LONDON – Metals Exploration plc (“MTL”) is set to acquire Condor Gold plc following approval from Condor shareholders in a court-approved scheme of arrangement. The vote, which took place today, saw the majority of Condor Gold Scheme shareholders vote in favor of the acquisition.
At the Court Meeting, 99.41% of the Fund's employees voted in favor of the decision to accept the Fund. The General Meeting then passed a Special Resolution approving the Acquisition and settlement of Condor Gold's articles of association. The successful vote is a key step in the acquisition process, which was first announced on December 4, 2024.
Completion of the Acquisition is subject to several conditions, including the approval of MTL shareholders at their General Meeting scheduled for January 9, 2025, and approval of the Scheme by the Supreme Court, which is expected to occur on January 13, 2025. If all conditions are met, the acquisition is expected to become effective on 15 January 2025.
The Acquisition is poised to consolidate MTL's market position by combining the resources and capabilities of Condor Gold. Terms of the deal were not disclosed in the announcement, but the overwhelming support from Condor shareholders shows confidence in the strategic value of the merger.
The Fund Document, which was published on December 11, 2024, details the terms and conditions of the Fund, including an explanatory statement, a timetable of key events, and actions sought by the Fund's Shareholders.
The information in this article is based on a press release, which provides an official account of the events surrounding the discovery. It shows the steps in the process that companies follow during mergers and acquisitions, including shareholder voting and regulatory approval. Investors and market observers will monitor the upcoming meeting of MTL's shareholders and the Supreme Court's decision to finalize the nature of the acquisition.
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