First Tin PLC (LSE: 1SN), a tin development company listed on the London Stock Exchange, has announced that Metals X Limited ("MLX") has submitted a revised non-binding proposal to acquire the entire issued and to be issued share capital of First Tin not already held by MLX at a price of 16.5 pence per ordinary share in cash. The revised figure represents an increase from the original indicative proposal of 15 pence per share announced on 9 October 2026. The Board has indicated it would be minded to recommend the offer to shareholders, subject to agreement on final terms, and the Takeover Panel has consented to extend the PUSU deadline to 5.00 p.m. on 20 November 2026.

Key Points

  • First Tin PLC (LSE: 1SN) is a tin-focused mineral development company
  • Metals X Limited has submitted a revised non-binding proposal of 16.5 pence per ordinary share in cash, up from an earlier indicative 15 pence per share
  • The PUSU deadline has been extended to 5.00 p.m. (London time) on 20 November 2026, with a further extension possible subject to Takeover Panel consent
  • Investors should watch for either a Rule 2.7 firm offer announcement or a statement of no intention to bid before the extended deadline

Metals X Revises Cash Proposal to 16.5 Pence Per First Tin Share

The revised non-binding proposal from Metals X represents an uplift from the 15 pence per ordinary share figure disclosed in the 9 October 2026 announcement, following discussions between the two parties regarding terms and structure. According to the announcement, MLX has also commenced confirmatory due diligence on First Tin. The Board has signalled it would be minded to recommend that shareholders accept a firm offer on the terms of the Revised Proposal, should one be made, subject to agreement of other terms and the structure of a proposed distribution of First Tin's German development assets to existing shareholders.

First Tin Plans to Distribute German Development Assets to Shareholders Before Completion

Separately from the Revised Proposal, First Tin intends to distribute its German development assets to existing shareholders prior to completion of any offer, an arrangement referred to in the announcement as the "German Distribution." The announcement states that this distribution would be conditional upon the Offer, if made, being declared unconditional, and would not reduce the offer price of 16.5 pence per share. The German Distribution is expected to require shareholder approval, among other conditions. Its detailed terms and structure have not yet been finalised, and further information will be set out in any firm offer announcement.

Takeover Panel Consents to PUSU Extension Under Rule 2.6(c) of the City Code

In accordance with Rule 2.6(c) of the City Code on Takeovers and Mergers, the Board requested, and the Takeover Panel consented to, an extension of the deadline by which Metals X must either announce a firm intention to make an offer under Rule 2.7 or confirm it does not intend to proceed. The new deadline is 5.00 p.m. (London time) on 20 November 2026. The Takeover Panel may grant a further extension if requested. The announcement notes explicitly that there can be no certainty that an offer will be made, nor as to the terms or timing of any such offer.

No Shareholder Action Required as Discussions Continue Between First Tin and Metals X

First Tin's announcement advises shareholders that no action is required at this time. Tamesis Partners LLP is acting as financial adviser and joint broker to First Tin, while Peel Hunt LLP is acting exclusively for Metals X in connection with the transaction. Investors may be watching closely for a formal Rule 2.7 firm offer announcement ahead of the 20 November 2026 deadline, as well as further clarity on the structure and shareholder vote requirements surrounding the proposed German Distribution of development assets.