Metminco Limited Statement re Meeting 2 March 2018 (0822G)

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RNS Number : 0822G

Metminco Limited

27 February 2018

 
 AIM ANNOUNCEMENT   27 February 2018 
 
 

METMINCO CANCELS MEETING TO BE HELD 2 MARCH 2018

Metminco Limited ("Metminco" or the "Company") (ASX: MNC; AIM: MNC) advises that today it received a request from Redfield Asset Management Pty Ltd ("Redfield") to cancel the Extraordinary General Meeting to be held on 2 March 2018.

Redfield wishes to redeem its notes under the Unsecured Convertible Note Deed dated on or about 17 May 2017 between Redfield and Metminco (Note Deed). Accordingly, the Company and Redfield have executed a Deed to Redeem which means Redfield no longer wish to convert the notes as per the Note Deed and therefore the Extraordinary General Meeting to be held on 2 March 2018 will not be required.

At that Extraordinary General Meeting, called at the request of Redfield, shareholders were to consider a resolution relating to item 7, section 611 of the Corporations Act 2001 (Cth) for the issue of shares to Redfield pursuant to the conversion of notes and exercise of options which would allow Redfield's shareholding to go above 20%.

Shareholders who have received the Notice of General Meeting can dispose of it without taking any further steps.

The Deed to Redeem states that Redfield will be paid (currently approximately A$830,000 being principal plus capitalised costs of finance). It is intended that the payment will be made from the proceeds of any future capital raising. The Company is also conducting what were confidential and incomplete discussions to raise capital to supplement its cash position at 31 December 2017 (approximately A$833,000). There can be no guarantee that securing these funds will be successful.

The Company also advises that further to the announcement of 8 February 2018 Lanstead Capital LP ("Lanstead") and Lanstead III LLC ("Lanstead III") (together "the Lanstead Parties") are not associates and consequently there is no change to the previously disclosed position that they are separate Significant Shareholders only.

William Howe

Managing Director

 
 For further information, 
  please contact: 
  METMINCO LIMITED 
 Graeme Hogan                        Office: +61 (0) 2 
                                      9460 1856 
 
 NOMINATED ADVISOR AND BROKER 
 RFC Ambrian 
 Australia 
 Andrew Thomson / Alena Broesder     Office: +61 (0) 2 
                                      9250 0000 
 
 United Kingdom 
 Charlie Cryer                       Office: +44 (0) 20 
                                      3440 6800 
 
 JOINT BROKER 
 SP Angel Corporate Finance 
  LLP (UK) 
 Ewan Leggat                         Office: +44 (0) 20 
                                      3470 0470 
 
 PUBLIC RELATIONS 
 Camarco 
  United Kingdom 
 Gordon Poole / Nick Hennis          Office: + 44 (0) 20 
                                      3757 4997 
 
 Media + Capital Partners 
 Australia 
 Luke Forrestal                      Office: +61 (0) 411 
                                      479 144 
 

Forward Looking Statement

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.

The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 27, 2018 05:41 ET (10:41 GMT)