On 17 October 2011, Tiger Resource Finance plc ("Tiger") completed a buy back of 28.97% of its issued share capital.
The buy back was structured as a tender offer with Tiger's nomad and financial adviser, finnCap Limited, acting as intermediary. Tiger put forward the tender offer as a means of allowing shareholders to have part of their investment in Tiger returned in cash. The shareholder response was positive, with the maximum number of shares available under the offer being tendered to Tiger. As part of the transaction Tiger implemented a "whitewash" procedure whereby Tiger obtained a waiver from the Panel on Takeovers and Mergers in order to avoid one of Tiger's substantial shareholders being subject to a mandatory cash offer requirement under the City Code on Takeovers and Mergers.
Tiger Resource Finance plc is an AIM listed investing company. It invests in natural resource companies globally, capitalising on early entry level in mineral projects, and adding technical and management expertise where necessary.
Tiger was advised on this transaction by Fasken Martineau with a team led by Nigel Gordon and involving June Paddock and Helen Sutcliffe.