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EDL Edenville Energy Plc

14.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Edenville Energy Plc LSE:EDL London Ordinary Share GB00BN47NP32 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 14.25 14.00 14.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Edenville Energy PLC Result of General Meeting (4443Z)

17/05/2019 1:49pm

UK Regulatory


Edenville Energy (LSE:EDL)
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TIDMEDL

RNS Number : 4443Z

Edenville Energy PLC

17 May 2019

17 May 2019

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Result of General Meeting

Edenville Energy Plc (AIM: EDL), the AIM quoted company developing the Rukwa coal project in southwest Tanzania (the "Project"), announces that at the General Meeting of the Company held earlier today in London, all resolutions put to shareholders were duly passed.

The votes were cast as follows in respect of Shareholders who have appointed the Chairman of the General Meeting as their proxy:

 
  Resolution      Votes        %     Discretionary    %       Votes       %       Votes 
                    for                  votes               against             withheld 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      1        162,387,930   97.92        0         0.00   3,449,606    2.08   36,314,477 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      2        188,645,694   93.46        0         0.00   13,191,842   6.54    314,477 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      3        162,580,774   97.92        0         0.00   3,449,453    2.08   36,121,786 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      4        162,385,430   97.92        0         0.00   3,452,106    2.08   36,314,477 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      5        188,645,694   93.46        0         0.00   13,191,842   6.54    314,477 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
      6        162,580,774   97.92        0         0.00   3,449,453    2.08   36,121,786 
------------  ------------  ------  --------------  ----  -----------  -----  ----------- 
 

Following the passing of the resolutions the Conditional Placing to raise GBP410,000 (before expenses) through the issue of 2,050,000,000 Placing Shares has completed and the Conditional Placing Shares will be admitted to trading on AIM as further detailed below.

The net proceeds of the Placing will be used to expand the existing mining operations at the Project, specifically the opening up of the northern mining area and to provide additional working capital primarily to allow the Project to increase plant throughput and generate additional sales of washed coal.

Director Salary Shares

As described in the Company's announcement on 29 April 2019, in order to assist the Company, the Directors Rufus Short and Jeffrey Malaihollo have agreed to take their unpaid salaries partially and fully respectively in Ordinary Shares which are to be issued at a price of 0.02p per share (the "Director Salary Shares").

Following the admission of the Director Salary Shares and the Conditional Placing Shares (together the "New Ordinary Shares") to trading on AIM ("Second Admission"), the holdings of the Directors in the enlarged issued share capital of the Company will be as follows:

 
Director             Holding of Ordinary Shares following Admission  Percentage holding of Enlarged Share Capital 
Rufus Short                                              85,021,961                                           1.9 
Jeffrey Malaihollo                                      153,125,000                                           3.5 
 

Arun Srivastava, the Company's Non-Executive Director, does not currently hold any Ordinary Shares.

Director Salary Reductions

In addition to the proposed issue of Director Salary Shares, and as previously announced, as part of the ongoing cost cutting measures, Rufus Short has agreed to a 25 per cent. reduction in his salary from GBP130,000 (to GBP97,500), Jeff Malaihollo to a 20 per cent. reduction in his salary from GBP45,000 (to GBP36,000) and Arun Srivastava to a 31 per cent. reduction in his salary from GBP36,000 (to GBP24,840), all with effect from 29 April 2019. The Directors expect these reduced salaries to remain in place until at least the end of 2019 and will make further announcements regarding their remuneration as appropriate.

In addition, to further assist the Company reduce costs and conserve capital, Rufus Short has agreed to waive any entitlement to the GBP25,250 in unpaid salary previously deferred and Jeff Malaihollo has agreed to reduce his salary by a further 50 per cent. from GBP36,000 (to GBP18,000) between 1 May 2019 and 31 August 2019, equating to a further saving to the Company of GBP6,000.

Related Party Transaction

The issue of Director Salary Shares to Rufus Short and Jeff Malaihollo constitutes a related party transaction in accordance with AIM Rule 13. Dr Arun Srivastava who is not receiving Director Salary Shares and is therefore independent for this purpose, considers after consultation with the Company's Nominated Adviser, that the terms of the issue of the Director Salary Shares to Rufus Short and Jeff Malaihollo are fair and reasonable, in so far as the Company's shareholders are concerned.

Admission to Trading on AIM and Total Voting Rights

Application has been made for the 2,263,980,000 New Ordinary Shares, which will rank pari passu with the Company's issued Ordinary Shares, to be admitted to trading on AIM. It is expected that Second Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 20 May 2019.

Following the issue of the New Ordinary Shares, the Company will have 4,412,241,762 Ordinary Shares in issue. No Ordinary Shares are held in treasury. The figure of 4,412,241,762 Ordinary Shares may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the circular of the Company dated 29 April 2019.

For further information please contact:

 
 Edenville Energy Plc 
  Jeff Malaihollo - Chairman 
  Rufus Short - CEO                 +44 (0) 20 3934 6630 
 SP Angel Corporate Finance 
  LLP 
  (Nominated Adviser and Broker) 
  David Hignell 
  Jamie Spotswood 
  Abigail Wayne                       +44 (0) 20 3470 0470 
 IFC Advisory 
  (Financial PR and IR) 
  Tim Metcalfe 
  Graham Herring 
  Heather Armstrong                 +44 (0) 20 3934 6630 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                    Rufus Short 
      --------------------------------------  -------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------------------ 
 a)    Position/status                         CEO 
      --------------------------------------  -------------------------------------- 
 b)    Initial notification                    Initial Notification 
        /Amendment 
      --------------------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------------ 
 a)    Name                                    Edenville Energy plc 
      --------------------------------------  -------------------------------------- 
 b)    LEI                                     213800DBIRLNVAHNDU21 
      --------------------------------------  -------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      ------------------------------------------------------------------------------ 
 a)    Description of the                      Ordinary Shares of 0.02p each 
        financial instrument, 
        type of instrument 
 
       Identification code                     GB00BFMX4873 
 
 b)    Nature of the transaction               Issue of Ordinary Shares in lieu 
                                                of unpaid salary 
      --------------------------------------  -------------------------------------- 
 c)    Price(s) and volume(s) 
                                               ----------------  ----------------- 
                                                Price(s)          Volume(s) 
                                               ----------------  ----------------- 
                                                0.02p             73,355,200 
                                               ----------------  ----------------- 
 
 d)    Aggregated information 
   n/a - single transaction 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction                 17 May 2019 
      --------------------------------------  -------------------------------------- 
 f)    Place of the transaction                Outside a trading venue 
      --------------------------------------  -------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                   Jeffrey Malaihollo 
      -------------------------------------  -------------------------------------- 
 2     Reason for the notification 
      ----------------------------------------------------------------------------- 
 a)    Position/status                        Chairman 
      -------------------------------------  -------------------------------------- 
 b)    Initial notification                   Initial Notification 
        /Amendment 
      -------------------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------------- 
 a)    Name                                   Edenville Energy plc 
      -------------------------------------  -------------------------------------- 
 b)    LEI                                    213800DBIRLNVAHNDU21 
      -------------------------------------  -------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      ----------------------------------------------------------------------------- 
 a)    Description of the                     Ordinary Shares of 0.02p each 
        financial instrument, 
        type of instrument 
 
       Identification code                    GB00BD0S4T13 
 
 b)    Nature of the transaction              Issue of Ordinary Shares in lieu 
                                               of unpaid salary 
      -------------------------------------  -------------------------------------- 
 c)    Price(s) and volume(s) 
                                              ---------------  ------------------ 
                                               Price(s)         Volume(s) 
                                              ---------------  ------------------ 
                                               0.02p            140,625,000 
                                              ---------------  ------------------ 
 
 d)    Aggregated information 
   n/a - single transaction 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction                17 May 2019 
      -------------------------------------  -------------------------------------- 
 f)    Place of the transaction               Outside a trading venue 
      -------------------------------------  -------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ROMDMGMKZNDGLZM

(END) Dow Jones Newswires

May 17, 2019 08:49 ET (12:49 GMT)

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