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18 Nov 2022 07:00
SOVEREIGN METALS LIMITED
NEWS RELEASE | 18 NOVEMBER 2022
Results Annual General Meeting
The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 18 November 2022, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of AGM previously advised to the Australian Securities Exchange and shareholders. All resolutions were decided on and carried by way of poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the attached summary. A summary of the amended terms of the performance rights following the passing of Resolution 4 is also attached to this announcement.
The Company has also released a new Constitution which will be available to view at: http://sovereignmetals.com.au/aim-rule-26/.
ENQUIRIES
Dylan Browne Company Secretary+61(8) 9322 6322 info@sovereignmetals.com |
Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson | +44 20 3440 6800 |
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Joint Brokers |
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Berenberg | +44 20 3207 7800 |
Matthew Armitt |
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Jennifer Lee |
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Optiva Securities | +44 20 3137 1902 |
Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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Resolution | Number of Proxy Votes | Number and Percentage of Votes cast on the Poll | Voting Method and Result | |||||
For | Against | Abstain | Proxy's Discretion | For | Against | Abstain | ||
1. Remuneration Report | 4,353,276 | 142,906 | 20,435,842 | 8,138 | 6,245,414(98%) | 142,906(2%) | 20,435,842 | Carried on vote by poll |
2. Re-election of Director - Mr Benjamin Stoikovich | 23,207,518 | 1,684,506 | 40,000 | 8,138 | 25,099,656(94%) | 1,684,506(6%) | 40,000 | Carried on vote by poll |
3. Election of Director - Mr Nigel Jones | 24,883,224 | 8,800 | 40,000 | 8,138 | 26,775,362(99.99%) | 8,800(0.01%) | 40,000 | Carried on vote by poll |
4. Amendment to terms of existing Performance Rights | 18,696,476 | 151,706 | 6,083,842 | 8,138 | 20,588,614(99%) | 151,706(1%) | 6,083,842 | Carried on vote by poll |
5. Issue of Performance Rights to a Director - Mr Benjamin Stoikovich | 6,523,599 | 1,684,506 | 16,723,919 | 8,138 | 8,415,737 (83%) | 1,684,506 (17%) | 16,723,919 | Carried on vote by poll |
6. Ratify issue of Placement Shares issued pursuant to Listing Rule 7.1 | 24,832,224 | 8,800 | 91,000 | 8,138 | 26,724,362(99.99%) | 8,800(0.01%) | 91,000 | Carried on vote by poll |
7. Ratify issue of Placement Options issued pursuant to Listing Rule 7.1 | 24,689,318 | 151,706 | 91,000 | 8,138 | 26,581,456(99%) | 151,706(1%) | 91,000 | Carried on vote by poll |
8. Approval of Remuneration of Non-Executive Directors | 4,293,476 | 151,706 | 20,486,842 | 8,138 | 6,185,614(98%) | 151,706(2%) | 20,486,842 | Carried on vote by poll |
9. Adoption of new Constitution | 23,216,318 | 1,532,800 | 182,906 | 8,138 | 25,108,456(94%) | 1,532,800(6%) | 182,906 | Carried on vote by poll |
10. Approval of Additional 10% Placement Capacity | 24,841,024 | - | 91,000 | 8,138 | 26,733,162(100%) | -(0%) | 91,000 | Carried on vote by poll |
11. Appointment of Auditor | 24,892,024 | - | 40,000 | 8,138 | 26,784,162(100%) | -(0%) | 40,000 | Carried on vote by poll |
Resolution 4 sought Shareholder approval, pursuant to Listing Rule 6.23, to amend the terms of all existing Performance Rights currently on issue and amend the Performance Criteria as detailed below (Amendment).
TRANCHE | ORIGINAL PERFORMANCE CRITERIA | ORIGINAL EXPIRY DATE | AMENDED PERFORMANCE CRITERIA | AMENDED EXPIRY DATE | NO. OF PERFORMANCE RIGHTS |
2 | Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Feasibility Study has the meaning given in the JORC Code. | 31 December 2023 | Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following: · A minimum net present value of US$1,000M (using a minimum discount rate of 8%); · A minimum life of mine of 20 years; and · A minimum internal rate of return of 25%. | 30 September 2023 | 5,120,000 |
3 | Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project. Decision to Mine means a decision to commence mining operations. | 31 October 2025 | Definitive Feasibility Study Milestone means announcement of a positive Definitive Feasibility Study (DFS) for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following: · A minimum net present value of US$1,000M (using a minimum discount rate of 8%); · A minimum life of mine of 20 years; and · A minimum internal rate of return of 25%. | 31 October 2025 | 7,320,000 |
Following shareholder approval of resolution 4, the expiry date for the tranche two performance rights have been amended to 30 September 2023. Following the Amendment, Sovereign has the following securities on issue:
Quoted:
SVM - Ordinary fully paid: 470,875,023
Unquoted:
SVMAP - Performance Right Expiring 30-SEP-2023 (PFS): 5,120,000
SVMAQ - Performance Right Expiring 31-OCT-2025 (DFS): 7,320,000
SVMAS - Option Expiring 13-MAY-2023 EX $0.80: 11,105,125
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