A gold miner backed by property magnate Nick Candy has bought out competition in a £90million deal. Metals Exploration took over from Condor Gold and paid £67.5 million upfront in cash and shares.
Condor shareholders will also be entitled to £22.6million in the future if gold and property investment targets are met.
The bond came after the Mail revealed that Metals Exploration – 38 percent owned by Candy – was prepared to oppose its bid.
But Jim Mellon, the chairman of Condor and other investors supported the project. Mellon, 67, who owns 26 percent of Condor, and Candy, 51, whose wife is pop star Holly Valance, made their fortunes in luxury developments.
The metal works in the Philippines and has more than doubled its share in a year. Condor has a project in Nicaragua.
Windfall: Nick Candy (pictured with wife Holly Valance) owns 38% stake in Aim-listed Metals Exploration
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