Results of the Annual General Meeting

RNS Number : 5417E

Adriatic Metals PLC

06 November 2020

 

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

RESULT OF ANNUAL GENERAL MEETING

Adriatic Metals plc today held its Annual General Meeting ("AGM") at Regent House, 65 Rodney Road, Cheltenham GL50 1HX at 11.00am.

Each of the resolutions contained in the Notice of Meeting was put to the AGM and voted on by way of a poll. All were duly approved.

The total number of votes received on each resolution put to the AGM was as follows:

No.	Resolution	Votes FOR (a)	%	Votes AGAINST	%	Votes WITHHELD (b)
	ORDINARY RESOLUTIONS
1	Receive 2020 Annual Report and Accounts	87,689,729	100%	0	0%	6,253
2	Approve Directors' Remuneration Policy	86,044,833	97.04%	1,642,346	1.87%	8,403
3	Approve Annual Report on Remuneration	86,036,363	98.13%	1,641,216	1.87%	18,403
4	Re-elect Julian Barnes as a Director	87,429,217	99.7%	259,312	0.30%	7,453
5	Elect Sandra Bates as a Director	87,159,046	99.41%	518,200	0.59%	18,736
6	Elect Sanela Karic as a Director	87,607,958	99.91%	79,288	0.09%	8,736
7	Re-appoint BDO LLP as Auditor	87,688,729	100%	0	0%	7,253
8	Authorise Audit & Risk Committee to approve Auditor remuneration	87,633,896	99.99%	400	0%	61,686
9	Approve, for the purpose of ASX Listing Rule 10.14 and for all other purposes, the issue of 1m unlisted Options to Sanela Karic (or her nominee)	86,037,852	98.4%	1,399,394	1.6%	258,736
10	Approve increase from AUD400,000 to GBP400,000 in the maximum aggregate annual amount of fees payable to the Non-Executive Directors	60,933,505	99%	612,225	0.99%	8,549,120
11	Authorise Directors to allot shares under s551 Companies Act 2006	87,367,482	99.68%	284,338	0.32%	44,162
	SPECIAL RESOLUTIONS
12	Authority to disapply pre-emption rights on allotment of shares	85,224,118	97.24%	2,423,200	2.76%	48,664
13	Authority to purchase own shares	87,473,048	99.78%	191,530	0.22%	31,404
14	Authority to call General Meetings by notice of not less than 14 days	87,620,966	99.92%	66,338	0.08%	8,678

NOTES:

(a) The "For" proxy vote includes those giving the Chairman discretion.
(b) A vote "Withheld" is not a vote in law and is not counted in the calculation of the proxy votes "For" or "Against" the resolution.

***

The total number of ordinary shares in issue on 4 November 2020, the deadline for casting votes by proxy in advance of the AGM, was 201,496,519   shares. 43.77% of voting capital, including votes withheld, was instructed in respect of the resolutions put to the AGM.

The full text of the resolutions can be found in the Notice of Annual General Meeting, which is available on the Company's website at www.adriaticmetals.com  

In accordance with the UK Listing Authority's Listing Rule 9.6.2, copies of all the resolutions passed by the Company's shareholders, other than ordinary business will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Authorised by, and for further information please contact:

Paul Cronin
Managing Director & CEO
[e-mail]

** ENDS **

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.

For further information please visit www.adriaticmetals.com or @adriaticmetals visit  on Twitter; or contact:

Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton	Tel: [phone]
Tavistock Communications Limited
Charles Vivian	Tel: [phone]
Edward Lee	Tel:  [phone]
Gareth Tredway	Tel: [phone]
The Capital Network
Julia Maguire/Lelde Smits	Tel: [phone]

ABOUT ADRIATIC METALS

Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares Silver Project in Bosnia & Herzegovina and holds licences across the Raska District in Serbia.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent pre-feasibility study announced on 15 October 2020 indicate a post-tax NPV₈% of US$1,040 million and IRR of 113%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production with significant cornerstone investment of US$28 million from Queen's Road Capital Investment and EBRD.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate announced on 1 September 2020 and these assumptions continue to apply.

Adriatic Metals acquired TSX-listed Tethyan Resource Corp in 2020, to advance the former Kizevak and Sastavci polymetallic mines in the Raska District, southern Serbia.

 

END

 

 

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