Dec 28 (Reuters) - Metalstech Ltd MTC.AX :
* UPDATES ON ICOBALT SPINOUT AND PRIORITY OFFER TO METALSTECH SHAREHOLDERS
* DAVID RIEKIE APPOINTED AS MANAGING DIRECTOR OF ICOBALT
* MTC TO BE ISSUED 15 MILLION FULLY PAID ORDINARY SHARES AND 10 MILLION PERFORMANCE RIGHTS IN ICOBALT