Avocet Mining PLC Result of AGM (7126Q)

TIDMAVM

RNS Number : 7126Q

Avocet Mining PLC

19 June 2015

Results of Annual General Meeting and General Meeting

Annual General Meeting

Avocet Mining PLC ("Avocet" or the "Company") confirms that all resolutions at the Annual General Meeting of its shareholders, held on 19 June 2015, were carried as proposed. The final proxy voting figures for the meeting are shown below:

 
    Resolution          Votes for(a)  Votes for %     Votes         Votes         Votes      Votes cast      Votes 
                                                     against      against %    validly cast    as % of    withheld(b) 
                                                                                             shares with 
                                                                                               voting 
                                                                                              rights(c) 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Ordinary 
    Resolutions 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Receipt of reports 
    and financial 
    statements for the 
    year ended 31 De 
1   2014                  49,910,247      100.00%           700         0.00%    49,910,947       23.87%        11,507 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
2   Receipt of            49,780,577       99.77%       112,736         0.23%    49,893,313       23.87%        25,197 
    Directors' 
    remuneration 
    report for the 
    year ended 31 Dec 
    2014 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Re-appointment of 
    R P Edey as 
3   Director              34,530,211       97.03%     1,056,935         2.97%    35,587,146       17.02%    14,331,324 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Re-appointment of 
    B J Rourke as 
4   Director              34,530,211       97.03%     1,056,935         2.97%    35,587,146       17.02%    14,331,324 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Re-appointment of 
    G Wylie as 
5   Director              34,530,211       97.03%     1,056,935         2.97%    35,587,146       17.02%    14,331,324 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Re-appointment of 
    D C Cather as 
6   Director              35,413,146       99.51%       174,000         0.49%    35,587,146       17.02%    14,331,324 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Re-appointment of 
    A M Norris as 
7   Director              35,411,646       99.51%       174,000         0.49%    35,585,646       17.02%    14,331,324 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
8   Re-appointment of     49,804,723       99.80%       100,000         0.20%    49,904,723       23.87%        13,787 
    Grant Thornton UK 
    LLP as auditors of 
    the Company 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
9   Authority to          49,815,247       99.80%       101,700         0.20%    49,916,947       23.88%         1,563 
    determine the 
    auditors' 
    remuneration 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
10  Authority to allot    44,778,777       99.77%       102,046         0.23%    44,880,823       21.47%     5,037,647 
    shares (s551 Co 
    Act 2006) 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
    Special 
    Resolutions 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
11  Authority to          49,798,512       99.77%       112,435         0.23%    49,910,947       23.87%         7,563 
    disapply 
    pre-emption rights 
    up to 5% of share 
    capital 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
12  Authority to          49,806,946       99.79%       104,001         0.21%    49,910,947       23.87%         7,563 
    purchase own 
    shares up to 10% 
    of share capital 
    ------------------  ------------  -----------  ------------  ------------  ------------  -----------  ------------ 
 

General Meeting

In addition, the Company confirms that both resolutions at the General Meeting of its shareholders, also held on 19 June 2015, were carried as proposed. The final proxy voting figures for this meeting are shown below:

 
    Resolution            Votes for(a)  Votes for %     Votes         Votes         Votes     Votes cast      Votes 
                                                       against      against %      validly      as % of    withheld(b) 
                                                                                    cast      shares with 
                                                                                                voting 
                                                                                               rights(c) 
    --------------------  ------------  -----------  ------------  ------------  -----------  -----------  ----------- 
    Ordinary Resolution 
    --------------------  ------------  -----------  ------------  ------------  -----------  -----------  ----------- 
    Approval of the 
     related party loan 
     from Manchester 
     Securities Corp 
     ("Elliott Lender"), 
     an 
     affiliate of 
     Elliott Management 
     Corporation 
1    ("Elliott")            21,488,128       99.15%       183,408         0.85%   21,671,536       11.99%        7,563 
    --------------------  ------------  -----------  ------------  ------------  -----------  -----------  ----------- 
 Special Resolution 
 -----------------------  ------------  -----------  ------------  ------------  -----------  -----------  ----------- 
2   Amendment to the        21,660,052      100.00%             0         0.00%   21,660,052       10.36%       19,047 
     Directors' 
     borrowing powers 
     under article 16.2 
     of the Company's 
     Articles 
     of Association 
    --------------------  ------------  -----------  ------------  ------------  -----------  -----------  ----------- 
 

Notes

   a)   "Votes for" includes those votes giving discretion to the Chairman 
   b)   "Votes withheld" do not count toward votes cast "for" or "against" a resolution 

c) As at 19 June 2015, the Company had 209,496,710 ordinary shares in issue, of which 209,054,701 represented ordinary shares with voting rights (after excluding 442,009 treasury shares). Ordinary shares with voting rights were entitled to vote for all resolutions at the Annual General Meeting and the General Meeting, with the exception of Resolution 1 of the General Meeting, where Elliott's holding of 28,245,037 ordinary shares was not entitled to vote in accordance with the Listing Rules.

The Company is in the process of finalising the arrangements for the Elliott Security in respect of the Third Elliott Loan Facility as detailed in the circular dated 22 May 2015 (the "Circular"). The Elliott Security is expected to be completed during the course of July, at which point the first tranche of US$0.2 million of the third facility of the Third Elliott Loan Facility will be draw down. The Company believes that its current financial resources will be adequate until that time.

In accordance with the Listing Rule 9.6.2, a copy of the Special Resolutions passed at these meetings has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.

Unless the context otherwise requires, capitalised terms used in this announcement shall have the meanings given to them in the Circular.

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC  Bell Pottinger             J.P. Morgan Cazenove       Strand Hanson Limited 
                    Financial PR Consultants   Corporate Broker           Sponsor 
David Cather, CEO  Daniel Thöle          Michael Wentworth-Stanley  Richard Tulloch 
 Mike Norris, FD                                                          Andrew Emmott 
[phone]   [phone]           [phone]           [phone] 
 

NOTES TO EDITORS

Avocet Mining PLC ("Avocet" or the "Company") is an unhedged gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa.

In Burkina Faso the Company owns 90% of the Inata Gold Mine. The Inata Gold Mine poured its first gold in December 2009 and produced 86,037 ounces of gold in 2014. Other assets in Burkina Faso include eight exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from the Inata Gold Mine.

In Guinea, Avocet owns 100% of the Tri-K Project in the north east of the country. Drilling to date has outlined a Mineral Resource of 3.0 million ounces, and in October 2013 the Company announced a maiden Ore Reserve on the oxide portion of the orebody, which is suitable for heap leaching, of 0.5 million ounces. As an alternative, the potential exists to exploit the entire 3.0 million ounce Tri-K orebody via the CIL processing method. The Company announced on 2 April 2015 that an exploitation permit had been awarded for Tri-K.

This information is provided by RNS

The company news service from the London Stock Exchange

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