Result of GM, Retirement of Non-executive Chairman

RNS Number : 5344T

Emmerson PLC

25 March 2021

 

Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining

25 March 2021

Emmerson Plc ("Emmerson" or the "Company")

Result of General Meeting

Retirement of Non-executive Chairman

Emmerson plc, the Moroccan focused potash development company, is pleased to announce that at the General Meeting held earlier today, the Resolutions to approve (i) the cancellation of the listing of the Company's ordinary shares on the Official List and from trading on the Main Market ("Cancellation"), (ii) the move to AIM, and (iii) give the Directors the authority to disapply pre-emption rights were duly passed.

These documents are available to view on the Company's website:

www.emmersonplc.com/investors/corporate-documents/

Following the passing of the Resolutions, the Group today expects to make an application to effect the Cancellation and seek admission to trading on AIM ("Admission"). The Cancellation is expected to become effective at 8.00 a.m. on 26 April 2021 and Admission is expected to become effective at 8.00 a.m. on the same date, 26 April 2021.

Retirement of Non-executive Chairman

The Company also announces, that Mark Connelly has decided to retire from his role as Chairman with effect from Admission. James Kelly, Non-Executive Director, will assume the role of independent Non-Executive Chairman of the Company from Admission.

Graham Clarke, CEO, commented : "On behalf of the Board and the team at Emmerson, I would like to thank Mark for his tenure as Chairman and extend to him our appreciation for his dedication and invaluable contribution to the board and Company since his appointment. He has overseen a period of significant progress at Emmerson.

"In James we have a highly experienced Chairman who is well qualified to lead the board in this exciting period as we prepare the project financing."

Unless otherwise defined herein, capitalised terms in this announcement have the same meaning as in the shareholder circular published on 2 March 2021 available on the Company's website www.emmersonplc.com .

**ENDS**

For further information, please visit  www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact:  Graham Clarke Edward McDermott Emmerson plc [phone]  Jerry Keen Toby Gibbs John More Shore Capital [phone]  Damon Heath Isabella Pierre Shard Capital [phone] Megan Denison Susie Geliher St Brides Partners Limited Financial PR/IR [phone]

Notes to Editors

Emmerson's primary focus is on developing the Khemisset project ("Khemisset" or the "Project") located in Northern Morocco.  The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K₂O and significant exploration potential with an accelerated development pathway targeting a low capex, high margin mine. Khemisset is perfectly located to capitalise on the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Emmerson is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated Khemisset has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics including a post-tax NPV₁₀ of approximately US$1.4 billion using industry expert, Argus', price forecasts.

 

END

 

 

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