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LONDON - Metlen Energy & Metals PLC announced Tuesday the successful completion of its voluntary share exchange tender offer for Metlen Energy & Metals S.A., with 90.16% of shares tendered during the acceptance period that ended July 25.
The company received valid tenders for 129,024,224 shares of Metlen S.A., including 30,899,783 shares directly held by Evangelos Mytilineos and his controlled companies Frezia Ltd, Kilteo Ltd and Melvet Investments Ltd.
The tender offer satisfied the prerequisite that at least 90% of Metlen S.A.’s share capital and voting rights be lawfully tendered. The Financial Conduct Authority and London Stock Exchange (LON:LSEG) have approved the admission of the consideration shares, subject to meeting the minimum free float requirement of 10%.
Metlen PLC will issue one new ordinary share for each Metlen S.A. share tendered. Trading of Metlen PLC shares on both the London Stock Exchange and Athens Exchange is expected to commence on August 4.
The company will exercise its squeeze-out right on August 4 to acquire the remaining 14,083,937 Metlen S.A. shares. Remaining shareholders can choose to receive either one Metlen PLC share for each Metlen S.A. share or cash payment of €39.62 per share.
Following completion of the squeeze-out process, Metlen PLC will own 100% of Metlen S.A. and plans to request delisting of Metlen S.A. shares from the Athens Exchange.
The information in this article is based on a press release statement from Metlen Energy & Metals PLC.
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