Richland Resources Ltd Result of AGM (9654Y)

TIDMRLD

RNS Number : 9654Y

Richland Resources Ltd

23 May 2016

Richland Resources Limited

("Richland" or "the Company") (AIM: RLD)

23(rd) May 2016

RESULTS OF ANNUAL GENERAL MEETING

Richland Resources Ltd, the gemstones producer and developer of the Capricorn Sapphire project, announces that proxies representing 97,712,500 shares were received in relation to the Annual General Meeting of Richland Resources Limited on 20(th) May 2016 and that all the following resolutions and items of business were passed:

   1.           Accounts for the Period Ended 31 December 2015 

To receive the financial statements, Directors' report and Auditor's report for the Company and its controlled entities for the period ended 31 December 2015.

   2.           Resolution 1 - Re-election of Dr. Bernard Olivier 

To consider and, if thought fit, to pass, with or without amendment, the following resolution:

"That Dr. Bernard Olivier, who retires by rotation in accordance with the Company's Bye-Laws and being eligible, offers himself for re-election, be re-elected as Director."

 
                    No. of Votes    % of Votes 
                                         Count 
 In Favour:           89,055,249        91.14% 
 Against:              8,657,251         8.86% 
                      97,712,500       100.00% 
               -----------------  ------------ 
 
   3.           Resolution 2 - Re-appointment of Auditor 

To consider and, if thought fit, to pass, with or without amendment, the following resolution:

"To re-appoint BDO Audit (Wa) Pty Ltd as auditor to the Company, to hold office until the next annual general meeting of the Company, at a fee to be agreed by the Directors."

 
                         No. of        % of Votes 
                          Votes             Count 
 In Favour:          97,712,500           100.00% 
 Against:                     -                 - 
                     97,712,500           100.00% 
               ----------------  ---------------- 
 
   4.           Resolution 3 - Cancellation of 2009 Restricted Shares 

To consider and, if though fit, to pass, with or without amendment, the following resolution:

"That the Company on 10(th) December 2016 acquire as Treasury Shares the 7,275,000 restricted shares issued to Directors and employees in 2009 as repayment of the 2009 Shares Loan."

 
                         No. of             % of Votes 
                          Votes                  Count 
 In Favour:          82,472,081                 84.40% 
 Against:            15,240,419                 15.60% 
                     97,712,500                100.00% 
               ----------------  --------------------- 
 
   5.           Resolution 4 - Issue of 12 million Share Options 

To consider and, if though fit, to pass, with or without amendment, the following resolution:

"That the Company issue 12 million share options over Shares in the Company with an exercise price of 3.5 pence per Share and that 3 million of the 12 million share options be issued to Dr. Bernard Olivier with the balance to be issued to the group's senior management, consultants and employees."

 
                         No. of             % of Votes 
                          Votes                  Count 
 In Favour:          73,804,830                 75.53% 
 Against:            23,907,670                 24.47% 
                     97,712,500                100.00% 
               ----------------  --------------------- 
 

Following the passing of Resolution 4 the remuneration committee of the Company have decided to delay the issue of the options approved by this resolution until Capricorn Sapphire Pty Ltd., the group's subsidiary which operates the group's Capricorn Sapphire mine, has its first profitable quarter. The Company will make an announcement when any options are issued.

End

For more information, please contact:

 
 Bernard Olivier          Edward Nealon          Mike Allardice 
  Chief Executive          Chairman               Group Company Secretary 
  Officer                  [phone]        [phone] 
  [phone] 
 
 Laurence Read            Nominated Advisor      Broker (AIM) 
  Corporate Development    (AIM)                  Shore Capital 
  and Communications       RFC Ambrian Limited    Jerry Keen (corporate 
  Officer                  Stephen Allen          broking) 
  [phone]          [phone]         Toby Gibbs / Mark 
  9923                     2507                   Percy (corporate 
                                                  finance) 
                                                  [phone] 
                                                  4090 
 

Notes to the Editor:

Further information is available on the Company's website: www.richlandresourcesltd.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 23, 2016 02:00 ET (06:00 GMT)