Business
Exercise of Options
Exercise of Options.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4797M Metals Exploration PLC 16 August 2011 \n \n\nMETALS EXPLORATION PLC\n \nEXERCISE OF OPTIONS\n \n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\" or the \"Company\"), the natural resources exploration and development company with assets in the Pacific Rim region, announces that it has received notices of exercise in respect of the following options over ordinary shares (together, the \"Option Exercises\"):\n \n· Further to the announcement on 7 July 2011 and pursuant to the binding agreement between Solomon Capital Limited (\"Solomon\") and Baker Steel Capital Managers LLP (\"Baker Steel\"), Solomon has exercised its rights under the option deed (\"Option Deed\") entered into with the Company on 4 April 2011 in respect of a further 50,000,000 new ordinary shares in the Company at 13p per share and will, upon issue, immediately transfer the shares acquired as a result of such exercise to funds managed by Baker Steel;\n \n· Solomon has also exercised its rights under the Option Deed in respect of 75,260,164 new ordinary shares in the Company at 13p per share; and\n \n· Runruno Holdings Limited (\"RHL\") has exercised its rights under its option deed with the Company, also entered into on 4 April 2011, in respect of 29,116,350 ordinary shares in the Company at 13p per share.\n \nThe Company will allot the new ordinary shares resulting from the Option Exercises and apply for their admission to trading on AIM, which is expected to take place on 22 August 2011.\n \nFollowing completion of the Option Exercises and the transfer from Solomon to Baker Steel, the shareholdings of Solomon, Baker Steel, RHL and their associates will be as set out below:\n \n\n\n\n\nName\n\n\nNumber of Metals \nExploration Shares\n\n\nPercentage of the issued share capital of the Company\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSolomon\n\n\n222,864,781\n\n\n32.1\n\n\n\n\nShelfco 724 Limited\n\n\n100,000,000\n\n\n14.4\n\n\n\n\nEmily Crompton-Candy\n\n\n1,000,000\n\n\n0.1\n\n\n\n\nBaker Steel\n\n\n149,190,731\n\n\n21.5\n\n\n\n\nRHL\n\n\n106,039,427\n\n\n15.3\n\n\n\n\nGraham Edwards\n\n\n19,001,919\n\n\n2.7\n\n\n\n\n \nA full copy of Solomon's announcement, which has been released to the Regulatory News Se...