Annual Report & Notice of AGM

RNS Number : 4755C

Ormonde Mining PLC

21 June 2021

 

21 June 2021

Ormonde Mining plc

("Or m onde" or "the Company")

Annual Report and Notice of Annual General Meeting

Annual Report

Ormonde announces that it has published its 2020 Annual Report and Accounts which are being posted to shareholders today. A copy of the document is now available on the Company's website www.ormondemining.com . 

Annual General Meeting

In order to facilitate maximum shareholder participation and the attendance of all UK based directors, the Company's Annual General Meeting ("AGM") will be held by way of a virtual meeting in accordance with section 174A(5) of the Companies Act 2014 (as inserted by the Companies (Miscellaneous Provisions) (COVID-19) Act 2020) at 11: 00 a.m. IST/BST on Friday 16 July 2021 via a virtual meeting platform provided by Computershare Investor Services (Ireland) Limited (the "Virtual Meeting Platform"), through which shareholders will be given the opportunity to remotely access the AGM, participate in Q&A and vote. Further information on remotely accessing and participating in the AGM via the Virtual Meeting Platform is set out in the Notice of AGM and accompanying Guide to Accessing the AGM on the Company's website.

The Notice of AGM, Form of Proxy, Letter from the Chair and Guide to Accessing the AGM are also being posted to shareholders today and are all available on the Company's website.

Importance of shareholder votes

The Letter from the Chair contains some important background and explanatory notes in relation to the resolutions being proposed at the AGM. In particular, shareholders are being asked to approve a resolution to grant a general authority to the Directors to allot "relevant securities" ("Resolution 4").  This is a typical public company resolution sought annually which would provide the Directors with the ability to use the Company's shares as part or full consideration for a transaction, within the limitations of the Company's authorised share capital.

Ormonde's Board of Directors ("the Board") considers the passing of Resolution 4 as being critical to provide it with the minimum flexibility required to have a realistic opportunity to deliver a material acquisition as a platform to enhance the long term value of the Company.  This same resolution was not passed at the last AGM, leading to the failure to complete one such transaction earlier in 2021 as, inter alia, Ormonde was unable to evidence its ability to conduct share issuances as part of the planned consideration. Accordingly, the Board wishes to emphasise the importance for all shareholders to vote in favour of this resolution, in a transaction landscape which has changed markedly in recent months in terms of financing opportunities for project owners given the increased capital now available to junior mining companies.  In order for the Company to be at its most competitive to attract and compete in this M&A environment the Board is once again asking shareholders to approve this resolution. 

Should Resolution 4 not be approved, the Board's ability to engage seriously with project vendors and complete such a deal would be severely limited.

The Directors believe that the proposals set out in each of the resolutions being put to the AGM are in the best interests of the Company and of shareholders as a whole and, accordingly, the Directors unanimously recommend that shareholders vote in favour of each of the resolutions.

Enquiries to:

Ormonde Mining plc

Jonathan Henry, Executive Chairman

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Tel: [phone]

Buchanan

Bobby Morse / Ariadna Peretz / James Husband

Tel: [phone]

Email: [e-mail]

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: [phone]

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: [phone]

 

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