Picture of Metals Exploration logo

MTL Metals Exploration News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsSpeculativeSmall CapSuper Stock

REG - Metals Exploration - Update to Stated Post-Offer Intention Statements

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250321:nRSU6808Ba&default-theme=true

RNS Number : 6808B  Metals Exploration PLC  21 March 2025

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO, INTER ALIA, THE
REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE
"CODE")

21 March 2025

METALS EXPLORATION PLC

Directorate Changes

Update to Stated Post-Offer Intention Statements in Respect of Condor Gold plc

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), a
gold production, exploration, and development company with assets in the
Philippines and Nicaragua, announces the following changes to the Company's
board of directors with effect from 21 March 2025.

Mr Nick von Schirnding has requested to step down both as chairman of the
Board and as a Non-Executive Director. This follows the successful completion
of the settlement agreement with Runruno Holdings Limited ("RHL") which
resulted in the RHL shareholding being bought out by the Company (completed in
September 2024) as well as the settlement of all the various debt disputes
with the Company's lenders resulting in the Company becoming debt free in June
2024.

Mr Steven Smith has been appointed as Non-Executive Chairman of the Board
replacing Mr von Schirnding.

In addition, the Company announces, further to the completion of its
recommended acquisition of the entire issued and to be issued share capital of
Condor Gold plc ("Condor Gold"), which was effected by way of a scheme of
arrangement under Part 26 of the Companies Act 2006 on 15 January 2025 (the
"Acquisition"), an update to its statements of intent made pursuant to Rules
2.7(c)(viii) and 24.2(a)(ii) to (iii) of the Code, which were set out in its
announcement of 4 December 2024 (the "2.7 Announcement") and the scheme
document published in connection with the Acquisition on 11 December 2024 (the
"Scheme Document" and, together with the 2.7 Announcement, the "Offer
Documentation").

Unless otherwise defined, capitalised terms in this announcement have the
meanings given in the Scheme Document.

The Offer Documentation stated that it was intended that shortly following the
Effective Date Jim Mellon would be appointed to the board of MTL as a
non-executive director, subject to satisfactory completion of the usual due
diligence process required by the AIM Rules.

However, the Company has since been advised that Mr Jim Mellon no longer
wishes to join the MTL Board. After consideration of his other commitments and
the requirement to attend Metals Exploration Board meetings in both the
Philippines and Nicaragua, Mr Mellon considers that he does not have adequate
time to devote to the Company, especially in terms of travel requirements.

Steven Smith, Non-Executive Chair of Metals Exploration, commented:

"It has been a pleasure to work with Nick von Schirnding and I would like to
thank him for his contribution over the past year especially for his efforts
in helping the Company complete a significant restructuring of the Company's
ownership. I wish him success in his future endeavours."

 

For further information, please contact or visit:

 Metals Exploration PLC
 Via BlytheRay                            +44 (0) 207 138 3204

 Nominated & Financial Adviser:           STRAND HANSON LIMITED
 James Spinney, James Dance, Rob Patrick  +44 (0) 207 409 3494

 Broker:                                  HANNAM & PARTNERS
 Matt Hasson, Franck Nganou               +44 (0) 207 907 8500

 Public Relations:                        BLYTHERAY
 Megan Ray, Said Izagaren                 +44 (0) 207 138 3204

 

Web:                www.metalsexploration.com
(http://www.metalsexploration.com)

X:                     @MTLexploration
(https://twitter.com/MTLexploration)

LinkedIn:           Metals Exploration
(https://www.linkedin.com/company/metals-exploration-plc)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDGCGDXDSDDGUB

Recent news on Metals Exploration

See all news