Business
Completion of Agreement
Completion of Agreement.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 2560E Metals Exploration PLC 04 April 2011 \n \n\nMETALS EXPLORATION PLC\n \nCOMPLETION OF SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT\n \nDIRECTORATE CHANGE\n \n \nCompletion of Subscription and Shareholders' Agreement\n \nMetals Exploration announces that following the passing of the Resolutions at the Company's General Meeting held today, the Subscription and Shareholders' Agreement, details of which were announced on 8 March 2011 and set out in the Metals Exploration Circular, one of two conditions required to be met for completion has been satisfied.\n \nIn accordance with the Subscription and Shareholders' Agreement, Metals Exploration has today issued and allotted 192,307,692 Ordinary Shares at a price of 13p per share, subject only to Admission. Application has been made for admission of the Placing Shares to trading on AIM, which is expected to occur on 5 April 2011. Following Admission, the Subscription and Shareholders' Agreement will complete, at which time there will be 462,374,036 Ordinary Shares in issue with each share carrying the right to one vote.\n \nFollowing Admission, shareholdings of the Concert Party will be as follows:\n \n\n\n\n\nName\n\n\nNumber of Metals Exploration Shares\n\n\nPercentage of \nissued share capital of the Company before exercise of rights under the Option Agreements\n\n\nPercentage of \nissued share capital of the Company (assuming the full exercise of rights under the Option Agreements)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSolomon Capital\n\n\n180,706,958\n\n\n39.1\n\n\n45.7\n\n\n\n\nShelfco 724\n\n\n100,000,000\n\n\n21.6\n\n\n19.3\n\n\n\n\nRHL\n\n\n76,923,077\n\n\n16.6\n\n\n14.8\n\n\n\n\nWDB\n\n\n37,661,465\n\n\n8.1\n\n\n7.3\n\n\n\n\nGraham Edwards\n\n\n19,001,919\n\n\n4.1\n\n\n3.7\n\n\n\n\n \nAccepting Shareholders are able to exercise the Right to Rescind from Admission, full details of which are set out in the Solomon Circular which was posted to Shareholders on 8 March 2011, until the Offer closes on 19 April 2011.\n \nDirectorate Changes\n \nFollowing completion of, and in accordance with the terms of, the Subscription and Shareholders' Agreement, the Company has appointed Richard Williams and Edward Parsons to the Board as non-executive directors. Mr. Williams and Mr. Parsons were bot...