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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ormonde Mining Plc | LSE:ORM | London | Ordinary Share | IE00BF0MZF04 | ORD EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMORM
RNS Number : 8436K
Ormonde Mining PLC
07 January 2021
7 January 2021
Ormonde Mi n i ng p lc
("Or m onde" or "the C o m pany ")
Ormonde 2020 AGM and CSD EGM update
The Board of Ormonde wishes to advise that its adjourned 2020 Annual General Meeting, due to be reconvened today, will be further adjourned to 18 February 2021, ahead of considering Resolutions 6 to 8, so as to facilitate the Company continuing discussions with its largest shareholder in relation to these resolutions as they pertain to a potential transaction. As a result, the dial in facility for today's meeting has been cancelled, with details for the reconvened meeting to be provided in due course.
Ormonde will continue to keep the market appraised over the coming weeks as work continues towards concluding the terms of what the board believes will be an extremely value enhancing opportunity, as expeditiously and efficiently as possible. While negotiations, diligence and legal structuring of a potential transaction are well advanced, progress to completion has been slower than hoped for reflecting limitations resulting from the ongoing pandemic. There can be no certainty that a deal will be concluded.
The adjournment will align with the Company's requirement to hold an Extraordinary General Meeting ("EGM") to consider certain resolutions relating to the migration from the UK-based CREST Central Securities Depositary ("CSD") to Euroclear Bank of Belgium for the electronic settlement of trading in the Company's ordinary shares. This migration is a Brexit related requirement for all Irish listed companies whose shares are currently held and settled in the CREST system and is scheduled to occur in March 2021.
It is crucial to the interests of shareholders that the Company gets over one third of all issued shares voted at the EGM, as is the current legal requirement, with a majority of those votes being in favour of the resolutions. Failure to achieve this vote level would mean that Ormonde's shares currently held through CREST would need to be rematerialised into paper certificates, and, most critically, Ormonde would be at risk of losing its trading facilities on the Euronext Growth and AIM markets.
The Company is currently working through this important documentation process and plans to issue the EGM circular ("Circular") shortly. In advance of the Circular, the Company wishes to highlight the importance of the vote to securing ongoing liquidity and trading arrangements and appeals to all shareholders to make sure that they vote in favour of all resolutions through the process that will be indicated in the Circular. The current intention is to hold the EGM on 18 February 2021 and more details will be issued in due course and at the time of the mailing of the Circular.
Enquiries to:
Ormonde Mining plc
Jonathan Henry, Executive Chairman
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Te l: +44 (0)20 3 470 0470
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January 07, 2021 02:00 ET (07:00 GMT)
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