LONDON - Metals Exploration PLC (MTL) has made a recommended offer to acquire all the issued and to be issued ordinary share capital of Condor Gold PLC (LON:CNDR). This transaction is set to be executed via a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The scheme document detailing the terms and conditions of the acquisition was published today and is available on both companies' websites, except for individuals in jurisdictions where such distribution may violate local laws.
The acquisition, announced on December 4, 2024, has received unanimous support from the directors of Condor Gold, who have been advised by their financial advisor, BCL, that the terms of the acquisition are fair and reasonable.
Condor Gold shareholders are expected to vote on the scheme at a court meeting scheduled for 10 a.m. on January 6, 2025. Approval will require a majority in number and at least 75% in value of the votes cast by shareholders present and voting either in person or by proxy. A subsequent general meeting will seek the same level of approval for the necessary resolutions.
Condor Gold shareholders have been urged to review the scheme document in full before casting their votes. The scheme will be binding on all shareholders if sanctioned by the court, regardless of their vote or attendance at the meetings.
Metals Exploration has also scheduled a general meeting for its shareholders on January 9, 2025, to authorize the issue of new shares as part of the offer's consideration. This meeting will take place at the offices of Squire Patton Boggs in London.
This announcement is based on a press release statement and aims to provide shareholders with essential information to make informed decisions regarding the acquisition.
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