24 April
2024
Coro Energy plc
("Coro"
or the "Company")
Results
of Annual General Meeting
Suspension of Trading
Coro Energy Plc, the South East Asian
energy company with a natural gas and clean energy
portfolio, advises that it
held its Annual General Meeting ("AGM")
earlier today.
The Company also announces that, as
a result of the outturn of the AGM, the Company has
requested that trading in the Company's
ordinary shares on AIM be suspended with immediate
effect.
The resolutions put to the AGM were
voted on by way of a poll and the results are as
follows:
|
Resolutions
|
For
|
%
|
Against
|
%
|
Withheld
|
|
1
|
451,946,229
|
96.53%
|
16,260,452
|
3.47%
|
77,279,082
|
|
2
|
146,216,513
|
27.07%
|
393,994,930
|
72.93%
|
5,274,320
|
|
3
|
417,323,458
|
76.57%
|
127,726,243
|
23.43%
|
436,062
|
|
4
|
417,322,658
|
76.54%
|
127,888,785
|
23.46%
|
274,320
|
A
"Vote withheld" is not a vote in law and is not counted in the
calculation of the percentage of shares voted "For" or "Against"
any resolution.
The Company is pleased to announce
that shareholders have supported Resolutions 1, 3 and 4, enabling
flexibility for further fundraising in the forthcoming period. The
Company has today also received verbal confirmation from its
key Noteholders in respect of their ongoing support with regards to
the near term funding needs of the business. As at 23 April 2024,
the Company had unaudited cash balances of approximately US$0.5
million.
However, Resolution 2, concerning
the re-election of James Parsons as a Director of the Company, was
not passed at the AGM. Accordingly Mr Parsons is no longer a
director of the Company.
Whilst the Company has commenced the
process of recruiting at least one additional director with
immediate effect, the Company's Board currently comprises a single
director.
Following the AGM, the Company's
Board is not therefore quorate under the Company's Articles of
Association (the "Articles") or s154 of the Companies Act 2006 (the
"Act") and the Company is not therefore able to effectively operate
under the Articles or the Act.
Accordingly, the Company has
requested that trading in the Company's ordinary shares on AIM be
suspended with immediate effect pending, inter alia, the
appointment of at least one additional director. Notwithstanding
the suspension of trading in the Company's ordinary shares, the
Company will continue to make notifications as and when there are
matters requiring disclosure in accordance with the Company's
obligations under the AIM Rules for Companies and/or the UK Market
Abuse Regulation.
Further announcements will be made,
as appropriate, in due course.
For
further information please contact:
|
Coro Energy plc
Tom Richardson, Director
|
Via Vigo Consulting Ltd
|
|
Cavendish Capital Markets Limited (Nominated
Adviser)
Adrian Hadden
Ben Jeynes
|
Tel: 44 (0)20 7220 0500
|
|
Hybridan LLP (Nominated Broker)
Claire Louise Noyce
|
Tel: 44 (0)20 3764
2341
|
|
Gneiss Energy Limited (Financial
Advisor)
Jon Fitzpatrick
Doug Rycroft
|
Tel: 44 (0)20 3983 9263
|
|
Vigo Consulting (IR/PR Advisor)
Patrick d'Ancona
Finlay Thomson
|
Tel: 44 (0)20 7390 0230
|
