29 May 2019 09:41
29 May 2019
MOD Resources Limited
("MOD" or the "Company")
Results of Annual General Meeting
MOD Resources Ltd (ASX: MOD) advises the outcome of resolutions put to shareholders at the Annual General Meeting held today. A poll was conducted for each resolution and all resolutions were passed, with the exception of Resolution 12 which was not required given shareholders approved Resolution 1.
In accordance with ASX Listing Rule 3.13.2 and Section 251AA of the Corporations Act 2001 (Cth), a summary of proxy votes and the number of votes cast on each poll is attached.
-ENDS-
For and on behalf of the Board.
Julian Hanna Managing Director | Mark Clements Executive Chairman and Company Secretary |
Jeff Sansom Investor Relations E: IR@modresources.com.au P: +61 (8) 9322 8233 | Jos Simson / Emily Fenton (UK PR & IR) Tavistock P: +44 (0) 207 920 3150 P: +44 (0) 778 855 4035 E: MOD@tavistock.co.uk |
Subscribe at: www.modresources.com.au
About MOD Resources
MOD Resources Ltd (ASX/LSE: MOD) is a dual listed copper exploration and development company with a dominant land position within the Kalahari Copper Belt in Botswana. The Company is focussed on the 100% MOD owned T3 Copper Project, expected to be a high-margin, low-cost copper mine. In parallel with the development of the T3 Copper Project, MOD continues its exploration program across several priority drill targets and within untested areas of interesting and potentially significant Cu-Zn soil anomalies.
A substantial in-fill drilling program is in progress with the objective to upgrade a portion of T3 Indicated Mineral Resources to the higher confidence Measured Resource category subsequent to this FS announcement.
The Company is continuing to advance discussions with interested parties in relation to T3 funding opportunities and is targeting to commence development of the T3 Copper Project in the second half of 2019, with a vision of first copper concentrate production in the first half of 2021. In the mid-term MOD will focus on generating value for shareholders.
MOD has a social licence to operate within Botswana as well as within the host community of Ghanzi. MOD will continue to work collaboratively with regulators and members of the Ghanzi District to ensure that any social investments and developments are targeted to create a positive and lasting legacy.
The following information is provided in accordance with section251AA(2) of the Corporations Act 2001 (Cth).
ANNUAL GENERAL MEETING
Wednesday, 29 May 2019
Manner in which the security holder directed the proxy to vote (as at proxy close)
| Manner in which votes were cast in person or by proxy on a poll (where applicable) | Resolution Result | |||||||
Resolution | Votes For | Votes Against | Votes Discretionary | Votes Abstain | For | Against | Abstain* | Carried/ Not Carried | |
1 | 2018 Remuneration Report | 95,082,209 | 13,628,586 | 167,220 | 84,470 | 97,924,725 87.76% | 13,663,832 12.24% | 84,470 | Carried |
2 | Re-election of Mr Mark Clements as Director | 110,323,954 | 13,585,181 | 10,797,869 | 38,480 | 129,401,559 90.50% | 13,585,181 9.50% | 73,726 | Carried |
3 | Election of Mr Michael McNeilly as Director | 110,283,493 | 13,570,712 | 10,797,869 | 93,410 | 127,176,867 88.99% | 15,739,943 11.01% | 143,656 | Carried |
4 | Ratification of Placement | 73,980,238 | 245,840 | 10,808,969 | 38,506,353 | 90,899,712 97.41% | 2,415,071 2.59% | 38,541,599 | Carried |
5 | Issue of Shares to Mr Mark Clements | 106,215,649 | 13,785,757 | 10,802,137 | 3,941,941 | 119,350,094 89.39% | 14,163,991 10.61% | 3,947,188 | Carried |
6 | Issue of Shares to Mr Steve McGhee | 104,938,148 | 13,785,757 | 10,802,137 | 5,219,442 | 118,072,593 89.29% | 14,163,991 10.71% | 5,224,689 | Carried |
7 | Issue of LTI Options to Mr Julian Hanna under the Employee Incentive Plan | 101,076,670 | 13,718,839 | 10,797,869 | 9,152,106 | 114,206,847 89.01% | 14,097,073 10.99% | 9,157,353 | Carried |
8 | Issue of LTI Options to Mr Mark Clements under the Employee Incentive Plan | 101,074,670 | 13,718,839 | 10,797,869 | 9,154,106 | 114,204,847 89.01% | 14,097,073 10.99% | 9,159,353 | Carried |
9 | Issue of LTI Options to Mr Steve McGhee under the Employee Incentive Plan | 101,074,670 | 13,718,839 | 10,797,869 | 9,154,106 | 114,204,847 89.01% | 14,097,073 10.99% | 9,159,353 | Carried |
10 | Approval of 10% Placement Facility | 119,195,643 | 4,740,875 | 10,797,869 | 11,277 | 137.782,003 96.34% | 5,231,940 3.66% | 46,523 | Carried |
11 | Increase in Aggregate Non-Executive Director Fee Pool | 95,054,845 | 13,782,479 | 167,220 | 9,192,365 | 95,237,065 85.25% | 16,478,021 14.75% | 9,197,612 | Carried |
12 | Spill Resolution (Conditional on Resolution 1) | 24,479,326 | 81,508,968 | 168,297 | 169,302 | 26,683,803 24.51% | 82,183,330 75.49% | 169,302 | Not required |
* Votes cast by a person who abstains on an item are not counted in calculating the required majority on a poll.