Egdon Resources PLC Results of General Meeting

TIDMEDR

RNS Number : 6309M

Egdon Resources PLC

22 January 2021

EGDON RESOURCES PLC

("Egdon" or "the Company")

Results of General Meeting

22 January 2021

Egdon Resources plc (AIM: EDR) is pleased to announce that at the General Meeting held at 10.00 hours today Shareholders approved all the resolutions proposed in the notice of general meeting contained in the Circular sent to Shareholders dated 6 January 2021. Capitalised terms not defined in this announcement shall have the meaning ascribed to them in the Circular.

-- Resolution 1, (the "Whitewash Resolution") was an ordinary resolution to approve the Rule 9 Waiver, with 97.64 % voting in favour and 2.36 % voting against;

-- Resolution 2, was an ordinary resolution to authorise the Directors to allot Ordinary Shares pursuant to the terms of the Subscription Agreement and Convertible Loan Note Instrument up to a maximum nominal amount of GBP732,334.06, with 99.17 % voting in favour and 0.83 % voting against, and;

-- Resolution 3, was proposed a special resolution, to disapply the statutory pre-emption rights in respect of the Ordinary Shares allotted for cash, pursuant to the authority conferred on them by resolution 2 to allot such shares up to a maximum nominal value of GBP732,334.06, with 99.16 % voting in favour and 0.84 % voting against.

The Whitewash Resolution was taken in accordance with the requirements of the Takeover Code and decided on a poll of Independent Shareholders voting at the General Meeting. Members of the Concert Party were not permitted to vote on Resolution 1.

The Company will now make a drawdown request to the Investors (Petrichor Partners and Jalapeno) for the maximum amount of approximately GBP1.05 million under the Subscription Agreement and the Investors shall have up to two business days in which to pay the funds due under the subscription request, expected to be 26 January 2021. The Convertible Loan Notes will be issued within two business days following receipt of the funds.

Enquiries:

 
 Egdon Resources plc 
  Mark Abbott / Martin Durham                      01256 702 292 
 Financial Adviser & Joint Broker - VSA Capital 
  Limited 
  Andrew Monk (Corporate Broking) 
  Andrew Raca (Corporate Finance)                  020 3005 5000 
 Nominated Adviser & Joint Broker - WH Ireland 
  Limited 
  Chris Hardie 
  Lydia Zychowska                                  020 7220 1666 
 Buchanan 
  Ben Romney, Chris Judd                           020 7466 5000 
 

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.

Egdon holds interests in 42 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.

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January 22, 2021 06:28 ET (11:28 GMT)