Capital Drilling Limited Results of Annual General Meeting (8439P)

TIDMCAPD

RNS Number : 8439P

Capital Drilling Limited

12 June 2020

 
   For Immediate Release         12 June 2020 
 

Capital Drilling Limited

("Capital Drilling", the "Group" or the "Company")

Results of Annual General Meeting

The Board of Directors of Capital Drilling announces that all resolutions put to shareholders at today's annual general meeting were duly passed.

Of 136,980,903 issued shares 103,032,443 voted, representing 75.22% of total shares issued.

Following today's AGM, Executive Chairman Jamie Boyton gave a short presentation followed by a Q&A session with the Board for shareholders. The presentation can be found here (https://www.capdrill.com/investors/announcements) and included the following highlights:

Q2 2020 Trading Update and COVID-19 Update

-- Q2 20 revenue expected to be broadly consistent with Q1 20, continuing the strong revenue growth on 2019

-- Operations continue to perform strongly with no Capital sites being meaningfully impacted by COVID-19, with the impact to operations limited to;

   -       The movement of people, particularly international travel 
   -       Increased RDO's (rostered days off) for fatigue management 
   -       Slower movement of goods across the supply chain 

-- Experienced delays in the resumption of greenfield exploration drilling, primarily due to travel restrictions

Outlook

-- Current gold prices providing a highly supportive environment for increased activity levels in exploration and delineation drilling

-- Financing activities have increased in May 2020 providing solid balance sheet support for junior and intermediate explorers

-- Increasing demand from existing clients, reflecting improved operating cash flows and increased operating budgets

-- Improved tendering pipeline across all business units pointing to strong demand growth which we expect will materialise in H2 2020, following the easing of travel restrictions and end of the wet season in West Africa

The details of the proxy votes lodged are set out below:

 
 RESOLUTION NUMBER       FOR        AGAINST      WITHHELD       TOTAL 
         1           102,923,455    108,267        721       103,032,443 
                    ------------  -----------  -----------  ------------ 
         2           102,923,455    108,267        721       103,032,443 
                    ------------  -----------  -----------  ------------ 
         3           59,178,695     127,245     43,726,503   103,032,443 
                    ------------  -----------  -----------  ------------ 
         4           66,599,834     127,245     36,305,364   103,032,443 
                    ------------  -----------  -----------  ------------ 
         5           66,599,834     127,245     36,305,364   103,032,443 
                    ------------  -----------  -----------  ------------ 
         6           81,524,479     108,267     21,399,697   103,032,443 
                    ------------  -----------  -----------  ------------ 
         7           87,941,443     127,245     14,963,755   103,032,443 
                    ------------  -----------  -----------  ------------ 
         8           65,906,089    15,743,228   21,383,126   103,032,443 
                    ------------  -----------  -----------  ------------ 
         9           87,960,421    15,071,301      721       103,032,443 
                    ------------  -----------  -----------  ------------ 
        10           91,717,914    3,830,421    7,484,108    103,032,443 
                    ------------  -----------  -----------  ------------ 
        11           91,753,967    3,767,170    7,511,306    103,032,443 
                    ------------  -----------  -----------  ------------ 
        12           102,858,806    153,938       19,699     103,032,443 
                    ------------  -----------  -----------  ------------ 
        13           91,753,967    3,767,170    7,511,306    103,032,443 
                    ------------  -----------  -----------  ------------ 
        14           102,833,530    127,668       71,245     103,032,443 
                    ------------  -----------  -----------  ------------ 
 

- ENDS -

For further information, please visit Capital Drilling's website www.capdrill.com or contact:

   Capital Drilling Limited                                                       [phone] 
   Jamie Boyton, Executive Chairman                                   [e-mail] 

André Koekemoer, Chief Financial Officer

Rick Robson, Executive - Corporate Development

Berenberg [phone]

Matthew Armitt

Jennifer Wyllie

Detlir Elezi

   Tamesis Partners LLP                                                           [phone] 

Charlie Bendon

Richard Greenfield

Buchanan [phone]

Bobby Morse [e-mail]

Kelsey Traynor

James Husband

About Capital Drilling

Capital Drilling is a leading mining services business providing a complete range of drilling and mine site services to mineral exploration and mining companies, with a focus on the African markets. The company's services include: exploration, development, drill and blast and grade control drilling for surface and underground projects and load and haul services. The Group's corporate headquarters are in Mauritius and it has established operations in Botswana, Burkina Faso, Côte d'Ivoire, Egypt, Mali, Mauritania, Namibia, Nigeria and Tanzania.

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June 12, 2020 07:08 ET (11:08 GMT)