LONDON - Metals Exploration PLC (LON:MTL) announced today that its shareholders have approved the issuance of new shares related to the acquisition of Condor Gold plc. The approval, received at a general meeting, marks a significant step toward finalizing the transaction first proposed on December 4, 2024.
Shareholders voted overwhelmingly in favor of two resolutions: granting directors the authority to allot new ordinary shares and the disapplication of statutory pre-emption rights in connection with the share allotment. The votes cast for the first resolution were 99.92% in favor, and the second resolution received 99.36% approval.
The acquisition process is being conducted through a court-sanctioned scheme of arrangement, with the final sanction hearing by the High Court expected on January 13, 2025. Assuming all conditions are met or waived, the scheme is anticipated to become effective on January 15, 2025.
Subsequently, Metals Exploration will seek admission for the new ordinary shares to begin trading on the AIM market of the London Stock Exchange (LON:LSEG), with trading expected to commence at 8:00 a.m. on January 16, 2025.
The completion of the acquisition is contingent upon the satisfaction of remaining conditions outlined in the scheme document, including court approval. The timetable for these events remains as previously published in the scheme document.
This development follows a series of announcements regarding the proposed acquisition, which aims to consolidate Metals Exploration's position in the mining sector. The result of the general meeting indicates strong shareholder support for the strategic move.
The information in this article is based on a press release statement from Metals Exploration PLC.
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