APP.L Regulatory News (APP)

6 Jan 2006 15:55

African Platinum Plc06 January 2006 African Platinum plc ("The Company")Ticker : APPIndex : AIMSector : Exploration NOTICE OF EXTRAORDINARY GENERAL MEETING The Company announces it has today posted a Notice of Extraordinary GeneralMeeting ("EGM") to its shareholders together with an accompanying letter, whichoutlines the background and reason for the EGM. The EGM Is to be held on 30th January 2006 to seek disapplication of pre-emptionrights on allotments of equity securities for cash in respect of the issue of upto 21.217 million shares, being 5% of the current issued share capital, and thegrant of options pursuant to the Company's existing share option scheme. At the Annual General Meeting held in November 2005, a resolution to disapplypre-emption rights on allotments of shares for cash in respect of the balance ofthe authorised but un-issued share capital of the Company was withdrawn assufficient shareholders had voted against the proposal to ensure that it wouldnot be carried. The Company believes this new resolution is in line with current corporategovernance practice for some limitation to be placed on the number of equitysecurities that directors can issue for cash consideration without offeringpre-emption rights to existing shareholders. It is intended that out of the 21.217 million shares in respect of whichpre-emption right disapplication is sought, 3.5 million warrants will be issuedto Mr. Charles Hansard at an exercise price of £0.30 in respect of hisappointment as Chairman of the Board on the 17th December 2004, and 3.5 millionwarrants to Dr Mark Bristow at an exercise price of £0.30 in respect of hisappointment to the Board on the 23rd November 2004. The granting of thesewarrants was approved in principle by Board Resolutions passed consequent to theappointment of Mr. Hansard as Chairman of the Board and Dr Bristow as anon-executive director of African Platinum plc, but the formal grant of thewarrants has not yet been completed. It should be noted that shares to which this disapplication of pre-emptionrights will apply will not be used for capital funding of the Leeuwkop Project.A separate proposal will be submitted to shareholders after finalisation of thebankable feasibility study and funding structure recommendations by theCompany's financial advisors. 6 January 2006 This information is provided by RNS The company news service from the London Stock Exchange