Avocet Mining PLC Result of General Meeting (6272S)
December 22 2016 - 7:00AM
UK Regulatory
TIDMAVM
RNS Number : 6272S
Avocet Mining PLC
22 December 2016
Result of General Meeting
Avocet Mining PLC ("Avocet" or "the Company") held its General
Meeting ("GM") at 11.00 am today 22 December 2016 at the offices of
Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT, to
consider resolutions in respect of:
- the partial disposal and financing of the Tri-K project in Guinea ("the Disposal");
- the transfer of the Company's listing on the London Stock
Exchange from the current Premium listing segment to the Standard
listing segment of the Official List ("the Transfer"); and
- a reduction in the notice period required for shareholders'
meetings (other than AGMs) to 14 days.
All resolutions proposed at the meeting were approved.
The Disposal is expected to complete in early January subject to
the ratification of the Mining Convention by the Guinean National
Assembly. The precise date, however, remains subject to the
parliamentary agenda, and further updates will be provided as
appropriate.
The Company has applied to the Financial Conduct Authority, in
its capacity as United Kingdom Listing Authority, to transfer its
ordinary shares of 1p each (ISIN code: GB00BZBVR613) (the "Ordinary
Shares") from the Premium segment of the Official List to the
Standard segment of the Official List with effect from (and
including) 25 January 2017. The Ordinary Shares will continue to be
traded on the Main Market of the London Stock Exchange until and
following the Transfer.
The full results of voting are set out below:
Resolution Votes for(a) Votes for % Votes against Votes against Votes validly Votes cast Votes
% cast as % of withheld(c)
shares with
voting
rights(b)
------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
Ordinary
Resolution
------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
Partial
disposal of
Tri-K
project to
1 Managem 3,896,783 99.75 9,937 0.25 3,906,720 18.69 1,753
------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
Special
Resolutions
---------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
2 Transfer from 3,895,427 99.71 11,318 0.29 3,906,745 18.69 1,728
the Premium
List to the
Standard
List
------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
3 Reduction in 3,895,302 99.71 11,418 0.29 3,906,720 18.69 1,753
notice
period for
shareholder
meetings to
14 days
------------- ------------ ----------- ------------- ------------- ------------- ------------ -------------
Notes
a) "Votes for" includes those votes giving discretion to the Chairman
b) As at 20 December 2016, the Company had 20,949,671 ordinary
shares in issue, of which 20,905,471 represented ordinary shares
with voting rights (after excluding 44,200 treasury shares).
Ordinary shares with voting rights were entitled to vote for all
resolutions at the Annual General Meeting and the General
Meeting.
c) "Votes withheld" do not count toward votes cast "for" or "against" a resolution
In accordance with Listing Rule 9.6.2R, copies of the
resolutions will shortly be submitted to the National Storage
Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM.
The full text of the resolutions passed at the GM can be found
set out in the Circular and Notice of GM issued by the Company on
29 November 2016 and which is available for inspection at
www.morningstar.co.uk/uk/NSM
Terms used in this announcement have the same meaning as defined
in the Circular.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
David Cather, CEO Lorna Cobbett Michael Wentworth-Stanley
Jim Wynn, FD
+44 20 3709 2570 +44 (0)20 3772 2555 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
Inata Gold Mine poured its first gold in December 2009 and produced
74,755 ounces of gold in 2015. Other assets in Burkina Faso include
five exploration permits surrounding the Inata Gold Mine in the
broader Bélahouro region. The most advanced of these projects is
Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in
Guinea. On 10 October 2016, the Company announced that it had
agreed to dispose of 40% of the project to Managem, a Moroccan
group listed on the Casablanca stock exchange, and which will
increase upon completion of a bankable feasibility study for a CIL
plant at the site, the incurring of expenditures of at least US$10
million, and the enlarging of the ore reserve, to 70% (in the event
of an increase of the reserve to 1 million ounce or more) or 60%
(if less than 1 million ounces).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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