Thor Mining PLC NOTICE OF ANNUAL GENERAL MEETING (5973N)
October 27 2016 - 1:01AM
UK Regulatory
TIDMTHR
RNS Number : 5973N
Thor Mining PLC
27 October 2016
27 October 2016
THOR MINING PLC
NOTICE OF ANNUAL GENERAL MEETING
Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR), the
Australian tungsten explorer and developer, has today posted a
notice of its Annual General Meeting to be held at 10am on 24
November 2016 at the offices of Grant Thornton UK LLP, 30 Finsbury
Square, London EC2P 2YU.
In addition to the usual resolutions which are considered at an
Annual General Meeting, Resolutions 7 to 12 seek shareholder
approval for the issue of ordinary shares of 0.01p each in the
capital of the Company ("Ordinary Shares") to directors in lieu of
cash remuneration, and Resolutions 13 to 15 collectively seek
shareholder approval to reorganise the Company's share capital.
None of the directors of the Company have been paid any part of
their approved remuneration of A$40,000 per annum since the issue
of shares in lieu of cash remuneration approved at the last Annual
General Meeting in November 2015. As a means of conserving the
Company's cash reserves, all of the Directors have again agreed to
waive their right to cash remuneration over the period 1 October
2015 to 30 September 2016 (inclusive), in substitution for the
issue of Ordinary Shares at a price of A$0.000418 (0.0418 cents)
per Ordinary Share. Resolutions 7 to 12 are to seek shareholder
approval for the issue of these Ordinary Shares to directors in
lieu of remuneration.
The Company has a large number of Ordinary Shares in issue due
to historical equity-based capital raisings and corporate
transactions. The proposed subdivision and capital reorganisation
seeks to address the number of Ordinary Shares the Company has in
issue, which is disproportionate to the Company's exploration
peers. Resolution 13 seeks to subdivide each of the Company's
Ordinary Shares into one A deferred share of 0.0096p each ("A
Deferred Share") and one ordinary share of 0.0004p ("Subdivided
Ordinary Share"). Resolution 14 seeks to reduce the number of
Subdivided Ordinary Shares by way of a consolidation on the basis
of 25 Subdivided Ordinary Shares into one new ordinary share of
0.01p each ("New Ordinary Share"). Resolution 15 seeks shareholder
approval to make the necessary amendments to the Company's Articles
of Association to give effect to Resolution 13 (together,
Resolutions 13, 14 and 15 are referred to as the "Capital
Reorganisation"). The A Deferred Shares created will have limited
economic value as they will not carry any voting or dividend rights
and will not entitle the holders to participate in any return of
capital on a winding up (other than the nominal amount paid on the
A Deferred Shares following a very substantial distribution to the
holders of New Ordinary Shares). The Company shall have the power
and authority at any time to purchase all or any of the A Deferred
Shares for an aggregate consideration of GBP1.
Subject to shareholder approval, and assuming no further
Ordinary Shares are issued before the effective date of the Capital
Reorganisation, immediately after the Capital Reorganisation, Thor
will have 299,295,501 New Ordinary Shares in issue.
Resolutions 6, 16 and 18 provide the directors with the
appropriate authorities, respectively, to issue equity securities
and dis-apply pre-emption rights and it is the normal procedure for
such authority to be renewed at the annual general meeting. The
figures inserted at Resolutions 6, 16 and 18 take account of the
number of shares which are proposed to be issued and the number of
shares the Company may seek to issue throughout the year until the
next annual general meeting. Resolutions 6, 16 and 18 are a
requirement under English company law.
Thor's directors believe that all of the resolutions are in the
best interests of the Company and recommend that shareholders vote
in favour of the resolutions at the Annual General Meeting, as the
directors intend to do in respect of their own holdings of
868,834,085 existing Ordinary Shares, representing 11.61 per cent
of the Company's issued share capital (to the extent they are not
excluded from voting).
A copy of the Notice of Annual General Meeting is also available
on the Company's website, http://www.thormining.com/.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive
1935 Chairman
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton UK Nominated
Daniel Bush/ 383 5100 LLP Adviser
Richard Tonthat
Gerry Beaney/ +44 (0) 20 Northland Capital Joint Broker
David Hignell 3861 6625 Partners Limited
John Howes
Nick Emerson +44 (0) 1483 SI Capital Joint Broker
/ 413 500
Andy Thacker
Tim Blythe/ +44 (0) 207 Blytheweigh Financial
Camilla Horsfall 138 3222 PR
The information contained within this announcement is considered
to be inside information prior to its release.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com, which includes a facility to
register to receive these updates by email.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NOADMMZGKNLGVZG
(END) Dow Jones Newswires
October 27, 2016 02:01 ET (06:01 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Apr 2024 to May 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From May 2023 to May 2024