First Tin said on 9 October 2026 that its largest shareholder, Metals X, had made an unsolicited, non-binding proposal for a possible cash offer of 15p a share for the rest of the London-listed tin developer.
Deal terms and financing
The indicative proposal, received on 8 October, covers the entire issued and to be issued share capital not already held by Metals X. At 15p, First Tin's 541.9m shares are worth about £81m. Metals X holds 29.95% of First Tin, according to AJ Bell.
Regulatory approvals and timing
Metals X must announce a firm intention to make an offer under Rule 2.7 of the Takeover Code, or say it does not intend to bid, by 5pm on 6 November 2026, unless the Takeover Panel extends the deadline.
Market context
First Tin is developing tin projects in Germany and Australia. Its shares rose 22% to 14.00p on 9 October, still below the proposed price. Metals X's appointees on the First Tin board, Peter Gunzburg and Brett Smith, are excluded from the board's consideration of the proposal.
