investment company such as Paternoster to realise an element of the substantial gain that it has made from this investment. At the same time, Paternoster retains a good-sized shareholding in the company in order to benefit from its envisaged future development."