Ormonde Mining PLC 2020 AGM and CSD EGM Update (8436K)
January 07 2021 - 1:00AM
UK Regulatory
TIDMORM
RNS Number : 8436K
Ormonde Mining PLC
07 January 2021
7 January 2021
Ormonde Mi n i ng p lc
("Or m onde" or "the C o m pany ")
Ormonde 2020 AGM and CSD EGM update
The Board of Ormonde wishes to advise that its adjourned 2020
Annual General Meeting, due to be reconvened today, will be further
adjourned to 18 February 2021, ahead of considering Resolutions 6
to 8, so as to facilitate the Company continuing discussions with
its largest shareholder in relation to these resolutions as they
pertain to a potential transaction. As a result, the dial in
facility for today's meeting has been cancelled, with details for
the reconvened meeting to be provided in due course.
Ormonde will continue to keep the market appraised over the
coming weeks as work continues towards concluding the terms of what
the board believes will be an extremely value enhancing
opportunity, as expeditiously and efficiently as possible. While
negotiations, diligence and legal structuring of a potential
transaction are well advanced, progress to completion has been
slower than hoped for reflecting limitations resulting from the
ongoing pandemic. There can be no certainty that a deal will be
concluded.
The adjournment will align with the Company's requirement to
hold an Extraordinary General Meeting ("EGM") to consider certain
resolutions relating to the migration from the UK-based CREST
Central Securities Depositary ("CSD") to Euroclear Bank of Belgium
for the electronic settlement of trading in the Company's ordinary
shares. This migration is a Brexit related requirement for all
Irish listed companies whose shares are currently held and settled
in the CREST system and is scheduled to occur in March 2021.
It is crucial to the interests of shareholders that the Company
gets over one third of all issued shares voted at the EGM, as is
the current legal requirement, with a majority of those votes being
in favour of the resolutions. Failure to achieve this vote level
would mean that Ormonde's shares currently held through CREST would
need to be rematerialised into paper certificates, and, most
critically, Ormonde would be at risk of losing its trading
facilities on the Euronext Growth and AIM markets.
The Company is currently working through this important
documentation process and plans to issue the EGM circular
("Circular") shortly. In advance of the Circular, the Company
wishes to highlight the importance of the vote to securing ongoing
liquidity and trading arrangements and appeals to all shareholders
to make sure that they vote in favour of all resolutions through
the process that will be indicated in the Circular. The current
intention is to hold the EGM on 18 February 2021 and more details
will be issued in due course and at the time of the mailing of the
Circular.
Enquiries to:
Ormonde Mining plc
Jonathan Henry, Executive Chairman
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Te l: +44 (0)20 3 470 0470
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END
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