Candy bids for Metals Exploration

23rd Jul 2010 08:29

Multi-millionaire property developer Christian Candy’s has launched a mandatory offer to buy all the shares in Metals Exploration he doesn’t own for 13p each.Solomon Capital, Candy’s private investment vehicle, last year acquired a 44.1% stake in the Philippines-focused nickel and copper miner.The deal values Metals at almost £36m, 27% more than yesterday when the shares closed at 10.25p.If successful, Solomon says it will continue to work with the existing management team of Metals to secure funding for the development of a mine at the Runruno project in the Philippines, which Solomon continues to believe has the potential to generate long term shareholder value.Metals this morning confirmed it is reviewing the offer and a response will be made in due course.Funds managed by Baker Steel Capital Managers, which own 7.14% of Metals, and Reef Securities with 1.88%, have agreed to accept the deal.