Business
Statement by the Independent
Statement by the Independent.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n RNS Number : 9253S Metals Exploration PLC 17 September 2010 \n \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT \nLAWS OR REGULATIONS OF SUCH JURISDICTION\n \n \nMetals Exploration plc\n \nStatement by the Independent Director\n \nCash Offer by Strand Hanson Limited on behalf of Solomon Capital Limited (\"Solomon\") for the whole of the issued and to be issued ordinary share capital of Metals Exploration plc (the \"Company\") not already owned by Solomon Capital Limited (the \"Offer\")\n \n \nThe Independent Director, Jonathan Beardsworth has been informed that certain independent shareholders of the Company have made a written submission to the Takeover Panel (\"Panel\") expressing concerns that a concert party comprising, amongst others, Solomon and Reef Securities Limited was in existence at the time of the subscription by Solomon for Ordinary Shares in the Company in January 2009 and/or in May and July 2009 and that these subscriptions were in breach of Rule 9 of The Takeover Code. If the Panel were to rule that a breach of Rule 9 had occurred at any of these times, a mandatory bid obligation may be triggered at a price higher than 13 pence per Ordinary Share, the current Offer Price.\n \nPending the outcome of this review, which may take some time to resolve, the Panel has required of Solomon that it makes no purchases of Metals Exploration shares (save for in relation to valid acceptances of the Offer) and that the Offer, full details of which can be found at www.metalsexploration.com/solomon-offer, shall remain open for acceptances until further notice.\n \nEnquiries:\n \n\n\n\n\nMetals Exploration plc\n\n\n+ 44 (0) 20 7963 9540\n\n\n\n\nJonathan Beardsworth (Managing Director)\n\n\n+ 44 (0) 7747 101 552\n\n\n\n\n\n\n\n\n\n\n\n\nWesthouse Securities Limited\n\n\n\n\n\n\n\nTim Feather / Matthew Johnson\n\n\n+ 44 (0) 20 7601 6100\n\n\n\n\n\n\n\n\n\n\n\n\nConduit PR Limited\n\n\n\n\n\n\n\nJos Simson / Edward Portman\n\n\n+ 44 (0) 20 7429 6666\n\n\n\n\n\n\n\n\n\n\n\n\n \nUnless the context otherwise requires, defined terms used in this announcement shall have the meanings given to them in the Offer Document dated 20 Augu...