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Metals Exploration investors to vote on Candy

By Simon Watkins for The Mail on Sunday
Updated: 04:53 EDT, 28 March 2011

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The simmering dispute between property mogul Christian Candy and investors in Metals Exploration could be settled this week with a vote on a compromise over control of the gold miner.

Shareholders meet on Thursday to vote on the scheme that will see Candy and his associates end up with 65% of the group, but with minority investors given a guaranteed representative on the board with a power of veto over major decisions.

The settlement will also allow small investors who have already sold their shares to Candy to buy back their stock at the price paid and it guarantees at least £25m in new investment to get work under way at the company's Philippines mine.

Candy launched his bid last July - an unexpected step for the billionaire who, along with brother Nick, built a luxury property empire during the boom.

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