Avocet Mining PLC Results of AGM and General Meeting (7867A)

TIDMAVM

RNS Number : 7867A

Avocet Mining PLC

09 June 2016

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 9 June 2016, were carried as proposed. The final proxy voting figures for the meeting are shown below:

 
   Resolution      Votes for(a)  Votes for %  Votes against  Votes against  Votes validly   Votes cast       Votes 
                                                                   %            cast         as % of      withheld(b) 
                                                                                           shares with 
                                                                                              voting 
                                                                                            rights(c) 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Ordinary 
   Resolutions 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Receipt of 
   reports and 
   financial 
   statements for 
   the year ended 
1  31 De 2015        38,948,734       100.00              -              -     38,948,734         18.63         40,480 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
2  Receipt of        38,733,519        99.71        112,715           0.29     38,846,234         18.58        141,980 
   Directors' 
   remuneration 
   report for the 
   year ended 31 
   Dec 2015 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Re-appointment 
   of R Edey as 
3  Director          27,042,388        69.55     11,839,471          30.45     38,881,859         18.60        107,355 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Re-appointment 
   of B Rourke as 
4  Director          27,042,388        69.56     11,833,471          30.44     38,875,859         18.60        113,355 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Re-appointment 
   of G Wylie as 
5  Director          37,972,743        97.68        903,116           2.32     38,875,859         18.60        113,355 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Re-appointment 
   of D Cather as 
6  Director          38,618,259        99.31        267,080           0.69     38,885,339         18.60        103,875 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
   Re-appointment 
   of J Wynn as 
7  Director          38,618,259        99.31        267,080           0.69     38,885,339         18.60        103,875 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
8  Re-appointment    38,753,734        99.73        104,480           0.27     38,858,214         18.59        131,000 
   of Grant 
   Thornton UK 
   LLP as 
   auditors of 
   the Company 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
9  Authority to      38,753,734        99.65        134,480           0.35     38,888,214         18.60        101,000 
   determine the 
   auditors' 
   remuneration 
   --------------  ------------  -----------  -------------  -------------  -------------  ------------  ------------- 
 

General Meeting

In addition, the Company confirms that all resolutions at the General Meeting of its shareholders, also held on 9 June 2016, 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 cast    as % of     withheld(b) 
                                                                                            shares with 
                                                                                               voting 
                                                                                             rights(c) 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   Ordinary 
   Resolutions 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   Sub-division of 
   Existing Ordinary 
1  Shares                27,757,016        99.42       163,321          0.58    27,920,337         13.36        18,185 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   10:1 consolidation 
   of New Ordinary 
2  Shares                27,759,016        99.42       161,321          0.58    27,920,337         13.36        18,185 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   Special Resolution 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
3  Amendment             27,760,016        99.45       154,321          0.55    27,914,337         13.35        24,185 
   Company's Articles 
   of Association to 
   reflect changes in 
   share capital and 
   to determine 
   the rights of 
   Deferred Ordinary 
   Shares 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   Ordinary 
   Resolution 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
4  Authority to allot    27,760,016        99.43       160,321          0.57    27,920,337         13.36        18,185 
   shares (s551 Co 
   Act 2006) 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
   Special 
   Resolutions 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
5  Authority to          27,757,816        99.43       159,041          0.57    27,916,857         13.35        21,665 
   disapply 
   pre-emption rights 
   up to 5% of share 
   capital 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
6  Authority to          27,762,096        99.43       158,241          0.57    27,920,337         13.36        18,185 
   purchase own 
   shares up to 10% 
   of share capital 
   ------------------  ------------  -----------  ------------  ------------  ------------  ------------  ------------ 
 

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 7 June 2016, 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.

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 Notices of Meeting and Shareholders' Circulars dated 12 May 2016.

A short presentation has also been made available on the Company's website at www.avocetmining.com

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC  Bell Pottinger             J.P. Morgan Cazenove 
                    Financial PR Consultants   Corporate Broker 
David Cather, CEO  Daniel Thöle          Michael Wentworth-Stanley 
 Jim Wynn, FD 
[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 74,755 ounces of gold in 2015. Other assets in Burkina Faso include five 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. An exploitation permit was awarded for Tri-K on 27 March 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

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