MOD's JV Partner MTR called an EGM yesterday to seek approval...

MOD's JV Partner MTR called an EGM yesterday to seek approval for a reduction in capital, which would allow them to distribute cash or other interests to shareholders in the event that the Company disposes of an interest for cash or equity ... (see http://www.investegate.co.uk/metal-tiger-plc--mtr-/bus/posting-of-circular/20161013092700Z4244/)



MTR's stated intention is that "any distribution announcement will incorporate a contemporaneous record date" i.e., without prior warning. Holders of warrants or options who have not exercised these before the record date will miss out on the dividend. I wouldn't normally have read to much into that but Terry Grammer's Blackstar group has also just exercised 40m warrants (early), at a cost of £200,000. To my mind that's a strong signal that a distribution is planned in the near future.

I haven't seen any indications that it is their stake in Botswana/T3 that they're planning to sell, but post JORC/metallurgy data it must definitely be an option. If that happens, I suspect MOD's share price would immediately rerate proportional to their JV holding.