Business
Principal Shareholder Restructure
Principal Shareholder Restructure.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 3680R Metals Exploration PLC 11 September 2014 \n \n\n11 September 2014\n \nMETALS EXPLORATION PLC\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.\n \n \nPrincipal Shareholder Restructure\n \nThe Company announce an internal restructuring of its principal shareholders Solomon Capital Limited and Shelfco 724 Limited. Both companies are registered in Guernsey in the Channel Islands and both are wholly owned by Mr. Christian Candy. Solomon Capital Limited owns 574,732,071 shares in the Company and Shelfco 724 Limited owns 100,000,000 shares in the Company. The combined holding is 49.07% of the issued share capital of Metals Exploration plc.\n \nThe result of the restructure has been to transfer and consolidate Solomon Capital Limited's and Shelfco 724 Limited's combined 674,732,071 shares into one entity, MTL (Luxembourg) S.a.r.l. a company registered in Luxembourg. MTL (Luxembourg) S.a.r.l. has entered into a Deed of Adherence pursuant to clause 19.2 of the Subscription and Shareholders Agreement, dated 8 March 2011. It is recognised in the Deed of Adherence that MTL (Luxembourg) S.a.r.l. is a Solomon Entity for the purposes of the Subscription and Shareholders Agreement.\n \nMTL (Luxembourg) S.a.r.l. is owned equally by Mr. Christian Candy and Mr. Nick Candy. The transfer of shares completed on 8 September 2014 and was notified to the Company on 9 September 2014 by the Company's registrar. No consideration was paid as a result of the restructuring. \n \nThe Board of Directors of the Company and Runruno Holdings Limited have acknowledged the Deed of Adherence as acceptable, a requirement under the Subscription and Shareholder Agreement. A copy of the deed is available on the Investor Centre page of the Company website.\n \n \nFor further information please visit: www.metalsexploration.com or contact:\n \n\n\n\n\nMetals Exploration PLC\n\n\[email protected]\n\n\n\n\nIan R. Holzberger\n\n\n+63 (0) 9189 795 992\n\n\n\n\n(Chairman)\n\n\n+61 (0) 418 886 165\n\n\n\n\nLiam A. Ruddy\n\n\n+61 (0) 498 648 615\n\n\n\n\n(Company Secretary)\n\n\n+44 (0) 7911 719 960\n\n\n\n\n\n\n\n\n\n\n\n\nNominated Adviser\n\n\n\n\n\n\n\nWes...