CEO Andrew Bell's 2nd June General meeting newsletter15 Jun 2023 19:57
Red Rock's GM is Monday 19th June 2023.
https://www.rrrplc.com/investors/shareholder-information/agms-general-meetings/
.........
"Dear Shareholder,
We have announced today the planned holding of a General Meeting. The Company continues to await the signing of the arbitral award in the Democratic Republic of Congo, where it seeks from the buyer of certain assets partially owned by the Company, $7.5m of the
consideration due to be paid. The Company separately seeks the enforcement of its existing judgment
for $2.5m against its former partner in respect of that portion of consideration already paid. We have been told that the arbitration award must be signed by both parties, and although we have been ready to sign, the other party has not. It remains our view that both parties have an interest in signing, in order to receive their portion of the unpaid consideration, and that we are not far from resolving the matter.
However, the delays in issuing the award mean that we must now budget on two sets of assumptions, one with prompt resolution and settlement, and a more conservative one that assumes no near-term resolution in the DRC.
Revenues may be received from lithium sales in Zimbabwe with the expected start of production, but how quickly these will build is still uncertain.
The Company has used part of recent share issue proceeds to fund operations and part to pay down debt and reduce gearing, and will continue to review proposals for joint venture or sale of non-core assets.
Passage of the resolutions now presented is required (a) to enable Directors to meet specific existing
commitments to issue warrants in relation to recent fundraisings, amounting to £21,148.34 and (b) to
cover operational needs not funded from other sources. For this latter purpose the Company seeks a
general authority under both Section 551 and 569 of the Companies Act 2006 over up to an aggregate
nominal amount of £37,500 of new ordinary shares.
The general authority of £37,500 represents approximately 17.8 per cent. of the Company’s existing issued share capital.
We thank you in anticipation for your support.
Please feel free to call if you have any questions.
Yours sincerely,
Andrew Bell"