Last checked at 6 Nov 2020 11:30
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
RESULT OF ANNUAL GENERAL MEETING
Adriatic Metals plc today held its Annual General Meeting ("AGM") at Regent House, 65 Rodney Road, Cheltenham GL50 1HX at 11.00am.
Each of the resolutions contained in the Notice of Meeting was put to the AGM and voted on by way of a poll. All were duly approved.
The total number of votes received on each resolution put to the AGM was as follows:
No. | Resolution | Votes FOR (a) | % | Votes AGAINST | % | Votes WITHHELD (b) |
ORDINARY RESOLUTIONS
| ||||||
1 | Receive 2020 Annual Report and Accounts | 87,689,729 | 100% | 0 | 0% | 6,253 |
2 | Approve Directors' Remuneration Policy | 86,044,833 | 97.04% | 1,642,346 | 1.87% | 8,403 |
3 | Approve Annual Report on Remuneration | 86,036,363 | 98.13% | 1,641,216 | 1.87% | 18,403 |
4 | Re-elect Julian Barnes as a Director | 87,429,217 | 99.7% | 259,312 | 0.30% | 7,453 |
5 | Elect Sandra Bates as a Director | 87,159,046 | 99.41% | 518,200 | 0.59% | 18,736 |
6 | Elect Sanela Karic as a Director | 87,607,958 | 99.91% | 79,288 | 0.09% | 8,736 |
7 | Re-appoint BDO LLP as Auditor | 87,688,729 | 100% | 0 | 0% | 7,253 |
8 | Authorise Audit & Risk Committee to approve Auditor remuneration
| 87,633,896 | 99.99% | 400 | 0% | 61,686 |
9 | Approve, for the purpose of ASX Listing Rule 10.14 and for all other purposes, the issue of 1m unlisted Options to Sanela Karic (or her nominee)
| 86,037,852 | 98.4% | 1,399,394 | 1.6% | 258,736 |
10 | Approve increase from AUD400,000 to GBP400,000 in the maximum aggregate annual amount of fees payable to the Non-Executive Directors
| 60,933,505 | 99% | 612,225 | 0.99% | 8,549,120 |
11 | Authorise Directors to allot shares under s551 Companies Act 2006
| 87,367,482 | 99.68% | 284,338 | 0.32% | 44,162 |
SPECIAL RESOLUTIONS
| ||||||
12 | Authority to disapply pre-emption rights on allotment of shares
| 85,224,118 | 97.24% | 2,423,200 | 2.76% | 48,664 |
13 | Authority to purchase own shares | 87,473,048 | 99.78% | 191,530 | 0.22% | 31,404 |
14 | Authority to call General Meetings by notice of not less than 14 days
| 87,620,966 | 99.92% | 66,338 | 0.08% | 8,678 |
NOTES:
(a) The "For" proxy vote includes those giving the Chairman discretion.(b) A vote "Withheld" is not a vote in law and is not counted in the calculation of the proxy votes "For" or "Against" the resolution.
***
The total number of ordinary shares in issue on 4 November 2020, the deadline for casting votes by proxy in advance of the AGM, was 201,496,519 shares. 43.77% of voting capital, including votes withheld, was instructed in respect of the resolutions put to the AGM.
The full text of the resolutions can be found in the Notice of Annual General Meeting, which is available on the Company's website at www.adriaticmetals.com
In accordance with the UK Listing Authority's Listing Rule 9.6.2, copies of all the resolutions passed by the Company's shareholders, other than ordinary business will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Authorised by, and for further information please contact: Paul CroninManaging Director & CEOinfo@adriaticmetals.com
** ENDS **
Market Abuse Regulation Disclosure
The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com or @adriaticmetals visit on Twitter; or contact:
Adriatic Metals PLC | |
Paul Cronin / Emma Chetwynd Stapylton | Tel: +44 (0) 203 950 9138 |
Tavistock Communications Limited | |
Charles Vivian | Tel: +44 (0) 7977 297903 |
Edward Lee | Tel: +44 (0) 7736 220565 |
Gareth Tredway | Tel: +44 (0) 7785 974264 |
The Capital Network | |
Julia Maguire/Lelde Smits | Tel: +61 2 8999 3699 |
ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares Silver Project in Bosnia & Herzegovina and holds licences across the Raska District in Serbia.
The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent pre-feasibility study announced on 15 October 2020 indicate a post-tax NPV8% of US$1,040 million and IRR of 113%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production with significant cornerstone investment of US$28 million from Queen's Road Capital Investment and EBRD.
There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate announced on 1 September 2020 and these assumptions continue to apply.
Adriatic Metals acquired TSX-listed Tethyan Resource Corp in 2020, to advance the former Kizevak and Sastavci polymetallic mines in the Raska District, southern Serbia.