Requisition of Extraordinary General Meeting

Karelian Diamond Resources Plc - Requisition of Extraordinary General Meeting

PR Newswire

London, September 1

Dissemination of a regulatory announcement that contains inside information according to Regulation (EU) No 596/2014 (MAR).

Karelian Diamond Resources plc 

(“Karelian Diamonds” or “the Company”)

2 September 2019

Requisition of Extraordinary General Meeting

Karelian Diamonds (AIM: KDR), the diamond exploration company, announces that, on Friday 30 August 2019, it received an undated document at its office (3300 Lake Drive, Citywest Business Campus, Dublin 24, D24 TD21, Ireland) from Interactive Investor Services Nominees Limited as nominee on behalf of Alan Osborne and Kevin Taylor and from Share Nominees Limited and (Rock) Nominees Limited on behalf of Steve Coomber (the “Requisitionists”) requisitioning an Extraordinary General Meeting (“EGM”) of the Company (the “Document”). The Document states that the Requisitionists hold, in aggregate, 4,385,255 ordinary shares in Karelian Diamonds which represents 11.86 per cent. of the Company’s current issued share capital.

The stated objects of the Document are to convene an EGM to remove Professor Richard Conroy, Maureen Jones, Seamus FitzPatrick, Dr Sor?a Conroy and Louis J Maguire as directors of the Company and to appoint Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor as directors of the Company. The Board do not believe the proposed change of board is in the interests of the Company’s shareholders as a whole.

The stated objects of the Document and the resolutions are identical with those proposed at the recent EGM of the Company held on 26 July 2019 at which none of the resolutions were passed.

The Board considers that the proposed requisition, received a few weeks after an EGM rejected identical resolutions, is vexatious and designed to hamper the Company in the orderly conduct of its business.

The Board will consider the request for an EGM in accordance with the statutory requirements of the Irish Companies Act 2014 and further announcements will be made in due course by the Company.

For further information please contact:

www.kareliandiamondresources.com