The General Meeting of Power Metal Resources plc was held at Suite 24, Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT on 30 March 2022 at 11:00 a.m.
All 5 resolutions put to members were passed on poll. All 5 resolutions were passed as special resolutions.
Rationale for General Meeting
The results of the poll (including proxy votes) are outlined in Table 1 below.
This General Meeting secured the necessary shareholder approval for resolutions enabling the Company to consider shareholder distributions. At present the Company has carried forward losses and under UK company law cannot undertake distributions unless it undertakes a Capital Reduction process. The proposed Capital Reduction is conditional upon both shareholder approval (now received) and subsequent court approval being obtained.
The Capital Reduction will not change the number of the Company’s ordinary shares in issue or their nominal value of 0.1 pence each.
Further Information
Shareholders are advised to review the Company’s announcement on 4 March 2022 which included a link to the Notice of General Meeting and Chairman’s Letter to shareholders. That announcement also provides further information in respect of steps and indicative timeline for the Capital Reduction process.
https://www.londonstockexchange.com/news-article/POW/notice-of-general-meeting/15355214
Shareholders may also review the Company’s announcement on16 February 2021 which provided further background information in respect of potential shareholder distributions and which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/shareholder-distributions-update/14866702
Table 1 – General Meeting Resolutions – Results of Poll
|
Resolution
|
Votes for |
% Votes Cast |
Votes against |
% Votes Cast |
Votes withheld |
|
Resolution 1 (Special) THAT, subject to the confirmation of the court, the share premium account of the Company be cancelled. |
247,200,145 |
97.68 |
524,585 |
0.21 |
450,983 |
|
Resolution 2 (Special) THAT, subject to the confirmation of the court, the capital redemption reserve of the Company be cancelled. |
247,123,939 |
97.65 |
600,791 |
0.24 |
450,983 |
|
Resolution 3 (Special) THAT, subject to the confirmation of the court, the existing Deferred Shares be cancelled and extinguished. |
247,200,145 |
97.68 |
524,585 |
0.21 |
450,983 |
|
Resolution 4 (Special) THAT, subject to the confirmation of the court, the existing Deferred A Shares be cancelled and extinguished. |
247,200,145 |
97.68 |
524,585 |
0.21 |
450,983 |
|
Resolution 5 (Special) THAT, the Company be authorised generally and unconditionally to make market purchases. |
246,822,847 |
97.53 |
901,883 |
0.36 |
450,983 |
As at 30 March 2022, there were 1,466,953,915 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.