Business
Offer from Solomon Capital an
Offer from Solomon Capital an.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n RNS Number : 4018R Metals Exploration PLC 20 August 2010 \n \n\n \nMetals Exploration plc\n(\"Metals Exploration\" or the \"Company\")\n \nOffer by Solomon Capital Limited, posting of the Offer Document\nand\n£2 million On Demand Facilities Agreement\n \nFollowing the acquisition of one Metals Exploration Share on 22 July 2010 at a price of 13 pence from Rock (Nominees) Limited, acting as nominee for Reef Securities Limited (\"Reef Securities\"), Solomon Capital Limited (\"Solomon\") announced, on 23 July 2010, the terms of a cash offer for the entire issued and to be issued ordinary share capital of Metals Exploration not already owned by Solomon (the \"Offer\"), to be made by Strand Hanson Limited (\"Strand Hanson\") on its behalf.\n \nFurther to consultations with representatives of Solomon and Metals Exploration and their respective financial advisers, the Panel Executive has determined that the aforementioned purchase of a single share constitutes an acquisition between two members of a pre-existing Concert Party, with, therefore, no increase in the Concert Party's aggregate holding of, or interests in, Metals Exploration Shares. Accordingly, the Panel Executive has determined that Solomon did not incur an obligation to make an offer pursuant to Rule 9 of the City Code, as a result of the acquisition. Solomon will therefore proceed to make an Offer on the basis of Rule 10 of the City Code, with an equivalent acceptance level condition and identical principal terms to those announced by Solomon in its firm offer announcement released on 23 July 2010.\n \nPosting of the Offer Document\n \nSolomon has today posted an offer document (the \"Offer Document\") containing further details of the Offer which includes a response to the Offer from Jonathan Beardsworth, Managing Director of Metals Exploration (the \"Independent Director\"). The Offer Document and this announcement will shortly be made available on the Company's website at www.metalsexploration.com and on the website of CPC Group at www.cpcgroup.gg.\n \n£2 million On Demand Facilities Agreement\n \nOn 19 August 2010, Metals Exploration and Solomon entered into an on demand facilities agreement (the \"£2 million On Demand Facilities Agreement\"). Under the terms of the £2 million On Demand Facilities...