Metals Exploration Gets GBP35.8M Offer From Christian Candy

23rd Jul 2010 07:53

LONDON (Dow Jones)--Property tycoon Christian Candy Friday offered to acquire gold and molybdenum miner Metals Exploration PLC (MTL.LN) for GBP35.8 million. Candy's investment vehicle Solomon Capital pitched its offer at 13 pence a share, a 27% premium to Metals Exploration's closing price Thursday, after being required to make a mandatory offer because its shareholding in the company reached 44%. Metals Exploration said it is considering the offer and will respond shortly. Solomon said if the acquisition goes ahead it intends to work with the existing management team to secure funding for Metals Exploration's Runruno project on the Philippine island of Luzon. Establishing a mine there will cost $149.3 million and Solomon said it is only prepared to contribute to the company's funding needs if it has majority ownership. Solomon said its offer has been backed by Reef Securities and Baker Steel Capital Managers, both shareholders in Metals Exploration. Including its own holding, Solomon said the offer has the support of shareholders representing 53% of the company. Metals Exploration director Timothy Dean sits on Solomon's board. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 23, 2010 02:53 ET (06:53 GMT)