AGM 2016 - Chairman's remarks - Voting
- Grant of share options
Chairman's remarks at AGM
At the shareholder’s annual meeting held today, the Chairman,
John Kearney, made a presentation
outlining the company’s plans for the coming year and his
expectation that the price of zinc will move significantly higher
in the near future, due to reduced production worldwide from mine
closures and forecasts of increases in demand, and that these
higher zinc prices would continue for a number of years.
Mr Kearney noted that the company had previously announced that
it was updating its earlier scoping and economic studies on its
Parys Mountain
zinc/lead/copper/silver/gold property in Wales. He reported that this updated scoping
study is being prepared by Micon International Limited and by
Fairport Engineering Limited, both of which are acknowledged
experts and leaders in the resources sector, and it is expected
that the updated study will be presented to the company later in
the autumn.
Grant of share options
The company also announces that it has today granted a total of
3,500,000 options to subscribe for ordinary shares at a price of
2 pence per share under the
unapproved share option scheme to the directors in the amounts
set out below:
Bill Hooley
Chief Executive
1,000,000
Danesh Varma
Finance Director
1,000,000
John Kearney
Chairman 500,000
Howard
Miller Non
executive
Director 500,000
David Lean
Non
executive
Director
500,000
These share options, which were granted by the remuneration
committee and approved by the board, will vest after one year from
date of grant, with a term of five years expiring on the 30
September 2021. All options are subject to a performance
criterion, namely that the company’s share price performance over
the period from grant to exercise must exceed that of the companies
in the top quartile of the FTSE 100 index.
The company points out that all the directors have waived
entitlement to remuneration for more than the last 24 months.
Voting at the AGM
In respect of the voting at the company’s AGM held on
28 September 2016 the directors are
pleased to report that all resolutions were passed unanimously on a
show of hands.
The valid proxies recorded in respect of voting at the meeting
were as follows:
|
Resolution |
In Favour |
Against |
Withheld |
| 1 |
To receive the report and
accounts |
58,705,088 |
750 |
0 |
| 2 |
To approve the directors’
remuneration policy report |
58,680,949 |
24,486 |
400 |
| 3 |
To approve the directors’
remuneration report |
58,685,685 |
19,250 |
900 |
| 4 |
To reappoint John F. Kearney as a
director |
58,689,460 |
16,375 |
0 |
| 5 |
To reappoint Bill Hooley as a
director |
58,690,085 |
15,750 |
0 |
| 6 |
To reappoint David Lean as a
director |
58,690,585 |
15,750 |
500 |
| 7 |
To reappoint Howard Miller as a
director |
58,690,085 |
15,750 |
0 |
| 8 |
Withdrawn |
|
|
|
| 9 |
To reappoint Danesh Varma as a
director |
58,705,085 |
750 |
0 |
| 10 |
To reappoint Mazars LLP as
auditors |
58,703,035 |
750 |
2,050 |
| 11 |
To authorise the directors to
determine the remuneration of the auditor |
58,705,085 |
750 |
0 |
| 12 |
To authorise the directors to issue
new share capital |
58,683,724 |
21,611 |
500 |
| 13 |
To dis-apply pre-emption rights in
respect of certain issues of shares |
58,682,299 |
17,800 |
5,736 |
|
|
|
|
|
|
|
|
|
|
Notes
1. Votes were received in respect of 58,705,835 shares
representing 36.6% of the issued share capital.
2. Any proxy appointments which gave discretion to the chairman
have been included in the “For” total.
3. The full text of the resolutions is shown in the notice of
the AGM which is available in the annual report and on the
website.
Total voting rights
The issued ordinary share capital of the company is 160,608,051
shares with voting rights; there are no shares in treasury.
The above figure may be used by shareholders as the denominator
for the calculations which will determine whether they are required
to notify their interest in the company, or any change to that
interest, under the FSA’s Disclosure and Transparency Rules.
Following the grant of the share options set out above, the
aggregate share options outstanding will represent 5.3% of the
160,608,051 ordinary shares in issue.
For further information, please contact:
Danesh Varma, Finance Director
+44 (0)207 6539881