Member Info for sandgrounded

Apologies Baldingqyickly. fat finger syndrome.

Thanks for the reply balfingquickly.

Apologies if this subject has been discussed before but is the following sentence relating to the ODX antibody test please?
“ The antibodies being studied are those designed to bind to the "spike" of the Sars-CoV-2 virus which causes Covid-19 infections. ”

The reason for the delay in the MRE. Newcrest have had to ask for a bigger computer to calculate what’s in Havieron. Apparently the one on site broke as it couldn’t cope with the numbers.

Have a great day people. Going out to enjoy the decent weather today.

Great post Jet. Thanks.

EGM not egg!

You can give shares whatever nominal value you want when you start up a company. You can give them a value of a gbp 1.00 value if you wish.

The problem comes when you wish to issue shares. You cannot issue them at a price under the nominal value. So if you assigned them a value of a £1.00 and you were struggling and wanted to do a placing they would have to be valued at gbp1.00 or above, which would probably be unachieveable. The company would have to have an egg to change the nominal value. I.e. a share split.

Think back a few years when GGP’s share price was fractions of a penny and you can understand why the nominal value is what it is.

This resolution has to be passed at the AGM. Therefore can we assume that the Scallywag results ( if very good), won’t be released before then?

Still trying to get my head around this and found the following:-

571Disapplication of pre-emption rights by special resolution

(1)Where the directors of a company are authorised for the purposes of section 551 (power of directors to allot shares etc: authorisation by company), whether generally or otherwise, the company may by special resolution resolve that section 561 (existing shareholders' right of pre-emption)—

(a)does not apply to a specified allotment of equity securities to be made pursuant to that authorisation, or

(b)applies to such an allotment with such modifications as may be specified in the resolution.

(2)Where such a resolution is passed the provisions of this Chapter have effect accordingly.

(3)A special resolution under this section ceases to have effect when the authorisation to which it relates—

(a)is revoked, or

(b)would (if not renewed) expire.

But if the authorisation is renewed the resolution may also be renewed, for a period not longer than that for which the authorisation is renewed, by a special resolution of the company.
(4)Notwithstanding that any such resolution has expired, the directors may allot equity securities in pursuance of an offer or agreement previously made by the company if the resolution enabled the company to make an offer or agreement that would or might require equity securities to be allotted after it expired.

(5)A special resolution under this section, or a special resolution to renew such a resolution, must not be proposed unless—

(a)it is recommended by the directors, and

(b)the directors have complied with the following provisions.

(6)Before such a resolution is proposed, the directors must make a written statement setting out—

(a)their reasons for making the recommendation,

(b)the amount to be paid to the company in respect of the equity securities to be allotted, and

(c)the directors' justification of that amount.

(7)The directors' statement must—

(a)if the resolution is proposed as a written resolution, be sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him;

(b)if the resolution is proposed at a general meeting, be circulated to the members entitled to notice of the meeting with that notice.

Does anyone know where we may find the director’s statement please?

If Scallywag results are very good, would that make GGP, more of a target for takeover?

What if that company is not Newcrest? How do GGP defend themselves?

By having a white Knight holding a large holding in our company perhaps?

We have an ultra cautious BOD.

We need better PR, otherwise we will be left behind.

Is it now a condition of registration that you have to post something?

https://greatlandgold.com/wp-content/uploads/2019/10/AGM-notice-proxy-2019.pdf

Part 2
Resolution 5 as if Section 561(1) of the Act did not apply to any such allotment provided that this power shall be limited to:
(a) the allotment of equity securities where such securities have been offered (whether by way of a rights issue, open offer or otherwise) to the holders of ordinary shares in the capital of the Company in proportion (as nearly as may be) to their holdings of such ordinary shares but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient to deal with equity securities representing fractional entitlements and with legal or practical problems under the laws of, or the requirements of, any regulatory body or any stock exchange in, any territory; and
(b) the allotment, other than pursuant to (a) above, of equity securities:
(i) arising from the exercise of options and warrants outstanding at the date of this resolution;
(ii) other than pursuant to (i) above, up to an aggregate nominal value of £750,000,
and this power shall, unless previously revoked or varied by special resolution of the Company in general meeting, expire at the earlier of the conclusion of the next Annual General Meeting of the Company and the date falling 15 months following the date of the Annual General Meeting being convened by this Notice. The Company may, before such expiry, make offers or agreements which would or might require equity securities to be allotted after such expiry and the Directors are hereby empowered to allot equity securities in pursuance of such offers or agreements as if the power conferred hereby had not expired.
If you are a registered holder of Ordinary Shares in the Company, whether or not you are able to attend the meeting, you may use the enclosed form of proxy to appoint one or more persons to attend and vote on a poll on your behalf. A proxy need not be a member of the Company.
A form of proxy is provided.
The proxy form may be sent by email to voting@shareregistrars.uk.com or by facsimile transfer

Found the 2019 resolutions.....

GREATLAND GOLD PLC
Registered office: Salisbury House, London Wall, London EC2M 5PS Registered number: 05625107
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of Greatland Gold plc (the “Company”) will be held at the East India Club, 16 St James’s Square, London, SW1Y 4LH on Tuesday, 3rd December 2019 at 9.30am for the purpose of considering and, if thought fit, passing the following resolutions which will be proposed as ordinary resolutions in the cases of resolutions 1-5 and as a special resolution in the case of resolution 6.
ORDINARY RESOLUTIONS
1 To receive the report of the Directors and the audited financial statements of the Company for the year ended 30 June 2019.
2 To re-elect Gervaise Heddle as a Director of the Company, who retires by rotation under the Articles of Association of the Company and, being eligible, offers himself for re- election.
3 To re-elect Callum Baxter as a Director of the Company, who retires by rotation under the Articles of Association of the Company and, being eligible, offers himself for re-election.
4 To re-appoint Chapman Davis LLP as auditors of the Company to act until the conclusion of the next Annual General Meeting and to authorise the Directors to determine the remuneration of the auditors.
5 That in substitution for all existing authorities under the following section to the extent unutilised, the directors of the Company (“Directors”) be generally and unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the “Act”) to allot relevant securities (within the meaning of section 560) up to an aggregate nominal amount of £750,000. The authority referred to in this resolution shall be in substitution for all other existing authorities, and shall expire (unless previously renewed, varied or revoked by the Company in general meeting) at the earlier of the next Annual General Meeting of the Company and the date falling 15 months following the date of the Annual General Meeting being convened by this Notice. The Company may, at any time prior to the expiry of the authority, make an offer or agreement which would or might require relevant securities to be allotted after the expiry of the authority and the Directors are hereby authorised to allot relevant securities in pursuance of such offer or agreement as if the authority had not expired.
Greatland Gold plc
(Incorporated in England and Wales with Registered Number 5625107) Registered office: as above

SPECIAL RESOLUTION
6 That in substitution for all existing authorities to the extent unutilised, the Directors, pursuant to Section 570 of the Act, be empowered to allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the authority conferred by Resolution 5 as if Section 561(1) of the Act did not apply to any such allotment provided that this power shall be limited to:
(a) the allotment of equity securities whe

I think the reason the 10% limit was put in place, was to stop some directors from issuing shares like confetti and give the ordinary shareholder some protection.

The reason for the other resolution was in case of exceptional circumstances. For instance they may want to takeover another company using shares, but the 10% allocation isn’t enough. With this resolution they could have the means to do so without calling an extraordinary general meeting.
GH has said many times, they are always looking for other opportunities.

I seem to remember reading some years ago, that the directors were only allowed to allocate a set percentage of shares ( think it was 10%) in a given financial year without the need to seek shareholder approval if they wanted to exceed that. The way to get around that was to have a special resolution allowing them to exceed that figure if needed. The resolution would only last one year until the next AGM.
Things may have changed since then, but if any one can find last years resolutions, if there is a similar resolution there, then. I would respectfully suggest it is a routine matter.

Mymatemarmite. I suppose the answer to your question depends on what is found. If it is predominantly copper with some gold, I would think Rio could make a decent offer.
Rio still have to build something to process their find at Winu, so by adding Scallywag that could reduce costs even more.
Hopefully another j/v is in the offing and whether it is Newcrest or Rio, I certainly wouldn’t complain.

I can’t see how you could have a NDA, if trying to negotiate a j/v when other competitors could put a better offer forward. You would be shooting yourself in the foot.

New quick-turnaround Covid tests being trialled in Liverpool could be a "major breakthrough" in the battle against coronavirus, the environment secretary has said.
George Eustice said the new 'lateral flow' test is now available to everyone in Liverpool as part of the pilot.
Number 10 had been focusing on faster testing, which if successful, could be "a major breakthrough" he told the BBC.